Travelzoo(TZOO)2024-10-23 20:19Revenue and Profit Performance - Revenue of $20.1 million, down 2% year-over-year[1] - Consolidated operating profit of $4.0 million[1] - Non-GAAP consolidated operating profit of $4.9 million[1] - Earnings per share (EPS) of $0.26[1] - Net income for the three months ended September 30, 2024, was $3,256 thousand, compared to $2,400 thousand in the same period in 2023[21] - Total net revenues for the nine months ended September 30, 2024, were $63,224 thousand, compared to $63,328 thousand in the same period in 2023[22] - Operating profit for the nine months ended September 30, 2024, was $13,647 thousand, compared to $11,093 thousand in the same period in 2023[22] - GAAP operating profit for Q3 2024 was $4.045 million, an increase of 30.1% compared to $3.109 million in Q3 2023[23] - Non-GAAP operating profit for Q3 2024 was $4.926 million, an increase of 27.9% compared to $3.852 million in Q3 2023[23] - GAAP operating profit for the first nine months of 2024 was $13.647 million, an increase of 23.0% compared to $11.093 million in the same period of 2023[23] Cash Flow and Financial Position - Cash flow from operations of $5.3 million[1] - Net cash provided by operating activities for the three months ended September 30, 2024, was $5,331 thousand, compared to $3,643 thousand in the same period in 2023[21] - Net cash used in financing activities for the nine months ended September 30, 2024, was $17,197 thousand, compared to $12,065 thousand in the same period in 2023[21] - Cash, cash equivalents, and restricted cash at the end of the period were $12,106 thousand for September 30, 2024, compared to $16,582 thousand for September 30, 2023[21] - Total assets decreased from $55,382 thousand in December 2023 to $50,530 thousand in September 2024[19] - Cash and cash equivalents decreased from $15,713 thousand in December 2023 to $11,429 thousand in September 2024[19] Business Segment Performance - North America business segment revenue decreased 4% year-over-year to $12.8 million[4] - Europe business segment revenue increased 1% year-over-year to $6.1 million[5] - Jack's Flight Club revenue from unaffiliated customers increased 11% year-over-year to $1.2 million[6] - Revenues from unaffiliated customers for Travelzoo North America were $12,846 thousand for the three months ended September 30, 2024, compared to $13,094 thousand in the same period in 2023[22] - Operating profit for Travelzoo North America was $3,150 thousand for the three months ended September 30, 2024, compared to $3,015 thousand in the same period in 2023[22] Operating Expenses - GAAP operating expense for Q3 2024 was $13.505 million, a decrease of 8.9% compared to $14.825 million in Q3 2023[23] - Non-GAAP operating expense for Q3 2024 was $12.624 million, a decrease of 10.4% compared to $14.082 million in Q3 2023[23] - GAAP operating expense for the first nine months of 2024 was $41.869 million, a decrease of 4.8% compared to $43.999 million in the same period of 2023[23] - Non-GAAP operating expense for the first nine months of 2024 was $39.770 million, a decrease of 4.3% compared to $41.547 million in the same period of 2023[23] - Amortization of intangibles for Q3 2024 was $95 thousand, a decrease of 75.3% compared to $384 thousand in Q3 2023[23] - Stock option expenses for Q3 2024 were $456 thousand, an increase of 27.0% compared to $359 thousand in Q3 2023[23] - Severance-related expenses for Q3 2024 were $330 thousand, compared to $0 in Q3 2023[23] Membership and Growth Expectations - As of September 30, 2024, Travelzoo had 30.1 million members and subscribers worldwide[9] - Travelzoo expects growth in revenue year-over-year for Q4 2024, albeit at a smaller pace than in 2023[13]