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![]() | Travelzoo 590 Madison Avenue 37th Floor New York, NY 10022 Investor Relations: Lijun Qi ir@travelzoo.com |
• | Revenue of $25.3 million, up 3% year-over-year in constant currencies |
• | Operating profit of $714,000 |
• | Earnings per share (EPS) of $0.01 |
• | download the management presentation (PDF format) to be discussed in the conference call; |
• | access the webcast. |
Three months ended | Nine months ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Revenues | $ | 25,301 | $ | 24,687 | $ | 84,260 | $ | 79,527 | |||||||
Cost of revenues | 2,987 | 3,018 | 9,388 | 9,447 | |||||||||||
Gross profit | 22,314 | 21,669 | 74,872 | 70,080 | |||||||||||
Operating expenses: | |||||||||||||||
Sales and marketing | 13,375 | 13,973 | 44,545 | 43,542 | |||||||||||
Product development | 2,297 | 2,315 | 7,194 | 7,016 | |||||||||||
General and administrative | 5,928 | 5,363 | 17,684 | 16,056 | |||||||||||
Total operating expenses | 21,600 | 21,651 | 69,423 | 66,614 | |||||||||||
Operating income from continuing operations | 714 | 18 | 5,449 | 3,466 | |||||||||||
Other income (loss), net | (91 | ) | 86 | 100 | 111 | ||||||||||
Income from continuing operations before income taxes | 623 | 104 | 5,549 | 3,577 | |||||||||||
Income tax expense | 505 | 680 | 2,452 | 2,660 | |||||||||||
Income (loss) from continuing operations | $ | 118 | $ | (576 | ) | $ | 3,097 | $ | 917 | ||||||
Income from discontinued operations including gain on sale of Fly.com domain name, net of income taxes | — | — | — | 1,938 | |||||||||||
Net income (loss) | $ | 118 | $ | (576 | ) | $ | 3,097 | $ | 2,855 | ||||||
Income (loss) per share—basic: | |||||||||||||||
Continuing operations | $ | 0.01 | $ | (0.05 | ) | $ | 0.25 | $ | 0.07 | ||||||
Discontinued operations | — | — | — | 0.15 | |||||||||||
Net income (loss) per share—basic | $ | 0.01 | $ | (0.05 | ) | $ | 0.25 | $ | 0.22 | ||||||
Income (loss) per share—diluted: | |||||||||||||||
Continuing operations | $ | 0.01 | $ | (0.05 | ) | $ | 0.25 | $ | 0.07 | ||||||
Discontinued operations | — | — | — | 0.15 | |||||||||||
Net income (loss) per share—diluted | $ | 0.01 | $ | (0.05 | ) | $ | 0.25 | $ | 0.22 | ||||||
Weighted average shares: | |||||||||||||||
Basic | 12,314 | 12,628 | 12,412 | 13,023 | |||||||||||
Diluted | 12,663 | 12,628 | 12,630 | 13,040 |
September 30, 2018 | December 31, 2017 | ||||||
Assets | |||||||
Current assets: | |||||||
Cash and cash equivalents | $ | 15,779 | $ | 22,553 | |||
Accounts receivable, net | 12,295 | 11,769 | |||||
Income taxes receivable | 868 | 517 | |||||
Deposits | 131 | 259 | |||||
Prepaid expenses and other | 1,744 | 2,141 | |||||
Total current assets | 30,817 | 37,239 | |||||
Deposits and other | 622 | 548 | |||||
Deferred tax assets | 1,423 | 1,516 | |||||
Restricted cash | 1,453 | 1,448 | |||||
Investment | 2,866 | — | |||||
Property and equipment, net | 4,121 | 4,921 | |||||
Total assets | $ | 41,302 | $ | 45,672 | |||
Liabilities and Stockholders’ Equity | |||||||
Current liabilities: | |||||||
Accounts payable | $ | 13,795 | $ | 19,105 | |||
Accrued expenses and other | 8,106 | 8,702 | |||||
Deferred revenue | 888 | 825 | |||||
Income tax payable | 843 | 961 | |||||
Total current liabilities | 23,632 | 29,593 | |||||
Long-term tax liabilities | 396 | 373 | |||||
Long-term deferred rent and other | 2,275 | 2,628 | |||||
Total liabilities | 26,303 | 32,594 | |||||
Common stock | 122 | 125 | |||||
Additional paid-in capital | — | — | |||||
Accumulated other comprehensive loss | (3,977 | ) | (3,597 | ) | |||
Retained earnings | 18,854 | 16,550 | |||||
Total stockholders’ equity | 14,999 | 13,078 | |||||
Total liabilities and stockholders’ equity | $ | 41,302 | $ | 45,672 |
Three months ended | Nine months ended | ||||||||||||||
September 30, | September 30, | ||||||||||||||
2018 | 2017 | 2018 | 2017 | ||||||||||||
Cash flows from operating activities: | |||||||||||||||
Net income (loss) | $ | 118 | $ | (576 | ) | $ | 3,097 | $ | 2,855 | ||||||
Adjustments to reconcile net income to net cash provided by (used in) operating activities: | |||||||||||||||
Depreciation and amortization | 400 | 504 | 1,227 | 1,605 | |||||||||||
Discontinued operations gain on sale of Fly.com domain name | — | — | — | (2,890 | ) | ||||||||||
Deferred income tax | 53 | 97 | (96 | ) | 28 | ||||||||||
Stock-based compensation | 241 | 206 | 763 | 686 | |||||||||||
Losses (gains) from sale and impairment of long-lived assets | 20 | — | 20 | — | |||||||||||
Other | 205 | (7 | ) | 162 | (34 | ) | |||||||||
Net foreign currency effects | 59 | (69 | ) | (77 | ) | (293 | ) | ||||||||
Changes in operating assets and liabilities: | |||||||||||||||
Accounts receivable | (189 | ) | 1,301 | (1,086 | ) | 3,388 | |||||||||
Income tax receivable | (73 | ) | (903 | ) | (350 | ) | (868 | ) | |||||||
Prepaid expenses and other | 2 | (199 | ) | 420 | (417 | ) | |||||||||
Accounts payable | (400 | ) | 1,359 | (3,600 | ) | (4,695 | ) | ||||||||
Accrued expenses and other | (973 | ) | (1,450 | ) | (248 | ) | (1,009 | ) | |||||||
Income tax payable | (234 | ) | (70 | ) | (65 | ) | 109 | ||||||||
Other non-current liabilities | 27 | (71 | ) | (131 | ) | (349 | ) | ||||||||
Net cash provided by (used in) operating activities | (744 | ) | 122 | 36 | (1,884 | ) | |||||||||
Cash flows from investing activities: | |||||||||||||||
Proceeds from sale of Fly.com domain name | — | — | — | 2,890 | |||||||||||
Proceeds from sale of property and equipment | 150 | — | 150 | ||||||||||||
Investment in WeekenGO | — | — | (3,083 | ) | — | ||||||||||
Purchases of property and equipment | (159 | ) | (180 | ) | (666 | ) | (486 | ) | |||||||
Net cash provided by (used in) investing activities | (9 | ) | (180 | ) | (3,599 | ) | 2,404 | ||||||||
Cash flows from financing activities: | |||||||||||||||
Repurchase of common stock, net | (2,873 | ) | (2,732 | ) | (2,873 | ) | (9,556 | ) | |||||||
Net cash used in financing activities | (2,873 | ) | (2,732 | ) | (2,873 | ) | (9,556 | ) | |||||||
Effect of exchange rate on cash, cash equivalents and restricted cash | (9 | ) | 306 | (333 | ) | 1,060 | |||||||||
Net decrease in cash, cash equivalents and restricted cash | (3,635 | ) | (2,484 | ) | (6,769 | ) | (7,976 | ) | |||||||
Cash, cash equivalents and restricted cash at beginning of period | 20,867 | 22,744 | 24,001 | 28,236 | |||||||||||
Cash, cash equivalents and restricted cash at end of period | $ | 17,232 | $ | 20,260 | $ | 17,232 | $ | 20,260 | |||||||
Supplemental disclosure of cash flow information: | |||||||||||||||
Cash paid for income taxes, net | $ | 767 | $ | 1,628 | $ | 2,963 | $ | 4,858 |
Three months ended September 30, 2018 | Asia Pacific | Europe | North America | Consolidated | |||||||||||
Revenue from unaffiliated customers | $ | 1,977 | $ | 8,396 | $ | 14,928 | $ | 25,301 | |||||||
Intersegment revenue | 10 | (18 | ) | 8 | — | ||||||||||
Total net revenues | 1,987 | 8,378 | 14,936 | 25,301 | |||||||||||
Operating income (loss) | $ | (1,600 | ) | $ | 940 | $ | 1,374 | $ | 714 | ||||||
Three months ended September 30, 2017 | Asia Pacific | Europe | North America | Consolidated | |||||||||||
Revenue from unaffiliated customers | $ | 1,767 | $ | 8,008 | $ | 14,912 | $ | 24,687 | |||||||
Intersegment revenue | 6 | (62 | ) | 56 | — | ||||||||||
Total net revenues | 1,773 | 7,946 | 14,968 | 24,687 | |||||||||||
Operating income (loss) | $ | (1,679 | ) | $ | 309 | $ | 1,388 | $ | 18 |
Nine months ended September 30, 2018 | Asia Pacific | Europe | North America | Consolidated | |||||||||||
Revenue from unaffiliated customers | $ | 6,092 | $ | 27,255 | $ | 50,913 | $ | 84,260 | |||||||
Intersegment revenue | (19 | ) | (97 | ) | 116 | — | |||||||||
Total net revenues | 6,073 | 27,158 | 51,029 | 84,260 | |||||||||||
Operating income (loss) | $ | (4,812 | ) | $ | 3,347 | $ | 6,914 | $ | 5,449 | ||||||
Nine months ended September 30, 2017 | Asia Pacific | Europe | North America | Consolidated | |||||||||||
Revenue from unaffiliated customers | $ | 5,574 | $ | 25,231 | $ | 48,722 | $ | 79,527 | |||||||
Intersegment revenue | (38 | ) | (317 | ) | 355 | — | |||||||||
Total net revenues | 5,536 | 24,914 | 49,077 | 79,527 | |||||||||||
Operating income (loss) | $ | (4,385 | ) | $ | 1,526 | $ | 6,325 | $ | 3,466 |
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