Travelzoo (TZOO) 10-Q 23 Jul 15 2015 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Jul. 23, 2015
Document and Entity Information [Abstract]
Entity Registrant Name	Travelzoo Inc
Entity Central Index Key	1,133,311
Document Type	10-Q
Document Period End Date	Jun. 30, 2015
Amendment Flag	false
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		14,730,454

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 55,283	$ 54,812
Accounts receivable, less allowance for doubtful accounts of $355 and $436 as of June 30, 2015 and December 31, 2014, respectively	17,380	14,608
Income tax receivable	2,060	3,756
Deposits	621	74
Deferred tax assets	1,288	1,311
Prepaid expenses and other	2,312	2,802
Total current assets	78,944	77,363
Deposits	522	1,087
Deferred tax assets	1,707	1,460
Restricted cash	1,344	1,393
Property and equipment, net	8,413	9,022
Intangible assets, net	55	163
Total assets	90,985	90,488
Current liabilities:
Accounts payable	21,485	23,008
Accrued expenses and other	10,830	10,135
Deferred revenue	1,105	1,192
Income tax payable	581	574
Reserve for unexchanged promotional shares	0	1,393
Total current liabilities	34,001	36,302
Long-term tax liabilities	11,731	10,936
Long-term deferred rent and other	$ 3,118	$ 3,436
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $0.01 par value per share (5,000 shares authorized; none issued)	$ 0	$ 0
Common stock, $0.01 par value (40,000 shares authorized; 15,801 shares issued, 14,730 shares outstanding as of June 30, 2015 and December 31, 2014)	163	163
Treasury stock (at cost, 1,071 shares at June 30, 2015 and December 31, 2014)	(21,517)	(21,517)
Additional paid-in capital	11,339	11,043
Retained earnings	56,255	53,122
Accumulated other comprehensive loss	(4,105)	(2,997)
Total stockholders’ equity	42,135	39,814
Total liabilities and stockholders’ equity	$ 90,985	$ 90,488

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 355	$ 436
Preferred stock, par value (in dollars per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	0	0
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized	40,000,000	40,000,000
Common stock, shares issued	15,801,000	15,801,000
Common stock, shares outstanding	14,730,454	14,730,454
Treasury stock, shares	1,071,000	1,071,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Income Statement [Abstract]
Revenues	$ 34,064	$ 36,883	$ 70,556	$ 77,078
Cost of revenues	4,905	4,374	9,140	9,151
Gross profit	29,159	32,509	61,416	67,927
Operating expenses:
Sales and marketing	17,279	15,305	35,428	33,148
General and administrative	9,307	10,570	19,613	21,148
Unexchanged promotional shares	0	(3,500)	0	(3,500)
Total operating expenses	26,586	22,375	55,041	50,796
Income from operations	2,573	10,134	6,375	17,131
Other income (loss)	21	56	(66)	177
Income before income taxes	2,594	10,190	6,309	17,308
Income taxes	1,268	2,266	3,074	4,747
Net income	$ 1,326	$ 7,924	$ 3,235	$ 12,561
Basic net income (in dollars per share)	$ 0.09	$ 0.54	$ 0.22	$ 0.85
Diluted net income (in dollars per share)	$ 0.09	$ 0.54	$ 0.22	$ 0.84
Shares used in computing basic net income per share	14,730	14,734	14,730	14,806
Shares used in computing diluted net income per share	14,730	14,794	14,730	14,881

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Statement of Comprehensive Income [Abstract]
Net income	$ 1,326	$ 7,924	$ 3,235	$ 12,561
Other comprehensive income (loss):
Foreign currency translation adjustment	1,161	530	(1,108)	447
Total comprehensive income	$ 2,487	$ 8,454	$ 2,127	$ 13,008

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Cash flows from operating activities:
Net income	$ 3,235	$ 12,561
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	1,406	1,342
Impairment of software	0	249
Provision for losses on accounts receivable	51	(11)
Stock-based compensation	296	790
Deferred income tax	(242)	(508)
Net foreign currency effect	113	(36)
Changes in operating assets and liabilities:
Accounts receivable	(2,943)	(2,411)
Deposits	4	160
Income tax receivable	1,681	549
Prepaid expenses and other	509	408
Accounts payable	(1,169)	(7,233)
Reserve for unexchanged promotional shares	(1,393)	(4,726)
Accrued expenses	432	(1,920)
Income tax payable	23	1,783
Other non-current liabilities	795	225
Net cash provided by operating activities	2,798	1,222
Cash flows from investing activities:
Purchases of property and equipment	(737)	(1,424)
Release of restricted cash	0	200
Net cash used in investing activities	(737)	(1,224)
Cash flows from financing activities:
Repurchase of common stock	0	(5,855)
Reverse/forward stock split, including transaction costs	(102)	(479)
Net cash used in financing activities	(102)	(6,334)
Effect of exchange rate changes on cash and cash equivalents	(1,488)	615
Net increase (decrease) in cash and cash equivalents	471	(5,721)
Cash and cash equivalents at beginning of period	54,812	66,223
Cash and cash equivalents at end of period	55,283	60,502
Supplemental disclosure of cash flow information:
Cash paid for income taxes, net	733	2,843
Leasehold improvements accrued	$ 12	$ 771

The Company and Basis of Presen

The Company and Basis of Presentation	6 Months Ended
	Jun. 30, 2015
Organization, Consolidation and Presentation of Financial Statements [Abstract]
The Company and Basis of Presentation	The Company and Basis of Presentation Travelzoo Inc. (the “Company” or “Travelzoo”) is a global Internet media company. We inform over 27 million members in North America, Europe and Asia Pacific, as well as millions of website users, about the best travel, entertainment and local deals available from thousands of companies. Our deal experts source, research and test-book offers, recommending only those that meet Travelzoo’s rigorous quality standards. We provide travel, entertainment, and local businesses with a fast, flexible, and cost effective way to reach millions of consumers. Our revenues are generated primarily from advertising fees. In Asia Pacific, the Travelzoo business is operated by Travelzoo (Asia) Limited and Travelzoo Japan K.K. under a license agreement with Travelzoo Inc. and is not owned by the Company. Our publications and products include the Travelzoo websites (www.travelzoo.com, www.travelzoo.ca, www.travelzoo.co.uk, www.travelzoo.de, www.travelzoo.es, www.travelzoo.fr, among others), the Travelzoo Top 20 e-mail newsletter, the Newsflash e-mail alert service, the SuperSearch pay-per-click travel search tool, and the Travelzoo Network , a network of third-party websites that list travel deals published by Travelzoo. Our Travelzoo websites include Local Deals and Getaways listings that allow our members to purchase vouchers for deals from local businesses such as spas, hotels and restaurants. We receive a percentage of the face value of the voucher from the local businesses. We also operate Fly.com , a travel search engine that allows users to quickly and easily find the best prices on flights from hundreds of airlines and online travel agencies. Since November 1, 2009, the Travelzoo websites in Asia Pacific (cn.travelzoo.com, www.travelzoo.co.jp, www.travelzoo.com.au, www.travelzoo.com.hk, www.travelzoo.com.tw, among others), the Travelzoo Top 20 e-mail newsletters in Asia Pacific and the Newsflash e-mail alert service in Asia Pacific have been published by Travelzoo (Asia) Limited and Travelzoo Japan K.K., wholly owned subsidiaries of Azzurro Capital Inc. ("Azzurro"), under a license agreement with the Company. There is a reciprocal revenue-sharing agreement among the entities operating the Travelzoo business in Asia Pacific and the Company related to cross-selling audiences. Ralph Bartel, who founded Travelzoo and who is a Director of the Company is the sole beneficiary of the Ralph Bartel 2005 Trust, which is the controlling shareholder of Azzurro Capital Inc. As of June 30, 2015 , Azzurro is the Company's largest stockholder, holding approximately 49.1% of the Company's outstanding shares. As of June 30, 2015, Azzurro currently held a proxy given to it by Holger Bartel that provides it with a total of 50.4% of the voting power. On July 2, 2015, Azzurro purchased 200,000 shares of the Company’s stock held by Holger Bartel; thereafter, Azzurro directly held approximately 50.4% of the Company’s outstanding shares. The accompanying unaudited condensed consolidated financial statements have been prepared by the Company in accordance with the rules and regulations of the U.S. Securities and Exchange Commission (SEC). Certain information and footnote disclosures normally included in consolidated financial statements prepared in accordance with generally accepted accounting principles in the United States of America have been condensed or omitted in accordance with such rules and regulations. In the opinion of management, the accompanying unaudited condensed consolidated financial statements reflect all adjustments, consisting only of normal recurring adjustments, necessary to present fairly the financial position of the Company and its results of operations and cash flows. These condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and related notes as of and for the year ended December 31, 2014 , included in the Company’s Form 10-K filed with the SEC on February 17, 2015. The condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All significant intercompany accounts and transactions have been eliminated in consolidation. All foreign subsidiaries use the local currency of their respective countries as their functional currency. Assets and liabilities are translated into U.S. dollars at exchange rates prevailing at the balance sheet dates. Revenues, costs and expenses are translated into U.S. dollars at average exchange rates for the period. The results of operations for the three and six months ended June 30, 2015 are not necessarily indicative of the results that may be expected for the year ending December 31, 2015 or any other future period, and the Company makes no representations related thereto. The Company was formed as a result of a combination and merger of entities founded by the Company’s principal stockholder, Ralph Bartel. In 1998, Mr. Bartel founded Travelzoo.com Corporation, a Bahamas corporation, which issued 5,155,874 shares via the Internet to approximately 700,000 “Netsurfer stockholders” for no cash consideration, but subject to certain conditions as referred to below. In 1998, Mr. Bartel also founded Silicon Channels Corporation, a California corporation, to operate the Travelzoo website. During 2001, Travelzoo Inc. was formed as a subsidiary of Travelzoo.com Corporation, and Mr. Bartel contributed all of the outstanding shares of Silicon Channels Corporation to Travelzoo Inc. in exchange for 8,129,273 shares of Travelzoo Inc. and options to acquire an additional 2,158,349 shares at $1.00 . Mr. Bartel exercised these options in January 2009 . In April 2002, Travelzoo.com Corporation was merged into Travelzoo Inc. Under and subject to the terms of the merger agreement, holders of promotional shares of Travelzoo.com Corporation (“Netsurfers”) who established that they had satisfied certain prerequisite qualifications were allowed a period of 2 years following the effective date of the merger to receive one share of Travelzoo Inc. in exchange for each share of common stock of Travelzoo.com Corporation. The records of Travelzoo.com Corporation showed that, assuming all of the shares applied for by the Netsurfer stockholders were validly issued, there were 11,295,874 shares of Travelzoo.com Corporation outstanding. As of April 25, 2004, two years following the effective date of the merger, 7,180,342 shares of Travelzoo.com Corporation had been exchanged for shares of Travelzoo Inc. Prior to that date, the remaining shares which were available for issuance pursuant to the merger agreement were also included in the issued and outstanding common stock of Travelzoo Inc. and included in the calculation of basic and diluted earnings per share. After April 25, 2004, the Company ceased issuing shares to the former stockholders of Travelzoo.com Corporation; and therefore, no additional shares are reserved for issuance to any former stockholders, because their right to receive shares has now expired. Thereafter, the Company began to offer a voluntary cash program for those who established that they had satisfied certain prerequisite qualifications for Netsurfer promotional shares as further described below. On April 25, 2004, the number of shares reported as outstanding was reduced from 19,425,147 to 15,309,615 to reflect actual shares issued as of the expiration date. Earnings per share calculations reflect this reduction of the number of shares reported as outstanding. As of June 30, 2015 , there were 14,730,454 shares of common stock outstanding. On April 21, 2011, the Company entered into an agreement with the State of Delaware resolving all claims relating to an unclaimed property review which began in 2010. The primary issue raised in the preliminary findings from the review, received by the Company on April 12, 2011, concerned the shares of Travelzoo which have not been claimed by former Netsurfer stockholders of Travelzoo.com, which remained unexchanged in the 2002 merger, as discussed in the preceding paragraph. In the preliminary findings under the unclaimed property review, up to 3.0 million shares were identified as “demandable” under Delaware escheat laws. While the Company continues to take the position that such shares were a promotional incentive and were issuable only to persons who establish their eligibility as stockholders, the Company determined that it was in its best interest to promptly resolve all claims relating to the unclaimed property review. The Company made a $20.0 million cash payment to the State of Delaware on April 27, 2011 and received a complete release of those claims from the state of Delaware. Since March 2012, the Company became subject to unclaimed property reviews by most of the other states in the United States. The auditing firm representing these states in the reviews has presented to the Company preliminary findings, which relate primarily to the promotional shares which remained unexchanged in the 2002 merger that were not covered by the settlement and release by the State of Delaware. During the three months ended March 31, 2012, the Company recorded a $3.0 million charge for the contingency related to the promotional shares which remained unexchanged in the 2002 merger. In October 2013, the Company entered into settlement agreements with 35 additional states to resolve those states’ claims related to similar unclaimed property audits. The multi-state settlement relates to approximately 700,000 additional shares of the Company that were not claimed by residents of those states following the merger, which those states claimed were subject to escheat. While the Company disputes the states’ claims, the Company determined that it was in its best interest to resolve the disputes and settle with 35 of the states. The remaining states, which were not included in the multi-state settlement as of October 2013, had potential claims on approximately 400,000 additional shares that were not claimed by residents in those states following the merger. During the year ended December 31, 2013, the Company recorded a $22.0 million charge related to settlements it entered into and for potential future settlements with the remaining states. During the year ended December 31, 2013, the Company made cash payments of $12.3 million to the settled states after completion of the required due diligence. During the year ended December 31, 2014 , the Company settled with the remaining states and made cash payments of $3.7 million to the settled states after completion of the required due diligence. During the year ended December 31, 2014 , the Company released $7.6 million of the reserve related to potential future settlements with the remaining states in connection with unexchanged promotional shares based upon the actual settlements with the remaining states under more favorable terms than previously estimated. As of December 31, 2014, the Company maintained estimated reserves related to the remaining settled states and made cash payments of $1.4 million to these settled states after completion of the required due diligence during the three months ended March 31, 2015 . Although the Company has settled the states unclaimed property claims with all states, the Company may still receive inquiries from certain potential Netsurfer promotional stockholders that had not provided their state of residence to the Company by April 25, 2004. Therefore, the Company is continuing its voluntary program under which it makes cash payments to individuals related to the promotional shares for individuals whose residence was unknown by the Company and who establish that they satisfy the original conditions required for them to receive shares of Travelzoo.com Corporation, and who failed to submit requests to convert their shares into shares of Travelzoo Inc. within the required time period. This voluntary program is not available for individuals whose promotional shares have been escheated to a state by the Company, except those individuals for which their residence was unknown to the Company. The accompanying consolidated financial statements include a charge for payments under this voluntary program in general and administrative expenses of $1,000 for the three months ended June 30, 2015 . The total cost of this voluntary program is not reliably estimable because it is based on the ultimate number of valid requests received and future levels of the Company’s common stock price. The Company’s common stock price affects the potential liability because the amount of cash payments under the program is based in part on the recent level of the stock price at the date valid requests are received. The Company does not know how many of the requests for shares originally received by Travelzoo.com Corporation in 1998 were valid, but the Company believes that only a portion of such requests were valid. In order to receive payment under this voluntary program, a person is required to establish that such person validly held shares in Travelzoo.com Corporation.

Net Income Per Share

Net Income Per Share	6 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
Net Income Per Share	Net Income Per Share Basic net income per share is computed using the weighted-average number of common shares outstanding for the period. Diluted net income per share is computed by adjusting the weighted-average number of common shares outstanding for the effect of dilutive potential common shares outstanding during the period. Potential common shares included in the diluted calculation consist of incremental shares issuable upon the exercise of outstanding stock options calculated using the treasury stock method. The following table sets forth the calculation of basic and diluted net income per share (in thousands, except per share amounts): Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 Basic net income per share: Net income $ 1,326 $ 7,924 $ 3,235 $ 12,561 Weighted average common shares 14,730 14,734 14,730 14,806 Basic net income per share $ 0.09 $ 0.54 $ 0.22 $ 0.85 Diluted net income per share: Net income $ 1,326 $ 7,924 $ 3,235 $ 12,561 Weighted average common shares 14,730 14,734 14,730 14,806 Effect of dilutive securities: stock options — 60 — 75 Diluted weighted average common shares 14,730 14,794 14,730 14,881 Diluted net income per share $ 0.09 $ 0.54 $ 0.22 $ 0.84 For the three and six months ended June 30, 2015 and June 30, 2014 , options to purchase 425,000 and 175,000 shares of common stock, respectively, were not included in the computation of diluted net income per share because the effect would have been anti-dilutive.

Financial Instruments

Financial Instruments	6 Months Ended
	Jun. 30, 2015
Fair Value Disclosures [Abstract]
Financial Instruments	Financial Instruments The following tables summarize our financial assets measured at fair value on a recurring basis at June 30, 2015 and December 31, 2014 (in thousands): Fair Value Measurements at Reporting Date Using Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Total (Level 1) (Level 2) (Level 3) Balance at June 30, 2015 Cash $ 55,283 $ 55,283 $ — $ — Total cash $ 55,283 $ 55,283 $ — $ — Certificates of deposit $ 675 $ — $ 675 $ — Merchant bank deposit 669 669 — — Total restricted cash and cash equivalent $ 1,344 $ 669 $ 675 $ — Balance at December 31, 2014 Cash $ 54,812 $ 54,812 $ — $ — Total cash $ 54,812 $ 54,812 $ — $ — Certificates of deposit $ 675 $ — $ 675 $ — Merchant bank deposit 718 718 — — Total restricted cash and cash equivalent $ 1,393 $ 718 $ 675 $ — At June 30, 2015 , accounts receivable and accounts payable are not measured at fair value; however, the Company believes that the carrying amounts of these assets and liabilities are a reasonable estimate of their fair value because of their relative short maturity. Accounts receivable and accounts payable are categorized as Level 2. There have been no transfers and no changes in valuation methods for these assets or liabilities for the periods ended June 30, 2015 and December 31, 2014 .

Intangible Assets

Intangible Assets	6 Months Ended
	Jun. 30, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets	Intangible Assets Intangible assets consist of the following (in thousands): June 30, December 31, Internet domain names and technology $ 2,772 $ 2,772 Accumulated amortization (2,717 ) (2,609 ) Total $ 55 $ 163 Intangible assets have a useful life of 3 to 5 years . For the three months ended June 30, 2015 and 2014 , amortization expense was $49,000 and $45,000 , respectively. For the six months ended June 30, 2015 and 2014 , amortization expense was $108,000 and $106,000 , respectively. Future expected amortization expense related to intangible assets at June 30, 2015 is as follows (in thousands): Remainder of 2015 $ 55 Total $ 55 The expected amortization expense is an estimate. Actual amounts of amortization expense may differ from estimated amounts due to additional intangible asset acquisitions, impairment of intangible assets, accelerated amortization of intangible assets and other events.

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies On September 28, 2012, Metasearch Systems, LLC filed a lawsuit in the U.S. District Court for the District of Delaware against Travelzoo Inc. d/b/a Fly.com alleging infringement of several U.S. patents. Metasearch Systems alleges that the trip-planning metasearch service available on Fly.com infringes one or more claims of the asserted patents. During September 2012, Metasearch Systems filed similar lawsuits against several of Travelzoo's competitors including Expedia, Inc., Orbitz Worldwide, Inc., Travelocity.com, LP, Priceline.com, Inc., Yahoo! Inc., American Express Company, Kayak Software Corp., and BookIt.com. The action seeks unspecified damages and we are unable to estimate the possible loss or range of losses that could potentially result from the action. The Company believes that the action is without merit and intends to defend the suit vigorously. See Note 1 to the accompanying unaudited condensed consolidated financial statements for information on the unexchanged promotional shares settlement and related cash program. Although the Company has settled the states unclaimed property claims with all states, the Company may still receive inquiries from certain potential Netsurfer promotional stockholders that had not provided their state of residence to the Company by April 25, 2004. Therefore, the Company is continuing its voluntary program under which it makes cash payments to individuals related to the promotional shares for individuals whose residence was unknown by the Company and who establish that they satisfy the original conditions required for them to receive shares of Travelzoo.com Corporation, and who failed to submit requests to convert their shares into shares of Travelzoo Inc. within the required time period. This voluntary program is not available for individuals whose promotional shares have been escheated to a state by the Company, except those individuals for which their residence was unknown to the Company. The accompanying condensed consolidated financial statements include a charge in general and administrative expenses of $1,000 for these cash payments for the three months ended June 30, 2015 . The total cost of this program is not reliably estimable because it is based on the ultimate number of valid requests received and future levels of the Company’s common stock price. The Company’s common stock price affects the liability because the amount of cash payments under the program is based in part on the recent level of the stock price at the date valid requests are received. The Company does not know how many of the requests for shares originally received by Travelzoo.com Corporation in 1998 were valid, but the Company believes that only a portion of such requests were valid. In order to receive payment under this voluntary program, a person is required to establish that such person validly held shares in Travelzoo.com Corporation. The Company leases office space in Canada, France, Germany, Spain, the U.K., and the U.S. under operating leases which expire between September 30, 2015 and November 30, 2024. We also have purchase commitments which represent the minimum obligations we have under agreements with certain of our vendors. These minimum obligations are less than our projected use for those periods. Payments may be more than the minimum obligations based on actual use. The following table summarizes principal contractual commitments as of June 30, 2015 (in thousands): 2015 2016 2017 2018 2019 Thereafter Total Operating leases $ 2,533 $ 4,273 $ 3,674 $ 3,200 $ 2,864 $ 10,287 $ 26,831 Purchase Obligations 718 950 420 315 — — 2,403 Total commitments 3,251 5,223 4,094 3,515 2,864 10,287 29,234 Local Deals and Getaways merchant payable included in accounts payable was $16.5 million and $18.1 million , as of June 30, 2015 and December 31, 2014 , respectively.

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2015
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes In determining the quarterly provisions for income taxes, the Company uses an estimated annual effective tax rate, which is generally based on our expected annual income and statutory tax rates in the U.S., Canada and U.K. For the three months ended June 30, 2015 and 2014 , the Company's effective tax rate was 48.9% and 22.2% , respectively. For the six months ended June 30, 2015 , and June 30, 2014 , the Company’s effective tax rate was 48.7% and 27.4% , respectively. Our effective tax rate increased for the three and six months ended June 30, 2015 from the three and six months ended June 30, 2014 , due primarily to a $565,000 income tax expense for unrecognized tax benefits related to certain state tax matters and the change of geographic mix of taxable income. U.S. income and foreign withholding taxes have not been provided on undistributed earnings for certain non-U.S. subsidiaries. The undistributed earnings on a book basis for the non-U.S. subsidiaries as of June 30, 2015 are approximately $5.6 million . The Company intends to reinvest these earnings indefinitely in its operations outside the U.S. If the undistributed earnings are remitted to the U.S., these amounts would be taxable in the U.S. at the current federal and state tax rates net of foreign tax credits. Also, depending on the jurisdiction any distribution may be subject to withholding taxes at rates applicable for that jurisdiction. The estimated amount of the unrecognized deferred tax liability attributed to future dividend distributions of undistributed earnings is approximately $343,000 at June 30, 2015 . The Company maintains liabilities for uncertain tax positions. At June 30, 2015 , the Company had approximately $10.0 million in total unrecognized tax benefits, consisting of unrecognized tax benefits of approximately $8.6 million which, if recognized, would favorably affect the Company’s effective income tax rate, and unrecognized tax benefits of approximately $1.4 million , which if recognized, would be recorded in discontinued operations. The Company’s policy is to include interest and penalties related to unrecognized tax positions in income tax expense. To the extent accrued interest and penalties do not ultimately become payable, amounts accrued will be reduced and reflected as a reduction in the overall income tax provision in the period that such determination is made. As of June 30, 2015 and December 31, 2014 , the Company had approximately $1.7 million and $1.5 million, respectively, in accrued interest and penalties related to uncertain tax positions. The Company is in various stages of multiple year examinations by federal taxing authorities. Although the timing of initiation, resolution and/or closure of audits is highly uncertain, it is reasonably possible that the balance of the gross unrecognized tax benefits related to the method of computing income taxes in certain jurisdictions and losses reported on certain income tax returns could significantly change in the next 12 months , including the $7.9 million unrecognized tax benefit related to the Company's 2011 settlement with the State of Delaware. These changes may occur through settlement with the taxing authorities or the expiration of the statute of limitations on the returns filed. The Company is unable to estimate the range of possible adjustments to the balance of the gross unrecognized tax benefits. The Company files income tax returns in the U.S. federal jurisdiction and various states and foreign jurisdictions. The Company is subject to U.S. federal and certain state tax examinations for years after 2009 and is subject to California tax examinations for years after 2005. The Company's 2009 and 2010 federal income returns are currently under examination, including a review of the impact of the sale of Asia Pacific business segment in 2009. These examinations may lead to ordinary course adjustments or proposed adjustments to our taxes or our net operating income. The Company has received a Revenue Agent’s Report (RAR) generally issued at the conclusion of an IRS examination, which was consistent with the Notice of Proposed Adjustment we received earlier from the IRS for the 2009 calendar year related to the sale of our Asia Pacific business segment with additional penalties. The RAR proposes an increase to the Company's U.S. taxable income which would result in additional federal tax, federal penalty and state tax expense totaling approximately $31 million , excluding interest and state penalties, if any. The proposed adjustment is primarily driven by IRS’s view that the Asia Pacific business segment assets sold by the Company had a significantly higher valuation than the sales proceeds the Company received upon the sale. The Company disagrees with the proposed adjustments and intends to vigorously contest them. The Company did not make any adjustments to its liabilities for uncertain tax positions related to the RAR during the three months ended June 30, 2015 because the Company does not believe the IRS’s valuation of Asia Pacific business segment assets is appropriate. If we are not able to resolve these proposed adjustments at the IRS examination level, we plan to pursue all available administrative and, if necessary, judicial remedies.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	6 Months Ended
	Jun. 30, 2015
Equity [Abstract]
Accumulated Other Comprehensive Loss	Accumulated Other Comprehensive Loss The following table summarizes the changes in accumulated balances of other comprehensive loss (in thousands): Three Months Ended June 30, 2015 2014 Beginning balance $ (5,266 ) $ (613 ) Other comprehensive loss due to foreign currency transaction, net of tax 1,161 530 Ending balance $ (4,105 ) $ (83 ) Six Months Ended June 30, 2015 2014 Beginning balance $ (2,997 ) $ (530 ) Other comprehensive loss due to foreign currency transaction, net of tax (1,108 ) 447 Ending balance $ (4,105 ) $ (83 ) There were no amounts reclassified from accumulated other comprehensive income (loss) for the three and six months ended June 30, 2015 and 2014 . Accumulated other comprehensive income (loss) consists of foreign currency translation gain or loss.

Stock-Based Compensation and St

Stock-Based Compensation and Stock Options	6 Months Ended
	Jun. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation and Stock Options	Stock-Based Compensation and Stock Options In November 2009, the Company granted an executive stock options to purchase 300,000 shares of common stock with an exercise price of $14.97 , of which 75,000 options vest and become exercisable annually starting July 1, 2011. The options expire in November 2019. As of June 30, 2015 , 300,000 of these options were outstanding and vested. As of June 30, 2015 and 2014 , there was no unrecognized stock-based compensation expense relating to these options. Total stock-based compensation for the three and six months ended June 30, 2014 related to this option grant were $187,000 and $375,000 . In January 2012, the Company granted certain executives stock options to purchase 100,000 shares of common stock with an exercise price of $28.98 , of which 25,000 options become exercisable annually starting January 23, 2013. The options expire in January 2022. As of June 30, 2015 , 50,000 options were outstanding and 37,500 of these options were vested. During 2014 , 25,000 options were canceled and 25,000 options were forfeited upon the departure of an executive. Total stock-based compensation for the three months ended June 30, 2015 and 2014 related to the outstanding stock option grant were $60,000 for each period. Total stock-based compensation for the six months ended June 30, 2015 and 2014 related to the outstanding stock option grant were $119,000 and $134,000 , respectively. As of June 30, 2015 , there was approximately $129,000 of unrecognized stock-based compensation expense relating to these options. This amount is expected to be recognized over 0.6 years . The Company used a forfeiture rate of 0% as the Company does not have enough historical forfeiture data to estimate the forfeiture rate. To the extent the actual forfeiture rate is greater than what we have anticipated, stock-based compensation related to these options will be lower than our expectations. In July 2013, the Company granted an executive stock options to purchase 75,000 shares of common stock with an exercise price of $29.58 , of which 25,000 options become exercisable annually starting July 1, 2015. The options expire in July 2023. As of June 30, 2015 , 75,000 options were outstanding and none of these options were vested. Total stock-based compensation for the three and six months ended June 30, 2015 and 2014 related to this option grant was $89,000 and $177,000 for each period. As of June 30, 2015 , there was approximately $727,000 of unrecognized stock-based compensation expense relating to these options. This amount is expected to be recognized over 2.1 years . The Company used a forfeiture rate of 0% as the Company does not have enough historical forfeiture data to estimate the forfeiture rate. To the extent the actual forfeiture rate is greater than what we have anticipated, stock-based compensation related to these options will be lower than our expectations.

Stock Repurchase Program

Stock Repurchase Program	6 Months Ended
	Jun. 30, 2015
Equity [Abstract]
Stock Repurchase Program	Stock Repurchase Program The Company's stock repurchase programs assist in offsetting the impact of dilution from employee equity compensation and for capital allocation purposes. Management is allowed discretion in the execution of the repurchase program based upon market conditions and consideration of capital allocation. In July 2012, the Company announced a stock repurchase program authorizing the repurchase of up to 1,000,000 shares of the Company’s outstanding common stock. There were 29,000 shares remaining to be repurchased under this program as of December 31, 2013 . In January 2014 , the Company announced a stock repurchase program authorizing the repurchase of up to 1,000,000 shares of the Company’s outstanding common stock. During the year ended December 31, 2014 , the Company repurchased 261,000 shares of common stock for an aggregate purchase price of $5.9 million , which were recorded as part of treasury stock as of December 31, 2014 . The Company did not repurchase any of its outstanding common stock during the three months ended June 30, 2015 . There were 768,000 shares remaining to be repurchased under this program as of June 30, 2015 .

Reverse_Forward Stock Split

Reverse/Forward Stock Split	6 Months Ended
	Jun. 30, 2015
Equity [Abstract]
Reverse/Forward Stock Split	Reverse/Forward Stock Split On June 11, 2013, a Special Committee of the Company’s Board of Directors, consisting of three independent directors, unanimously approved a reverse/forward stock split transaction (collectively referred to as the “reverse/forward split”), subject to shareholder approval. The reverse/forward split was intended to reduce the Company’s shareholder account administration costs by reducing the number of its shareholders. On September 12, 2013, at the Company’s annual shareholders meeting, Travelzoo shareholders voted in favor of the reverse/forward split, with the transaction receiving the votes of both (A) a majority of the issued and outstanding shares of common stock and (B) a majority of the issued and outstanding shares of common stock that are not held or controlled, directly or indirectly, by directors or officers of the Company, including, without limitation, the shares held by Azzurro, our principal stockholder. On November 6, 2013, the Special Committee approved the execution of the transaction after receiving an opinion from a financial advisor regarding the fairness of the transaction from a financial point of view to the Company's shareholders whose positions, individually considered, consisted of fewer than 25 shares, of the per-share consideration to be received by such shareholders in the reverse/forward split. The Special Committee received legal counsel from Young Conaway Stargatt & Taylor, LLP in connection with its review of the transaction. In addition, the Company received legal counsel from Skadden, Arps, Slate, Meagher & Flom LLP and Bryan Cave LLP in connection with the transaction. On November 6, 2013, based upon the Special Committee’s approval of the transaction and the receipt of a fairness opinion from the financial advisor, the Company executed the shareholder approved reverse/forward split. The reverse/forward split transaction consisted of a 1-for- 25 reverse stock split of the Company's outstanding common stock, followed immediately by a 25 -for-1 forward stock split. Shareholders who held less than 25 shares immediately prior to the reverse stock split received a right to cash payment based on and equal to their resulting fractional interest times the price of a share equal to the higher of (a) the trailing ten day average trading price of the Company’s common stock immediately preceding the consummation date of the reverse/forward split or (b) the average aggregate sales price received in the sale on the open market of the shares resulting from aggregation of the fractionalized interests. Shareholders that held 25 or more shares of common stock immediately before the reverse/forward split did not receive a right to cash payment; instead these shareholders continued to hold the same number of shares after completion of the reverse/forward split as they held immediately prior. A description of the terms and conditions of the reverse/forward split was set forth in the Company’s definitive Proxy Statement for the 2013 annual shareholders meeting filed with the SEC on July 25, 2013. The reverse/forward split resulted in approximately 643,218 of the Company’s outstanding shares being fractionalized. Shareholders holding less than 25 shares of common stock immediately prior to the reverse split did not receive fractional shares in the reverse stock split; instead these shareholders had their shares converted into the right to receive a cash payment in exchange for and in proportion to the fractional share interests resulting from the reverse stock split. To fund the cash payment due to shareholders that held a right to receive cash from the transaction, the fractional share interests were aggregated by the Company’s transfer agent, who sold the aggregated shares in the open market following the execution of the transaction. As of December 31, 2013, the Company completed the sales of the aggregated fractional shares from the reverse/forward split in the open market and the sales proceeds of $13.6 million were held by the Company’s transfer agent in anticipation of the payment to be made to the fractionalized shareholders and were included in Funds Held for Reverse/Forward Stock Split on the Company’s balance sheet. As of December 31, 2013, the total amount payable of $13.7 million to fractionalized shareholders as a result of the execution of the reverse/forward split was reflected as a Payable to Shareholders for Reverse/Forward Stock Split on the Company’s balance sheet. For the year ended December 31, 2014 , the Company’s retained earnings includes a total adjustment of $346,000 related to the reverse/forward split, which includes transaction costs. For the six months ended June 30, 2015 , the Company’s retained earnings includes a total adjustment of $102,000 related to the reverse/forward split, which includes transaction costs. During the year ended December 31, 2014 , the Company’s transfer agent issued checks amounting to $13.4 million to pay shareholders that held a right to cash in exchange for the fractional shares that were a result of the reverse/forward split. The Company's transfer agent intends to pay $191,000 due to the remaining shareholders that hold a right to cash after receiving the required documentation regarding their physical stock certificates. As of June 30, 2015 , the sale proceeds of $191,000 are held by the Company’s transfer agent in anticipation of the payment to be made to the fractionalized shareholders and are included in Prepaid Expense and Other on the Company’s balance sheet. As of June 30, 2015 , the total amount payable of $191,000 to fractionalized shareholders as a result of the execution of the reverse/forward split is included in Accrued Expenses and Other on the Company’s balance sheet.

Segment Reporting and Significa

Segment Reporting and Significant Customer Information	6 Months Ended
	Jun. 30, 2015
Segment Reporting [Abstract]
Segments Reporting and Significant Customer Information	Segment Reporting and Significant Customer Information The Company manages its business geographically and has two reportable operating segments: North America and Europe. North America consists of the Company’s operations in Canada and the U.S. Europe consists of the Company’s operations in France, Germany, Spain, and the U.K. Management relies on an internal management reporting process that provides revenue and segment operating income (loss) for making financial decisions and allocating resources. Management believes that segment revenues and operating income (loss) are appropriate measures of evaluating the operational performance of the Company’s segments. The following is a summary of operating results and assets (in thousands) by business segment: Three Months Ended June 30, 2015 North America Europe Elimination and Other Consolidated Revenues from unaffiliated customers $ 23,727 $ 10,337 $ — $ 34,064 Intersegment revenues 259 177 (436 ) — Total net revenues 23,986 10,514 (436 ) 34,064 Operating income $ 2,538 $ 35 $ — $ 2,573 Three Months Ended June 30, 2014 North America Europe Elimination and Other Consolidated Revenues from unaffiliated customers $ 25,174 $ 11,709 $ — $ 36,883 Intersegment revenues 302 129 (431 ) — Total net revenues 25,476 11,838 (431 ) 36,883 Operating income $ 3,771 $ 2,863 $ 3,500 $ 10,134 Six Months Ended June 30, 2015 North America Europe Elimination and Other Consolidated Revenues from unaffiliated customers $ 48,440 $ 22,116 $ — $ 70,556 Intersegment revenues 472 215 (687 ) — Total net revenues 48,912 22,331 (687 ) 70,556 Operating income $ 4,617 $ 1,758 — $ 6,375 Six Months Ended June 30, 2014 North America Europe Elimination and Other Consolidated Revenues from unaffiliated customers $ 51,528 $ 25,550 $ — $ 77,078 Intersegment revenues 716 141 (857 ) — Total net revenues 52,244 25,691 (857 ) 77,078 Operating income $ 8,375 $ 5,256 $ 3,500 $ 17,131 As of June 30, 2015 North America Europe Elimination Consolidated Long-lived assets $ 7,281 $ 1,187 $ — $ 8,468 Total assets $ 75,381 $ 40,007 $ (24,403 ) $ 90,985 As of December 31, 2014 North America Europe Elimination Consolidated Long-lived assets $ 7,678 $ 1,507 $ — $ 9,185 Total assets $ 73,508 $ 40,818 $ (23,838 ) $ 90,488 Revenue for each segment is recognized based on the customer location within a designated geographic region. Property and equipment are attributed to the geographic region in which the assets are located. For the three months ended June 30, 2015 and 2014 , the Company did not have any customers that accounted for 10% or more of revenue. As of June 30, 2015 and December 31, 2014 , the Company had one customer that accounted for 15% and 11% , respectively, of accounts receivable. The following table sets forth the breakdown of revenues (in thousands) by category and segment. Travel revenue includes travel publications (Top 20, Website, Newsflash, Travelzoo Network), Getaways vouchers and hotel booking. Search revenue includes SuperSearch and Fly.com. Local revenue includes Local Deals vouchers and entertainment offers (vouchers and direct bookings). Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 North America Travel $ 14,658 $ 15,229 $ 30,666 $ 32,459 Search 3,840 3,875 8,387 7,729 Local 5,229 6,070 9,387 11,340 Total North America revenues $ 23,727 $ 25,174 $ 48,440 $ 51,528 Europe Travel $ 8,433 $ 9,270 $ 18,170 $ 20,462 Search 502 551 1,061 1,530 Local 1,402 1,888 2,885 3,558 Total Europe revenues $ 10,337 $ 11,709 $ 22,116 $ 25,550 Consolidated Travel $ 23,091 $ 24,499 $ 48,836 $ 52,921 Search 4,342 4,426 9,448 9,259 Local 6,631 7,958 12,272 14,898 Total revenues $ 34,064 $ 36,883 $ 70,556 $ 77,078 Revenue by geography is based on the billing address of the advertiser. Long-lived assets attributed to the U.S. and international geographies are based upon the country in which the asset is located or owned. The following table sets forth revenue for individual countries that exceed 10% of total revenue (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 Revenue United States $ 22,496 $ 23,690 $ 45,927 $ 48,430 United Kingdom 6,856 7,528 14,727 16,740 Rest of the world 4,712 5,665 9,902 11,908 Total revenues $ 34,064 $ 36,883 $ 70,556 $ 77,078 The following table sets forth long lived asset by geographic area (in thousands): As of June 30, 2015 As of December 31, 2014 United States $ 6,728 $ 7,646 Rest of the world 1,740 1,539 Total long lived assets $ 8,468 $ 9,185

Related Party Transactions

Related Party Transactions	6 Months Ended
	Jun. 30, 2015
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Ralph Bartel, who founded Travelzoo and who is a Director of the Company is the sole beneficiary of the Ralph Bartel 2005 Trust, which is the controlling shareholder of Azzurro Capital Inc. As of June 30, 2015 , Azzurro is the Company's largest stockholder, holding approximately 49.1% of the Company's outstanding shares. As of June 30, 2015, Azzurro currently held a proxy given to it by Holger Bartel that provides it with a total of 50.4% of the voting power. On July 2, 2015, Azzurro purchased 200,000 shares of the Company’s stock held by Holger Bartel; thereafter, Azzurro directly held approximately 50.4% of the Company’s outstanding shares. In 2009, the Company sold its Asia Pacific operating segment to Travelzoo (Asia) Limited and Travelzoo Japan K.K., subsidiaries of Azzurro Capital Inc. There is a reciprocal revenue-sharing and hosting agreement among the Azzurro entities operating the Travelzoo business in Asia Pacific and the Company related to cross-selling audiences and hosting and development services by the Company, which were entered into in connection with the sale of Asia Pacific business segment. The fees generated by the Company under these agreements amounted to $38,000 and $190,000 for the three months ended June 30, 2015 and 2014 , respectively and $118,000 and $376,000 for the six months ended June 30, 2014 and 2015 , respectively. The fees incurred by the Company under these agreements amounted to $8,000 and $17,000 for the three months ended June 30, 2015 and 2014 , respectively and $16,000 and $45,000 for the six months ended June 30, 2014 and 2015 , respectively. The Company presents the receivables and payables with the Azzurro entities operating the Travelzoo business in Asia Pacific under these agreements on a net basis on the balance sheet as they are subject to a net settlement agreement as of June 30, 2015 . The Company's net receivable was $577,000 and $553,000 as of June 30, 2015 and December 31, 2014 , respectively, and are included in prepaid expenses and other current assets in the accompanying unaudited condensed consolidated balance sheets. This net receivable is covered by a Guarantee Agreement between Travelzoo and Azzuro Capital, which provides assurance it will be collected in full. In addition, as part of the sale of the Asia Pacific operating segment in 2009, the Company obtained an option, which expires in June 2020, to repurchase the Asia Pacific business pursuant to the terms of the option agreement.

Net Income Per Share (Tables)

Net Income Per Share (Tables)	6 Months Ended
	Jun. 30, 2015
Earnings Per Share [Abstract]
Basic and diluted net income per share	The following table sets forth the calculation of basic and diluted net income per share (in thousands, except per share amounts): Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 Basic net income per share: Net income $ 1,326 $ 7,924 $ 3,235 $ 12,561 Weighted average common shares 14,730 14,734 14,730 14,806 Basic net income per share $ 0.09 $ 0.54 $ 0.22 $ 0.85 Diluted net income per share: Net income $ 1,326 $ 7,924 $ 3,235 $ 12,561 Weighted average common shares 14,730 14,734 14,730 14,806 Effect of dilutive securities: stock options — 60 — 75 Diluted weighted average common shares 14,730 14,794 14,730 14,881 Diluted net income per share $ 0.09 $ 0.54 $ 0.22 $ 0.84

Financial Instruments (Tables)

Financial Instruments (Tables)	6 Months Ended
	Jun. 30, 2015
Fair Value Disclosures [Abstract]
Presentation of fair value of financial assets using the inputs	The following tables summarize our financial assets measured at fair value on a recurring basis at June 30, 2015 and December 31, 2014 (in thousands): Fair Value Measurements at Reporting Date Using Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Total (Level 1) (Level 2) (Level 3) Balance at June 30, 2015 Cash $ 55,283 $ 55,283 $ — $ — Total cash $ 55,283 $ 55,283 $ — $ — Certificates of deposit $ 675 $ — $ 675 $ — Merchant bank deposit 669 669 — — Total restricted cash and cash equivalent $ 1,344 $ 669 $ 675 $ — Balance at December 31, 2014 Cash $ 54,812 $ 54,812 $ — $ — Total cash $ 54,812 $ 54,812 $ — $ — Certificates of deposit $ 675 $ — $ 675 $ — Merchant bank deposit 718 718 — — Total restricted cash and cash equivalent $ 1,393 $ 718 $ 675 $ —

Intangible Assets (Tables)

Intangible Assets (Tables)	6 Months Ended
	Jun. 30, 2015
Goodwill and Intangible Assets Disclosure [Abstract]
Summary of intangible assets	Intangible assets consist of the following (in thousands): June 30, December 31, Internet domain names and technology $ 2,772 $ 2,772 Accumulated amortization (2,717 ) (2,609 ) Total $ 55 $ 163
Summary of future expected amortization expense related to intangible assets	Future expected amortization expense related to intangible assets at June 30, 2015 is as follows (in thousands): Remainder of 2015 $ 55 Total $ 55

Commitments and Contingencies (

Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Schedule of Future Lease Payments for Operating Leases	The following table summarizes principal contractual commitments as of June 30, 2015 (in thousands): 2015 2016 2017 2018 2019 Thereafter Total Operating leases $ 2,533 $ 4,273 $ 3,674 $ 3,200 $ 2,864 $ 10,287 $ 26,831 Purchase Obligations 718 950 420 315 — — 2,403 Total commitments 3,251 5,223 4,094 3,515 2,864 10,287 29,234

Accumulated Other Comprehensi23

Accumulated Other Comprehensive Loss (Tables)	6 Months Ended
	Jun. 30, 2015
Equity [Abstract]
Schedule of Accumulated Other Comprehensive Income (Loss)	The following table summarizes the changes in accumulated balances of other comprehensive loss (in thousands): Three Months Ended June 30, 2015 2014 Beginning balance $ (5,266 ) $ (613 ) Other comprehensive loss due to foreign currency transaction, net of tax 1,161 530 Ending balance $ (4,105 ) $ (83 ) Six Months Ended June 30, 2015 2014 Beginning balance $ (2,997 ) $ (530 ) Other comprehensive loss due to foreign currency transaction, net of tax (1,108 ) 447 Ending balance $ (4,105 ) $ (83 )

Segment Reporting and Signifi24

Segment Reporting and Significant Customer Information (Tables)	6 Months Ended
	Jun. 30, 2015
Segment Reporting [Abstract]
Summary of operating results from continuing operations and assets by business segment	The following is a summary of operating results and assets (in thousands) by business segment: Three Months Ended June 30, 2015 North America Europe Elimination and Other Consolidated Revenues from unaffiliated customers $ 23,727 $ 10,337 $ — $ 34,064 Intersegment revenues 259 177 (436 ) — Total net revenues 23,986 10,514 (436 ) 34,064 Operating income $ 2,538 $ 35 $ — $ 2,573 Three Months Ended June 30, 2014 North America Europe Elimination and Other Consolidated Revenues from unaffiliated customers $ 25,174 $ 11,709 $ — $ 36,883 Intersegment revenues 302 129 (431 ) — Total net revenues 25,476 11,838 (431 ) 36,883 Operating income $ 3,771 $ 2,863 $ 3,500 $ 10,134 Six Months Ended June 30, 2015 North America Europe Elimination and Other Consolidated Revenues from unaffiliated customers $ 48,440 $ 22,116 $ — $ 70,556 Intersegment revenues 472 215 (687 ) — Total net revenues 48,912 22,331 (687 ) 70,556 Operating income $ 4,617 $ 1,758 — $ 6,375 Six Months Ended June 30, 2014 North America Europe Elimination and Other Consolidated Revenues from unaffiliated customers $ 51,528 $ 25,550 $ — $ 77,078 Intersegment revenues 716 141 (857 ) — Total net revenues 52,244 25,691 (857 ) 77,078 Operating income $ 8,375 $ 5,256 $ 3,500 $ 17,131
Reconciliation of total assets from reportable segments to consolidated assets	As of June 30, 2015 North America Europe Elimination Consolidated Long-lived assets $ 7,281 $ 1,187 $ — $ 8,468 Total assets $ 75,381 $ 40,007 $ (24,403 ) $ 90,985 As of December 31, 2014 North America Europe Elimination Consolidated Long-lived assets $ 7,678 $ 1,507 $ — $ 9,185 Total assets $ 73,508 $ 40,818 $ (23,838 ) $ 90,488
Breakdown of revenues and long-lived assets	The following table sets forth the breakdown of revenues (in thousands) by category and segment. Travel revenue includes travel publications (Top 20, Website, Newsflash, Travelzoo Network), Getaways vouchers and hotel booking. Search revenue includes SuperSearch and Fly.com. Local revenue includes Local Deals vouchers and entertainment offers (vouchers and direct bookings). Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 North America Travel $ 14,658 $ 15,229 $ 30,666 $ 32,459 Search 3,840 3,875 8,387 7,729 Local 5,229 6,070 9,387 11,340 Total North America revenues $ 23,727 $ 25,174 $ 48,440 $ 51,528 Europe Travel $ 8,433 $ 9,270 $ 18,170 $ 20,462 Search 502 551 1,061 1,530 Local 1,402 1,888 2,885 3,558 Total Europe revenues $ 10,337 $ 11,709 $ 22,116 $ 25,550 Consolidated Travel $ 23,091 $ 24,499 $ 48,836 $ 52,921 Search 4,342 4,426 9,448 9,259 Local 6,631 7,958 12,272 14,898 Total revenues $ 34,064 $ 36,883 $ 70,556 $ 77,078 Revenue by geography is based on the billing address of the advertiser. Long-lived assets attributed to the U.S. and international geographies are based upon the country in which the asset is located or owned. The following table sets forth revenue for individual countries that exceed 10% of total revenue (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2015 2014 2015 2014 Revenue United States $ 22,496 $ 23,690 $ 45,927 $ 48,430 United Kingdom 6,856 7,528 14,727 16,740 Rest of the world 4,712 5,665 9,902 11,908 Total revenues $ 34,064 $ 36,883 $ 70,556 $ 77,078 The following table sets forth long lived asset by geographic area (in thousands): As of June 30, 2015 As of December 31, 2014 United States $ 6,728 $ 7,646 Rest of the world 1,740 1,539 Total long lived assets $ 8,468 $ 9,185

The Company and Basis of Pres25

The Company and Basis of Presentation (Details) $ / shares in Units, netsurfer_stockholder in Thousands, $ in Thousands

Jul. 02, 2015shares

Apr. 27, 2011USD ($)

Apr. 12, 2011shares

Oct. 31, 2013stateshares

Jan. 31, 2009

Apr. 30, 2002shares

Jun. 30, 2015USD ($)shares

Mar. 31, 2015USD ($)

Jun. 30, 2014USD ($)

Mar. 31, 2012USD ($)

Jun. 30, 2015USD ($)Subscribershares

Jun. 30, 2014USD ($)

Dec. 31, 2014USD ($)shares

Dec. 31, 2013USD ($)

Dec. 31, 2001$ / sharesshares

Dec. 31, 1998netsurfer_stockholdershares

Apr. 25, 2004shares

Apr. 24, 2004shares

The Company and Basis of Presentation (Additional Textual) [Abstract]

Number of subscribers (over) | Subscriber

27,000,000

Shares Issued via Internet

5,155,874

Number of Netsurfer Stockholders | netsurfer_stockholder

700

Outstanding shares of Silicon Channels Corporation to Travelzoo Inc. exchanged

8,129,273

Additional shares acquired

2,158,349

Price per share of additional shares acquired (in dollars per share) | $ / shares

$ 1

Time of option exercised

Shares of Parent company outstanding

11,295,874

Shares of Parent company exchanged for shares of Subsidiary company

7,180,342

Number of shares outstanding

14,730,454

14,730,454

14,730,454

15,309,615

19,425,147

Shares identified as demandable (up to)

3,000,000

Cash payment to receive a complete release of claims | $

$ 20,000

Unexchanged promotional shares | $

$ 0

$ (3,500)

$ 0

$ (3,500)

$ 22,000

Release of reserve related to anticipated settlement agreements | $

$ 7,600

Charge in general and administrative expenses | $

$ 1

Pending Litigation | Unclaimed Property Review

The Company and Basis of Presentation (Additional Textual) [Abstract]

Payments for Legal Settlements | $

$ 1,400

$ 3,700

$ 12,300

Travel zoo.com corporation

The Company and Basis of Presentation (Additional Textual) [Abstract]

Period for receiving shares under merger (in years)

2 years

Number of Shares Under Merger

1

Liability For Unexchanged Promotional Shares

The Company and Basis of Presentation (Additional Textual) [Abstract]

Charge related to unexchanged merger shares contingency | $

$ 3,000

Total number of states that have raised claims | state

35

Approximate number of shares of the Company claimed in the multi-state settlement

700,000

Additional number of shares of the Company that may be claimed

400,000

Majority Shareholder

The Company and Basis of Presentation (Additional Textual) [Abstract]

Percent of outstanding shares held by related party

49.10%

49.10%

Voting Rights, Percentage

50.40%

50.40%

Subsequent Event | Majority Shareholder

The Company and Basis of Presentation (Additional Textual) [Abstract]

Percent of outstanding shares held by related party

50.40%

Number of shares sold in third party exchange

200,000

Net Income Per Share (Details)

Net Income Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Basic net income per share:
Net income	$ 1,326	$ 7,924	$ 3,235	$ 12,561
Weighted average common shares	14,730	14,734	14,730	14,806
Basic net income (in dollars per share)	$ 0.09	$ 0.54	$ 0.22	$ 0.85
Diluted net income per share:
Net income	$ 1,326	$ 7,924	$ 3,235	$ 12,561
Weighted average common shares	14,730	14,734	14,730	14,806
Effect of dilutive securities: stock options (in shares)	0	60	0	75
Diluted weighted average common shares	14,730	14,794	14,730	14,881
Diluted net income (in dollars per share)	$ 0.09	$ 0.54	$ 0.22	$ 0.84

Net Income Per Share (Details T

Net Income Per Share (Details Textual) - shares shares in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Net Income (Loss) Per Share (Textual) [Abstract]
Anti-dilutive shares not included in computation of net income (loss) per common share	425	175	425	175

Financial Instruments (Details)

Financial Instruments (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Presentation of fair value of financial assets using the inputs
Total financial assets	$ 1,344	$ 1,393
Quoted Prices in Active Markets for Identical Assets (Level 1)
Presentation of fair value of financial assets using the inputs
Total financial assets	669	718
Significant Other Observable Inputs (Level 2)
Presentation of fair value of financial assets using the inputs
Total financial assets	675	675
Significant Unobservable Inputs (Level 3)
Presentation of fair value of financial assets using the inputs
Total financial assets	0	0
Cash
Presentation of fair value of financial assets using the inputs
Total financial assets	55,283	54,812
Cash | Quoted Prices in Active Markets for Identical Assets (Level 1)
Presentation of fair value of financial assets using the inputs
Total financial assets	55,283	54,812
Cash | Significant Other Observable Inputs (Level 2)
Presentation of fair value of financial assets using the inputs
Total financial assets	0	0
Cash | Significant Unobservable Inputs (Level 3)
Presentation of fair value of financial assets using the inputs
Total financial assets	0	0
Total cash
Presentation of fair value of financial assets using the inputs
Total financial assets	55,283	54,812
Total cash | Quoted Prices in Active Markets for Identical Assets (Level 1)
Presentation of fair value of financial assets using the inputs
Total financial assets	55,283	54,812
Total cash | Significant Other Observable Inputs (Level 2)
Presentation of fair value of financial assets using the inputs
Total financial assets	0	0
Total cash | Significant Unobservable Inputs (Level 3)
Presentation of fair value of financial assets using the inputs
Total financial assets	0	0
Certificates of deposit
Presentation of fair value of financial assets using the inputs
Total financial assets	675	675
Certificates of deposit | Quoted Prices in Active Markets for Identical Assets (Level 1)
Presentation of fair value of financial assets using the inputs
Total financial assets	0	0
Certificates of deposit | Significant Other Observable Inputs (Level 2)
Presentation of fair value of financial assets using the inputs
Total financial assets	675	675
Certificates of deposit | Significant Unobservable Inputs (Level 3)
Presentation of fair value of financial assets using the inputs
Total financial assets	0	0
Merchant bank deposit
Presentation of fair value of financial assets using the inputs
Total financial assets	669	718
Merchant bank deposit | Quoted Prices in Active Markets for Identical Assets (Level 1)
Presentation of fair value of financial assets using the inputs
Total financial assets	669	718
Merchant bank deposit | Significant Other Observable Inputs (Level 2)
Presentation of fair value of financial assets using the inputs
Total financial assets	0	0
Merchant bank deposit | Significant Unobservable Inputs (Level 3)
Presentation of fair value of financial assets using the inputs
Total financial assets	$ 0	$ 0

Intangible Assets (Details)

Intangible Assets (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Summary of intangible assets
Internet domain names and technology	$ 2,772	$ 2,772
Accumulated amortization	(2,717)	(2,609)
Total	$ 55	$ 163

Intangible Assets (Details 1)

Intangible Assets (Details 1) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Summary of future expected amortization expense related to intangible assets
Remainder of 2015	$ 55
Total	$ 55	$ 163

Intangible Assets (Details Text

Intangible Assets (Details Textual) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Intangible Assets (Textual) [Abstract]
Amortization expense	$ 49	$ 45	$ 108	$ 106
Minimum
Intangible Assets (Textual) [Abstract]
Intangible assets, useful life (in years)			3 years
Maximum
Intangible Assets (Textual) [Abstract]
Intangible assets, useful life (in years)			5 years

Commitments and Contingencies32

Commitments and Contingencies (Details) $ in Thousands	Sep. 28, 2012claim	Jun. 30, 2015USD ($)	Dec. 31, 2014USD ($)
Loss Contingencies
Charge in general and administrative expenses		$ 1
Operating Leases, Future Minimum Payments Receivable [Abstract]
2,015		2,533
2,016		4,273
2,017		3,674
2,018		3,200
2,019		2,864
Thereafter		10,287
Total		26,831
Purchase Obligation, Fiscal Year Maturity [Abstract]
2,015		718
2,016		950
2,017		420
2,018		315
2,019		0
Thereafter		0
Total		2,403
Contractual Obligation, Fiscal Year Maturity [Abstract]
Total Commitments, Due in Next Fiscal Year		3,251
Total Commitments, Due in Second Year		5,223
Total Commitments, Due in Third Year		4,094
Total Commitments, Due in Fourth Year		3,515
Total Commitments, Due in Fifth Year		2,864
Total Commitments, Due after Fifth Year		10,287
Total commitments		29,234
Local deals and getaway merchant payables		$ 16,500	$ 18,100
Pending Litigation | Metsearch Systems, LLC v.s. Travelzoo Inc. d/b/a Fly.com
Loss Contingencies
Number of patents allegedly infringed | claim	1

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Income Taxes (Textual) [Abstract]
Effective tax rate (percent)	48.90%	22.20%	48.70%	27.40%
Unrecognized tax benefits, increase resulting from prior period tax positions	$ 565		$ 565
Undistributed earnings on a book basis for the non-U.S. subsidiaries	5,600		5,600
Unrecognized deferred tax liability related to undistributed earnings of non-U.S. subsidiaries	343		343
Total unrecognized tax benefits	10,000		10,000
Unrecognized tax benefits affecting the company's effective income tax rate	8,600		8,600
Unrecognized tax benefits to be recorded in discontinued operations	1,400		1,400
Accrued interest and penalties	1,700		1,700		$ 1,500
Significant change in unrecognized tax benefits that is reasonably possible	7,900		7,900
Expected additional federal and state tax expense	$ 31,000		$ 31,000

Accumulated Other Comprehensi34

Accumulated Other Comprehensive Loss (Details) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Accumulated Other Comprehensive Income [Roll Forward]
Beginning balance	$ (5,266,000)	$ (613,000)	$ (2,997,000)	$ (530,000)
Ending balance	(4,105,000)	(83,000)	(4,105,000)	(83,000)
Amounts reclassified from accumulated other comprehensive income (loss)	0	0	0	0
Foreign Currency Translation
Accumulated Other Comprehensive Income [Roll Forward]
Other comprehensive loss due to foreign currency transaction, net of tax	$ 1,161,000	$ 530,000	$ (1,108,000)	$ 447,000

Stock-Based Compensation and 35

Stock-Based Compensation and Stock Options (Details) - Stock Options - USD ($)	1 Months Ended			3 Months Ended		6 Months Ended		12 Months Ended
	Jul. 31, 2013	Jan. 31, 2012	Nov. 30, 2009	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Stock-Based Compensation (Textual) [Abstract]
Share based payment award, options, valuation assumption, forfeiture rate (percent)						0.00%
November 2009 Plan
Stock-Based Compensation (Textual) [Abstract]
Employee options granted to purchase shares of common stock (in shares)			300,000
Exercise price of employee option shares of common stock (in dollars per share)			$ 14.97
Options vest and become exercisable annually (in shares)			75,000
Options outstanding (in shares)				300,000		300,000
Options vested (in shares)				300,000		300,000
Total stock-based compensation					$ 187,000		$ 375,000
Unrecognized stock-based compensation expense				$ 0	0	$ 0	0
January 2012 Plan
Stock-Based Compensation (Textual) [Abstract]
Employee options granted to purchase shares of common stock (in shares)		100,000
Exercise price of employee option shares of common stock (in dollars per share)		$ 28.98
Options vest and become exercisable annually (in shares)		25,000
Options outstanding (in shares)				50,000		50,000
Options vested (in shares)				37,500		37,500
Options canceled (in shares)								25,000
Options forfeited (in shares)								25,000
Total stock-based compensation				$ 60,000	60,000	$ 119,000	134,000
Unrecognized stock-based compensation expense				$ 129,000		$ 129,000
Expected duration for recognition of stock based compensation expense (in years)						6 months 23 days
July 2013 Plan
Stock-Based Compensation (Textual) [Abstract]
Employee options granted to purchase shares of common stock (in shares)	75,000
Exercise price of employee option shares of common stock (in dollars per share)	$ 29.58
Options vest and become exercisable annually (in shares)	25,000
Options outstanding (in shares)				75,000		75,000
Options vested (in shares)				0		0
Total stock-based compensation				$ 89,000	$ 177,000	$ 89,000	$ 177,000
Unrecognized stock-based compensation expense				$ 727,000		$ 727,000
Expected duration for recognition of stock based compensation expense (in years)						2 years 22 days

Stock Repurchase Program (Detai

Stock Repurchase Program (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Jun. 30, 2015	Dec. 31, 2014	Jan. 31, 2014	Dec. 31, 2013	Jul. 31, 2012
Class of Stock [Line Items]
Stock Repurchase Program, Number of Shares Authorized to be Repurchased			1,000,000		1,000,000
Stock Repurchase Program, Remaining Number of Shares Authorized to be Repurchased	768,000			29,000
Treasury Stock
Class of Stock [Line Items]
Stock Repurchased and Retired During Period, Shares	0	261,000
Stock Repurchased During Period, Value		$ 5.9

Reverse_Forward Stock Split (De

Reverse/Forward Stock Split (Details) $ in Thousands	Nov. 06, 2013shares	Jun. 30, 2015USD ($)	Dec. 31, 2014USD ($)	Dec. 31, 2013USD ($)	Jun. 11, 2013director
Class of Stock [Line Items]
Number of independent directors | director					3
Stock Issued During Period, Shares, Reverse/Forward Stock Splits | shares	643,218
Proceeds from Issuance of Common Stock				$ 13,600
Reserve for unexchanged promotional shares		$ 191		$ 13,700
Adjustments to Additional Paid in Capital, Stock Split		$ 102	$ 346
Payments for Repurchase of Common Stock			$ 13,400
Reverse Stock Split
Class of Stock [Line Items]
Stockholders' Equity Note, Stock Split, Conversion Ratio	0.04
Forward Stock Split
Class of Stock [Line Items]
Stockholders' Equity Note, Stock Split, Conversion Ratio	25

Segment Reporting and Signifi38

Segment Reporting and Significant Customer Information - Operating Results from Continuing Operations and Assets by Business Segment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Summary of operating results from continuing operations and assets by business segment
Revenues	$ 34,064	$ 36,883	$ 70,556	$ 77,078
Operating income	2,573	10,134	6,375	17,131
North America
Summary of operating results from continuing operations and assets by business segment
Revenues	23,727	25,174	48,440	51,528
Operating income	2,538	3,771	4,617	8,375
Europe
Summary of operating results from continuing operations and assets by business segment
Revenues	10,337	11,709	22,116	25,550
Operating income	35	2,863	1,758	5,256
Operating Segments
Summary of operating results from continuing operations and assets by business segment
Revenues	34,064	36,883	70,556	77,078
Operating Segments | North America
Summary of operating results from continuing operations and assets by business segment
Revenues	23,986	25,476	48,912	52,244
Operating Segments | Europe
Summary of operating results from continuing operations and assets by business segment
Revenues	10,514	11,838	22,331	25,691
Elimination
Summary of operating results from continuing operations and assets by business segment
Revenues	(436)	(431)	(687)	(857)
Operating income	0	3,500	0	3,500
Elimination | North America
Summary of operating results from continuing operations and assets by business segment
Revenues	259	302	472	716
Elimination | Europe
Summary of operating results from continuing operations and assets by business segment
Revenues	$ 177	$ 129	$ 215	$ 141

Segment Reporting and Signifi39

Segment Reporting and Significant Customer Information - Assets by Segment (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Revenue for each segment recognized based on customer location
Long-lived assets	$ 8,468	$ 9,185
Total assets	90,985	90,488
Operating Segments | North America
Revenue for each segment recognized based on customer location
Long-lived assets	7,281	7,678
Total assets	75,381	73,508
Operating Segments | Europe
Revenue for each segment recognized based on customer location
Long-lived assets	1,187	1,507
Total assets	40,007	40,818
Elimination
Revenue for each segment recognized based on customer location
Long-lived assets	0	0
Total assets	$ (24,403)	$ (23,838)

Segment Reporting and Signifi40

Segment Reporting and Significant Customer Information - Revenue by Type and Segment (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Breakdown of revenues by type and segment
Total revenues	$ 34,064	$ 36,883	$ 70,556	$ 77,078
Travel
Breakdown of revenues by type and segment
Total revenues	23,091	24,499	48,836	52,921
Search
Breakdown of revenues by type and segment
Total revenues	4,342	4,426	9,448	9,259
Local
Breakdown of revenues by type and segment
Total revenues	6,631	7,958	12,272	14,898
North America
Breakdown of revenues by type and segment
Total revenues	23,727	25,174	48,440	51,528
North America | Travel
Breakdown of revenues by type and segment
Total revenues	14,658	15,229	30,666	32,459
North America | Search
Breakdown of revenues by type and segment
Total revenues	3,840	3,875	8,387	7,729
North America | Local
Breakdown of revenues by type and segment
Total revenues	5,229	6,070	9,387	11,340
Europe
Breakdown of revenues by type and segment
Total revenues	10,337	11,709	22,116	25,550
Europe | Travel
Breakdown of revenues by type and segment
Total revenues	8,433	9,270	18,170	20,462
Europe | Search
Breakdown of revenues by type and segment
Total revenues	502	551	1,061	1,530
Europe | Local
Breakdown of revenues by type and segment
Total revenues	$ 1,402	$ 1,888	$ 2,885	$ 3,558

Segment Reporting and Signifi41

Segment Reporting and Significant Customer Information - Revenue for Individual Countries that Exceed 10% of Total Revenue (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Revenue, Major Customer [Line Items]
Total revenues	$ 34,064	$ 36,883	$ 70,556	$ 77,078
United States
Revenue, Major Customer [Line Items]
Total revenues	22,496	23,690	45,927	48,430
United Kingdom
Revenue, Major Customer [Line Items]
Total revenues	6,856	7,528	14,727	16,740
Rest of the world
Revenue, Major Customer [Line Items]
Total revenues	$ 4,712	$ 5,665	$ 9,902	$ 11,908

Segment Reporting and Signifi42

Segment Reporting and Significant Customer Information - Long Lives Assets by Geographic Area (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Revenues from External Customers and Long-Lived Assets
Long-lived assets	$ 8,468	$ 9,185
United States
Revenues from External Customers and Long-Lived Assets
Long-lived assets	6,728	7,646
Rest of the world
Revenues from External Customers and Long-Lived Assets
Long-lived assets	$ 1,740	$ 1,539

Segment Reporting and Signifi43

Segment Reporting and Significant Customer Information - Narrative (Details)	6 Months Ended	12 Months Ended
	Jun. 30, 2015customersegment	Dec. 31, 2014customer
Segments (Textual) [Abstract]
Number of reportable operating segments	2
Accounts Receivable | Credit Concentration Risk
Concentration Risk [Line Items]
Number of customers | customer	1	1
Concentration risk percentage	15.00%	11.00%

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ in Thousands	Jul. 02, 2015	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014	Dec. 31, 2014
Majority Shareholder
Related Party Transaction
Percent of outstanding shares held by related party		49.10%		49.10%
Voting Rights, Percentage		50.40%		50.40%
Travelzoo (Asia) Limited and Travelzoo Japan K.K.
Related Party Transaction
Revenue from related parties		$ 38	$ 190	$ 118	$ 376
Expenses from transaction with related party		8	$ 17	16	$ 45
Company receivables part of prepaid expenses and other current assets		$ 577		$ 577		$ 553
Subsequent Event | Majority Shareholder
Related Party Transaction
Percent of outstanding shares held by related party	50.40%
Number of shares sold in third party exchange	200,000