Travelzoo (TZOO) 10-Q 10 May 18 2018 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2018	Apr. 27, 2018
Document and Entity Information [Abstract]
Entity Registrant Name	Travelzoo
Entity Central Index Key	1,133,311
Document Type	10-Q
Document Period End Date	Mar. 31, 2018
Amendment Flag	false
Document Fiscal Year Focus	2,018
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		12,461,553

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Current assets:
Cash and cash equivalents	$ 23,103	$ 22,553
Accounts receivable, less allowance for doubtful accounts of $368 and $315 as of March 31, 2018 and December 31, 2017, respectively	12,898	11,769
Income tax receivable	89	517
Deposits	174	259
Prepaid expenses and other	2,189	2,141
Total current assets	38,453	37,239
Deposits and other	637	548
Deferred tax assets	1,437	1,516
Restricted cash	1,468	1,448
Property and equipment, net	4,641	4,921
Total assets	46,636	45,672
Current liabilities:
Accounts payable	14,817	19,105
Accrued expenses and other	9,688	8,702
Deferred revenue	931	825
Income tax payable	1,202	961
Total current liabilities	26,638	29,593
Long-term tax liabilities	380	373
Long-term deferred rent and other	2,734	2,628
Commitments and contingencies
Stockholders’ equity:
Common stock, $0.01 par value (40,000 shares authorized; 12,462 shares issued and outstanding as of March 31, 2018 and December 31, 2017)	125	125
Additional paid in capital	173	0
Retained earnings	20,366	16,550
Accumulated other comprehensive loss	(3,780)	(3,597)
Total stockholders’ equity	16,884	13,078
Total liabilities and stockholders’ equity	$ 46,636	$ 45,672

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 368	$ 315
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	40,000,000	40,000,000
Common stock, shares issued (in shares)	12,462,000	12,462,000
Common stock, shares outstanding (in shares)	12,462,000	12,462,000

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Income Statement [Abstract]
Revenues	$ 30,884	$ 28,429
Cost of revenues	3,385	3,207
Gross profit	27,499	25,222
Operating expenses:
Sales and marketing	15,542	15,356
Product development	2,511	2,357
General and administrative	5,789	5,447
Total operating expenses	23,842	23,160
Income from continuing operations	3,657	2,062
Other income (loss), net	161	7
Income from continuing operations before income taxes	3,818	2,069
Income tax expense	1,316	1,209
Income from continuing operations	2,502	860
Income from discontinued operations, net of income taxes	0	1,884
Net income	$ 2,502	$ 2,744
Income per share—basic:
Continuing operations (in dollars per share)	$ 0.20	$ 0.07
Discontinued operations (in dollars per share)	0	0.14
Net income per share - basic (in dollars per share)	0.20	0.21
Income per share—diluted:
Continuing operations (in dollars per share)	0.20	0.07
Discontinued operations (in dollars per share)	0	0.14
Net income per share - diluted (in dollars per share)	$ 0.20	$ 0.21
Shares used in computing basic net income per share (in shares)	12,462	13,288
Shares used in computing diluted net income per share (in shares)	12,462	13,288

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Comprehensive Income (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Statement of Comprehensive Income [Abstract]
Net income	$ 2,502	$ 2,744
Other comprehensive loss:
Foreign currency translation adjustment	(183)	(33)
Total comprehensive income	$ 2,319	$ 2,711

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Cash flows from operating activities:
Net income	$ 2,502	$ 2,744
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	384	579
Discontinued operations: gain on sale of Fly.com domain name	0	(2,890)
Provision for losses (gains) on accounts receivable	(83)	7
Stock-based compensation	173	240
Deferred income tax	(110)	(36)
Net foreign currency effect	(171)	(89)
Changes in operating assets and liabilities:
Accounts receivable	(997)	287
Income tax receivable	428	544
Prepaid expenses and other	(10)	(86)
Accounts payable	(3,185)	(3,263)
Accrued expenses	1,024	990
Income tax payable	217	1,466
Other non-current liabilities	7	62
Net cash provided by operating activities	179	555
Cash flows from investing activities:
Proceeds from sale of Fly.com domain name	0	2,890
Purchases of property and equipment	(65)	(120)
Net cash provided by (used in) investing activities	(65)	2,770
Cash flows from financing activities:
Repurchase of common stock	0	(1,762)
Net cash used in financing activities	0	(1,762)
Effect of exchange rate changes on cash and cash equivalents	456	171
Net increase in cash, cash equivalents and restricted cash	570	1,734
Cash, cash equivalents and restricted cash at beginning of period	24,001	28,236
Cash, cash equivalents and restricted cash at end of period	24,571	29,970
Supplemental disclosure of cash flow information:
Cash paid for income taxes, net	$ 779	$ 310

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies (a) The Company and Basis of Presentation Travelzoo® provides our members insider deals and one-of-a-kind experiences personally reviewed by one of our deal experts around the globe. With more than 25 offices worldwide, we have our finger on the pulse of outstanding travel, entertainment, and lifestyle experiences. For over 15 years we have worked in partnership with top travel suppliers—our long-standing relationships give Travelzoo members access to the very best deals. Travelzoo's revenues are generated primarily from advertising fees. Our publications and products include the Travelzoo website, the Travelzoo iPhone and Android apps, the Travelzoo Top 20 e-mail newsletter, the Newsflash e-mail alert service, and the Travelzoo Network , a network of third-party websites that list travel deals published by Travelzoo. Our Travelzoo website includes Local Deals and Getaway 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. Ralph Bartel, who founded Travelzoo (the "Company") 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. ("Azzurro"). As of March 31, 2018 , Azzurro is the Company's largest stockholder, holding approximately 57.5% of the Company's outstanding shares. During the first quarter of 2017, the Company discontinued operations of its SuperSearch and Fly.com products to focus on its global Travelzoo® brand and reflected the revenues and expenses for these products as discontinued operations, net of taxes, for the current and prior periods presented. See "Note 9: Discontinued Operations" for further information. 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 state fairly the financial position of the Company and its results of operations and cash flows. These unaudited 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, 2017, included in the Company’s Form 10-K filed with the SEC on March 16, 2018. The condensed consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. The results of operations for the three months ended March 31, 2018 are not necessarily indicative of the results that may be expected for the year ending December 31, 2018 or any other future period, and the Company makes no representations related thereto. (b) Recent Accounting Pronouncements Not Yet Adopted In February 2016, the Financial Accounting Standards Board ("FASB") issued an accounting standard update ASU 2016-02, "Leases," which requires that lease arrangements longer than 12 months result in an entity recognizing an asset and liability on its balance sheet. ASU 2016-02 is effective for interim and annual periods beginning after December 15, 2018, and early adoption is permitted. This accounting standard update will be effective for the Company on January 1, 2019. For operating leases with terms longer than 12 months, the Company will recognize a lease liability for the obligation to make lease payments and a right-of-use asset for the right to use the underlying asset for the lease term. The Company is currently in the process of evaluating the impact of the adoption on its financial position, results of operations and cash flows. In February 2018, the FASB issued Accounting Standards Update No. 2018-02, "Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income", which allows a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act, eliminating the stranded tax effects resulting from the Tax Cuts and Jobs Act. However, the new guidance only applies to the tax effects resulting from the Tax Cuts and Jobs Act and does not change the underlying guidance to recognize the effect of a change in tax laws or rates in income from continuing operations. The amendments are effective for all entities for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years, with early adoption permitted. The Company is currently in the process of evaluating the impact of the adoption on its financial position, results of operations and cash flows. (c) Recently Adopted Accounting Pronouncements In August 2016, the FASB issued ASU No. 2016-15, "Classification of Certain Cash Receipts and Cash Payments," which addresses eight classification issues related to the statement of cash flows. In November 2016, the FASB issued ASU 2016-18, "Statement of Cash Flows: Restricted Cash," which addresses classification and presentation of changes in restricted cash on the statement of cash flows. The standard requires that restricted cash and restricted cash equivalents be included as components of total cash and cash equivalents as presented on the statement of cash flows. The Company adopted ASU 2016-15 and ASU 2016-18 using a retrospective transition method effective January 1, 2018 and applied to the periods presented on the condensed consolidated statements of cash flows. Restricted cash includes cash and cash equivalents that is restricted through legal contracts, regulations or our intention to use the cash for a specific purpose. Our restricted cash primarily relates to refundable deposits and funds held in escrow. The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the unaudited condensed consolidated balance sheets that sum to the total of the same amounts shown in the unaudited statements of cash flows: March 31, December 31, 2018 2017 Cash and cash equivalents $ 23,103 $ 22,553 Restricted cash 1,468 1,448 Total cash, cash equivalents and restricted cash in the consolidated statements of cash flow $ 24,571 $ 24,001 The Company’s restricted cash was included in noncurrent assets as of March 31, 2018 and December 31, 2017. In May 2014, the FASB issued ASU 2014-09, "Revenue from Contracts with Customers," which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. ASU 2014-09 will replace most of the existing revenue recognition guidance in U.S. GAAP when it becomes effective. This new accounting standard is effective for the Company for annual periods in fiscal years beginning after December 15, 2017 (as amended in August 2015 by ASU 2015-14, "Deferral of the Effective Date"). In December 27, 2016, FASB issued ASU 2016-20, "Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers," which addresses loan guarantee fees, impairment testing of contract costs, provisions for losses on construction-type and production-type contracts, and various disclosures. ASU 2016-20 will go into effect once ASU 2014-09 takes effect. The Company adopted this standard effective January 1, 2018 using the modified retrospective method, which was only applied to contracts that were not completed as of the adoption date, with a cumulative adjustment to retained earnings. The cumulative effect of the revenue accounting changes made to the Company's consolidated balance sheet as of January 1, 2018 primarily consists of a decrease in accounts payable related to the merchant payable of $1.6 million and a decrease of $270,000 of net deferred tax assets for a net cumulative effect increase of retained earnings of $1.3 million . These changes were due primarily to the new revenue guidance requirement to recognize revenue related to unredeemed Local Deals and Getaway vouchers for selected deals, included in our Europe segment, based upon estimates at the time of sale of the vouchers rather than the Company's past practice of waiting to recognize this revenue until expiration of the legal obligation. The changes in revenue recognition policies under the new revenue guidance were primarily the change described above for unredeemed vouchers as well as recognizing cancelable hotel platform commissions over the period of the hotel stay versus previously upon checkout; the impact of these changes to the Company's consolidated financial statements was not material as of and for the three months ended March 31, 2018 . Deferred revenue primarily consists of customer prepayments and undelivered performance obligations related to the Company’s contracts with multiple performance obligations. At January 1, 2018, $825,000 was recorded as deferred revenue, of which $447,000 was recognized as revenue during the quarter ended March 31, 2018. At March 31, 2018, the related balance was $931,000 . (d) Significant Accounting Policies Below are the significant accounting policies updated during 2018 as a result of the recently adopted accounting pronouncements. For a comprehensive description of our accounting policies, refer to our Annual Report on Form 10-K for the year ended December 31, 2017. Revenue Recognition The Company recognizes revenues when control of the promised goods or services is transferred to its customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods or services. The Company generates revenues primarily by delivering advertising on the Travelzoo website, in the Top 20 email newsletter, in Newsflash and from the Travelzoo Network. The Company also generates transaction-based revenues from the sales of vouchers through our Local Deals and Getaway e-mail alert services and providing hotel bookings. The Company's disaggregated revenues are included in "Note 8: Segment Reporting and Significant Customer Information". For fixed-fee website advertising, the Company recognizes revenues ratably over the contracted placement period. For Top 20 email newsletter and other email products, the Company recognizes revenues when the emails are delivered to its members. The Company offers advertising on a cost-per-click basis, which means that an advertiser pays the Company only when a user clicks on an ad on Travelzoo properties or Travelzoo Network members’ properties. For these customers, the Company recognizes revenues each time a user clicks on the ad. The Company also offers advertising on other bases, such as cost-per-impression, which means that an advertiser pays the Company based on the number of times their advertisement is displayed on Travelzoo properties, email advertisements, Travelzoo Network properties, or social media properties. For these customers, the Company recognizes revenues each time an ad is displayed or email delivered. For transaction based revenues, including products such as Local Deals, Getaway and hotel platform,, the Company evaluates whether it is the principal (i.e., report revenue on a gross basis) versus an agent (i.e., report revenue on a net basis). The Company reports transaction revenue on a net basis because the supplier is primarily responsible for providing the underlying service and we do not control the service provided by the supplier prior to its transfer to the customer. For Local Deals and Getaway products, the company earns a fee for acting as an agent for the sale of vouchers that can be redeemed for services with third-party merchants. Revenues are presented net of the amounts due to the third-party merchants for fulfilling the underlying services. Certain merchant contracts allow the Company to retain the proceeds from unredeemed vouchers. With these contracts, the Company estimates the value of vouchers that will ultimately not be redeemed and records the estimate in the same period as the voucher sale. Commission revenue related to our hotel platform is recognized ratably over the period of guest stay, net of an allowance for cancellations based upon historical patterns. For arrangements for booking non-cancelable reservations where the Company’s performance obligation is deemed to be the successful booking of a hotel reservation, we record revenue for the commissions upon completion of the hotel booking. The Company’s contracts with customers may include multiple performance obligations in which the Company allocates revenues to each performance obligation based on its standalone selling price. The Company determines standalone selling price based on its overall pricing objectives, taking into consideration the type of services, geographical region of the customers, normal rate card pricing and customary discounts. Standalone selling price is generally determined based on the prices charged to customers when the product is sold separately. The Company relies upon the following practical expedients and exemptions allowed for in the revenue recognition accounting standard. The Company expenses sales commissions when incurred because the amortization period would have been one year or less. These costs are recorded in sales and marketing expenses. In addition, the Company does not disclose the value of unsatisfied performance obligations for (a) contracts with an original expected length of one year or less and (b) contracts for which it recognizes revenues at the amount to which it has the right to invoice for services performed.

Net Income Per Share

Net Income Per Share	3 Months Ended
	Mar. 31, 2018
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 (loss) per share (in thousands, except per share amounts): Three Months Ended March 31, 2018 2017 Numerator: Income from continuing operations $ 2,502 $ 860 Income from discontinued operations, net of income taxes — 1,884 Net income $ 2,502 $ 2,744 Denominator: Weighted average common shares—basic 12,462 13,288 Effect of dilutive securities: stock options — — Weighted average common shares—diluted 12,462 13,288 Income per share—basic: Continuing operations $ 0.20 $ 0.07 Discontinued operations — 0.14 Net income per share—basic $ 0.20 $ 0.21 Income per share—diluted: Continuing operations $ 0.20 $ 0.07 Discontinued operations — 0.14 Net income per share—diluted $ 0.20 $ 0.21 For the three months ended March 31, 2018 , options to purchase 950,000 shares of common stock were not included in the computation of diluted net income per share because the effect would have been anti-dilutive. For the three months ended March 31, 2017 , options to purchase 600,000 shares of common stock were not included in the computation of diluted net income per share because the effect would have been anti-dilutive.

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies The Company was formed as a result of a combination and merger of entities founded by the Company’s principal stockholder, Ralph Bartel. In 2002, Travelzoo.com Corporation was merged into Travelzoo. 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 in exchange for each share of common stock of Travelzoo.com Corporation. In 2004, two years following the effective date of the merger, certain promotional shares remained unexchanged. As the right to exchange these promotional shares expired, no additional shares were reserved for issuance. 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. During 2010 through 2014, the Company became subject to unclaimed property audits of various states in the United States related to the above unexchanged promotional shares and completed settlements with all states. Although the Company has settled the 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 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 Company did not make any payments for the three months ended March 31, 2018 and 2017 . The total cost of this program cannot be reliably estimated 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 Australia, Canada, China, France, Germany, Hong Kong, Japan, Singapore, Spain, Taiwan, the U.K., and the U.S. under operating leases which expire between March 2017 and November 2024. The Company has purchase commitments which represent the minimum obligations the Company has under agreements with certain suppliers. 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 March 31, 2018 (in thousands): 2018 Remaining 2019 2020 2021 2022 Thereafter Total Operating leases $ 4,703 $ 5,534 $ 4,031 $ 3,210 $ 2,371 $ 3,254 $ 23,103 Purchase obligations 1,037 17 11 — — — 1,065 Total commitments $ 5,740 $ 5,551 $ 4,042 $ 3,210 $ 2,371 $ 3,254 $ 24,168 Local Deals and Getaway merchant payables included in accounts payable were $10.6 million and $14.6 million , as of March 31, 2018 and December 31, 2017 , respectively.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2018
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, Japan, Hong Kong, and the U.K. For the three months ended March 31, 2018 and 2017 , the Company's effective tax rate was 34% and 58% , respectively. The Company's effective tax rate decreased for the three months ended March 31, 2018 from the corresponding three months ended March 31, 2017 , due primarily to the reduction in the U.S. statutory tax rate partially offset by the change of the geographic mix of income from continuing operations including a relative increase in foreign losses not benefited for the three months ended March 31, 2018 . On December 22, 2017, the U.S. government enacted the Tax Cuts and Jobs Act (the “Tax Act”). The Tax Act includes significant changes to the U.S. corporate income tax system including: a federal corporate rate reduction from 35% to 21%; limitations on the deductibility of interest expense and executive compensation; creation of the base erosion anti-abuse tax (“BEAT”), a new minimum tax, a deduction for foreign-derived intangible income (“FDII”) and the transition of U.S. international taxation from a worldwide tax system to a modified territorial tax system. The change to a modified territorial tax system resulted in a one-time U.S. tax liability on those earnings which have not previously been repatriated to the U.S. (the “Transition Tax”), with future distributions not subject to U.S. federal income tax when repatriated. A majority of the provisions in the Tax Act are effective January 1, 2018. In response to the Tax Act, the SEC staff issued guidance on accounting for the tax effects of the Tax Act. The guidance provides a one-year measurement period for companies to complete the accounting. The Company reflected the income tax effects of those aspects of the Tax Act for which the accounting is complete. To the extent a company's accounting for certain income tax effects of the Tax Act is incomplete but it is able to determine a reasonable estimate, a company should record a provisional estimate in the financial statements. If a company cannot determine a provisional estimate to be included in the financial statements, it should continue to apply the provisions of the tax laws that were in effect immediately before the enactment of the Tax Act. After the passage of the U.S. government enacted the Tax Cuts and Jobs Act (the “Tax Act”) on December 22, 2017, all undistributed foreign earnings before the passage became subject to U.S. federal tax at reduced rates; however, as of December 31, 2017, the Company' s provisional estimate is that there will be no net expense for the Transition Tax related to these undistributed earnings. The Company has not made any additional measurement-period adjustments related to these items during the three months ended March 31, 2018. This is a provisional estimate pending further legislative action from the states regarding conformity with the Tax Act. The Company continues to gather additional information to complete the accounting for these items and will complete our accounting within the prescribed measurement period. In addition, the Tax Act creates a new requirement that certain income such as Global Intangible Low-Taxed Income (“GILTI”) earned by a controlled foreign corporation (“CFC”) must be included in the gross income of the CFC U.S. shareholder. During the three months ended March 31, 2018 , the Company's provisional estimate is that there is no significant impact of the GILTI provisions. However, due to the complexity of the new GILTI, the Company is continuing to evaluate these provisions of the Tax Act and whether taxes due on future U.S. inclusions related to GILTI should be recorded as a current-period expense when incurred, or factored into a company’s measurement of its deferred taxes. The Company will continue to refine the calculations as additional analysis is completed. The Company's provisional estimates may be affected as the Company gains a more thorough understanding of the Tax Act and any such changes to those estimates could be material to income tax expense. At March 31, 2018 , the estimated amount of the unrecognized deferred tax liability attributed to future withholding taxes on dividend distributions of undistributed earnings for certain non-U.S. subsidiaries, which the Company intends to reinvest the related earnings indefinitely in its operations outside the U.S., is approximately $453,000 . The Company maintains liabilities for uncertain tax positions. The Company's unrecognized tax benefits decreased $390,000 for the three months ended March 31, 2018 primarily due to the payments of settlements with tax authorities. At March 31, 2018 , the Company had approximately $198,000 in total unrecognized tax benefits, which if recognized, would favorably affect the Company’s effective income tax rate. 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. At March 31, 2018 and December 31, 2017 , the Company had approximately $502,000 and $651,000 and in accrued interest, respectively. 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 certain years after 2010 and is subject to California tax examinations for years after 2005. The material foreign jurisdictions where the Company is subject to potential examinations by tax authorities are the France, Germany, Spain and United Kingdom for tax years after 2009.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	3 Months Ended
	Mar. 31, 2018
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 March 31, 2018 2017 Beginning balance $ (3,597 ) $ (3,787 ) Other comprehensive income (loss) due to foreign currency translation, net of tax (183 ) (33 ) Ending balance $ (3,780 ) $ (3,820 ) There were no amounts reclassified from accumulated other comprehensive loss for the three months ended March 31, 2018 and 2017 .

Stock-Based Compensation and St

Stock-Based Compensation and Stock Options	3 Months Ended
	Mar. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation and Stock Options	Stock-Based Compensation and Stock Options The Company accounts for its employee stock options under the fair value method, which requires stock-based compensation to be estimated using the fair value on the date of grant using an option-pricing model. The value of the portion of the award that is expected to vest is recognized on a straight-line basis as expense over the related employees’ requisite service periods in the Company’s condensed consolidated statements of operations. 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 became exercisable annually starting January 23, 2013. The options expire in January 2022. During 2014, 25,000 options were canceled and 25,000 options were forfeited upon the departure of an executive. As of March 31, 2018 , 50,000 options were outstanding and vested. As of March 31, 2018 , there was no unrecognized stock-based compensation expense relating to these options. In September 2015, the Company granted an executive stock options to purchase 400,000 shares of common stock with an exercise price of $8.07 , of which 50,000 options became exercisable quarterly starting March 31, 2016. The options expire in September 2025. As of March 31, 2018 , 400,000 options were vested and outstanding. As of March 31, 2018 , there was no unrecognized stock-based compensation expense relating to these options. In March 2016, the Company granted certain executives stock options to purchase 150,000 shares of common stock with an exercise price of $8.55 , of which 37,500 options vest and become exercisable annually starting on March 7, 2017. The options expire in March 2026. In 2017, 37,500 options were forfeited and 12,500 options were canceled upon the departure of an executive and the compensation expense of $19,000 was reversed. As of March 31, 2018 , 100,000 options were outstanding and 50,000 of these options were vested. Total stock-based compensation for the three months ended March 31, 2018 , related to these option grants was $30,000 . As of March 31, 2018 , there was approximately $229,000 of unrecognized stock-based compensation expense relating to these options. This amount is expected to be recognized over 1.9 years . In October 2017, the Company granted an executive stock options to purchase 400,000 shares of common stock with an exercise price of $6.95 , of which 50,000 shares are exercisable quarterly starting March 31, 2018 and ending on December 31, 2019. The options expire in 2027. As of March 31, 2018 , 400,000 options were outstanding and 50,000 of these options were vested. Total stock-based compensation for the three months ended March 31, 2018 , related to these option grants was $143,000 . As of March 31, 2018 , there was approximately $1.0 million of unrecognized stock-based compensation expense relating to these options. This amount is expected to be recognized over 1.8 years . In April 2018, the Company granted an employee stock options to purchase 50,000 shares of common stock with an exercise price of $10.50 . The stock options vest in twelve equal installments. The first installment vested on April 26, 2018, and the remaining eleven installments will vest from June 30, 2018 to December 31, 2020. The options expire in 2028.

Segment Reporting and Significa

Segment Reporting and Significant Customer Information	3 Months Ended
	Mar. 31, 2018
Segment Reporting [Abstract]
Segments Reporting and Significant Customer Information	Segment Reporting and Significant Customer Information The Company manages its business geographically and has three reportable operating segments: Asia Pacific, Europe and North America. Asia Pacific consists of the Company's operations in Australia, China, Hong Kong, Japan, Taiwan, and Southeast Asia. Europe consists of the Company’s operations in France, Germany, Spain, and the U.K. North America consists of the Company’s operations in Canada and the U.S. Management relies on an internal management reporting process that provides revenue and segment operating profit (loss) for making financial decisions and allocating resources. Management believes that segment revenues and operating profit (loss) are appropriate measures of evaluating the operational performance of the Company’s segments. These segment disclosures have been adjusted to remove the revenue and operating profit (loss) related to discontinued operations in the current and prior periods. See "Note 9: Discontinued Operations" for further information. The following is a summary of operating results and assets (in thousands) by business segment: Three Months Ended March 31, 2018 Asia Pacific Europe North America Consolidated Revenues from unaffiliated customers $ 2,042 $ 10,332 $ 18,510 $ 30,884 Intersegment revenues (20 ) (52 ) 72 — Total net revenues 2,022 10,280 18,582 30,884 Operating profit (loss) $ (1,740 ) $ 1,966 $ 3,431 $ 3,657 Three Months Ended March 31, 2017 Asia Pacific Europe North America Consolidated Revenues from unaffiliated customers $ 1,844 $ 9,218 $ 17,367 $ 28,429 Intersegment revenues (31 ) (147 ) 178 — Total net revenues 1,813 9,071 17,545 28,429 Operating profit (loss) $ (1,541 ) $ 949 $ 2,654 $ 2,062 As of March 31, 2018 Asia Pacific Europe North America Elimination Consolidated Long-lived assets $ 130 $ 448 $ 4,063 $ — $ 4,641 Total assets $ 3,799 $ 55,202 $ 63,657 $ (76,022 ) $ 46,636 As of December 31, 2017 Asia Pacific Europe North America Elimination Consolidated Long-lived assets $ 140 $ 496 $ 4,285 $ — $ 4,921 Total assets $ 3,697 $ 54,593 $ 60,246 $ (72,864 ) $ 45,672 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. Revenues from unaffiliated customers excludes intersegment revenues and represents revenue with parties unaffiliated with Travelzoo and its wholly owned subsidiaries. For the three months ended March 31, 2018 and 2017 , the Company did not have any customers that accounted for 10% or more of revenue. As of March 31, 2018 and December 31, 2017 , the Company did not have any customers that accounted for 10% or more 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 ), Getaway vouchers and hotel platform. Local revenue includes Local Deals vouchers and entertainment offers (vouchers and direct bookings). Three Months Ended March 31, 2018 2017 Asia Pacific Travel $ 1,901 $ 1,668 Local 121 145 Total Asia Pacific revenues $ 2,022 $ 1,813 Europe Travel $ 9,053 $ 8,005 Local 1,227 1,066 Total Europe revenues $ 10,280 $ 9,071 North America Travel $ 16,036 $ 14,859 Local 2,546 2,686 Total North America revenues $ 18,582 $ 17,545 Consolidated Travel $ 26,990 $ 24,532 Local 3,894 3,897 Total revenues $ 30,884 $ 28,429 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 countries that exceed 10% of total revenue (in thousands): Three Months Ended March 31, 2018 2017 Revenue United States $ 17,118 $ 16,226 United Kingdom 5,860 4,950 Germany 3,659 3,506 Rest of the world 4,247 3,747 Total revenues $ 30,884 $ 28,429 The following table sets forth long lived asset by geographic area (in thousands): March 31, December 31, 2018 2017 United States $ 3,698 $ 3,893 Rest of the world 943 1,028 Total long lived assets $ 4,641 $ 4,921

Stock Repurchase Program

Stock Repurchase Program	3 Months Ended
	Mar. 31, 2018
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 assist with capital allocation. Management is allowed discretion in the execution of the repurchase program based upon market conditions and consideration of capital allocation. In February 2016 , 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, 2016, the Company repurchased 1,056,000 shares of common stock, including the 56,000 shares from its 2014 stock repurchase program, for an aggregate purchase price of $9.5 million and therefore there were no shares remaining to be repurchased under the repurchase programs authorized in January 2014 and January 2016 as of December 31, 2016. The shares repurchased were retired and recorded as a reduction of additional paid-in capital until extinguished with the remaining amount reflected as a reduction of retained earnings. In February 2017, 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, 2017, the Company repurchased 1,000,000 shares of common stock for an aggregate purchase price of $9.7 million , which were retired and recorded as a reduction of additional paid-in capital until extinguished with the remaining amount reflected as a reduction of retained earnings. In March 2018, the Company announced a stock repurchase program authorizing the repurchase of up to 500,000 shares of the Company’s outstanding common stock. During the three months ended March 31, 2018 , the Company did not repurchase any shares.

Discontinued Operations

Discontinued Operations	3 Months Ended
	Mar. 31, 2018
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations	Discontinued Operations On March 30, 2017, the Company decided to discontinue its Search products, consisting of Fly.com and SuperSearch products. This decision supports the Company’s strategy to focus on its global Travelzoo® brand. On March 30, 2017, the Company ceased operations of SuperSearch and on March 31, 2017, the Company sold the Fly.com domain name, which had no net book value, to a third party. There were no other assets or liabilities transferred as part this transaction. A reconciliation of the line items comprising the results of operations of the Search products to the income (loss) from discontinued operations through the date of disposal presented in the condensed consolidated statements of operations for the three months ended March 31, 2017 , in thousands, is included in the following table: Three Months Ended March 31, 2017 Revenues from Search $ 2,009 Cost of revenues (99 ) Gross profit 1,910 Total operating expenses (1,819 ) Gain on sale of Fly.com domain name 2,890 Income from discontinued operations before income taxes 2,981 Income tax expense 1,097 Income from discontinued operations, net of income taxes $ 1,884

Subsequent Event

Subsequent Event	3 Months Ended
	Mar. 31, 2018
Subsequent Events [Abstract]
Subsequent Event	Subsequent Event In April 2018, the Company entered into an agreement with WeekenGO, a start-up company in Germany. WeekenGO uses new technology to promote vacation packages. The agreement between Travelzoo and WeekenGO includes an equity investment and marketing services. Travelzoo invested EUR 2.5 million in WeekenGO for a 25% ownership interest. WeekenGO signed an insertion order for advertising with Travelzoo.

Summary of Significant Accoun17

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Recently Adopted & Not Yet Adopted Accounting Pronouncements	Recent Accounting Pronouncements Not Yet Adopted In February 2016, the Financial Accounting Standards Board ("FASB") issued an accounting standard update ASU 2016-02, "Leases," which requires that lease arrangements longer than 12 months result in an entity recognizing an asset and liability on its balance sheet. ASU 2016-02 is effective for interim and annual periods beginning after December 15, 2018, and early adoption is permitted. This accounting standard update will be effective for the Company on January 1, 2019. For operating leases with terms longer than 12 months, the Company will recognize a lease liability for the obligation to make lease payments and a right-of-use asset for the right to use the underlying asset for the lease term. The Company is currently in the process of evaluating the impact of the adoption on its financial position, results of operations and cash flows. In February 2018, the FASB issued Accounting Standards Update No. 2018-02, "Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income", which allows a reclassification from accumulated other comprehensive income to retained earnings for stranded tax effects resulting from the Tax Cuts and Jobs Act, eliminating the stranded tax effects resulting from the Tax Cuts and Jobs Act. However, the new guidance only applies to the tax effects resulting from the Tax Cuts and Jobs Act and does not change the underlying guidance to recognize the effect of a change in tax laws or rates in income from continuing operations. The amendments are effective for all entities for fiscal years beginning after December 15, 2018, and interim periods within those fiscal years, with early adoption permitted. The Company is currently in the process of evaluating the impact of the adoption on its financial position, results of operations and cash flows. (c) Recently Adopted Accounting Pronouncements In August 2016, the FASB issued ASU No. 2016-15, "Classification of Certain Cash Receipts and Cash Payments," which addresses eight classification issues related to the statement of cash flows. In November 2016, the FASB issued ASU 2016-18, "Statement of Cash Flows: Restricted Cash," which addresses classification and presentation of changes in restricted cash on the statement of cash flows. The standard requires that restricted cash and restricted cash equivalents be included as components of total cash and cash equivalents as presented on the statement of cash flows. The Company adopted ASU 2016-15 and ASU 2016-18 using a retrospective transition method effective January 1, 2018 and applied to the periods presented on the condensed consolidated statements of cash flows. Restricted cash includes cash and cash equivalents that is restricted through legal contracts, regulations or our intention to use the cash for a specific purpose. Our restricted cash primarily relates to refundable deposits and funds held in escrow. In May 2014, the FASB issued ASU 2014-09, "Revenue from Contracts with Customers," which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. ASU 2014-09 will replace most of the existing revenue recognition guidance in U.S. GAAP when it becomes effective. This new accounting standard is effective for the Company for annual periods in fiscal years beginning after December 15, 2017 (as amended in August 2015 by ASU 2015-14, "Deferral of the Effective Date"). In December 27, 2016, FASB issued ASU 2016-20, "Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers," which addresses loan guarantee fees, impairment testing of contract costs, provisions for losses on construction-type and production-type contracts, and various disclosures. ASU 2016-20 will go into effect once ASU 2014-09 takes effect. The Company adopted this standard effective January 1, 2018 using the modified retrospective method, which was only applied to contracts that were not completed as of the adoption date, with a cumulative adjustment to retained earnings.

Summary of Significant Accoun18

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Reconciliation of Cash, Cash Equivalents and Restricted Cash	The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the unaudited condensed consolidated balance sheets that sum to the total of the same amounts shown in the unaudited statements of cash flows: March 31, December 31, 2018 2017 Cash and cash equivalents $ 23,103 $ 22,553 Restricted cash 1,468 1,448 Total cash, cash equivalents and restricted cash in the consolidated statements of cash flow $ 24,571 $ 24,001

Net Income Per Share (Tables)

Net Income Per Share (Tables)	3 Months Ended
	Mar. 31, 2018
Earnings Per Share [Abstract]
Basic and diluted net income per share	The following table sets forth the calculation of basic and diluted net income (loss) per share (in thousands, except per share amounts): Three Months Ended March 31, 2018 2017 Numerator: Income from continuing operations $ 2,502 $ 860 Income from discontinued operations, net of income taxes — 1,884 Net income $ 2,502 $ 2,744 Denominator: Weighted average common shares—basic 12,462 13,288 Effect of dilutive securities: stock options — — Weighted average common shares—diluted 12,462 13,288 Income per share—basic: Continuing operations $ 0.20 $ 0.07 Discontinued operations — 0.14 Net income per share—basic $ 0.20 $ 0.21 Income per share—diluted: Continuing operations $ 0.20 $ 0.07 Discontinued operations — 0.14 Net income per share—diluted $ 0.20 $ 0.21

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Schedule of future lease payments for operating leases	The following table summarizes principal contractual commitments as of March 31, 2018 (in thousands): 2018 Remaining 2019 2020 2021 2022 Thereafter Total Operating leases $ 4,703 $ 5,534 $ 4,031 $ 3,210 $ 2,371 $ 3,254 $ 23,103 Purchase obligations 1,037 17 11 — — — 1,065 Total commitments $ 5,740 $ 5,551 $ 4,042 $ 3,210 $ 2,371 $ 3,254 $ 24,168

Accumulated Other Comprehensi21

Accumulated Other Comprehensive Loss (Tables)	3 Months Ended
	Mar. 31, 2018
Equity [Abstract]
Schedule of changes in accumulated balances of other comprehensive loss	The following table summarizes the changes in accumulated balances of other comprehensive loss (in thousands): Three Months Ended March 31, 2018 2017 Beginning balance $ (3,597 ) $ (3,787 ) Other comprehensive income (loss) due to foreign currency translation, net of tax (183 ) (33 ) Ending balance $ (3,780 ) $ (3,820 )

Segment Reporting and Signifi22

Segment Reporting and Significant Customer Information (Tables)	3 Months Ended
	Mar. 31, 2018
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 March 31, 2018 Asia Pacific Europe North America Consolidated Revenues from unaffiliated customers $ 2,042 $ 10,332 $ 18,510 $ 30,884 Intersegment revenues (20 ) (52 ) 72 — Total net revenues 2,022 10,280 18,582 30,884 Operating profit (loss) $ (1,740 ) $ 1,966 $ 3,431 $ 3,657 Three Months Ended March 31, 2017 Asia Pacific Europe North America Consolidated Revenues from unaffiliated customers $ 1,844 $ 9,218 $ 17,367 $ 28,429 Intersegment revenues (31 ) (147 ) 178 — Total net revenues 1,813 9,071 17,545 28,429 Operating profit (loss) $ (1,541 ) $ 949 $ 2,654 $ 2,062
Reconciliation of total assets from reportable segments to consolidated assets	As of March 31, 2018 Asia Pacific Europe North America Elimination Consolidated Long-lived assets $ 130 $ 448 $ 4,063 $ — $ 4,641 Total assets $ 3,799 $ 55,202 $ 63,657 $ (76,022 ) $ 46,636 As of December 31, 2017 Asia Pacific Europe North America Elimination Consolidated Long-lived assets $ 140 $ 496 $ 4,285 $ — $ 4,921 Total assets $ 3,697 $ 54,593 $ 60,246 $ (72,864 ) $ 45,672
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 ), Getaway vouchers and hotel platform. Local revenue includes Local Deals vouchers and entertainment offers (vouchers and direct bookings). Three Months Ended March 31, 2018 2017 Asia Pacific Travel $ 1,901 $ 1,668 Local 121 145 Total Asia Pacific revenues $ 2,022 $ 1,813 Europe Travel $ 9,053 $ 8,005 Local 1,227 1,066 Total Europe revenues $ 10,280 $ 9,071 North America Travel $ 16,036 $ 14,859 Local 2,546 2,686 Total North America revenues $ 18,582 $ 17,545 Consolidated Travel $ 26,990 $ 24,532 Local 3,894 3,897 Total revenues $ 30,884 $ 28,429 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 countries that exceed 10% of total revenue (in thousands): Three Months Ended March 31, 2018 2017 Revenue United States $ 17,118 $ 16,226 United Kingdom 5,860 4,950 Germany 3,659 3,506 Rest of the world 4,247 3,747 Total revenues $ 30,884 $ 28,429 The following table sets forth long lived asset by geographic area (in thousands): March 31, December 31, 2018 2017 United States $ 3,698 $ 3,893 Rest of the world 943 1,028 Total long lived assets $ 4,641 $ 4,921

Discontinued Operations (Tables

Discontinued Operations (Tables)	3 Months Ended
	Mar. 31, 2018
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operations	A reconciliation of the line items comprising the results of operations of the Search products to the income (loss) from discontinued operations through the date of disposal presented in the condensed consolidated statements of operations for the three months ended March 31, 2017 , in thousands, is included in the following table: Three Months Ended March 31, 2017 Revenues from Search $ 2,009 Cost of revenues (99 ) Gross profit 1,910 Total operating expenses (1,819 ) Gain on sale of Fly.com domain name 2,890 Income from discontinued operations before income taxes 2,981 Income tax expense 1,097 Income from discontinued operations, net of income taxes $ 1,884

Summary of Significant Accoun24

Summary of Significant Accounting Policies - Narrative (Details) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2018USD ($)	Dec. 31, 2017USD ($)office	Jan. 01, 2018USD ($)
Related Party Transaction
Accounts payable	$ (14,817)	$ (19,105)
Decrease in deferred tax asset	(1,437)	(1,516)
Deferred revenue	931	$ 825
Deferred revenue,revenue recognized in period	$ 447
Majority Shareholder
Related Party Transaction
Percent of outstanding shares held by related party	57.50%
Minimum
Related Party Transaction
Number of offices | office		25
Accounting Standards Update 2014-09 | Difference between Revenue Guidance in Effect before and after Topic 606
Related Party Transaction
Accounts payable			$ 1,600
Decrease in deferred tax asset			270
Accounting Standards Update 2014-09 | Difference between Revenue Guidance in Effect before and after Topic 606 | Retained Earnings
Related Party Transaction
Cumulative adjustment			$ 1,300

Summary of Significant Accoun25

Summary of Significant Accounting Policies - Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017	Dec. 31, 2016
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash and cash equivalents	$ 23,103	$ 22,553
Restricted cash	1,468	1,448
Total cash, cash equivalents and restricted cash	$ 24,571	$ 24,001	$ 29,970	$ 28,236

Net Income Per Share (Details)

Net Income Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Numerator:
Income from continuing operations	$ 2,502	$ 860
Income from discontinued operations, net of income taxes	0	1,884
Net income	$ 2,502	$ 2,744
Denominator:
Weighted average common shares - basic (in shares)	12,462,000	13,288,000
Effect of dilutive securities: stock options (in shares)	0	0
Weighted average common shares - diluted (in shares)	12,462,000	13,288,000
Income per share—basic:
Continuing operations (in dollars per share)	$ 0.20	$ 0.07
Discontinued operations (in dollars per share)	0	0.14
Net income per share - basic (in dollars per share)	0.20	0.21
Income per share—diluted:
Continuing operations (in dollars per share)	0.20	0.07
Discontinued operations (in dollars per share)	0	0.14
Net income per share - diluted (in dollars per share)	$ 0.20	$ 0.21
Anti-dilutive shares not included in computation of net income (loss) per common share (in shares)	950,000	600,000

Commitments and Contingencies27

Commitments and Contingencies (Details) - USD ($) $ in Thousands	12 Months Ended
	Dec. 31, 2004	Dec. 31, 2002	Mar. 31, 2018	Dec. 31, 2017
Operating Leases, Future Minimum Payments Receivable [Abstract]
2018 Remaining			$ 4,703
2,019			5,534
2,020			4,031
2,021			3,210
2,022			2,371
Thereafter			3,254
Total			23,103
Purchase Obligation, Fiscal Year Maturity [Abstract]
2018 Remaining			1,037
2,019			17
2,020			11
2,021			0
2,022			0
Thereafter			0
Total			1,065
Contractual Obligation, Fiscal Year Maturity [Abstract]
Total commitments 2018 Remaining			5,740
Total commitments in 2019			5,551
Total commitments in 2020			4,042
Total commitments in 2021			3,210
Total commitments in 2022			2,371
Total commitments Thereafter			3,254
Total commitments			24,168
Local deals and getaway merchant payables			$ 10,600	$ 14,600
Travel Zoo Com Corporation
Loss Contingencies
Period for receiving shares under merger (in years)	2 years	2 years
Number of shares exchanged under merger (in shares)		1

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017	Dec. 31, 2017
Income Tax Disclosure [Abstract]
Effective tax rate (percent)	34.00%	58.00%
Unrecognized deferred tax liability related to undistributed earnings of non-U.S. subsidiaries	$ 453
Decrease in unrecognized tax benefits due to settlements with tax authority	390
Total unrecognized tax benefits	198
Accrued interest and penalties	$ 502		$ 651

Accumulated Other Comprehensi29

Accumulated Other Comprehensive Loss (Details) - USD ($)	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Accumulated Other Comprehensive Income [Roll Forward]
Beginning balance	$ 13,078,000
Ending balance	16,884,000
Amounts reclassified from accumulated other comprehensive loss	0	$ 0
AOCI
Accumulated Other Comprehensive Income [Roll Forward]
Beginning balance	(3,597,000)	(3,787,000)
Ending balance	(3,780,000)	(3,820,000)
Foreign Currency Translation
Accumulated Other Comprehensive Income [Roll Forward]
Other comprehensive income (loss) due to foreign currency translation, net of tax	$ (183,000)	$ (33,000)

Stock-Based Compensation and 30

Stock-Based Compensation and Stock Options (Details) - Stock Options	1 Months Ended					3 Months Ended	12 Months Ended		30 Months Ended
	Apr. 30, 2018installment$ / sharesshares	Nov. 01, 2017$ / sharesshares	Mar. 31, 2016$ / sharesshares	Sep. 30, 2015$ / sharesshares	Jan. 31, 2012$ / sharesshares	Mar. 31, 2018USD ($)shares	Dec. 31, 2017USD ($)shares	Dec. 31, 2014shares	Dec. 31, 2020installment
January 2012 Plan
Share-based Compensation Arrangement by Share-based Payment Award
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) | $ / shares					$ 28.98
Options vested and become exercisable annually (in shares)					25,000
Options canceled (in shares)								25,000
Options forfeited (in shares)								25,000
Options outstanding (in shares)						50,000
Unrecognized stock-based compensation expense | $						$ 0
Options vested (in shares)						50,000
September 2015 Plan
Share-based Compensation Arrangement by Share-based Payment Award
Employee options granted to purchase shares of common stock (in shares)				400,000
Exercise price of employee option shares of common stock (in dollars per share) | $ / shares				$ 8.07
Options outstanding (in shares)						400,000
Unrecognized stock-based compensation expense | $						$ 0
Options vested and become exercisable quarterly (in shares)				50,000
Options vested (in shares)						400,000
March 2016 Plan
Share-based Compensation Arrangement by Share-based Payment Award
Employee options granted to purchase shares of common stock (in shares)			150,000
Exercise price of employee option shares of common stock (in dollars per share) | $ / shares			$ 8.55
Options vested and become exercisable annually (in shares)			37,500
Options outstanding (in shares)						100,000
Unrecognized stock-based compensation expense | $						$ 229,000
Options vested (in shares)						50,000
Total stock-based compensation expense | $						$ 30,000
Expected duration for recognition of stock based compensation expense (in years)						1 year 11 months 7 days
October 2017 Plan
Share-based Compensation Arrangement by Share-based Payment Award
Employee options granted to purchase shares of common stock (in shares)		400,000
Exercise price of employee option shares of common stock (in dollars per share) | $ / shares		$ 6.95
Options outstanding (in shares)						400,000
Unrecognized stock-based compensation expense | $						$ 1,000,000
Options vested and become exercisable quarterly (in shares)		50,000
Options vested (in shares)						50,000
Total stock-based compensation expense | $						$ 143,000
Expected duration for recognition of stock based compensation expense (in years)						1 year 9 months 1 day
Executive Officer | March 2016 Plan
Share-based Compensation Arrangement by Share-based Payment Award
Options canceled (in shares)							12,500
Options forfeited (in shares)							37,500
Total stock-based compensation expense | $							$ (19,000)
Subsequent Event | April 2018 Plan
Share-based Compensation Arrangement by Share-based Payment Award
Employee options granted to purchase shares of common stock (in shares)	50,000
Exercise price of employee option shares of common stock (in dollars per share) | $ / shares	$ 10.50
Vesting installments | installment	12
Scenario, Forecast | April 2018 Plan
Share-based Compensation Arrangement by Share-based Payment Award
Vesting installments | installment									11

Stock Repurchase Program (Detai

Stock Repurchase Program (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017	Dec. 31, 2016	Feb. 28, 2017	Feb. 29, 2016
January 2014 and February 2016 Plan
Class of Stock [Line Items]
Remaining number of shares authorized to be repurchased (in shares)			0
January 2014 and February 2016 Plan | Treasury Stock
Class of Stock [Line Items]
Shares repurchase and retired during period (in shares)			1,056,000
February 2016 Plan
Class of Stock [Line Items]
Number of shares authorized to be repurchased (up to) (in shares)					1,000,000
February 2016 Plan | Treasury Stock
Class of Stock [Line Items]
Stock repurchased during period, value			$ 9.5
January 2014 Plan
Class of Stock [Line Items]
Shares repurchase and retired during period (in shares)			56,000
February 2017 Plan
Class of Stock [Line Items]
Number of shares authorized to be repurchased (up to) (in shares)				1,000,000
Shares repurchase and retired during period (in shares)		1,000,000
February 2017 Plan | Treasury Stock
Class of Stock [Line Items]
Stock repurchased during period, value		$ 9.7
March 2018 Plan
Class of Stock [Line Items]
Number of shares authorized to be repurchased (up to) (in shares)	500,000
Shares repurchase and retired during period (in shares)	0

Segment Reporting and Signifi32

Segment Reporting and Significant Customer Information - Narrative (Details)	3 Months Ended
	Mar. 31, 2018segment
Segment Reporting [Abstract]
Number of reportable operating segments	3

Segment Reporting and Signifi33

Segment Reporting and Significant Customer Information - Operating Results from Continuing Operations and Assets by Business Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Summary of operating results from continuing operations and assets by business segment
Revenues	$ 30,884	$ 28,429
Operating profit (loss)	3,657	2,062
Asia Pacific
Summary of operating results from continuing operations and assets by business segment
Revenues	2,022	1,813
Operating profit (loss)	(1,740)	(1,541)
Europe
Summary of operating results from continuing operations and assets by business segment
Revenues	10,280	9,071
Operating profit (loss)	1,966	949
North America
Summary of operating results from continuing operations and assets by business segment
Revenues	18,582	17,545
Operating profit (loss)	3,431	2,654
Operating Segments | Asia Pacific
Summary of operating results from continuing operations and assets by business segment
Revenues	2,042	1,844
Operating Segments | Europe
Summary of operating results from continuing operations and assets by business segment
Revenues	10,332	9,218
Operating Segments | North America
Summary of operating results from continuing operations and assets by business segment
Revenues	18,510	17,367
Elimination | Asia Pacific
Summary of operating results from continuing operations and assets by business segment
Revenues	(20)	(31)
Elimination | Europe
Summary of operating results from continuing operations and assets by business segment
Revenues	(52)	(147)
Elimination | North America
Summary of operating results from continuing operations and assets by business segment
Revenues	$ 72	$ 178

Segment Reporting and Signifi34

Segment Reporting and Significant Customer Information - Assets by Segment (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Revenue for each segment recognized based on customer location
Long-lived assets	$ 4,641	$ 4,921
Total assets	46,636	45,672
Elimination
Revenue for each segment recognized based on customer location
Long-lived assets	0	0
Total assets	(76,022)	(72,864)
Asia Pacific | Operating Segments
Revenue for each segment recognized based on customer location
Long-lived assets	130	140
Total assets	3,799	3,697
Europe | Operating Segments
Revenue for each segment recognized based on customer location
Long-lived assets	448	496
Total assets	55,202	54,593
North America | Operating Segments
Revenue for each segment recognized based on customer location
Long-lived assets	4,063	4,285
Total assets	$ 63,657	$ 60,246

Segment Reporting and Signifi35

Segment Reporting and Significant Customer Information - Revenue by Type and Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Breakdown of revenues by type and segment
Total revenues	$ 30,884	$ 28,429
Asia Pacific
Breakdown of revenues by type and segment
Total revenues	2,022	1,813
Europe
Breakdown of revenues by type and segment
Total revenues	10,280	9,071
North America
Breakdown of revenues by type and segment
Total revenues	18,582	17,545
Travel
Breakdown of revenues by type and segment
Total revenues	26,990	24,532
Travel | Asia Pacific
Breakdown of revenues by type and segment
Total revenues	1,901	1,668
Travel | Europe
Breakdown of revenues by type and segment
Total revenues	9,053	8,005
Travel | North America
Breakdown of revenues by type and segment
Total revenues	16,036	14,859
Local
Breakdown of revenues by type and segment
Total revenues	3,894	3,897
Local | Asia Pacific
Breakdown of revenues by type and segment
Total revenues	121	145
Local | Europe
Breakdown of revenues by type and segment
Total revenues	1,227	1,066
Local | North America
Breakdown of revenues by type and segment
Total revenues	$ 2,546	$ 2,686

Segment Reporting and Signifi36

Segment Reporting and Significant Customer Information - Revenue for Individual Countries that Exceed 10% of Total Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Revenue, Major Customer [Line Items]
Total revenues	$ 30,884	$ 28,429
United States
Revenue, Major Customer [Line Items]
Total revenues	17,118	16,226
United Kingdom
Revenue, Major Customer [Line Items]
Total revenues	5,860	4,950
GERMANY
Revenue, Major Customer [Line Items]
Total revenues	3,659	3,506
Rest of the world
Revenue, Major Customer [Line Items]
Total revenues	$ 4,247	$ 3,747

Segment Reporting and Signifi37

Segment Reporting and Significant Customer Information - Long Lives Assets by Geographic Area (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Revenues from External Customers and Long-Lived Assets
Long-lived assets	$ 4,641	$ 4,921
United States
Revenues from External Customers and Long-Lived Assets
Long-lived assets	3,698	3,893
Rest of the world
Revenues from External Customers and Long-Lived Assets
Long-lived assets	$ 943	$ 1,028

Discontinued Operations (Detail

Discontinued Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Gain on sale of Fly.com domain name	$ 0	$ 2,890
Income from discontinued operations, net of income taxes	$ 0	1,884
Discontinued Operations, Disposed of by Sale | Fly.com domain
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenues from Search		2,009
Cost of revenues		(99)
Gross profit		1,910
Total operating expenses		(1,819)
Gain on sale of Fly.com domain name		2,890
Income from discontinued operations before income taxes		2,981
Income tax expense		1,097
Income from discontinued operations, net of income taxes		$ 1,884

Subsequent Event (Details)

Subsequent Event (Details) - Subsequent Event € in Millions	1 Months Ended
	Apr. 30, 2018EUR (€)
Subsequent Event [Line Items]
Payment to acquire equity method investment	€ 2.5
Equity method investment ownership percentage	25.00%