Business
Travelzoo Reports Fourth Quarter 2022 Results
NEW YORK, March 22, 2023 /PRNewswire/ -- Travelzoo® (NASDAQ: TZOO): Revenue of $18.6 million, up 36% year-over-yearIn constant currencies, revenue was $19.4
About this update from Travelzoo
[{"type":"text","content":"NEW YORK, March 22, 2023 /PRNewswire/ -- Travelzoo® (NASDAQ: TZOO):\n\n \n \n \n \n \n \n\n \nRevenue of $18.6 million, up 36% year-over-yearIn constant currencies, revenue was $19.4 million, up 42% year-over-yearNon-GAAP consolidated operating profit of $4.8 millionEarnings per share (EPS) of $0.20Travelzoo, a global Internet media company that provides exclusive offers and experiences for members, today announced financial results for the fourth quarter ended December 31, 2022. Consolidated revenue was $18.6 million, up 36% from $13.7 million year-over-year. In constant currencies, revenue was $19.4 million. Travelzoo's reported revenue consists of advertising revenues and commissions, derived from and generated in connection with purchases made by Travelzoo members.\nThe reported net income attributable to Travelzoo from continuing operations was $2.5 million for Q4 2022. At the consolidated level, including minority interests, the reported net income from continuing operations was $2.5 million. EPS from continuing operations was $0.20, compared to EPS of ($0.27) in the prior-year period.\nNon-GAAP operating profit was $4.8 million. The calculation of non-GAAP operating profit excludes impairment of intangible assets ($200,000), amortization of intangibles ($453,000), stock option expenses ($348,000) and severance-related expenses ($200,000). GAAP operating profit was $3.6 million. See section \"Non-GAAP Financial Measures\" below.\n\"Revenue growth accelerated in both North America and in Europe, leading to much stronger earnings,\" said Holger Bartel, Travelzoo's Global CEO. \"As the recovery from the pandemic continues, we will leverage Travelzoo's global reach and trusted brand to further improve earnings in future periods.\"\n\"With more than 30 million members, 7 million mobile app users, and 4 million social media followers, Travelzoo is loved by travel enthusiasts who are affluent, active and open to new experiences.\"\nCash PositionAs of December 31, 2022, consolidated cash, cash equivalents and restricted cash were $19.4 million. Net cash used in operations was $2.3 million for the three months ended December 31, 2022. Cash was used primarily in connection with a decrease of merchant payables by $6.3 million.\nReserveReported revenues include a reserve of $1.3 million related to commissions to be earned from voucher...