Technology
Travelzoo Reports Fourth Quarter 2024 Results
Published
2 years agoon
By
NEW YORK, Feb. 25, 2025 /PRNewswire/ — Travelzoo® (NASDAQ: TZOO):
Revenue of $20.7 million, down 2% year-over-yearConsolidated operating profit of $4.9 million, up 8% year-over-yearNon-GAAP consolidated operating profit of $5.3 millionCash flow from operations of $7.7 millionEarnings per share (EPS) of $0.26
Travelzoo, the club for travel enthusiasts, today announced financial results for the fourth quarter ended December 31, 2024. Consolidated revenue was $20.7 million, down 2% year-over-year. In constant currencies, revenue was $20.6 million. Travelzoo’s reported revenue consists of advertising revenues and commissions, derived from and generated in connection with purchases made by Travelzoo members, and membership fees.
Net income attributable to Travelzoo was $3.2 million for Q4 2024, or $0.26 per share, compared with $0.27 in the prior-year period. Net income attributable to Travelzoo from continuing operations was $3.2 million for Q4 2024, or $0.26 per share, compared with $0.24 in the prior-year period.
Non-GAAP operating profit was $5.3 million. Non-GAAP operating profit excludes amortization of intangibles ($93,000), stock option expenses ($0.4 million). Please refer to “Non-GAAP Financial Measures” and the tabular reconciliation below.
“We will continue to leverage Travelzoo’s global reach, trusted brand, and strong relationships with top travel suppliers to negotiate more Club Offers for Club Members,” said Holger Bartel, Travelzoo’s Global CEO. “Travelzoo members are affluent, active, and open to new experiences. We inspire travel enthusiasts to travel to places they never imagined they could. Travelzoo is the must-have membership for those who love to travel as much as we do.”
Cash Position
As of December 31, 2024, consolidated cash, cash equivalents and restricted cash were $17.7 million. Net cash provided by operations was $7.7 million.
Travelzoo North America
North America business segment revenue increased 1% year-over-year to $13.9 million. Operating profit for Q4 2024 was $4.6 million, or 33% of revenue, compared to operating profit of $4.0 million in the prior-year period.
Travelzoo Europe
Europe business segment revenue decreased 13% year-over-year to $5.4 million, caused primarily by fluctuations in Germany. In constant currencies, Europe business segment revenue was $5.3 million. Operating profit for Q4 2024 was $159,000, or 3% of revenue, compared to operating profit of $832,000 in the prior-year period.
Jack’s Flight Club
Jack’s Flight Club is a membership subscription service in which Travelzoo has a 60% ownership interest. As the number of premium subscribers continues to grow, revenue increased 19% year-over-year to $1.3 million. Jack’s Flight Club’s revenue from subscriptions is recognized ratably over the subscription period (quarterly, semi-annually, annually). Non-GAAP operating profit for Q4 2024 was $208,000. Non-GAAP operating profit excludes amortization of intangibles ($58,000) related to the acquisition of Travelzoo’s ownership interest in Jack’s Flight Club in 2020.
New Initiatives
New Initiatives business segment revenue, which includes Licensing and Travelzoo META, was $19,000. Operating loss for Q4 2024 was $36,000.
In June 2020, Travelzoo entered into a royalty-bearing licensing agreement with a local licensee in Japan for the exclusive use of Travelzoo’s brand, business model, and members in Japan. In August of 2020, Travelzoo entered into a royalty-bearing licensing agreement with a local licensee in Australia for the exclusive use of Travelzoo’s brand, business models, and members in Australia, New Zealand, and Singapore. Under these arrangements, Travelzoo’s existing members in Australia, Japan, New Zealand, and Singapore will continue to be owned by Travelzoo as the licensor. Travelzoo recorded $7,000 in licensing revenue from the licensee in Japan in Q4 2024. Travelzoo recorded $12,000 in licensing revenue from the licensee in Australia, New Zealand, and Singapore in Q4 2024. Licensing revenue is expected to increase in the future.
Reach
Travelzoo reaches 30 million travelers. This includes Jack’s Flight Club. Comparisons to prior periods are no longer meaningful due to strategic developments of the Travelzoo membership.
Discontinued Operations
In March 2020, Travelzoo decided to exit its Asia Pacific business and operate it as a licensing business going forward. Consequently, the Asia Pacific business has been classified as discontinued operations.
Income Taxes
A provision of $1.5 million for income taxes was recorded for Q4 2024, compared to an income tax expense of $1.6 million in the prior-year period. Travelzoo intends to utilize available net operating losses (NOLs) to largely offset its actual tax liability for 2024.
Share Repurchase Program
During Q4 2024, the Company repurchased 135,792 shares of its outstanding common stock.
Looking Ahead
For Q1 2025, we expect revenue to increase at a higher pace. The pro rata portion of membership fee revenue will already add 5% incremental growth this quarter. This percentage is expected to increase over subsequent quarters, as membership fee revenue is recognized ratably over the subscription period, we acquire new members, and more Legacy Members become Club Members. For the whole year, we expect substantially higher revenue growth. Over time, we expect profitability to further increase as recurring membership fee revenue will be recognized.
In 2024, we introduced a membership fee for Travelzoo. Legacy Members, who joined before 2024, were exempt from the fee during 2024. Legacy Members represent more than 95% of Travelzoo’s reach. In 2025, Legacy Members continue to receive certain travel offers. But Club Offers and new benefits are only available to Club Members. We generally see Legacy Members being excited to become Club Members.
Non-GAAP Financial Measures
Management calculates non-GAAP operating income when evaluating the financial performance of the business. Travelzoo’s calculation of non-GAAP operating income, also called “non-GAAP operating profit” in this press release and today’s earnings conference call, excludes the following items: amortization of intangibles, stock option expenses and severance-related expenses. This press release includes a table which reconciles GAAP operating income to the calculation of non-GAAP operating income. Non-GAAP operating income is not required by, or presented in accordance with, generally accepted accounting principles in the United States of America (“GAAP”). This information should be considered as supplemental in nature and should not be considered in isolation or as a substitute for the financial information prepared in accordance with GAAP. In addition, these non-GAAP financial measures may not be the same as similarly titled measures reported by other companies.
Conference Call
Travelzoo will host a conference call to discuss fourth quarter 2024 results today at 11:00 a.m. ET. Please visit http://ir.travelzoo.com/events-presentations to
download the management presentation (PDF format) to be discussed in the conference callaccess the webcast
About Travelzoo
We, Travelzoo®, are the club for travel enthusiasts. We reach 30 million travelers. Club Members receive Club Offers personally reviewed by our deal experts around the globe. We have our finger on the pulse of outstanding travel, entertainment, and lifestyle experiences. We work in partnership with thousands of top travel suppliers—our long-standing relationships give us access to irresistible deals.
Certain statements contained in this press release that are not historical facts may be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities and Exchange Act of 1934. These forward-looking statements may include, but are not limited to, statements about our plans, objectives, expectations, prospects and intentions, markets in which we participate and other statements contained in this press release that are not historical facts. When used in this press release, the words “expect”, “predict”, “project”, “anticipate”, “believe”, “estimate”, “intend”, “plan”, “seek” and similar expressions are generally intended to identify forward-looking statements. Because these forward-looking statements involve risks and uncertainties, there are important factors that could cause actual results to differ materially from those expressed or implied by these forward-looking statements, including changes in our plans, objectives, expectations, prospects and intentions and other factors discussed in our filings with the SEC. We cannot guarantee any future levels of activity, performance or achievements. Travelzoo undertakes no obligation to update forward-looking statements to reflect events or circumstances occurring after the date of this press release.
Travelzoo
Condensed Consolidated Statements of Operations
(Unaudited)
(In thousands, except per share amounts)
Three months ended
Twelve months ended
December 31,
December 31,
2024
2023
2024
2023
Revenues
$ 20,678
$ 21,149
$ 83,902
$ 84,477
Cost of revenues
2,761
2,698
10,469
10,934
Gross profit
17,917
18,451
73,433
73,543
Operating expenses:
Sales and marketing
8,256
8,496
34,466
37,774
Product development
644
580
2,407
2,113
General and administrative
4,183
4,896
18,058
18,084
Total operating expenses
13,083
13,972
54,931
57,971
Operating income
4,834
4,479
18,502
15,572
Other income (expense), net
(86)
398
588
1,541
Income from continuing operations before income taxes
4,748
4,877
19,090
17,113
Income tax expense
1,484
1,618
5,404
5,105
Income from continuing operations
3,264
3,259
13,686
12,008
Income from discontinued operations, net of tax
—
465
—
460
Net income
3,264
3,724
13,686
12,468
Net income attributable to non-controlling interest
64
5
118
102
Net income attributable to Travelzoo
$ 3,200
$ 3,719
$ 13,568
$ 12,366
Net income attributable to Travelzoo—continuing operations
$ 3,200
$ 3,254
$ 13,568
$ 11,906
Net income attributable to Travelzoo—discontinued operations
$ —
$ 465
$ —
$ 460
Income per share—basic
Continuing operations
$ 0.27
$ 0.24
$ 1.08
$ 0.80
Discontinued operations
$ —
$ 0.03
$ —
$ 0.03
Net income per share—basic
$ 0.27
$ 0.27
$ 1.08
$ 0.83
Income per share—diluted
Continuing operations
$ 0.26
$ 0.24
$ 1.06
$ 0.80
Discontinued operations
$ —
$ 0.03
$ —
$ 0.03
Net income per share—diluted
$ 0.26
$ 0.27
$ 1.06
$ 0.83
Shares used in per share calculation from continuing operations—basic
11,831
13,873
12,594
14,897
Shares used in per share calculation from discontinued operations—basic
11,831
13,873
12,594
14,897
Shares used in per share calculation from continuing operations—diluted
12,358
13,946
12,852
14,964
Shares used in per share calculation from discontinued operations—diluted
12,358
13,946
12,852
14,964
Travelzoo
Condensed Consolidated Balance Sheets
(Unaudited)
(In thousands)
December 31,
2024
December 31,
2023
Assets
Current assets:
Cash and cash equivalents
$ 17,064
$ 15,713
Accounts receivable, net
12,825
12,965
Prepaid income taxes
736
629
Prepaid expenses and other
1,148
1,461
Total current assets
31,773
30,768
Deposits and other
374
1,115
Deferred tax assets
3,380
3,196
Restricted cash
675
675
Operating lease right-of-use assets
5,655
6,015
Property and equipment, net
423
578
Intangible assets, net
1,498
2,091
Goodwill
10,944
10,944
Total assets
$ 54,722
$ 55,382
Liabilities and Equity
Current liabilities:
Accounts payable
$ 6,134
$ 4,546
Merchant payables
16,294
20,622
Accrued expenses and other
3,404
3,658
Deferred revenue
6,545
2,044
Income tax payable
1,619
766
Operating lease liabilities
2,472
2,530
Liabilities from discontinued operations
28
24
Total current liabilities
36,496
34,190
Long-term tax liabilities
7,851
4,681
Long-term operating lease liabilities
5,646
6,717
Other long-term liabilities
376
911
Total liabilities
50,369
46,499
Common stock
118
136
Tax indemnification
(9,537)
(9,537)
Note receivable from shareholder
—
(1,753)
Additional paid-in capital
—
439
Retained earnings
14,284
19,508
Accumulated other comprehensive loss
(5,327)
(4,607)
Total Travelzoo stockholders’ equity (deficit)
(462)
4,186
Non-controlling interest
4,815
4,697
Total stockholder’s equity
4,353
8,883
Total liabilities and equity
$ 54,722
$ 55,382
Travelzoo
Condensed Consolidated Statements of Cash Flows
(Unaudited)
(In thousands)
Three months ended
Twelve months ended
December 31,
December 31,
2024
2023
2024
2023
Cash flows from operating activities:
Net income
$ 3,264
$ 3,724
$ 13,686
$ 12,468
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
170
476
907
1,893
Stock-based compensation
405
381
1,645
1,568
Deferred income tax
(476)
159
(515)
48
Loss on long-lived assets
—
—
—
10
Net foreign currency effects
132
(115)
(33)
(62)
Provision of loss (net recoveries) on accounts receivable and refund reserves
(81)
(72)
40
(1,016)
Changes in operating assets and liabilities:
Accounts receivable
113
(2,231)
(145)
1,086
Prepaid income taxes
354
61
(107)
1,189
Prepaid expenses, deposits and other
319
1,603
950
3,835
Accounts payable
1,286
1,181
1,716
(523)
Merchant payables
(709)
(3,338)
(4,057)
(12,095)
Accrued expenses and other
(661)
(665)
(289)
(685)
Deferred revenue
2,767
(785)
4,557
(191)
Income tax payable
264
456
857
749
Other liabilities
507
547
1,888
2,401
Net cash provided by operating activities
7,654
1,382
21,100
10,675
Cash flows from investing activities:
Proceeds from note receivable
—
103
—
216
Purchases of property and equipment
(48)
(38)
(177)
(255)
Net cash used in investing activities
(48)
65
(177)
(39)
Cash flows from financing activities:
Repurchase of common stock
(2,324)
(5,015)
(18,929)
(16,781)
Proceeds from note receivable and account receivable from shareholder
1,920
3,000
1,753
3,000
Exercise of stock options and taxes paid for net share settlement of equity awards
(1,195)
(70)
(1,787)
(369)
Net cash used in financing activities
(1,599)
(2,085)
(18,963)
(14,150)
Effect of exchange rate on cash, cash equivalents and restricted cash
(390)
445
(605)
525
Net increase (decrease) in cash, cash equivalents and restricted cash
5,617
(193)
1,355
(2,989)
Cash, cash equivalents and restricted cash at beginning of period
12,106
16,582
16,389
19,378
Cash, cash equivalents and restricted cash at end of period
$ 17,723
$ 16,389
$ 17,744
$ 16,389
Travelzoo
Segment Information from Continuing Operations
(Unaudited)
(In thousands)
Three months ended December 31, 2024
Travelzoo North
America
Travelzoo Europe
Jack’s Flight Club
New Initiatives
Consolidated
Revenues from unaffiliated customers
$ 13,834
$ 5,508
$ 1,317
$ 19
$ 20,678
Intersegment revenues
74
(68)
(6)
—
—
Total net revenues
13,908
5,440
1,311
19
20,678
Sales and marketing expenses
4,641
3,110
505
—
8,256
Other expenses
4,689
2,171
656
55
7,571
Operating profit (loss)
$ 4,578
$ 159
$ 150
$ (36)
4,851
Other loss, net
(86)
Income from continuing operations before income taxes
$ 4,765
Three months ended December 31, 2023
Travelzoo North
America
Travelzoo Europe
Jack’s Flight Club
New Initiatives
Consolidated
Revenues from unaffiliated customers
$ 13,534
$ 6,354
$ 1,106
$ 155
$ 21,149
Intersegment revenues
247
(90)
(157)
—
—
Total net revenues
13,781
6,264
949
155
21,149
Sales and marketing expenses
4,899
3,111
423
63
8,496
Other expenses
4,912
2,321
745
196
8,174
Operating profit (loss)
$ 3,970
$ 832
$ (219)
$ (104)
4,479
Other income, net
398
Income from continuing operations before income taxes
$ 4,877
Twelve months ended December 31, 2024
Travelzoo North
America
Travelzoo Europe
Jack’s Flight Club
New Initiatives
Consolidated
Revenues from unaffiliated customers
$ 54,968
$ 24,113
$ 4,714
$ 107
$ 83,902
Intersegment revenues
124
(42)
(82)
—
—
Total net revenues
55,092
24,071
4,632
107
83,902
Sales and marketing expenses
19,748
12,539
1,898
280
34,465
Other expenses
19,461
8,451
2,690
337
30,939
Operating profit (loss)
$ 15,883
$ 3,081
$ 44
$ (510)
18,498
Other income, net
588
Income from continuing operations before income taxes
$ 19,086
Twelve months ended December 31, 2023
Travelzoo North
America
Travelzoo Europe
Jack’s Flight Club
New Initiatives
Consolidated
Revenues from unaffiliated customers
$ 54,837
$ 25,291
$ 4,145
$ 204
$ 84,477
Intersegment revenues
1,243
(1,270)
27
—
—
Total net revenues
56,080
24,021
4,172
204
84,477
Sales and marketing expenses
22,029
13,636
1,788
321
37,774
Other expenses
18,797
9,068
2,407
859
31,131
Operating profit (loss)
$ 15,254
$ 1,317
$ (23)
$ (976)
15,572
Other income, net
1,541
Income from continuing operations before income taxes
$ 17,113
Travelzoo
Reconciliation of GAAP to Non-GAAP Information
(Unaudited)
(In thousands, except per share amounts)
Three months ended
Twelve months ended
December 31,
December 31,
2024
2023
2024
2023
GAAP operating expense
$ 13,083
$ 13,972
$ 54,931
$ 57,971
Non-GAAP adjustments:
Amortization of intangibles (A)
93
389
593
1,560
Stock option expenses (B)
405
380
1,644
1,566
Severance-related expenses (C)
—
—
360
56
Non-GAAP operating expense
12,585
13,203
52,334
54,789
GAAP operating profit
4,834
4,479
18,502
15,572
Non-GAAP adjustments (A through C)
498
769
2,597
3,182
Non-GAAP operating profit
5,332
5,248
21,099
18,754
Investor Relations:
ir@travelzoo.com
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SOURCE Travelzoo
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VoxNexus’s solutions run entirely on device, and every query is free once the model is installed on the device. Its speech recognition model has as few as 65 million parameters and achieves a lower word error rate than open-source models nearly ten times its size.
“Under-resource languages aren’t small languages. Hundreds of millions of people speak them. Until now, AI models just haven’t learned them yet,” said Charles Shi, CEO of VoxNexus.
VoxNexus also launched VoxSense, an on-device ambient listening solution that uses only 162 mAh for 12 hours of continuous listening, around 2.5% of a 6,500 mAh phone battery. By keeping all processing on device, VoxSense makes always-on listening practical without draining the battery and without sending any audio to the cloud. Developers and device makers can easily integrate it through a license and a simple SDK. Developers can request a free trial here: www.VoxNexus.ai.
VoxSense and VoxEdge were unveiled at the MediaTek Dimensity 9600 launch in Madrid on October 19.
Distributed by APO Group on behalf of VoxNexus AI.
About VoxNexus:
VoxNexus builds AI that hears and speaks — for everyone, everywhere, all the time. Its audio intelligence runs entirely on-device, delivering low latency, built-in privacy, and zero token cost across any device with a chip. VoxNexus is headquartered in Singapore. Website: www.VoxNexus.ai. Contact: public@voxnexus.ai
VoxNexus demonstrates live on-device speech recognition at the MediaTek Dimensity 9600 launch in Madrid on Oct. 19, 2026. Spanish and English conversations were transcribed in real time on the phone, with no cloud connection. (Photo: VoxNexus)
Speaks Your Language, No Internet Needed: VoxNexus Brings On-Device Voice Artificial Intelligence (AI) in 100+ Languages to Affordable Android Devices
View original content:https://www.prnewswire.com/news-releases/hears-everything-uploads-nothing-voxnexus-launches-androids-first-low-power-on-device-always-on-voice-artificial-intelligence-ai-302918304.html
SOURCE VoxNexus AI
Technology
team.blue extends €1.1 billion of its Term Loan B to 2032 in the largest software Euro term loan issuance in the last 12 months
Published
28 minutes agoon
October 23, 2026By
GHENT, Belgium, Oct. 23, 2026 /PRNewswire/ — team.blue, a leading pan-European provider of digital solutions for small and medium-sized businesses (SMBs) backed by Hg, CPP Investments and Sofina, today announces the successful pricing of an amendment and maturity extension for €1.1 billion of its existing €1.35 billion Term Loan B. The transaction priced on 22 October 2026, with the refinanced tranche extended from September 2029 to July 2032, reinforcing the Company’s prudent capital structure approach.
Strong demand from a broad group of institutional investors enabled team.blue to upsize the transaction twice in-market, taking the final deal size to €1.1 billion from a minimum initial launch size of €500 million, despite recent credit market volatility. Pro forma for the transaction, c.90% of team.blue’s term debt now matures in 2032.
The transaction comes at a time of significant momentum for team.blue, with continued double-digit revenue growth and strong cash generation supporting its deleveraging trajectory. Its products help Europe’s SMBs get online, get customers, get paid and stay compliant, and AI-enabled products are increasingly driving new customer growth. team.blue continues to innovate across its portfolio, from smarter tools within its brands to secure European cloud hosting built for customers’ growing AI workloads. Its category-leading SaaS brands are also integrating with leading AI assistants, bringing team.blue’s products to customers wherever they work.
Transaction highlights
The largest software Euro term loan issuance in the last 12 months€1.1 billion Term Loan B, borrowed by team.blue Finco S.à r.l., maturing July 2032Priced at E + 425bps with a 0% floor and an OID of 98.5Upsized twice from an initial €500 million, reflecting a heavily oversubscribed order bookCorporate and facility ratings of B3 (Moody’s) and B (S&P), both with stable outlooksBofA acted as Global Coordinator and Left Lead Physical Bookrunner, alongside Barclays. ABN AMRO, BNP Paribas, Citi, ING and J.P. Morgan acted as Bookrunners
Jonathan Thackray, Chief Financial Officer of team.blue, said:
“We set out to extend €500 million of our Term Loan B, and the depth of support from our institutional investor base allowed us to go much further. This reflects confidence in team.blue’s highly recurring, cash-generative model and our position as a leading digital partner for Europe’s SMBs. It gives us the flexibility to keep innovating and investing in the digital and AI-enabled tools our customers rely on.”
About team.blue
team.blue is the pan-European digital partner for small and medium businesses, serving more than 3.5 million customers in 24 countries. From web hosting, domains, email and cloud and AI infrastructure to e-commerce, engagement, payments and compliance tools, team.blue helps SMBs get online, get customers, get paid and stay compliant. Supported by more than 4,000 employees, team.blue’s vision is to make online business success simpler, with artificial intelligence at every step.
View original content:https://www.prnewswire.co.uk/news-releases/teamblue-extends-1-1-billion-of-its-term-loan-b-to-2032-in-the-largest-software-euro-term-loan-issuance-in-the-last-12-months-302918306.html
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team.blue extends €1.1 billion of its Term Loan B to 2032 in the largest software Euro term loan issuance in the last 12 months
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