Cuộc họp báo cáo kết quả kinh doanh Q3 2026 của Travelzoo (TZOO): Số lượng hội viên Club tăng 65%

Travelzoo (NASDAQ: TZOO) ghi nhận doanh thu và số lượng hội viên Club trả phí tăng trong quý 3/2026, nhưng chi phí thu hút hội viên gia tăng đã đẩy công ty vào tình trạng lỗ hoạt động. Ban lãnh đạo kỳ vọng mô hình đăng ký theo gói sẽ hỗ trợ doanh thu định kỳ và khả năng sinh lời mạnh mẽ hơn theo thời gian.

Điểm tin chính

• Doanh thu hợp nhất tăng 3% so với cùng kỳ năm ngoái lên 22,9 triệu USD, hoặc 23,0 triệu USD theo tỷ giá cố định.
• Travelzoo báo cáo lỗ hoạt động 2,6 triệu USD, so với khoản lợi nhuận hoạt động 0,5 triệu USD của cùng kỳ năm trước, chủ yếu do khoản đầu tư gia tăng để thu hút hội viên Club.
• Số lượng hội viên Club tăng 65% so với cùng kỳ năm ngoái, trong đó quý 3 ghi nhận số lượng hội viên mới kết nạp cao nhất của công ty từ trước đến nay.
• Chi phí thu hút hội viên trung bình tại Mỹ đã cải thiện xuống còn 54 USD so với 62 USD trong quý 2, mặc dù chi phí tiếp thị cao hơn và khối lượng hội viên thu hút được lớn hơn.
• Ban lãnh đạo kỳ vọng doanh thu sẽ tăng trưởng so với cùng kỳ năm ngoái trong quý 4/2026 và các quý tiếp theo do phí hội viên được ghi nhận phân bổ trong 12 tháng.
• Công ty dự kiến doanh thu từ hội viên sẽ tăng từ khoảng 17 triệu USD lên khoảng 30 triệu USD vào năm 2027, dựa trên số hội viên hiện tại, tỷ lệ gia hạn dự kiến và số hội viên mới gia nhập thêm.

Dữ liệu tài chính cốt lõi

Kết quả kinh doanh và hoạt động

Travelzoo đã đẩy nhanh quá trình chuyển đổi sang doanh thu từ phí hội viên định kỳ. Chi phí thu hút hội viên được ghi nhận ngay lập tức làm chi phí tiếp thị, trong khi doanh thu đăng ký hàng năm được ghi nhận đều đặn trong 12 tháng. Chênh lệch thời điểm này đã làm giảm lợi nhuận quý 3 ngay cả khi quy mô hội viên mở rộng.

Trong ví dụ tại Mỹ do ban lãnh đạo cung cấp, phí hội viên hàng năm là 50 USD. Travelzoo cũng tạo ra trung bình 15 USD doanh thu giao dịch trên mỗi hội viên trong vòng 90 ngày. Doanh thu giao dịch, quảng cáo và gia hạn trong tương lai có thể làm tăng tổng giá trị thu hồi từ mỗi hội viên.

Cả Bắc Mỹ và Châu Âu đều ghi nhận doanh thu tăng. Doanh thu của Jack’s Flight Club sụt giảm do số lượng hội viên thu hút được trong quý 1 và quý 2 ít hơn, dẫn đến doanh thu hoãn lại được ghi nhận thấp hơn.

Ban lãnh đạo cho biết hơn một nửa mức tăng trưởng hội viên trong quý 3 đến từ các hội viên hoàn toàn mới, phần còn lại chủ yếu đến từ việc chuyển đổi các hội viên cũ. Các ưu đãi hấp dẫn trên các kênh tiếp thị đã giúp Travelzoo tăng khối lượng thu hút hội viên đồng thời giảm chi phí trung bình.

Công ty cho biết các ưu đãi độc quyền dành cho Club vẫn là động lực chính duy trì và gia hạn hội viên. Các quyền lợi bổ sung bao gồm quyền sử dụng phòng chờ sân bay khi chuyến bay bị hoãn và đường dây nóng hỗ trợ du lịch 24/7 hợp tác triển khai cùng Allianz.

Travelzoo dự kiến các trải nghiệm Travelzoo META đầu tiên sẽ ra mắt trong quý 4/2026. Sản phẩm này sẽ được bao gồm như một quyền lợi hội viên Club, đồng thời ban lãnh đạo cũng cho biết sản phẩm có thể được mua riêng.

Dự báo của ban lãnh đạo

Ban lãnh đạo kỳ vọng doanh thu sẽ tăng trưởng so với cùng kỳ năm ngoái trong quý 4/2026 và các quý tiếp theo. Tăng trưởng dự kiến sẽ được hỗ trợ bởi việc ghi nhận đều đặn phí hội viên, số lượng hội viên Club tăng thêm và việc tiếp tục chuyển đổi các hội viên cũ.

Công ty dự kiến doanh thu từ hội viên sẽ tăng từ khoảng 17 triệu USD lên khoảng 30 triệu USD vào năm 2027. Triển vọng này bao gồm số hội viên hiện tại, tỷ lệ gia hạn dự kiến và các giả định về việc thu hút hội viên mới.

Travelzoo cũng ước tính rằng khoản đầu tư tiếp thị hiện tại sẽ đóng góp tích cực 1,20 USD vào EPS năm 2027. Ban lãnh đạo kỳ vọng biên lợi nhuận hoạt động sẽ cải thiện khi số lượng gia hạn tăng lên vì việc gia hạn hội viên không tốn chi phí thu hút ban đầu. Công ty lưu ý rằng lợi nhuận ròng báo cáo có thể biến động trong ngắn hạn.

Rủi ro và các điểm cần theo dõi

• Chi phí thu hút ban đầu đè nặng lên lợi nhuận hiện tại trước khi doanh thu đăng ký được ghi nhận đầy đủ.
• Hầu hết hội viên mới ban đầu tham gia thông qua chương trình dùng thử 30 ngày với giá 1 USD tại Mỹ hoặc 1 bảng Anh tại Anh. Khoản thanh toán hội viên đầy đủ và doanh thu hoãn lại phát sinh sau khi chuyển đổi, tạo ra độ trễ về mặt thời gian.
• Ban lãnh đạo cho biết sự biến động ngắn hạn về biên lợi nhuận hoạt động và lợi nhuận ròng nhiều khả năng vẫn sẽ tiếp diễn trong giai đoạn mở rộng hội viên.
• Nhu cầu đối với Travelzoo META rất khó định lượng vì ban lãnh đạo nhận thấy không có sản phẩm nào so sánh trực tiếp.
• Ban lãnh đạo thừa nhận rằng những người tiêu dùng có thu nhập thấp hơn đang cắt giảm chi tiêu, mặc dù cho biết hầu hết các hội viên của Travelzoo đều thuộc nhóm thu nhập cao.
• Tình trạng bất ổn ở Châu Âu có thể tạm thời ảnh hưởng đến hành vi du lịch, nhưng ban lãnh đạo cho biết về mặt lịch sử các gián đoạn tương tự chỉ có tác động ngắn hạn.

Điểm nhấn phần Hỏi & Đáp với nhà phân tích

Duy trì hội viên: Ban lãnh đạo xác định các ưu đãi độc quyền đã qua thương lượng là lý do chính khiến hội viên gia hạn. Các quyền lợi du lịch bổ sung cũng hỗ trợ duy trì sự gắn kết liên tục.

Thời điểm ghi nhận doanh thu hoãn lại: Số lượng hội viên mới thêm vào đạt kỷ lục không ngay lập tức tạo ra mức tăng tương ứng trong doanh thu hoãn lại vì hầu hết hội viên mới đều bắt đầu bằng đợt dùng thử 30 ngày. Ban lãnh đạo kỳ vọng tăng trưởng doanh thu hoãn lại sẽ tăng tốc khi có thêm hội viên chuyển sang đăng ký gói hàng năm đầy đủ.

Hiệu quả thu hút hội viên: Mức giảm chi phí thu hút trung bình tại Mỹ xuống còn 54 USD phản ánh các ưu đãi hấp dẫn đã tạo ra sự quan tâm mạnh mẽ trên các kênh tiếp thị, cho phép Travelzoo mở rộng quy mô chi tiêu hiệu quả hơn. Ban lãnh đạo không cam kết đưa chi phí thu hút trở lại mức 27 USD của quý 1.

Phải thu khách hàng và dòng tiền: Ban lãnh đạo cho biết khoản phải thu khách hàng trong quý 2 đã cao bất thường vì các lý do cụ thể. Số dư đã trở lại mức bình thường trong quý 3 và dự kiến sẽ duy trì quanh mức đó.

Đại lý du lịch AI: Travelzoo đang tích hợp AI để cải thiện việc khám phá và tùy chỉnh ưu đãi. Ban lãnh đạo cho biết các đại lý AI có thể thông báo cho người dùng về các ưu đãi của Travelzoo ngay cả khi chi tiết đầy đủ của ưu đãi vẫn nằm sau bức tường phí hội viên, qua đó có tiềm năng hướng người dùng tham gia Club.

Toàn văn biên bản cuộc họp báo cáo kết quả kinh doanh

Toàn văn cuộc gọi công bố kết quả kinh doanh

Phần trình bày của ban lãnh đạo

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.

Phần hỏi đáp

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.