[PART I—FINANCIAL INFORMATION](index=4&type=section&id=PART%20I%E2%80%94FINANCIAL%20INFORMATION) [Financial Statements (Unaudited)](index=4&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) Unaudited Q1 2021 financial statements show decreased revenues and a net loss, with improved operating cash flow and increased total assets [Condensed Consolidated Balance Sheets](index=5&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Total assets increased to **$114.8 million** as of March 31, 2021, driven by cash and merchant payables, leading to a stockholders' deficit Condensed Consolidated Balance Sheet Highlights (in thousands) | Balance Sheet Item | March 31, 2021 | December 31, 2020 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $70,862 | $63,061 | | Total current assets | $83,097 | $70,044 | | Total assets | $114,825 | $102,400 | | **Liabilities & Equity** | | | | Merchant payable | $70,094 | $57,104 | | Total current liabilities | $100,123 | $82,870 | | Total liabilities | $113,147 | $95,900 | | Total stockholders' equity (deficit) | $(2,883) | $1,891 | [Condensed Consolidated Statements of Operations](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Q1 2021 revenues decreased to **$14.3 million**, but operating loss significantly narrowed to **$0.8 million** due to the absence of prior-year impairment charges Condensed Consolidated Statements of Operations (in thousands, except per share amounts) | Metric | Q1 2021 | Q1 2020 | | :--- | :--- | :--- | | Revenues | $14,284 | $20,327 | | Gross Profit | $11,266 | $17,624 | | Total operating expenses | $12,033 | $22,964 | | Impairment of intangible assets and goodwill | $0 | $2,920 | | Operating loss | $(767) | $(5,340) | | Net loss attributable to Travelzoo | $(1,642) | $(6,609) | | Loss per share—basic & diluted | $(0.14) | $(0.58) | [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash provided by operating activities significantly improved to **$9.1 million** in Q1 2021, primarily due to increased merchant payables Summary of Cash Flows (in thousands) | Cash Flow Activity | Q1 2021 | Q1 2020 | | :--- | :--- | :--- | | Net cash provided by (used in) operating activities | $9,064 | $(3,056) | | Net cash used in investing activities | $(7) | $(810) | | Net cash used in financing activities | $(1,583) | $(2,205) | | **Net increase (decrease) in cash** | **$7,744** | **$(6,343)** | [Notes to Condensed Consolidated Financial Statements](index=10&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) Notes detail accounting policies, the Jack's Flight Club acquisition, Asia Pacific business discontinuation, PPP loans, and related party transactions - In March 2020, Travelzoo exited its loss-making Asia Pacific (APAC) business, classified as discontinued operations, with Japan and Singapore units subsequently sold under licensing agreements[27](index=27&type=chunk)[28](index=28&type=chunk)[29](index=29&type=chunk) - In January 2020, Travelzoo acquired a **60%** stake in Jack's Flight Club for **$12.0 million**, establishing a new reporting segment[37](index=37&type=chunk)[72](index=72&type=chunk) - Due to COVID-19, the company recorded a goodwill impairment of **$2.1 million** and an intangible asset impairment of **$810,000** related to the Jack's Flight Club acquisition in Q1 2020[63](index=63&type=chunk)[77](index=77&type=chunk) - The company received **$3.7 million** in Paycheck Protection Program (PPP) loans in April and May 2020, with forgiveness applications pending as of March 31, 2021[130](index=130&type=chunk) - In March 2021, a license agreement with Azzurro Brands Inc. was established for a **$413,000** quarterly fee to access a **2.2 million** subscriber database[131](index=131&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=29&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the COVID-19 pandemic's impact, leading to a **30%** revenue decline, cost-cutting, narrowed operating loss, and sufficient liquidity despite negative working capital - The company's revenue model, based on advertising fees, was significantly impacted by the pandemic, though sales of fully refundable Getaways hotel vouchers show a slight reversal[141](index=141&type=chunk)[142](index=142&type=chunk)[149](index=149&type=chunk) - Significant cost-cutting measures were implemented in response to the pandemic, including ceasing Asia Pacific operations, employee furloughs, and renegotiating vendor contracts[158](index=158&type=chunk) - As of March 31, 2021, the company held **$70.9 million** in cash, deemed sufficient for the next twelve months despite **$17.0 million** negative working capital from high merchant payables[187](index=187&type=chunk)[188](index=188&type=chunk) [Results of Operations](index=33&type=section&id=Results%20of%20Operations) Q1 2021 revenues decreased **30%** to **$14.3 million** across segments, while operating expenses were nearly halved, significantly narrowing the operating loss Consolidated Revenue by Segment (in thousands) | Segment | Q1 2021 | Q1 2020 | | :--- | :--- | :--- | | Travelzoo North America | $9,819 | $12,697 | | Travelzoo Europe | $3,578 | $6,947 | | Jack's Flight Club | $887 | $683 | | **Total revenues** | **$14,284** | **$20,327** | - North America revenue decreased by **$2.9 million**, primarily from lower Top 20/Newsflash and hotel commission revenues, partially offset by a **$3.4 million** increase in Getaways voucher sales[169](index=169&type=chunk) - Europe revenue decreased by **$3.4 million**, driven by declines in travel advertising, partially offset by a **$1.9 million** increase in Getaways voucher sales[170](index=170&type=chunk) - Sales and marketing expenses nearly halved to **$6.8 million** from **$13.1 million**, primarily due to **$1.7 million** lower headcount costs and **$1.5 million** cut in member acquisition[174](index=174&type=chunk)[175](index=175&type=chunk) - General and administrative expenses decreased to **$4.6 million** from **$5.5 million**, mainly due to a **$1.3 million** reduction in bad debt expense, partially offset by an **$845,000** increase in stock-based compensation[177](index=177&type=chunk)[178](index=178&type=chunk) [Liquidity and Capital Resources](index=38&type=section&id=Liquidity%20and%20Capital%20Resources) The company held **$70.9 million** in cash as of March 31, 2021, with a **$7.8 million** increase from operations, despite **$17.0 million** negative working capital Cash Flow Summary (in thousands) | Activity | Q1 2021 | Q1 2020 | | :--- | :--- | :--- | | Net cash provided by (used in) operating activities | $9,064 | $(3,056) | | Net cash used in investing activities | $(7) | $(810) | | Net cash used in financing activities | $(1,583) | $(2,205) | | **Net increase (decrease) in cash** | **$7,744** | **$(6,343)** | - The company has negative working capital of **$17.0 million** as of March 31, 2021, primarily due to a large increase in merchant payables from voucher sales[188](index=188&type=chunk) - Cash used in financing activities of **$1.6 million** in Q1 2021 was for the repurchase of common stock[194](index=194&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=41&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) Disclosure about market risk is not required as the company qualifies as a smaller reporting company - Disclosure about market risk is not required as Travelzoo qualifies as a smaller reporting company[207](index=207&type=chunk) [Controls and Procedures](index=41&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of March 31, 2021, with no material changes to internal control over financial reporting - Management concluded that disclosure controls and procedures were effective as of March 31, 2021[208](index=208&type=chunk) - No material changes to internal control over financial reporting were identified during the quarter ended March 31, 2021[209](index=209&type=chunk) [PART II—OTHER INFORMATION](index=42&type=section&id=PART%20II%E2%80%94OTHER%20INFORMATION) [Legal Proceedings](index=42&type=section&id=Item%201.%20Legal%20Proceedings) The company is subject to various legal proceedings, with management assessing the likelihood of material liability as remote, as detailed in Note 4 - The company incorporates by reference information on legal proceedings from 'Note 4—Commitments and Contingencies'[212](index=212&type=chunk) [Risk Factors](index=42&type=section&id=Item%201A.%20Risk%20Factors) This section incorporates by reference the risk factors detailed in the company's Annual Report on Form 10-K for fiscal year 2020 - The company refers to the risk factors detailed in its Form 10-K for the year ended December 31, 2020[213](index=213&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=42&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) In Q1 2021, the company repurchased **100,000** shares from its CEO for **$1.6 million**, separate from the existing stock repurchase program with **395,029** shares remaining - In March 2021, the company repurchased **100,000** shares from CEO Holger Bartel at an average price of **$15.83** per share[214](index=214&type=chunk)[215](index=215&type=chunk) - As of March 31, 2021, **395,029** shares remained available for repurchase under the May 2019 stock repurchase program[215](index=215&type=chunk) [Exhibits](index=43&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including corporate governance documents and CEO/CFO certifications

NASDAQ: TZOO First Quarter 2021 Performance April 22, 2021 Important Notice to Investors Please read this management presentation together with the Company's press release issued earlier today announcing the Company's first quarter 2021 financial results and in conjunction with the Company's recent Annual Report and Quarterly Results as filed with the Securities and Exchange Commission (SEC). Certain statements contained in this presentation that are not historical facts may be forward looking statements wi ...

Travelzoo (NASDAQ:TZOO) Q1 2021 Earnings Conference Call April 22, 2021 11:00 AM ET Company Participants Lisa Su - CAO Holger Bartel - CEO Conference Call Participants Michael Kupinski - NOBLE Capital Markets Jim Goss - Barrington Research Steve Silver - Argus Research Ed Woo - Ascendiant Capital Operator Hello, everyone. Welcome to the Travelzoo First Quarter 2021 Financial Results Conference Call. All participants have been placed in a listen-only mode and the floor will be open for questions following th ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ______________________________________________________________________________ Form 10-K ______________________________________________________________________________ (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2020 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to . ...

Travelzoo (NASDAQ:TZOO) Q4 2020 Earnings Conference Call March 17, 2021 11:00 AM ET Company Participants Lisa Su - CAO Holger Bartel - CEO Conference Call Participants Michael Kupinski - NOBLE Capital Markets Jim Goss - Barrington Research Ed Woo - Ascendiant Capital Steve Silver - Argus Research Operator Hello, everyone. Welcome to the Travelzoo Fourth Quarter 2020 Financial Results Conference Call. [Operator Instructions] Today's call is being recorded. The company would like to remind you that all state ...

NASDAQ: TZOO Fourth Quarter 2020 Performance March 17, 2021 Important Notice to Investors Please read this management presentation together with the Company's press release issued earlier today announcing the Company's fourth quarter 2020 financial results and in conjunction with the Company's recent Annual Report and Quarterly Results as filed with the Securities and Exchange Commission (SEC). Certain statements contained in this presentation that are not historical facts may be forward looking statements ...

(Mark One) UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ______________________________________________________________________________ Form 10-Q ______________________________________________________________________________ ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2020 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period f ...

Travelzoo (NASDAQ:TZOO) Q3 2020 Earnings Conference Call October 21, 2020 11:00 AM ET Company Participants Lisa Su - Chief Accounting Officer Holger Bartel - CEO Conference Call Participants Jim Goss - Barrington Research Michael Kupinski - Noble Capital Steve Silver - Argus Research Edward Woo - Ascendiant Capital Operator Hello everyone. Welcome to the Travelzoo Third Quarter 2020 Financial Results Conference Call. All participants have been placed in a listen-only mode and the floor will be open for your ...

Third Quarter 2020 Performance October 21, 2020 Important Notice to Investors Please read this management presentation together with the Company's press release issued earlier today announcing the Company's third quarter 2020 financial results and in conjunction with the Company's recent Annual Report and Quarterly Results as filed with the Securities and Exchange Commission (SEC). Certain statements contained in this presentation that are not historical facts may be forward looking statements within the me ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ______________________________________________________________________________ Form 10-Q ______________________________________________________________________________ (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2020 or 590 Madison Avenue, 35th Floor New York, New York 10022 (Address of principal executive offices) (Zip code) Registrant's te ...