Business
Travelzoo Reports Second Quarter 2022 Results
NEW YORK, July 27, 2022 (GLOBE NEWSWIRE) -- Travelzoo® (NASDAQ: TZOO): Revenue of $17.7 million, down 7% year-over-yearIn constant currencies, revenue was
About this update from Travelzoo
[{"type":"text","content":"NEW YORK, July 27, 2022 (GLOBE NEWSWIRE) -- Travelzoo® (NASDAQ: TZOO): Revenue of $17.7 million, down 7% year-over-yearIn constant currencies, revenue was $18.2 millionNon-GAAP operating profit of $2.6 millionEarnings per share (EPS) of $0.08 attributable to Travelzoo from continuing operations Travelzoo, a global Internet media company that provides exclusive offers and experiences for members, today announced financial results for the second quarter ended June 30, 2022. Consolidated revenue was $17.7 million, down 7% from $19.1 million year-over-year. In constant currencies, revenue was $18.2 million. 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 $1.0 million for Q2 2022. At the consolidated level, including minority interests, the reported net income from continuing operations was $1.0 million. EPS from continuing operations was $0.08, compared to $0.22 in the prior-year period. Non-GAAP operating profit was $2.6 million. The calculation of non-GAAP operating profit excludes amortization of intangibles ($0.2 million) and stock option expenses ($0.6 million). GAAP operating profit was $1.8 million. See section “Non-GAAP Financial Measures” below. \"In Q2, we achieved in North America an operating margin of 25%. We believe we can achieve significant increases in EPS in the near future. Revenue is expected to reach and exceed pre-pandemic levels\", said Holger Bartel, Global CEO. \"Travelzoo members are affluent, active, and open to new experience. 84% say Travelzoo influences their travel destinations because they trust Travelzoo.\" Cash PositionAs of June 30, 2022, consolidated cash, cash equivalents and restricted cash were $26.7 million. Net cash used in operations was $10.2 million for the three months ended June 30, 2022. Cash was used primarily in connection with a decrease of merchant payables by $11.8 million. The Company also received cash of $1.9 million from an option exercise in Q2 2022. ReserveReported revenues include a reserve of $2.9 million related to commissions to be earned from vouchers sold. The reserve is booked as contra revenue. Travelzoo North AmericaNorth America business segment revenue decreased 11% year-ov...