Travelzoo (TZOO) 2026 年第三季法說會：俱樂部會員人數成長 65%

Travelzoo (NASDAQ: TZOO) 2026 財年第三季營收與付費 Club 會員數均有所成長，但因加速獲取會員的支出推升，導致公司出現營業虧損。管理層預估訂閱模式隨著時間推移，將有助於帶動更強勁的經常性營收與獲利能力。

重點摘要

• 合併營收年增 3% 至 2,290 萬美元，依固定匯率計算則為 2,300 萬美元。
• Travelzoo 申報營業虧損 260 萬美元，相較於去年同期的營業利潤 50 萬美元，主因為獲取 Club 會員的投資增加。
• Club 會員數年增 65%，第三季創下該公司史上單季新增會員數的新高。
• 儘管行銷支出增加且獲取量更大，美國平均每位會員獲取成本仍從第二季的 62 美元改善至 54 美元。
• 隨著會費在 12 個月內按比例認列，管理層預計 2026 財年第四季及後續季度的營收將實現年成長。
• 基於現有會員、預期續約率及進一步新增會員計算，公司預計 2027 年會員營收將從約 1,700 萬美元增加至約 3,000 萬美元。

核心財務數據

業務與營運表現

Travelzoo 加快轉向經常性會費營收的轉型。會員獲取成本會立即認列為行銷費用，而年度訂閱營收則會在 12 個月內按比例認列。這種時間差導致即便會員數擴大，第三季獲利仍有所減少。

在管理層提供的美國範例中，年費為 50 美元。Travelzoo 還在 90 天內從每位會員平均產生 15 美元的交易營收。未來的交易、廣告和續約營收可能會進一步增加每位會員的總回收收益。

北美和歐洲的營收均有成長。Jack’s Flight Club 的營收下滑，主因是第一季和第二季獲取的會員較少，導致認列的遞延營收下降。

管理層指出，第三季會員成長中略多於一半來自全新會員，其餘大部分來自舊有會員的轉化。跨行銷管道的優質優惠協助 Travelzoo 在降低平均成本的同時，擴大了獲取規模。

公司表示，獨家 Club 優惠仍是保持留存與續約的主要動力。新增的權益包括班機延誤時的使用貴賓室權益，以及與安聯 (Allianz) 合作推出的 24 小時全天候旅遊支援熱線。

Travelzoo 預計首批 Travelzoo META 體驗將於 2026 財年第四季推出。該產品將包含在 Club 會員權益中，管理層亦表示可單獨購買。

管理層營運展望

管理層預計 2026 財年第四季及後續季度的營收將實現年成長。預期成長動能將來自會費的按比例認列、Club 新增會員以及舊有會員的持續轉化。

公司預計 2027 年會員營收將從約 1,700 萬美元升至約 3,000 萬美元。此展望已納入現有會員、預期續約率及新會員獲取之假設。

Travelzoo 亦估計目前的行銷投資將對 2027 年 EPS 產生 1.20 美元的正面影響。管理層預期，隨著續約人數增加，營業利益率將會改善，因為續約會員不需負擔初始獲取費用。管理層提醒，短期內申報的淨利可能會出現波動。

風險與觀察重點

• 在訂閱營收完全認列前，前期獲取支出會對當前獲利造成負擔。
• 大多數新會員最初是透過 30 天體驗方案加入（美國為 1 美元，英國為 1 英鎊）。轉化後才會支付完整會費並產生遞延營收，因而存在時間差。
• 管理層表示，在會員擴展階段，短期營業利益率與淨利仍可能出現波動。
• 由於管理層認為市場上沒有直接可比的產品，因此難以量化 Travelzoo META 的需求。
• 管理層坦承低收入消費者正減少支出，但表示大多數 Travelzoo 會員屬於高收入族群。
• 歐洲動盪可能會暫時影響旅遊行為，但管理層表示，從歷史來看，類似的干擾影響通常較短暫。

分析師問答亮點

會員留存：管理層指出，獨家協商的優惠是會員續約的主要原因。額外旅遊權益也有助於維持持續互動。

遞延營收時點：創紀錄的新增會員數量並未立即帶來相應的遞延營收成長，因為大多數新會員都是從 30 天體驗方案開始。管理層預期隨著更多會員轉化為完整年度訂閱，遞延營收成長將會加速。

獲取效率：美國平均獲取成本降至 54 美元，反映出具吸引力的優惠在各行銷管道引發廣大興趣，使 Travelzoo 能更有效率地擴大支出。管理層未承諾獲取成本會回到第一季 27 美元的水平。

應收帳款與現金流：管理層表示，第二季應收帳款因特定原因而異常偏高。餘額已在第三季恢復至正常水平，預計將保持在該水平附近。

AI 旅遊代理：Travelzoo 正整合 AI 以提升優惠搜尋與客製化體驗。管理層表示，即使完整優惠細節位於付費會員牆內，AI 代理仍可提醒使用者 Travelzoo 的優惠，進而引導使用者加入 Club。

法說會完整逐字稿

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完整財報電話會議逐字稿

管理層陳述

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.

分析師問答

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.