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Factors that could cause actual results to differ materially from those in the forward-looking statements are described in our Form 10-K and 10-Q, and other periodic filings with the SEC. Please note that this call is being webcast from our Investor Relations website at www.travelzoo.com/earnings.Please refer to our website for important information, including our earnings release issued earlier this morning, along with the slides that accompany today’s prepared remarks. An archived recording of this conference call will be available on the Travelzoo Investor Relations website at www.travelzoo.com/ir, beginning approximately 90 minutes after the conclusion of this call. For today’s format of the call I will review our first 2012 financial results, and then Chris will provide an update on our strategy. Thereafter we will conclude with the question-and-answer session. Now, please open our management presentation, which is available at www.travelzoo.com/earnings. Turning to slide four, this provides you the key financial highlights for the quarter. We achieved record revenues of $39.3 million this quarter which is up 12% over prior quarter and up 6% year over year. We also achieved record non-GAAP earnings per share of $0.42 which is up 14% from the $0.37 non-GAAP earnings per share for the same period last year. And we maintained steady growth in new subscribers helping the Travelzoo brand eclipse the 25 million subscriber milestone worldwide. We continued our profitable growth and made further progress with subscriber growth despite a competitive environment exhibiting unsustainable loss-making business practices. On slide five, we look at revenue by segments. Revenue in North America was $28.6 million representing a year-over-year growth rate of 4%. In Europe; revenue growth rate was 14% year-over-year which is lapping explosive growth from last year. In local currency Europe revenue growth was 60% year over year. We will provide some more insights on revenue in the next few slides.
Turning to slide six, we breakout our revenue by type. The first category of revenue is Travel. This includes the products our subscribers and advertisers have enjoyed for over the years that present tested high quality deals coming primarily from our flagship products such as Top 20, Newsflash, website and network.In addition our Travel revenue includes our Getaway voucher-based format. This aligns with the way we manage Getaways and make sense of Getaways includes hotel stays which our existing advertising products cover as well. The second category of revenue is Search. This includes both our search products Fly.com and SuperSearch. We continue to believe these two are great compliments to our business as both provide an easy way for our subscribers to compare and shop for airlines, hotels and car rentals. The third category of revenue is Local. This includes both Local Deals, voucher-based formats as well as our entertainment business which contains a mix of voucher-based and non voucher-based deals. We view these revenues as one category as they represent our efforts to provide subscribers with high quality local deals whether it is a restaurant, spa, activity, show or concert events Now let's take a look at the revenue by type for each segment for this quarter. Starting on slide seven, the North America first-quarter revenue broken down by type, it shows Travel increasing sequentially by 8% and declining by 4% year over year. The sequential increase is due to seasonality. The year-over-year decline was due to a reduced spending by certain online travel agency customers, airline consolidation and competition. This was offset by our continued strong growth in our hotels business which includes Getaways. We are very pleased with the continued rollout of Getaways as it provides us with the opportunity to participate in more of the potential upsides compared to our flat-rate advertising products. North America Search first quarter grew 29% sequentially due to seasonality and grew 1% year-over-year which was impacted by challenging market pricing for traffic acquisition.
North America Local revenue increased sequentially and continued to show growth year over year at 30%. We continue to focus on building out our management of this business. We are seeing positive signs such as increasing sales force productivity in each region of the US, stable take rates and consistent average numbers of deals. We continue to focus on growing profitably and our confidence that this format is an attractive long-term growth opportunity.Read the rest of this transcript for free on seekingalpha.com