Business
Travelzoo Reports Second Quarter 2023 Results
NEW YORK, July 27, 2023 /PRNewswire/ -- Travelzoo® (NASDAQ: TZOO): Revenue of $21.1 million, up 19% year-over-yearConsolidated operating profit of $3.3
About this update from Travelzoo
[{"type":"text","content":"NEW YORK, July 27, 2023 /PRNewswire/ -- Travelzoo® (NASDAQ: TZOO):\n\n \n \n \n \n \n \n\n \nRevenue of $21.1 million, up 19% year-over-yearConsolidated operating profit of $3.3 millionNon-GAAP consolidated operating profit of $4.2 millionCash flow from operations of $5.1 millionEarnings per share (EPS) of $0.17Travelzoo, a global Internet media company that provides exclusive offers and experiences for members, today announced financial results for the Second quarter ended June 30, 2023. Consolidated revenue was $21.1 million, up 19% from $17.7 million year-over-year. In constant currencies, revenue was $21.2 million, up 20% year-over-year. 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 $2.6 million for Q2 2023. At the consolidated level, including minority interests, the reported net income from continuing operations was $2.7 million. EPS from continuing operations was $0.17, compared to $0.08 in the prior-year period.\nNon-GAAP operating profit was $4.2 million. The calculation of non-GAAP operating profit excludes amortization of intangibles ($0.4 million), stock option expenses ($0.4 million) and severance-related expenses ($56,000). See section \"Non-GAAP Financial Measures\" below.\n\"Year-over-year revenue growth accelerated from Q1 to Q2,\" said Holger Bartel, Travelzoo's Global CEO. \"We will continue to leverage Travelzoo's global reach, trusted brand, and strong relationships with top travel suppliers to negotiate more exclusive offers for Travelzoo members. With more than 30 million members, 8 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 Position\nAs of June 30, 2023, consolidated cash, cash equivalents and restricted cash were $20.2 million. Net cash provided by operations was $5.1 million.\nTravelzoo North America\nNorth America business segment revenue increased 14% year-over-year to $14.1 million. Operating profit for Q2 2023 was $3.8 million, or 27% of revenue, compared to an operating profit of $3.3 million in the prior-year period.\nTravelzoo Europe\nEurope business segment revenue increased 35%...