トラベルズー（TZOO）2026年第3四半期決算説明会：クラブ会員数が65%増加

Travelzoo（NASDAQ: TZOO）は2026年第3四半期の売上高と有料Club会員数を増加させたものの、会員獲得費用の加速により営業損失に転落しました。経営陣は、サブスクリプションモデルにより時間の経過とともにリカーリングレベニューと収収益性が強化されると予想しています。

要点

• 連結売上高は前年同期比3％増の2,290万ドル（恒常為替レートベースでは2,300万ドル）となりました。
• Travelzooは、主にClub会員獲得のための投資拡大により、前年同期の50万ドルの営業利益から260万ドルの営業損失を報告しました。
• Club会員数は前年同期比65％増加し、第3四半期は同社として過去最高の四半期会員増加数を記録しました。
• 米国の1人当たり平均会員獲得コストは、マーケティング支出の増加と獲得規模の拡大にもかかわらず、第2四半期の62ドルから54ドルに改善しました。
• 会費が12カ月にわたって均等計上されるため、経営陣は2026年第4四半期およびそれ以降の四半期において前年同期比での増収を見込んでいます。
• 同社は、既存会員、予想される更新、および追加の会員獲得に基づき、会員収入が2027年に約1,700万ドルから約3,000万ドルに増加すると予想しています。

主要財務データ

事業および営業業績

Travelzooはリカーリング会費収入への移行を加速させました。会員獲得費用はマーケティング費用として即時計上される一方、年間サブスクリプション収入は12カ月にわたり均等に計上されます。この計上時期のタイムラグにより、会員数が拡大したものの第3四半期の利益が圧迫されました。

経営陣が示した米国の例では、年会費は50ドルです。また、Travelzooは90日以内に会員1人当たり平均15ドルの取引収入を生み出しました。将来的な取引収入、広告収入、および更新収入が加わることで、会員からの合計回収額が高まる可能性があります。

北米と欧州はともに増収となりました。Jack’s Flight Clubの売上高は減少しましたが、これは第1四半期および第2四半期に獲得した会員数が少なかったことで、繰延収益の計上額が減少したためです。

経営陣によると、第3四半期の会員増加数の過半数強が完全な新規会員によるものであり、残りは主に既存会員からの移行によるものです。マーケティングチャネル全体で強力なオファーを提供したことが、Travelzooの平均コストを下げながら獲得規模を拡大させるのに貢献しました。

同社は、独占的なClubオファーが引き続き会員の維持と更新の主な要因であると述べています。追加された特典には、フライト遅延時の空港ラウンジ利用権や、Allianzと提携して開設された24時間年中無休の旅行アシスタンスホットラインが含まれます。

Travelzooは、最初の「Travelzoo META」体験が2026年第4四半期に利用可能になると予想しています。このプロダクトはClub会員特典に含まれる予定ですが、経営陣は単品での購入も可能であると述べています。

業績予想（ガイダンス）

経営陣は2026年第4四半期およびそれ以降の四半期において前年同期比での増収を見込んでいます。この成長は、会費の均等計上、新規Club会員の追加、および既存会員の継続的な移行によって支えられると予想されています。

同社は、会員収入が2027年に約1,700万ドルから約3,000万ドルに増加すると見込んでいます。この見通しには、現在の会員数、予想される更新率、および新規会員獲得に関する前提条件が含まれています。

Travelzooはまた、現在のマーケティング投資が2027年のEPS（1株当たり利益）に1.20ドルのプラスの影響を与えると試算しています。更新された会員権には初期獲得費用が発生しないため、更新が増えるにつれて営業利益率が改善すると経営陣は予想しています。ただし、短期的には報告される純利益が変動する可能性があると警告しました。

リスクと注視すべきポイント

• 先行する獲得費用は、サブスクリプション収入が完全に計上されるまでの間、足元の業績の重荷となります。
• ほとんどの新規会員は、最初は米国で1ドル、英国で1ポンドの30日間お試しで入会します。正式会員としての支払いや繰延収益は有料移行後に発生するため、タイムラグが生じます。
• 経営陣は、会員拡大フェーズにおいては短期的な営業利益率と純利益の変動が引き続き起こりやすいと述べました。
• 経営陣が直接比較できる製品が存在しないとみているため、「Travelzoo META」に対する需要の定量化は困難です。
• 経営陣は、低所得層の消費者が支出を減らしていることを認めましたが、Travelzoo会員の多くは高所得層に属しているとも述べています。
• 欧州の情勢不安が一時的に旅行行動へ影響を与える可能性がありますが、経営陣は過去の同様の混乱による影響は短期にとどまっていると述べています。

アナリスト質疑応答のハイライト

会員の維持：経営陣は、交渉により実現した独占オファーが会員の更新理由の主因であると特定しました。追加の旅行特典も継続的なエンゲージメントを支援しています。

繰延収益のタイミング：ほとんどの新規会員が30日間のお試しから開始するため、過去最高の会員増加数がすぐに同等の繰延収益の増加につながるわけではありませんでした。経営陣は、年間有料サブスクリプションへ移行する会員が増えるにつれて、繰延収益の増加が加速すると予想しています。

獲得効率：米国の平均獲得コストが54ドルへ低下したことは、マーケティングチャネル全体で強い関心を集めた魅力的なオファーを反映しており、Travelzooは支出をより効率的に拡大することができました。経営陣は、獲得コストを第1四半期の27ドルの水準に戻すことについては確約しませんでした。

売掛金とキャッシュフロー：経営陣は、第2四半期の売掛金が特定の理由により異例の高水準となっていたと述べました。残高は第3四半期に正常な水準に戻り、今後もその水準で推移すると予想されています。

AIトラベルエージェント：Travelzooは、オファーの発見とカスタマイズを向上させるためにAIの統合を進めています。経営陣は、詳細なオファー情報が有料会員向けに制限されている場合でも、AIエージェントがユーザーにTravelzooのお得情報を通知し、Clubへの入会へ誘導する可能性があると述べています。

決算説明会全文文字起こし

決算説明会の完全なトランスクリプト

経営陣による説明

Operator

Hello, everyone. Thank you for joining us, and welcome to the Travelzoo Third Quarter 2026 Earnings Call. After today's prepared remarks, we will host a question-and-answer session. [Operator Instructions] The company would like to remind you that all statements made during this conference call and presented in the slides that are not statements of historical facts constitute forward-looking statements and are made pursuant to the safe harbor provisions of the Private Securities Legislation Reform Act of 1995.

Actual results could vary materially from those contained in the forward-looking statements. Factors that could cause actual results to differ materially from those in the forward-looking statements are described in the company's Forms 10-K and 10-Q and other SEC filings. Unless required by law, the company undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information, future events or otherwise.

Please refer to the company's website for important information, including the company's earnings press release issued earlier today. An archived recording of this conference call will be made available on the company's Investor Relations website at travelzoo.com/ir.

You can also download a copy of the Q3 presentation in the bottom right-hand corner of your screen. Now it is my pleasure to turn the floor over to Travelzoo's Global CEO, Holger Bartel its Chair, Chief Membership Officer and General Counsel and CEO of Jack Slight Club, Christina Ciocca, and its Financial Controller, North America; Jeff Hoffman. Jeff will start with an overview.

Jeff Hoffman

Thank you, operator, and welcome to those of you joining us. Today, I'm stepping in Biljon, our Chief Accounting Officer. Please refer to the management presentation to follow along with our prepared remarks. The presentation in PDF format is available on our Investor Relations site at travelzoo.com/ir.

Let's begin with Slide 4. We Revenue increased again year-over-year. Consolidated revenue was $22.9 million, up 3% year-over-year. In constant currencies, revenue was $23 million. We still reported a loss due to our investment in growing club members.

The Q3 reported loss was $2.6 million compared to reported operating profit of $0.5 million in the prior year period. Slide 5 explains that we decided to accelerate the shift toward membership fee revenue by more quickly growing paid Club members.

The reported quarter loss came from higher investment in growing the number of club members. Our objective is to increase recurring membership fees revenue. Please turn to Slide 6. Club members drive recurring revenue from membership fees. In Q3, we added the largest number of club members yet.

The number of club members increased 65% year-over-year. Slide 7 explains as a reminder that with subscription businesses, membership fee revenue is recognized readily over the subscription period, whereas acquisition costs are expensed as marketing costs immediately.

Slide 8 shows that marketing costs reduced reported quarterly EPS in the short term are projected to drive better results in 2027 and beyond when deferred revenues and recurring revenues increased profitability. While marketing costs are negatively impacting EPS this year, we still estimate a positive impact on 2027 EPS of $1.20.

Please turn to Slide 9. Even though we invested even more than in Q2 and acquired more members, the average acquisition cost was lower, better in Q3. On the left side, you'll see that the average acquisition cost of a club member was $54 in Q3.

The member pays in the U.S. case here, their $50 annual membership fee right at the beginning of the membership period. Additionally, we generated an average of $15 per member in revenue from transactions within 90 days. In addition, there will be revenue from transaction and advertising and future membership fees from recurring renewals in future period.

We believe the total payback is attractive. Now please turn to Slide 10. I both in North America and Europe segments increased revenues. JAK Flight Club reported a decline due to a decrease in deferred revenue from less members acquired in Q1 and Q2. On Slide 11, you'll see the reported GAAP operating margins as a number of membership renewals, which do not have acquisition expenses grows, operating margins are expected to substantially improve. In the short term, fluctuations are likely.

Slide 12 shows an investment of club members of Travelzoo occur in all key markets. On Slide 13, we provide information on non-GAAP operating profit and operating loss as we believe it better explains how we evaluate financial performance. In Q3 2026, non-GAAP operating loss was $2.1 million compared with non-GAAP operating profit of $1.1 million in the prior year period.

Slide 14 provides information about the items that are excluded in the calculation of non-GAAP financial information. Please turn to Slide 15. As of September 30, 2026, our consolidated cash, cash equivalents and restricted cash was $8.8 million, an increase in $1.2 million compared with Q2.

We we repurchased [ 256,898 ] shares of our common stock. Now looking ahead, for Q4 2026, we expect year-over-year revenue growth we also expect revenue growth in the subsequent quarters as membership fees revenue is recognized ratably over the subscription period of 12 months as we blow correct numbers and as more legacy members become club members. Over time, we expect profitability to increase as recurring membership fees revenue will be recognized. In the short term, fluctuations in reported net income are likely. Now I'll turn the discussion over to Holger.

Holger Bartel

Thank you, Jeff. We will continue to leverage Travelzoo's global reach, our trusted brand and the strong relationships with top travel suppliers to negotiate more club offers for club members. Travelzoo members are affluent, active and open to new experiences. .

We inspire travel enthusiasts to travel to places they never match it they could. Travelzoo is the must-have membership for those who love to travel as much as we do. Please turn to Slide 17. Membership empowers travelers to live the life of a travel enthusiast to the fullest while respecting different cultures.

Membership provides access to high-quality and highly valuable club offers. Our global team negotiates and vet them rigorously. Club offers cannot be found anywhere else. Some examples, GBP 59 for Stage II at 115 English is a 60 nights for less four hours $60 per day, which includes your cabin food drinks, entertainment. Also exclusive offers like a cooking class with a Michelin star chef in Tasi or for those who want luxury and seclusion, an all-inclusive stay at a 5-star private island in the Maldives.

Membership also provides complementary access to airport launches worldwide in case of flight delays. And in Q1 2026, we launched in partnership with Allianz, the first travel enthusiast hotline. It provides 24/7 complementary assistance wherever you travel.

Culinary journeys curated for the travel enthusiasts are coming through. Slide 19 shows the worldwide complementary loss access in case of flight delays. It is perfect for the travel enthusiasts. Slide 20 provides information about sentiment and demographics of members travels with love by travel enthusiasts who are affluent, active and open to new experiences.

90% stated they are open to new destinations and travel ideas. Almost 90% are likely to book an unplanned trip with an attractive offer. 62% plan to take 2 or more international trips in 2027. Information about the median household income shows that they have the means to do so, especially given the outstanding value of our club offers.

Travelzoo members also go on to resatravel longer than the general population if household spending had to be cut. Finally, on Slide 27, we provide an overview of our management focus. We are working to grow the number of paying DAP members and accelerate revenue growth by converting legacy members and adding new club members, retain and grow our profitable advertising business, accelerate revenue growth, which drives future profits in spite of temporary lower EPS, growth checks flight clubs, subscription revenue and launched Travelzoo Meta. Now Christina will provide an update on Travelzoo Meta and Czech Flight Club.

Christina Ciocca

We expect the first travel Zimeta experiences to become available in Q4 of 2026. We Access to Travel Zimeta will be an exclusive benefit of Travelzoo Club membership. Project Flight Club to align with Travelzoo and other investment priorities, our focus is on revenue growth by growing members. Now handing over to the operator for questions for Jeff, Holger and me.

Operator

[Operator Instructions] Your first question is from the line of Patrick Sholl at Barrington Research.

質疑応答

Patrick Sholl

I guess just this point, I hearing almost 2 years into having moved from the legacy mercering them to pay. I was just kind of curious if you could talk about anything you've seen in terms of like main drivers of user subscriber churn and kind of efforts around retention and what those have looked like as you've gotten more experience with the product.

Holger Bartel

What we are hearing from the club members is what's mostly driving their retention and renewal are the great offers, the exclusive offers that we provide them. I gave a few examples that's really what's most important to our members. These are offers that you do not find anywhere else.

Some others also, of course, value the benefits we have added more benefits over time, just as I said, the travel enthusiast to line. These are also adding to continued interest in the membership. It allows us to growth number of members, as we said earlier, this quarter in Q3, we added the most club members ever. So we are confident in the future.

Patrick Sholl

Okay. And then I think earlier in the call, you said that this was a record quarter for new member additions. As kind of looking at the cash flow statement, there was kind of like a deceleration in the increase in deferred revenue. I was just kind of curious if you could like reconcile some of that disparity, if that's just having of member additions and trial starts and just maybe just some of the factors that go into that. .

Holger Bartel

Exactly, the quick answer is that most new members join with a trial, which in the U.S. is $1 in UK it's GBP 1. Only when they then convert after 30 days to the full manship that's when we recognize the revenue and when it creates deferred revenue. So it's exactly what you explained.

Patrick Sholl

Yes. No, I -- so would we be expecting like a significant acceleration in deferred revenue in Q4? Or is there just a difference between the conversion from that trial to a full year membership?

Holger Bartel

It's the 30-day delay, the more members we add, the higher and more fast deferred revenue will grow. It's exactly what you said. .

Operator

Your next question is from the line of Michael Kupinski from Noble Capital Markets. Please go ahead. .

Michael Kupinski

You highlighted the decline in average U.S. acquisition cost to $54 from $62 in the second quarter. What drove that improvement? And how sustainable -- is it that you can continue to accelerate membership growth at that rate? And I guess, is there an opportunity to bring those acquisition costs back down towards the $27 level that you reported in the first quarter?

Holger Bartel

You are correct, Michael. We added more members at a lower acquisition cost. We're very happy about that trend. Christina, do you want to add what's driving that?

Christina Ciocca

Sure. I think the main driving factors of the efficiencies that we found in Q3 is a combination of we had a lot of great offers that we use on various channels like book that drive a lot of interest in the membership. And so we were able to have large volumes of offers running, which allows us to scale our spend up. And then when we see that there's interest in those offers. It allows us to get the efficiencies down despite scaling up spend significantly.

Michael Kupinski

Got you. It certainly worked for me. I'm going on a trip next week. The follow-up the club members increased an impressive 65% as you mentioned year-over-year. Can you provide more color on how much of that growth came from converting existing legacy members versus attracting entirely new members? And then your presentation projected membership revenue increasing from approximately $17 million to more than $30 million in 2027. And how much of that growth is already supported by existing paid memberships and deferred revenue versus assumptions for new membership acquisition and renewals.

Holger Bartel

Michael, the answer to your first question is it's typically about half-half in Q3, it was more new members, a little bit more than half. And to answer your second question, that number of $30 million is based on members we have already what we are expecting. How many of them we are expecting to renew and new members that we are signing up. As Patrick mentioned earlier, there is already substantial deferred revenue around $13 million. On the balance sheet, that will continue to increase. And then with all the new revenue and payments that are coming in, that's how we get to around $30 million. That's our expectation for next year.

Operator

Your next question comes from the line of Ed Babu from Ascendi Capital.

Unknown Analyst

As we are heading into 2027, what's your travel outlook so far? What are you seeing out there? And there's a lot of news about unrest in Europe, a lot of protests do you think that's going to have any impact on your travel business?

Holger Bartel

What we are seeing in Travel Ad is similar to what we are seeing in other industries, on the one hand, people have money, continue to spend. They are spending even more. On the other hand, people at a very low income and have to cut things Fortunately, most of our members are in the upper end.

And I would even think most of them would pay a substantially higher membership fee than $50, but that's what we are -- that's what we have said it at right now. With regards to the situation in Europe, in the past, we have always seen that this impacts travel behavior rather short term, maybe someone might not be traveling to friends right now, but it quickly changes and then people travel again.

Unknown Analyst

My 1 follow-up question would be, obviously, you benefit and you thrive when hotels or tower suppliers have issued filling the rooms. Is that a flip side, you guys are getting more calls of people worried because people can't fill the hotel route because of the news press that you guys would be able to drive more deals?

Holger Bartel

Yes, that's the case. If the hotels are empty or are struggling, they come to us when it's low season, they come to us, and that's where we help. And as we've seen before, our travel in this as are very open to going wherever we give them good deals. So that's the great flexibility about our club and our members that they are not predetermined on where they want to go. They're open to new experiences. And that's what our entire business is benefiting from.

Operator

Your next question is from the line of Steven Silver from Argus Research.

Steven Silver

So in the quarter, there was a sizable reduction in accounts receivable that supported the operational cash flow -- so it's now closer towards the levels that they were at, at the end of 2025. I'm just curious as to your thoughts on that level, whether it's kind of where you would expect it to be moving forward? Or you think there's a little bit more leverage in accounts receivable to support cash flows in the near term?

Holger Bartel

Good observation. Yes, Steve, we stated in Q2 that accounts receivable were exceptionally high for very specific reasons -- now we are back to normal, and we expect to remain at this level.

Steven Silver

Great. And one more, if I may. So with the expected launch of Meta in this quarter, I'm curious as to whether you guys have done any studies or just trying to size up, if there's any pent-up demand for Meta ahead of its launch? Or is it going to be the kind of thing where the product is going to launch within the club membership and then you would market it after launch? .

Holger Bartel

Christina.

Christina Ciocca

We would include it as a part of club membership and market it as we launch essentially. But in terms of your question of pent-up demand, there's no real -- anything comparable to what were what we want to do with travel Zimeta and what the plan is for travels you meta. So it's hard to say. But obviously, we've been working on this for some time and have been kind of assessing the market and the products and services that are smaller that are out there to optimize this as much as we could to make it a really valuable part of Travel Club membership.

Holger Bartel

We are traveling enthusiasts. We obviously love to travel all the time, but we can't. So we can't travel, why not traveling the metal worse. So we feel it's very complementary to what we have right now, and that's why we made the decision to make it part of the Travel to Club membership. You -- you can also purchase it separately, but our idea is really to make it part of the membership package for travel enthusiasts that comes with Travelzoo. .

Operator

Your next question comes from the line of Theodore O'Neill from Litchfield Hills Research.

Unknown Analyst

So my question is about AI travel agents. And Metis platform introduced AI travel agent near the beginning of the month. And it's had some impact on Expedia and Booking and less so, I think, for Airbnb and for Travelzoo. And I was wondering a couple of things. Have you thought about integrating AI into your platform?

And second is, are these AI travel agents like the Mus has? They can't see into Chavellike they can't see into Airbnb because those offers are all contained within the platform itself. Is that -- am I understanding that correct? correctly?

Holger Bartel

Obviously, AI is on top of our minds every day. We are integrating it in the business in making it easier for our members to find offers in customization what's different between travel and OTAs, most of what you find with travel agents, OTAs, it's the same everywhere. We have stressed many times offers from Travelzoo are exclusive.

You cannot find them anywhere else. So when some people say, Travelzoo is not needed anymore. I can just use AI to find deals, No, you can because we are creating negotiating offers that you do not find anywhere else. With regards to your second question, yes, we are working on that very actively. There is a way to allow the AI agents to access travel through offers even though they are behind the wall of a paid membership.

Someone cannot access the full details of an offer but AI agents like CEPT or Google are able and will be able even more so to alert people who are searching for deals that deals with Travelzoo and it will explain that in order to take advantage of this deal, you just have to join the club.

And when you ask them, whether it's worth joining Travelzoo, the overall resounding answer is yes. most say it's worth it because once you are a member and you see what we are doing, you're very happy that you joined.

Operator

There are no further questions at this time. I will now turn the call back to Mr. Holger Bartel for closing remarks.

Holger Bartel

Great. Dear investors, thank you again for your time and support. We look forward to speaking with you again next quarter. Have a great day.

Operator

This concludes today's call. Thank you for attending. You may now disconnect.