Business
Travelzoo Reports Third Quarter 2021 Results
NEW YORK, Oct. 29, 2021 (GLOBE NEWSWIRE) -- Travelzoo® (NASDAQ: TZOO): Consolidated revenue of $15.7 million, up 14% year-over-yearNon-GAAP consolidated
About this update from Travelzoo
[{"type":"text","content":"NEW YORK, Oct. 29, 2021 (GLOBE NEWSWIRE) -- Travelzoo® (NASDAQ: TZOO): Consolidated revenue of $15.7 million, up 14% year-over-yearNon-GAAP consolidated operating profit of $1.1 millionEarnings per share (EPS) of $0.22 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 third quarter ended September 30, 2021.Consolidated revenue was $15.7 million, up 14% from $13.8 million year-over-year and down 18%from the prior quarter. Reported revenue excludes revenue from discontinued operations in Asia Pacific. Travelzoo's reported revenue consists of advertising revenues and commissions, derivedfrom and generated in connection with purchases made by Travelzoo members. The reported net income attributable to Travelzoo from continuing operations was $2.8 million for Q3 2021. At the consolidated level, including minority interests, the reported net income from continuing operations was $2.9 million. EPS from continuing operations was $0.22, compared to a loss per share of ($0.10) in the prior-year period. GAAP operating loss was $261,000. Non-GAAP operating profit was $1.1 million. The calculation of non-GAAP operating profit excludes amortization of intangibles ($0.3 million), stock option expenses ($1.0 million), and severance-related expenses ($0.1 million). See section “Non-GAAP Financial Measures” below. “We saw robust growth in our revenue and operating profit from Travelzoo in Europe,” said Holger Bartel, Global CEO. “Unfortunately, revenue from Travelzoo in North America was negatively impacted by press coverage about the COVID-19 Delta variant and Do Not Travel advisories for nearly 100 countries. We believe this to be a short-term effect. We see strong pent-up demand from Travelzoo members to get away as soon as possible.” Cash PositionAs of September 30, 2021, consolidated cash, cash equivalents, and restricted cash were $66.4 million. Net cash used in operations was $12.7 million. Cash was used primarily in connection with the switch to a more efficient merchant payment processing solution. There were no significant capital expenditures. Reserve Reported revenues include a reserve of $3.1 million related to commissions to be earned from refundable vouchers sold. The reserve is booked a...