2022 Q1 Form 10-Q Financial Statement

#000113331122000022 Filed on May 12, 2022

View on sec.gov

Income Statement

Concept 2022 Q1 2021 Q1 2020
Revenue $18.45M $14.28M $53.60M
YoY Change 29.19% -29.73% -48.91%
Cost Of Revenue $2.832M $3.018M $10.56M
YoY Change -6.16% 11.65% -7.63%
Gross Profit $15.62M $11.27M $43.04M
YoY Change 38.66% -36.08% -53.97%
Gross Profit Margin 84.65% 78.87% 80.29%
Selling, General & Admin $13.25M $11.35M $51.11M
YoY Change 16.73% -39.03% -26.71%
% of Gross Profit 84.82% 100.75% 118.76%
Research & Development $453.0K $683.0K $3.081M
YoY Change -33.67% -52.17% -54.08%
% of Gross Profit 2.9% 6.06% 7.16%
Depreciation & Amortization $574.0K $480.0K $884.0K
YoY Change 19.58% -12.73% -19.64%
% of Gross Profit 3.67% 4.26% 2.05%
Operating Expenses $13.70M $12.03M $57.11M
YoY Change 13.87% -47.6% -25.3%
Operating Profit $1.919M -$767.0K -$14.07M
YoY Change -350.2% -85.64% -182.58%
Interest Expense $9.000K $25.00K
YoY Change
% of Operating Profit
Other Income/Expense, Net $1.423M -$166.0K $455.0K
YoY Change -957.23% 2666.67% -1183.33%
Pretax Income $3.342M -$933.0K -$13.62M
YoY Change -458.2% -82.55% -180.11%
Income Tax $968.0K $742.0K -$2.438M
% Of Pretax Income 28.96%
Net Earnings $2.359M -$1.642M -$13.42M
YoY Change -243.67% -75.16% -423.06%
Net Earnings / Revenue 12.78% -11.5% -25.04%
Basic Earnings Per Share $0.20 -$0.14 -$1.18
Diluted Earnings Per Share $0.19 -$0.14 -$1.18
COMMON SHARES
Basic Shares Outstanding 12.06M shares 11.39M shares 11.34M shares
Diluted Shares Outstanding 12.54M shares 11.39M shares 11.34M shares

Balance Sheet

Concept 2022 Q1 2021 Q1 2020
SHORT-TERM ASSETS
Cash & Short-Term Investments $35.62M $70.90M $63.10M
YoY Change -49.76% 485.95% 237.43%
Cash & Equivalents $35.62M $70.86M $63.10M
Short-Term Investments
Other Short-Term Assets $1.576M $3.500M $1.600M
YoY Change -54.97% -14.63% -68.63%
Inventory
Prepaid Expenses
Receivables $18.16M $7.293M $4.500M
Other Receivables $2.547M $1.400M $1.000M
Total Short-Term Assets $57.90M $83.10M $70.00M
YoY Change -30.32% 248.3% 93.91%
LONG-TERM ASSETS
Property, Plant & Equipment $572.0K $1.152M $9.900M
YoY Change -50.35% -41.34% -10.0%
Goodwill $10.94M $10.94M
YoY Change 0.0% 0.0%
Intangibles $5.189M $4.250M
YoY Change 22.09% -24.04%
Long-Term Investments $0.00
YoY Change -100.0%
Other Assets $11.60M $6.900M $7.000M
YoY Change 68.06% 38.0% 42.86%
Total Long-Term Assets $34.98M $31.73M $32.40M
YoY Change 10.25% -14.1% 76.09%
TOTAL ASSETS
Total Short-Term Assets $57.90M $83.10M $70.00M
Total Long-Term Assets $34.98M $31.73M $32.40M
Total Assets $92.88M $114.8M $102.4M
YoY Change -19.11% 88.88% 87.89%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $3.453M $8.749M $64.10M
YoY Change -60.53% -31.84% 232.12%
Accrued Expenses $9.171M $10.83M $12.20M
YoY Change -15.3% 65.85% 9.91%
Deferred Revenue $2.317M $2.417M
YoY Change -4.14% -1.39%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change -100.0%
Long-Term Debt Due $3.500M $2.800M
YoY Change
Total Short-Term Liabilities $78.75M $100.1M $82.90M
YoY Change -21.35% 154.15% 136.86%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $200.0K $800.0K
YoY Change -100.0%
Other Long-Term Liabilities $2.380M $2.027M $11.90M
YoY Change 17.41% -84.87% 36.78%
Total Long-Term Liabilities $2.380M $2.027M $12.70M
YoY Change 17.41% -84.87% 45.98%
TOTAL LIABILITIES
Total Short-Term Liabilities $78.75M $100.1M $82.90M
Total Long-Term Liabilities $2.380M $2.027M $12.70M
Total Liabilities $89.75M $113.1M $100.5M
YoY Change -20.68% 93.08% 129.98%
SHAREHOLDERS EQUITY
Retained Earnings $2.867M -$2.045M
YoY Change -240.2% -131.9%
Common Stock $5.083M $4.394M
YoY Change 15.68% 3788.5%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares 495.0K shares 100.0K shares
Shareholders Equity -$1.469M -$2.883M $1.900M
YoY Change
Total Liabilities & Shareholders Equity $92.88M $114.8M $102.4M
YoY Change -19.11% 88.88% 87.89%

Cashflow Statement

Concept 2022 Q1 2021 Q1 2020
OPERATING ACTIVITIES
Net Income $2.359M -$1.642M -$13.42M
YoY Change -243.67% -75.16% -423.06%
Depreciation, Depletion And Amortization $574.0K $480.0K $884.0K
YoY Change 19.58% -12.73% -19.64%
Cash From Operating Activities -$6.800M $9.064M $47.02M
YoY Change -175.02% -396.6% 318.47%
INVESTING ACTIVITIES
Capital Expenditures $89.00K $7.000K $253.0K
YoY Change 1171.43% -94.66% -46.62%
Acquisitions
YoY Change
Other Investing Activities $196.0K $0.00 $2.320M
YoY Change -100.0% -446.27%
Cash From Investing Activities -$942.0K -$7.000K $2.067M
YoY Change 13357.14% -99.14% -280.21%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $0.00 $1.600M $1.205M
YoY Change -100.0% 32.78% -88.86%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities $0.00 -$1.583M -$6.982M
YoY Change -100.0% -28.21% -23.33%
NET CHANGE
Cash From Operating Activities -$6.800M $9.064M $47.02M
Cash From Investing Activities -$942.0K -$7.000K $2.067M
Cash From Financing Activities $0.00 -$1.583M -$6.982M
Net Change In Cash -$8.230M $7.744M $43.68M
YoY Change -206.28% -222.09% 3396.8%
FREE CASH FLOW
Cash From Operating Activities -$6.800M $9.064M $47.02M
Capital Expenditures $89.00K $7.000K $253.0K
Free Cash Flow -$6.889M $9.057M $46.77M
YoY Change -176.06% -384.19% 334.55%

Facts In Submission

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<div style="margin-top:9pt;text-indent:22.5pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-style:italic;font-weight:700;line-height:120%">Certain Risks and Uncertainties</span></div><div style="margin-top:6pt;text-indent:24.75pt"><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company’s business is subject to risks associated with its ability to attract and retain advertisers and offer products or services on compelling terms to our members. The global pandemic is having an unprecedented impact on the global travel and hospitality industries. Governmental authorities have implemented numerous measures to try to contain the virus, including restrictions on travel, quarantines, shelter-in-place orders, business restrictions and complete shut-downs. The measures implemented to contain the global pandemic have had, and are expected to continue to have, a significant negative effect on our business, financial condition, results of operations and cash flows. </span></div><div style="margin-top:9pt;text-indent:24.75pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">The Company’s cash, cash equivalents and a</span><span style="color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">ccounts receivable are potentially subject to concentration of credit risk. Cash and cash equivalents are placed with financial institutions that the management believes are of high credit quality. The accounts receivables are derived from revenue earned from customers located in the U.S. and internationally. </span><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">As of March 31, 2022 and December 31, 2021, the Company did not have any customers that accounted for 10% or more of accounts receivable.</span></div><div style="margin-top:9pt;text-indent:24.75pt"><span style="background-color:#ffffff;color:#000000;font-family:'Times New Roman',sans-serif;font-size:10pt;font-weight:400;line-height:120%">Many of the Company’s advertisers and partners are part of the global travel and hospitality industry. The measures implemented to contain COVID have had, and are expected to continue to have, a significant negative effect on the Company’s business, financial condition, results of operations, and cash flows. The measures implemented led to many of the Company’s advertisers pausing, canceling, or stopping advertising with us, as well as a high level of cancellations for our hotel partners and travel package partners, and refund requests for vouchers sold by Travelzoo for restaurant and spa partners. It is difficult to estimate the impact of the COVID pandemic on the Company’s future revenues, results of operations, cash flows, liquidity, or financial condition.</span></div>
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CY2022Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
11430000 USD
CY2021Q1 us-gaap Stock Repurchased During Period Shares
StockRepurchasedDuringPeriodShares
100000 shares
CY2020 us-gaap Interest Expense
InterestExpense
25000 USD
CY2022Q1 tzoo Ownership Percentage Held By Related Party
OwnershipPercentageHeldByRelatedParty
0.380
CY2022Q1 us-gaap Proceeds From License Fees Received
ProceedsFromLicenseFeesReceived
412500 USD
CY2022Q1 us-gaap Asset Acquisition Consideration Transferred
AssetAcquisitionConsiderationTransferred
1750000 USD
CY2022Q1 tzoo Asset Acquisition Payable Upon Closing
AssetAcquisitionPayableUponClosing
600000 USD
CY2022Q1 tzoo Asset Acquisition Credit With Seller Remaining Payable Amount
AssetAcquisitionCreditWithSellerRemainingPayableAmount
1150000 USD
CY2022Q1 tzoo License Agreement Remaining Obligation Eliminated Amount
LicenseAgreementRemainingObligationEliminatedAmount
825000 USD
CY2021Q1 us-gaap Treasury Stock Acquired Average Cost Per Share
TreasuryStockAcquiredAverageCostPerShare
15.83
CY2021Q1 tzoo Stock Repurchase Agreement Volume Weighted Average Price
StockRepurchaseAgreementVolumeWeightedAveragePrice
P10D
CY2021Q1 tzoo Stock Repurchase Agreement Discount
StockRepurchaseAgreementDiscount
0.05
CY2021Q1 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
1600000 USD

Files In Submission

Name View Source Status
0001133311-22-000022-index-headers.html Edgar Link pending
0001133311-22-000022-index.html Edgar Link pending
0001133311-22-000022.txt Edgar Link pending
0001133311-22-000022-xbrl.zip Edgar Link pending
FilingSummary.xml Edgar Link unprocessable
Financial_Report.xlsx Edgar Link pending
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tzoo-20220331.htm Edgar Link pending
tzoo-20220331.xsd Edgar Link pending
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tzoo-20220331_htm.xml Edgar Link completed
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