Travelzoo (TZOO) 10-Q 25 Jun 20 2020 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2020	Jun. 25, 2020
Document and Entity Information [Abstract]
Entity Registrant Name	Travelzoo
Entity Central Index Key	0001133311
Document Type	10-Q
Document Period End Date	Mar. 31, 2020
Amendment Flag	false
Document Fiscal Year Focus	2020
Document Fiscal Period Focus	Q1
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Current Reporting Status	Yes
Emerging Growth Company	false
Entity Shell Company	false
Entity Small Business	true
Entity Common Stock, Shares Outstanding		11,310,431

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Current assets:
Cash and cash equivalents	$ 12,130	$ 18,743
Accounts receivable, less allowance for doubtful accounts of $2,332 and $1,106 as of March 31, 2020 and December 31, 2019, respectively	7,653	11,209
Prepaid income taxes	0	989
Deposits	112	105
Prepaid expenses and other	1,712	2,288
Assets from discontinued operation	2,251	3,961
Total current assets	23,858	37,295
Deposits and other	430	572
Deferred tax assets	3,404	2,051
Restricted cash	1,131	1,135
Investment in WeekenGO	2,258	2,484
Operating lease right-of-use assets	11,210	8,140
Property and equipment, net	1,964	2,861
Intangible assets, net	5,595	0
Goodwill	10,944	0
Total assets	60,794	54,538
Current liabilities:
Accounts payable	12,836	19,349
Accrued expenses and other	6,528	6,281
Deferred revenue	2,451	786
Operating lease liabilities	4,801	4,847
Promissory notes payable	9,971	0
Income tax payable	519	914
Liabilities from discontinued operation	2,289	3,135
Total current liabilities	39,395	35,312
Long-term tax liabilities	367	359
Deferred tax liabilities	1,210	0
Long-term operating lease liabilities	12,921	7,920
Long-term deferred rent and other	84	84
Commitments and contingencies
Non-controlling interest	4,616
Stockholders’ equity:
Common stock, $0.01 par value (20,000 shares authorized; 11,310 and 11,479 shares issued and outstanding as of March 31, 2020 and December 31, 2019)	113	115
Additional paid in capital	0	0
Retained earnings	6,411	14,200
Accumulated other comprehensive loss	(4,323)	(3,452)
Total stockholders’ equity	2,201	10,863
Total liabilities and stockholders’ equity	$ 60,794	$ 54,538

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 2,332	$ 1,106
Common stock, par value (in dollars per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	20,000,000	20,000,000
Common stock, shares issued (in shares)	11,310,000	11,479,000
Common stock, shares outstanding (in shares)	11,310,000	11,479,000

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenues	$ 20,327	$ 29,160
Cost of revenues	2,703	2,865
Gross profit	17,624	26,295
Operating expenses:
Sales and marketing	13,094	13,534
Product development	1,428	1,659
General and administrative	5,522	4,532
Impairment of intangible assets and goodwill	2,920	0
Total operating expenses	22,964	19,725
Operating income (loss)	(5,340)	6,570
Other income (loss), net	(6)	45
Income (loss) from continuing operations before income taxes	(5,346)	6,615
Income tax expense (benefit)	(517)	1,670
Income (loss) from continuing operations	(4,829)	4,945
Income (loss) from discontinued operations, net of taxes	(2,919)	(1,825)
Net income (loss) attributable to non-controlling interest	(7,748)	3,120
Net income (loss) attributable to non-controlling interest	(1,139)	0
Net income (loss) attributable to Travelzoo	(6,609)	3,120
Net income (loss) attributable to Travelzoo—continuing operations	(3,690)	4,945
Net income (loss) attributable to Travelzoo—discontinued operations	$ (2,919)	$ (1,825)
Income (loss) per share—basic
Income (loss) per share continuing operations - basic (in dollars per share)	$ (0.32)	$ 0.41
Income (loss) per share discontinued operations - basic (in dollars per share)	(0.26)	(0.15)
Net income (loss) per share - basic (in dollars per share)	(0.58)	0.26
Income (loss) per share—diluted
Income (loss) per share continuing operations - diluted (in dollars per share)	(0.32)	0.41
Income (loss) per share discontinued operations - diluted (in dollars per share)	(0.26)	(0.15)
Net income (loss) per share - diluted (in dollars per share)	$ (0.58)	$ 0.26
Shares used in computing basic net income (loss) per share (in shares)	11,439	11,914
Shares used in computing diluted net income (loss) per share (in shares)	11,439	12,224
Continuing Operations
Income (loss) per share—diluted
Shares used in computing basic net income (loss) per share (in shares)	11,439	11,914
Shares used in computing diluted net income (loss) per share (in shares)	11,439	12,224
Discontinued Operations
Income (loss) per share—diluted
Shares used in computing basic net income (loss) per share (in shares)	11,439	11,914
Shares used in computing diluted net income (loss) per share (in shares)	11,439	11,914

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ (7,748)	$ 3,120
Other comprehensive income (loss):
Foreign currency translation adjustment	(272)	(89)
Total comprehensive income (loss)	$ (8,020)	$ 3,031

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Cash flows from operating activities:
Net income (loss)	$ (7,748)	$ 3,120
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:
Depreciation and amortization	551	330
Stock-based compensation	23	163
Deferred income tax	(609)	341
Impairment of intangible assets and goodwill	2,920	0
Loss on long-lived assets	437	0
Loss on equity investment in WeekenGO	195	159
Non-cash interest expense	40
Net foreign currency effect	(681)	(21)
Provision of loss on accounts receivable and other	1,401	77
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable	2,509	(2,980)
Prepaid income taxes	989	389
Prepaid expenses and other	862	425
Accounts payable	(6,393)	(1,101)
Accrued expenses and other	704	1,733
Deferred revenue	889	(146)
Income tax payable	(333)	988
Other liabilities	1,188	(71)
Net cash provided by (used in) operating activities	(3,056)	3,406
Cash flows from investing activities:
Acquisition of business, net of cash acquired	(679)	0
Purchases of property and equipment	(131)	(131)
Net cash used in investing activities	(810)	(131)
Cash flows from financing activities:
Repurchase of common stock	(1,205)	(1,591)
Payment of promissory notes	(1,000)	0
Proceeds from exercise of stock options, net of taxes paid for net share settlement	0	(26)
Net cash used in financing activities	(2,205)	(1,617)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(272)	152
Net increase (decrease) in cash, cash equivalents and restricted cash	(6,343)	1,810
Cash, cash equivalents and restricted cash at beginning of period	20,710	19,461
Cash, cash equivalents and restricted cash at end of period	14,367	21,271
Supplemental disclosure of cash flow information:
Cash paid (refunded) for income taxes, net	542	(60)
Right-of-use assets obtained in exchange for lease obligations—operating leases	3,207	1,805
Cash paid for amounts included in the measurement of lease liabilities	1,310	1,277
Non-cash investing and financing activities:
Issuance of promissory notes to Sellers	$ 11,000	$ 0

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Unaudited) - USD ($) $ in Thousands	Total	Common Stock	Additional Paid-In Capital	Retained Earnings	Accumulated Other Comprehensive Loss
Beginning balance (in shares) at Dec. 31, 2018		11,962,000
Beginning balance at Dec. 31, 2018	$ 14,059	$ 120	$ 0	$ 18,153	$ (4,214)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	163		163
Repurchase and retirement of common stock, net (in shares)		(100,000)
Repurchase and retirement of common stock	(1,590)	$ (1)	(137)	(1,452)
Taxes paid for net share settlement of equity awards (in shares)		3,000
Taxes paid for net share settlement of equity awards	(26)		(26)
Foreign currency translation adjustment	(89)				(89)
Net income	3,120			3,120
Ending balance (in shares) at Mar. 31, 2019		11,865,000
Ending balance at Mar. 31, 2019	15,637	$ 119	0	19,821	(4,303)
Beginning balance (in shares) at Dec. 31, 2019		11,479,000
Beginning balance at Dec. 31, 2019	10,863	$ 115	0	14,200	(3,452)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense	23		23
Repurchase and retirement of common stock, net (in shares)		(169,000)
Repurchase and retirement of common stock	(1,205)	$ (2)	(23)	(1,180)
Foreign currency translation adjustment	(871)				(871)
Net income	(6,609)			(6,609)
Ending balance (in shares) at Mar. 31, 2020		11,310,000
Ending balance at Mar. 31, 2020	$ 2,201	$ 113	$ 0	$ 6,411	$ (4,323)

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2020
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® is a global Internet media company. We provide our 30 million members insider deals and one-of-a-kind experiences personally reviewed by one of our deal experts around the globe. We have our finger on the pulse of outstanding travel, entertainment, and lifestyle experiences. For over 20 years we have worked in partnership with more than 5,000 top travel suppliers-our long-standing relationships give Travelzoo members access to irresistible 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 email newsletter, the Newsflash email 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 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. In January of 2020, Travelzoo (the “Company”) acquired JFC Travel Group Co. (“Jack’s Flight Club”). This company operates Jack’s Flight Club , a subscription service which provides members information about exceptional airfares. As of March 31, 2020, Jack’s Flight Club had 1.7 million members. Jack Flight Club’s revenues are generated by subscription fees paid by members. In April 2018, Travelzoo invested $ 3.0 million in WeekenGo GmbH (“WeekenGO”) for a 25% ownership interest. WeekenGO uses new technology to promote vacation packages. The Company accounts for this private company investment using the equity method of accounting by recording its share of the results of WeekenGO in Other income (expense), net on a one-quarter lag basis. In accounting for the investment, the Company allocated $1.0 million of its purchase price to tangible assets and allocated approximately $ 485,000 of the purchase to technology-related intangible assets to be amortized over a three -year life. The remaining $ 1.5 million of the purchase price was allocated to goodwill. In April 2019, the Company invested an additional $673,000 in WeekenGO and increased the Company's ownership interest to 26.6% . On February 11, 2020, Travelzoo signed an amended investment agreement with WeekenGO and agreed to invest an additional $1.7 million when WeekenGO meets certain internal targets. As of March 31, 2020, WeekenGO has not met the internal targets and no additional investments have been made by the Company. WeekenGO also signed a $ 2.1 million insertion order for advertising with Travelzoo in April 2018. The Company's advertising services provided to WeekenGO in the three months ended March 31, 2020 and 2019 were $357,000 and $ 555,000 , respectively. During the three months ended March 31, 2020 , the Company recorded $227,000 for its share of WeekenGO losses, amortization of basis differences and currency translation adjustment. This equity method investment is reported as a long-term investment on the Company's condensed consolidated balance sheets. Ralph Bartel, who founded 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, 2020 , Azzurro is the Company's largest stockholder, holding approximately 39.5% of the Company's outstanding shares. Azzurro currently holds a proxy given to it by Holger Bartel that provides it with a total of 39.9% of the voting power. 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, 2019, included in the Company’s Form 10-K filed with the SEC on March 20, 2020. In March 2020, Travelzoo exited its loss-making Asia Pacific business. The Company’s Asia Pacific business was classified as discontinued operations at March 31, 2020. Prior periods have been reclassified to conform with the current presentation. 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 financial results of Jack’s Flight Club have been included in our consolidated financial statements from the date of acquisition. Investments in entities where the Company does not have control, but does have significant influence, are accounted for as equity method investments. The results of operations for the three months ended March 31, 2020 are not necessarily indicative of the results that may be expected for the year ending December 31, 2020 or any other future period, and the Company makes no representations related thereto. (b) Recent Accounting Pronouncements In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments,” which provides new guidance on the measurement of credit losses for financial assets measured at amortized cost, which includes accounts receivable. The new guidance replaces the existing incurred loss impairment model with an expected loss methodology, which will result in more timely recognition of credit losses. This update is effective for public business entities for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. For Smaller Reporting Companies, the standard will be effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Early adoption is permitted for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Entities are required to apply this update on a modified retrospective basis with a cumulative-effect adjustment to retained earnings as of the beginning of the period of adoption. The Company is currently evaluating the impact on its financial position and results of operations. In January 2017, the FASB issued ASU No. 2017-04, “Intangibles-Goodwill and Other (Topic 350) Simplifying the Test for Goodwill Impairment.” ASU 2017-04 simplifies the accounting for goodwill impairment by eliminating the Step 2 requirement to calculate the implied fair value of goodwill. As a result, an entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting units' fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. An entity still has the option to perform the qualitative assessment for a reporting unit to determine if the quantitative impairment test is necessary. The ASU is effective for fiscal years beginning after December 15, 2022 for smaller reporting companies, including interim periods within those fiscal years, with early adoption permitted. The Company early adopted ASU 2017-04 as of January 1, 2020 and the adoption did not have a material impact on its consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-15, "Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract." The new guidance required a customer in a cloud computing arrangement that is a service contract to follow the internal-use software guidance in ASC 350-40 to determine which implementation costs to capitalize as assets or expense as incurred. The guidance is effective for calendar-year public business entities in 2020. Early adoption is permitted. The adoption did not have a material impact on its financial position, results of operations and cash flows. (c) Significant Accounting Policies Below are a summary of the Company's significant accounting policies. For a comprehensive description of our accounting policies, refer to our Annual Report on Form 10-K for the year ended December 31, 2019. Business Combinations The purchase price of an acquisition is allocated to the tangible and intangible assets acquired and liabilities assumed based on their estimated fair values at the acquisition date. To the extent the purchase price exceeds the fair value of the net identifiable tangible and intangible assets acquired and liabilities assumed, such excess is allocated to goodwill. The Company determines the estimated fair values after review and consideration of relevant information, including discounted cash flows, quoted market prices and estimates made by management. The Company records the net assets and results of operations of an acquired entity from the acquisition date and adjusts the preliminary purchase price allocation, as necessary, during the measurement period of up to one year after the acquisition closing date as it obtains more information as to facts and circumstances existing at the acquisition date impacting asset valuations and liabilities assumed. Acquisition-related costs are recognized separately from the acquisition and are expensed as incurred. Identifiable intangible assets Upon acquisition, identifiable intangible assets are recorded at fair value and are carried at cost less accumulated amortization. Identifiable intangible assets with finite lives are amortized on a straight-line basis over their estimated useful lives. The carrying values of all intangible assets are reviewed for impairment whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. The Company evaluated intangible assets for the period ending March 31, 2020 due to the COVID-19 pandemic and recorded an impairment expense of $810,000 . Goodwill Goodwill represents the excess of the purchase price of an acquired business over the fair value of the underlying net tangible and intangible assets. Goodwill is evaluated for impairment annually, and whenever events or changes in circumstances indicate the carrying value of goodwill may not be recoverable. In testing goodwill for impairment, the Company first uses a qualitative assessment to evaluate whether it is more likely than not that the fair value of a reporting unit is less than the carrying amount. If the qualitative assessment indicates that goodwill impairment is more likely than not, the Company performs an impairment test by comparing the book value of net assets to the fair value of the reporting units. The Company evaluated goodwill for the period ending March 31, 2020 due to the COVID-19 pandemic and recorded an impairment expense of $2.1 million . Leases The Company determines if an arrangement contains a lease at inception. Operating lease right-of-use (“ROU”) assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. The lease payments used to determine the operating lease assets may include lease incentives and stated rent increases. The Company does not include options to extend or terminate until it is reasonably certain that the option will be exercised. Lease expense is recognized on a straight-line basis over the lease term. The Company uses its incremental borrowing rate based on the information available at the commencement date in determining the lease liabilities as the Company’s leases generally do not provide an implicit rate. The Company elected not to recognize leases with an initial term of 12 months or less on its unaudited condensed consolidated balance sheets. The Company’s leases are reflected in operating lease ROU assets, operating lease liabilities and long-term operating lease liabilities in our unaudited condensed consolidated balance sheets. The lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. The Company also has a real estate lease agreement which is subleased to a third party. The Company recognizes sublease income in Other income (expense), net on a straight-line basis over the lease term in its condensed consolidated statements of income. Certain Risks and Uncertainties The Company’s business is subject to risks associated with its ability to attract and retain advertisers and offer products or services on compelling terms to our members. The global outbreak of coronavirus (COVID-19) is having an unprecedented impact on the global travel and hospitality industries. Governmental authorities have implemented numerous measures to try to contain the virus, including restrictions on travel, quarantines, shelter-in-place orders, business restrictions and complete shut-downs. The measures implemented to contain COVID-19 have had, and are expected to continue to have, a significant negative effect on our business, financial condition, results of operations and cash flows. The Company’s cash, cash equivalents and accounts receivable are potentially subject to concentration of credit risk. Cash and cash equivalents are placed with financial institutions that the management believes are of high credit quality. The accounts receivables are derived from revenue earned from customers located in the U.S. and internationally. During the three months ended March 31, 2020 , the Company began to experience the adverse impact of COVID-19. Many of the Company's advertising partners paused, canceled, and stopped advertising with the Company. Additionally, there has been an unprecedented level of cancellations for the Company's hotel partners and travel package partners as well as refund requests for our vouchers with the Company’s restaurant and spa partners. The Company has modified its policies and will continue to adopt new policies as the situation evolves. However, the uncertainties of the pandemic, such as its duration and severity, will negatively impact our partners and customers. As of March 31, 2020 and December 31, 2019 , the Company did not have any customers that accounted for 10% or more of accounts receivable. Cash, Cash Equivalents and Restricted Cash 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 cash held for letters of credit for real estate leases. The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the unaudited condensed consolidated balance sheets to the total amounts shown in the unaudited condensed consolidated statements of cash flows: March 31, December 31, 2020 2019 Cash and cash equivalents $ 12,130 $ 18,743 Restricted cash 1,131 1,135 Cash, cash equivalents and restricted cash–discontinued operations 1,106 832 Total cash, cash equivalents and restricted cash in the condensed consolidated statements of cash flows $ 14,367 $ 20,710 The Company’s restricted cash was included in noncurrent assets as of March 31, 2020 and December 31, 2019. Revenue Recognition On January 1, 2018, the Company adopted Accounting Standards Update No. 2014-09, "Revenue from Contracts with Customers" (Topic 606), using the modified retrospective transition method applied to those contracts which were not completed as of January 1, 2018. 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. Under Topic 606, revenue is recognized when control of the promised goods or services is transferred to our customers, in an amount that reflects the consideration we expect 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 sale of vouchers through our Local Deals and Getaways products and operation of hotel booking platform and vacation packages. The Company's disaggregated revenues are included in "Note 9: 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 shown or email delivered. For transaction based revenues, including products such as Local Deals, Getaways, hotel platform and vacation packages, 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 Getaways 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 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 upon 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 ASC 606. The Company expenses sales commissions when incurred because the amortization period would be 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. Deferred revenue primarily consists of customer prepayments and undelivered performance obligations related to the Company’s contracts with multiple performance obligations. At December 31, 2019 , $786,000 was recorded as deferred revenue, of which $296,000 was recognized as revenue during the three months ended March 31, 2020 .

Net Income (Loss) Per Share

Net Income (Loss) Per Share	3 Months Ended
	Mar. 31, 2020
Earnings Per Share [Abstract]
Net Income (Loss) Per Share	Net Income (Loss) Per Share Basic net income (loss) 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 March 31, 2020 2019 Numerator: Net income (loss) attributable to Travelzoo—continuing operations $ (3,690 ) $ 4,945 Net income (loss) attributable to Travelzoo—discontinued operations $ (2,919 ) $ (1,825 ) Denominator: Weighted average common shares—basic 11,439 11,914 Effect of dilutive securities: stock options — 310 Weighted average common shares—diluted 11,439 12,224 Income (loss) per share—basic Continuing operations $ (0.32 ) $ 0.41 Discontinued operations (0.26 ) (0.15 ) Net income (loss) per share —basic $ (0.58 ) $ 0.26 Income (loss) per share—diluted Continuing operations $ (0.32 ) $ 0.41 Discontinued operations (0.26 ) (0.15 ) Net income (loss) per share—diluted $ (0.58 ) $ 0.26 For the three months ended March 31, 2020 , options to purchase 700,000 shares of common stock were not included in the computation of diluted net income per share. For the three months ended March 31, 2019 , options to purchase 150,000 shares of common stock were not included in the computation of diluted net income per share because the effect would have been anti-dilutive.

Acquisition

Acquisition	3 Months Ended
	Mar. 31, 2020
Business Combinations [Abstract]
Acquisition	Acquisition On January 13, 2020, Travelzoo entered into a Stock Purchase Agreement (the "SPA") with the shareholders of Jack’s Flight Club (the “Sellers”) for the purchase of up to 100% of the outstanding capital stock of Jack’s Flight Club (the “Shares”). Pursuant to the SPA, on January 13, 2020, the Sellers sold 60% of the Shares to the Company for an aggregate purchase price of $12.0 million , $1.0 million of which was paid in cash and $11.0 million of which was paid in the form of promissory notes. The promissory notes contain an interest rate of 1.6% per annum and a due date of January 31, 2020, with a one-time right to extend the maturity date up to April 30, 2020 with a principal payment of $1.0 million on January 31, 2020 which the Company exercised. The remaining 40% of the Shares are subject to a call/put option exercisable by the Company or the Sellers, as applicable, on or around January 1, 2021, subject to the terms and conditions set forth in the SPA. The strategic rationale for the Jack’s Flight Club acquisition was to expand Jack’s Flight Club ’s membership to Travelzoo members worldwide, so the members from Travelzoo could also sign up to receive offers from Jack’s Flight Club. The acquisition has been accounted for using the acquisition method in accordance with Accounting Standards Codification ("ASC") 805, Business Combinations. Under the acquisition method of accounting, the total purchase consideration of the acquisition is allocated to the tangible assets and identifiable intangible assets and liabilities assumed based on their relative fair values. The excess of the purchase consideration over the net tangible and identifiable intangible assets is recorded as goodwill. The acquisition related costs were not significant and were expensed as incurred. Purchase Price Allocation The purchase price allocation is based on estimates, assumptions and third-party valuations and the allocation for customer related intangible assets is preliminary subject to obtaining additional information. The aggregate purchase price and allocation was as follows (in thousands): Purchase Price Jack’s Flight Club Cash paid $ 1,000 Promissory notes issued 10,931 Fair Value of Put/Call Option 183 $ 12,114 Allocation Goodwill $ 13,054 Intangible assets Customer relationships 3,500 Trade name 2,460 Non-compete agreements 660 Current assets acquired, including cash of $321 324 Current liabilities assumed (40 ) Deferred revenue (881 ) Deferred tax liabilities (1,391 ) Non-controlling interest (5,572 ) $ 12,114 The Company determined the estimated fair value of the put/call option by using the Monte Carlo Simulation approach and the identifiable intangible assets acquired primarily by using the income approach. Non-controlling interests represent third-party shareholders and are measured at fair value on the date acquired. Goodwill Goodwill represents the excess of the cost of an acquisition over the fair value of the Company’s share of the identifiable net assets of the acquired subsidiary. Goodwill is evaluated for impairment annually, and whenever events or changes in circumstances indicate the carrying value of goodwill may not be recoverable. Due to the COVID-19 pandemic that started in the quarter ended March 31, 2020 and the impact it has had on the global economy, the Company determined that this was a triggering event requiring the Company to assess its long-lived assets including Goodwill for impairment. The Company performed an impairment test during the three months ended March 31, 2020 by comparing the carrying value of Jack’s Flight Club net assets to the fair value of the Jack’s Flight Club reporting unit based on an updated discounted cash flow analysis. The fair value of the Jack’s Flight Club reporting unit was determined to be less than the carrying value, and the difference between the estimated fair value of goodwill and the carrying value was recorded as goodwill impairment. The Company also performed an ASC 360 analysis for long-lived assets noting no impairment of such assets based on the undiscounted cash flows of the Jack’s Flight Club asset group. The Company first impaired indefinite lived intangible assets (Trade names) before impairing Goodwill. The following table summarizes the goodwill activity for the three months ended March 31, 2020 (in thousands): Goodwill—January 1, 2020 $ — Acquisition 13,054 Impairment (2,110 ) Goodwill—March 31, 2020 $ 10,944 Intangible Assets The following table represents the fair value and estimated useful lives of intangible assets (in thousands): Fair Value Estimated Life (Years) Customer relationships $ 3,500 5 Trade name 2,460 indefinite Non-compete agreements 660 4 The fair value of intangible assets of $6.4 million has been allocated to the following three asset categories: 1) Customer relationships, 2) Trade name, and 3) Non-compete agreements. These assets are included within “Intangible assets” on our consolidated balance sheets. Customer relationships and non-compete agreements are being amortized to operating expenses over their estimated useful lives using either the straight-line basis for non-compete agreements or on an accelerated basis for Customer Relationships. The following table represents the activities of intangible assets for the three months ended March 31, 2020 (in thousands): Fair Value Intangible assets—January 1, 2020 $ — Acquisition 6,620 Impairment of trade name (810 ) Amortization of intangible assets with definite lives (215 ) Intangible assets, net—March 31, 2020 $ 5,595 Amortization expense for acquired intangibles was $215,000 for the three months ended March 31, 2020 . Expected future amortization expense of acquired intangible assets as of March 31, 2020 is as follows (in thousands): Years ending December 31, 2020 remainder $ 949 2021 1,215 2022 865 2023 515 2024 357 Thereafter 44 $ 3,945 As previously discussed in Goodwill, the Company's impairment test indicated that Jack’s Flight Club’s indefinite lived intangible assets (Trade name) was impaired for $810,000 for the three months ended March 31, 2020 . Pro Forma Information The acquired company was consolidated into our financial statements starting on the acquisition date. The unaudited financial information in the table below summarizes the combined results of operations of Travelzoo and Jack’s Flight Club, on a pro forma basis, as though the companies had been combined as of the beginning of the fiscal year presented. The debt was issued to finance the acquisition of Jack’s Flight Club. The unaudited pro forma information has been calculated after applying the Company’s accounting policies and includes adjustments to reflect the amortization charges from acquired intangible assets, adjustments to deferred revenue, interest expense and related tax effects. The unaudited pro forma financial information is presented for informational purposes only and is not indicative of the results of operations that would have been achieved if the acquisition had taken place at the beginning of the fiscal year presented. The following table summarizes the pro forma financial information (in thousands): Three Months Ended March 31, March 31, 2020 2019 Revenues $ 20,448 $ 29,665 Net income (loss) $ (7,723 ) $ 3,077

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2020
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 (“Netsurfers”) was merged into the Company. Under and subject to the terms of the merger agreement, holders of promotional shares of 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 the Company in exchange for each share of common stock of Netsurfers. 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 Netsurfers 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 Netsurfers 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 Netsurfers, 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, 2020 and 2019 . 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 Netsurfers 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 Netsurfers. The Company has operating leases. Refer to Note 11 for contractual commitments as of March 31, 2020 . Local Deals and Getaways merchant payables included in accounts payable were $6.1 million and $13.0 million , as of March 31, 2020 and December 31, 2019 , respectively.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2020
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Ordinarily, 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 the U.K. Due to the COVID-19 pandemic, and difficulty forecasting the calendar year 2020 of income (loss) by jurisdiction, we determined the estimated annual effective rate method would not provide a reliable estimate of the Company’s overall annual effective tax rate. As such, we have calculated the tax provision using the actual effective rate for the three months ended March 31, 2020. The Company's effective tax rate was 10% and 25% , respectively, for the three months ended March 31, 2020 and 2019 . The Company's effective tax rate decreased for the three months ended March 31, 2020 from the corresponding three months ended March 31, 2019 , primarily due to operating loss not benefited. As of March 31, 2020 , the Company is permanently reinvested in certain of its non-U.S. subsidiaries and does not have a deferred tax liability related to its undistributed foreign earnings. 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 $452,000 . The Company maintains liabilities for uncertain tax positions. At March 31, 2020 , the Company had approximately $152,000 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, 2020 and December 31, 2019 , the Company had approximately $215,000 and $207,000 in accrued interest, respectively. The Company files income tax returns in the U.S. federal jurisdiction, various U.S. states and foreign jurisdictions. The Company is subject to U.S. federal and certain state tax examinations for certain years after 2016 and is subject to California tax examinations for years after 2015. We do not know what our income taxes will be in future periods. There may be fluctuations that have a material impact on our results of operations. Our income taxes are dependent on numerous factors such as the geographic mix of our taxable income, federal and state and foreign country tax law and regulations and changes thereto, the determination of whether valuation allowances for certain tax assets are required or not, audits of prior years' tax returns resulting in adjustments, resolution of uncertain tax positions and different treatment for certain items for tax versus books. We expect fluctuations in our income taxes from year to year and from quarter to quarter. Some of the fluctuations may be significant and have a material impact on our results of operations. On March 27, 2020, President Trump signed into law the Coronavirus Aid, Relief, and Economic Security (“CARES”) Act, which, along with earlier issued IRS guidance, provides for deferral of certain taxes. The CARES Act, among other things, also contains numerous other provisions which may benefit the Company. We continue to assess the effect of the CARES Act and ongoing government guidance related to COVID-19 that may be issued.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	3 Months Ended
	Mar. 31, 2020
Equity [Abstract]
Accumulated Other Comprehensive Loss	Accumulated Other Comprehensive Loss The following table summarizes the changes in accumulated other comprehensive loss (in thousands): Three Months Ended March 31, 2020 2019 Beginning balance $ (3,452 ) $ (4,214 ) Other comprehensive income (loss) due to foreign currency translation, net of tax (272 ) (89 ) Reclass of amounts to income relating to APAC discontinued operations, net of tax (599 ) — Ending balance $ (4,323 ) $ (4,303 ) There were no amounts reclassified from accumulated other comprehensive loss for the three months ended March 31, 2019 .

Stock-Based Compensation and St

Stock-Based Compensation and Stock Options	3 Months Ended
	Mar. 31, 2020
Share-based Payment Arrangement [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. During 2019, the remaining 50,000 options were canceled upon the departure of an executive. Stock-based compensation related to these options was fully expensed. 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. Stock-based compensation related to these options was fully expensed. As of March 31, 2020 , 400,000 options were vested and outstanding. 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. In 2018, 50,000 options were forfeited upon the departure of an executive and the compensation expense of $59,000 was reversed. In 2019, the remaining 50,000 options were net exercised for 4,000 shares of common stock. 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. During 2019, 250,000 options were exercised. As of March 31, 2020 , 150,000 options were vested and outstanding. Total stock-based compensation for the three months ended March 31, 2019, related to these option grants was $143,000 . Stock-based compensation related to these options was fully expensed as of December 31, 2019. 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 options vest in twelve equal installments. The first installment vested on April 26, 2018 , and the remaining eleven installments vest from June 30, 2018 to December 31, 2020 . During the three months ended March 31, 2019, the Company recognized $34,000 stock-based compensation and canceled the 50,000 options upon the departure of the employee. In May 2018, the Company granted an employee options to purchase 50,000 shares of common stock with an exercise price of $14.70 , of which 12,500 options will vest and become exercisable annually starting in May 2019. As of March 31, 2020 , 50,000 options were outstanding and 12,500 of these options were vested. Total stock-based compensation for the three months ended March 31, 2020 and 2019, related to these option grants was $22,000 . As of March 31, 2020 , there was approximately $190,000 of unrecognized stock-based compensation expense relating to these options. This amount is expected to be recognized over 2.1 years . In June 2018, the Company granted an employee options to purchase 50,000 shares of common stock with an exercise price of $16.65 , of which 12,500 options will vest and become exercisable annually starting on June 2019 . During the three months ended March 31, 2020 , 37,500 unvested options were forfeited upon and the compensation expense of $43,000 was reversed upon the employee's notification of departure. In May 2019, the Company granted an employee options to purchase 100,000 shares of common stock with an exercise price of $19.28 , of which 10,000 options vested and became exercisable in May 2019, 15,000 options vested and become exercisable in September 2019, and the remaining 75,000 will vest in three equal installments starting on May 20, 2021 and ending on May 20, 2023. As of March 31, 2020 , 100,000 options were outstanding and 25,000 of these options were vested. Total stock-based compensation for the three months ended March 31, 2020 , related to these option grants, was $44,000 . As of March 31, 2020 , there was approximately $551,000 of unrecognized stock-based compensation expense relating to these options. This amount is expected to be recognized over 3.1 years .

Stock Repurchase Program

Stock Repurchase Program	3 Months Ended
	Mar. 31, 2020
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 2019, the Company entered into a Stock Repurchase Agreement with Azzurro, a majority shareholder of the Company and repurchased 100,000 shares of the Company’s common stock for an aggregate purchase price of $1.6 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 May 2019, 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 three months ended March 31, 2020 and 2019, respectively, the Company repurchased 169,602 shares and 100,000 shares of common stock for an aggregate purchase price of $1.2 million and $1.6 million , respectively. There were 395,029 shares remaining to be repurchased under this program as of March 31, 2020 . In November 2019, the Company entered into a Stock Repurchase Agreement with Holger Bartel to repurchase an aggregate of 200,000 shares of the Company’s common stock for an aggregate purchase price of $2.0 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.

Segment Reporting and Significa

Segment Reporting and Significant Customer Information	3 Months Ended
	Mar. 31, 2020
Segment Reporting [Abstract]
Segments Reporting and Significant Customer Information	Segment Reporting and Significant Customer Information The Company determines its reportable segments based upon the Company's chief operating decision maker managing the performance of the business. Historically, the Company managed its business geographically and operated in three reportable segments including Asia Pacific, Europe and North America. During the three months ended March 31, 2020 , the Company classified the results of its Asia Pacific segment as discontinued operations in its condensed consolidated financial statements for current and prior periods presented. On January 13, 2020, Travelzoo agreed to the SPA with the Seller of Jack’s Flight Club to purchase 60% of the Shares. Upon acquisition, the Company's chief operating decision maker reviewed and evaluated JFC as a separate segment. The Company currently has three reportable operating segments: North America, Europe and Jack’s Flight Club. 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. Jack’s Flight Club consists of subscription revenue from premium members to access and receive flight deals from Jack’s Flight Club via email or via Android or Apple mobile applications. 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. The following is a summary of operating results by business segment (in thousands): Three Months Ended March 31, 2020 North Europe Jack’s Flight Club Elimination Consolidated Revenues from unaffiliated customers $ 12,549 $ 7,103 $ 683 $ (8 ) $ 20,327 Intersegment revenues (expenses) 148 (156 ) — 8 — Total net revenues 12,697 6,947 683 — 20,327 Operating profit (loss) $ (976 ) $ (1,341 ) $ (3,015 ) $ (8 ) $ (5,340 ) Three Months Ended March 31, 2019 North Europe Jack’s Flight Club Elimination Consolidated Revenues from unaffiliated customers $ 18,136 $ 11,054 $ — $ (30 ) $ 29,160 Intersegment revenues (expenses) 451 (481 ) — 30 — Total net revenues 18,587 10,573 — — 29,160 Operating profit (loss) $ 4,463 $ 2,137 $ — $ (30 ) $ 6,570 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 the Company and its wholly owned subsidiaries. The following is a summary of assets by business segment (in thousands): As of March 31, 2020 North Europe Jack’s Flight Club Elimination Consolidated Long-lived assets $ 1,659 $ 305 $ — $ — $ 1,964 Total assets exclude discontinued operations $ 76,200 $ 67,677 $ 17,565 $ (102,899 ) $ 58,543 As of December 31, 2019 North Europe Elimination Consolidated Long-lived assets $ 2,598 $ 263 $ — $ 2,861 Total assets exclude discontinued operations $ 66,057 $ 74,604 $ (90,084 ) $ 50,577 For the three months ended March 31, 2020 and 2019 , the Company did not have any customers that accounted for 10% or more of revenue. As of March 31, 2020 and December 31, 2019 , 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 ), Getaways vouchers, and hotel platform and vacation packages. Local revenue includes Local Deals vouchers and entertainment offers (vouchers and direct bookings). Three Months Ended March 31, 2020 2019 North America Travel $ 11,156 $ 16,317 Local 1,541 2,270 Total North America revenues $ 12,697 $ 18,587 Europe Travel $ 6,237 $ 9,512 Local 710 1,061 Total Europe revenues $ 6,947 $ 10,573 Jack’s Flight Club $ 683 $ — Consolidated Travel $ 17,393 $ 25,829 Local 2,251 3,331 Jack’s Flight Club 683 — Total revenues $ 20,327 $ 29,160 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, 2020 2019 Revenue United States $ 11,515 $ 16,895 United Kingdom 5,113 5,859 Germany 2,015 3,641 Rest of the world 1,684 2,765 Total revenues $ 20,327 $ 29,160 The following table sets forth property and equipment by geographic area (in thousands): March 31, December 31, 2020 2019 United States $ 1,454 $ 2,359 Rest of the world 510 502 Total long-lived assets $ 1,964 $ 2,861

Discontinued Operation

Discontinued Operation	3 Months Ended
	Mar. 31, 2020
Discontinued Operations and Disposal Groups [Abstract]
Discontinued Operation	Discontinued Operation On March 10, 2020, Travelzoo issued a press release announcing that it will exit its business in Asia Pacific. The decision supports the Company's strategy to focus on value creation for shareholders by focusing on growing the businesses in North America and Europe, where the Company sees strong interest from our members in travel deals. The Asia Pacific business shut down and ceased operations as of March 31, 2020 , except for the Company's Japan unit, which is held for sale. The Company considers this decision to be a strategic shift in its strategy which will have a major effect on its operations. The Company has classified Asia Pacific as discontinued operations at March 31, 2020. Prior periods have been reclassified to conform with the current presentation. The following table provides a summary of amounts included in discontinued operations for the three months ended March 31, 2020 and 2019 (in thousands): Three Months Ended March 31, 2020 2019 Revenues $ 904 $ 1,665 Cost of revenues 6 81 Gross profit 898 1,584 Operating expenses: Sales and marketing 1,712 2,072 Product development — 44 General and administrative 2,639 1,067 Total operating expenses 4,351 3,183 Loss from operations (3,453 ) (1,599 ) Other income (expense), net 534 (144 ) Loss before income taxes (2,919 ) (1,743 ) Income tax expense — 82 Net loss $ (2,919 ) $ (1,825 ) The Company recorded severance and disposal costs of $1.6 million during the three months ended March 31, 2020 for the shut down and such costs were classified in general and administrative in the table above. Certain reclassifications have been made for current and prior periods between the continued operations and the discontinued operations in accordance with U.S. GAAP. Those reclassifications included direct operating expenses and certain inter-company charges that will not continue including $64,000 and $34,000 of cost of revenues that were reclassified from the discontinued operations to continued operations for the three months ended March 31, 2020 and 2019, respectively. In addition, there were $7,000 and $3,000 of operating expenses that were reclassified from discontinued operations to continued operations for the three months ended March 31, 2020 and 2019, respectively. The following table presents information related to the major classes of assets and liabilities that were classified as assets and liabilities from discontinued operations in the Condensed Consolidated Balance Sheets (in thousands): March 31, December 31, ASSETS Cash, cash equivalents and restricted cash $ 1,106 $ 832 Accounts receivable, net 874 1,797 Deposits — 9 Prepaid expenses and other 118 208 Deposits and other 121 248 Operating lease right-of-use assets — 746 Property and equipment, net 32 121 Total assets from discontinued operations $ 2,251 $ 3,961 LIABILITIES Accounts payable $ 835 $ 1,057 Accrued expenses and other 1,256 1,188 Deferred revenue 198 118 Operating lease right-of-use liabilities — 772 Total liabilities from discontinued operations $ 2,289 $ 3,135 The net cash used in operating activities and investing activities for the discontinued operations for the three months ended March 31, 2020 and 2019, were as follows (in thousands): Three Months Ended March 31, 2020 2019 Net cash used in operating activities $ (1,026 ) $ (1,576 ) Net cash used in investing activities $ — $ (25 ) Net cash used in operating activities for the three months ended March 31, 2020 was $1.0 million , which consisted of net loss of $3.5 million , offset partially by adjustments for non-cash items of $236,000 primarily due to a $150,000 of provision of loss on accounts receivable, and a $2.2 million increase in cash from changes in operating assets and liabilities. Net cash used in operating activities for the three months ended March 31, 2019 was $1.6 million , which consisted of net loss of $1.8 million , offset partially by adjustments for non-cash items of $24,000 primarily due to a $29,000 of provision of loss on accounts receivable, and a $226,000 increase in cash from changes in operating assets and liabilities.

Leases

Leases	3 Months Ended
	Mar. 31, 2020
Leases [Abstract]
Leases	Leases The Company has operating leases for real estate and certain equipment. The Company leases office space in Canada, France, Germany, Spain, the U.K., and the U.S. under operating leases. Our leases have remaining lease terms ranging from less than one year to ten years . Certain leases include one or more options to renew. In addition, we sublease real estate to a third party. All of our leases qualify as operating leases. The following table summarizes the components of lease expense for the three months ended March 31, 2020 and 2019 (in thousands): Three Months Ended March 31 2020 2019 Operating lease cost $ 1,157 $ 1,184 Short-term lease cost 6 415 Variable lease cost 290 300 Sublease income (84 ) (84 ) Total lease cost $ 1,369 $ 1,815 For the three months ended March 31, 2020 and 2019, cash payments against the operating lease liabilities totaled $1.3 million and $1.3 million , respectively. ROU assets obtained in exchange for lease obligations was $3.2 million and $1.8 million for three months ended March 31, 2020 and 2019, respectively. The following table summarizes the presentation in our condensed consolidated balance sheets of our operating leases (in thousands): March 31, 2020 December 31, 2019 Assets: Operating lease right-of-use assets $ 11,210 $ 8,140 Liabilities: Operating lease liabilities $ 4,801 $ 4,847 Long-term operating lease liabilities 12,921 7,920 Total operating lease liabilities $ 17,722 $ 12,767 Weighted average remaining lease term (years) 7.13 4.50 Weighted average discount rate 3.8 % 3.4 % Maturities of lease liabilities were as follows (in thousands): Years ending December 31, 2020 (excluding the three months ended March 31, 2020) $ 3,823 2021 3,648 2022 2,267 2023 1,871 2024 1,419 Thereafter 6,975 Total lease payments 20,003 Less interest (2,281 ) Present value of operating lease liabilities $ 17,722

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2020
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events On April 24, 2020 and May 5, 2020, the Company received $3.1 million and $535,000 , respectively, pursuant to loans under the Paycheck Protection Program (the “PPP”) of the CARES Act administered by the Small Business Association. The loans have a maturity of two (2) years from the disbursement of the funds. The Company intends to use the funds from these loan only for the purposes included in the PPP, including payroll, employee benefits, and rent, and to apply for forgiveness of a portion of the loans in compliance with the CARES Act. On May 29, 2020, the stockholders of the Company approved the grant of stock options to certain employees and directors. The stockholders of the Company also approved increases and repricing of certain options previously granted to certain employees. Options granted to certain employees and directors to purchase up to 2,250,000 shares of the Company’s common stock were approved at the exercise price of $3.49 . The Company also repriced 1,250,000 shares of outstanding, unexercised stock options granted previously to certain employees at various exercise prices to the exercise price of $3.49 . On June 3, 2020, the Company renegotiated the SPA with Jack’s Flight Club. Pursuant to the original terms of the outstanding Promissory Notes, the Company owed $10.0 million plus interest (the “Outstanding Amount”) to the Sellers on April 30, 2020. On June 3, 2020, the parties reached a negotiated settlement for the Outstanding Amount with the following terms: (a) $1.5 million was forgiven in settlement of certain outstanding indemnification claims disputed by the Sellers; (b) $6.8 million , plus accrued interest, was paid to the Sellers by Travelzoo, and (c) the remaining $1.7 million is to be paid in June 2021 pursuant to new promissory notes with each of the Sellers that contain a 12% interest rate and are secured by 9.7% of the Shares. Travelzoo also agreed that the additional payment set forth in the SPA (equal to 20% of 2020 net profit) would be payable to the Sellers regardless of whether EBITDA targets are achieved and the put/call is exercised in 2021. The parties also agreed to a new put/call option exercisable in 2022 by the Sellers or Travelzoo, as applicable, only if the put/call option for 2021 as set forth in the SPA is not exercised, with a EBITDA threshold of $4.3 million and a purchase price equal to 40% of 2021 EBITDA multiplied by 3.5 , and an additional payment equal to 20% of 2021 net profit. The Company will account for the impact of this settlement and amended SPA in the second quarter of 2020 as income or expense based on the fair value of the consideration. These adjustments are not considered measurement period adjustments to the purchase consideration since there is not a clear and direct link to the consideration transferred in the SPA entered into on January 13, 2020. On June 16, 2020, in connection with its Asia Pacific exit plan, the Company completed a sale of 100% of the outstanding capital stock of Travelzoo Japan K.K to Mr. Hajime Suzuki, the General Manager of Japan ("Buyer") for consideration of JPY 1 . The parties also entered into a License Agreement, whereby the Buyer obtained a license to use intellectual property from Travelzoo exclusively in Japan in exchange for quarterly royalty payments based on revenue over a 5 year term, with an option to renew. An interest free loan was provided to the Buyer for JPY 46.0 million (approximately $430,000 ) to be repaid over 3 years.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2020
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments,” which provides new guidance on the measurement of credit losses for financial assets measured at amortized cost, which includes accounts receivable. The new guidance replaces the existing incurred loss impairment model with an expected loss methodology, which will result in more timely recognition of credit losses. This update is effective for public business entities for fiscal years beginning after December 15, 2019, including interim periods within those fiscal years. For Smaller Reporting Companies, the standard will be effective for fiscal years beginning after December 15, 2022, including interim periods within those fiscal years. Early adoption is permitted for fiscal years beginning after December 15, 2018, including interim periods within those fiscal years. Entities are required to apply this update on a modified retrospective basis with a cumulative-effect adjustment to retained earnings as of the beginning of the period of adoption. The Company is currently evaluating the impact on its financial position and results of operations. In January 2017, the FASB issued ASU No. 2017-04, “Intangibles-Goodwill and Other (Topic 350) Simplifying the Test for Goodwill Impairment.” ASU 2017-04 simplifies the accounting for goodwill impairment by eliminating the Step 2 requirement to calculate the implied fair value of goodwill. As a result, an entity should perform its annual, or interim, goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An entity should recognize an impairment charge for the amount by which the carrying amount exceeds the reporting units' fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that reporting unit. An entity still has the option to perform the qualitative assessment for a reporting unit to determine if the quantitative impairment test is necessary. The ASU is effective for fiscal years beginning after December 15, 2022 for smaller reporting companies, including interim periods within those fiscal years, with early adoption permitted. The Company early adopted ASU 2017-04 as of January 1, 2020 and the adoption did not have a material impact on its consolidated financial statements. In August 2018, the FASB issued ASU No. 2018-15, "Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That is a Service Contract." The new guidance required a customer in a cloud computing arrangement that is a service contract to follow the internal-use software guidance in ASC 350-40 to determine which implementation costs to capitalize as assets or expense as incurred. The guidance is effective for calendar-year public business entities in 2020. Early adoption is permitted. The adoption did not have a material impact on its financial position, results of operations and cash flows.
Leases	Leases The Company determines if an arrangement contains a lease at inception. Operating lease right-of-use (“ROU”) assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. The lease payments used to determine the operating lease assets may include lease incentives and stated rent increases. The Company does not include options to extend or terminate until it is reasonably certain that the option will be exercised. Lease expense is recognized on a straight-line basis over the lease term. The Company uses its incremental borrowing rate based on the information available at the commencement date in determining the lease liabilities as the Company’s leases generally do not provide an implicit rate. The Company elected not to recognize leases with an initial term of 12 months or less on its unaudited condensed consolidated balance sheets. The Company’s leases are reflected in operating lease ROU assets, operating lease liabilities and long-term operating lease liabilities in our unaudited condensed consolidated balance sheets. The lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. The Company also has a real estate lease agreement which is subleased to a third party. The Company recognizes sublease income in Other income (expense), net on a straight-line basis over the lease term in its condensed consolidated statements of income.
Certain Risks and Uncertainties	Certain Risks and Uncertainties The Company’s business is subject to risks associated with its ability to attract and retain advertisers and offer products or services on compelling terms to our members. The global outbreak of coronavirus (COVID-19) is having an unprecedented impact on the global travel and hospitality industries. Governmental authorities have implemented numerous measures to try to contain the virus, including restrictions on travel, quarantines, shelter-in-place orders, business restrictions and complete shut-downs. The measures implemented to contain COVID-19 have had, and are expected to continue to have, a significant negative effect on our business, financial condition, results of operations and cash flows. The Company’s cash, cash equivalents and accounts receivable are potentially subject to concentration of credit risk. Cash and cash equivalents are placed with financial institutions that the management believes are of high credit quality. The accounts receivables are derived from revenue earned from customers located in the U.S. and internationally. During the three months ended March 31, 2020 , the Company began to experience the adverse impact of COVID-19. Many of the Company's advertising partners paused, canceled, and stopped advertising with the Company. Additionally, there has been an unprecedented level of cancellations for the Company's hotel partners and travel package partners as well as refund requests for our vouchers with the Company’s restaurant and spa partners. The Company has modified its policies and will continue to adopt new policies as the situation evolves. However, the uncertainties of the pandemic, such as its duration and severity, will negatively impact our partners and customers. As of March 31, 2020 and December 31, 2019 , the Company did not have any customers that accounted for 10% or more of accounts receivable.
Cash, Cash Equivalents and Restricted Cash	Cash, Cash Equivalents and Restricted Cash 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 cash held for letters of credit for real estate leases.
Revenue Recognition	Revenue Recognition On January 1, 2018, the Company adopted Accounting Standards Update No. 2014-09, "Revenue from Contracts with Customers" (Topic 606), using the modified retrospective transition method applied to those contracts which were not completed as of January 1, 2018. 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. Under Topic 606, revenue is recognized when control of the promised goods or services is transferred to our customers, in an amount that reflects the consideration we expect 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 sale of vouchers through our Local Deals and Getaways products and operation of hotel booking platform and vacation packages. The Company's disaggregated revenues are included in "Note 9: 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 shown or email delivered. For transaction based revenues, including products such as Local Deals, Getaways, hotel platform and vacation packages, 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 Getaways 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 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 upon 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 ASC 606. The Company expenses sales commissions when incurred because the amortization period would be 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. Deferred revenue primarily consists of customer prepayments and undelivered performance obligations related to the Company’s contracts with multiple performance obligations.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2020
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 to the total amounts shown in the unaudited condensed consolidated statements of cash flows: March 31, December 31, 2020 2019 Cash and cash equivalents $ 12,130 $ 18,743 Restricted cash 1,131 1,135 Cash, cash equivalents and restricted cash–discontinued operations 1,106 832 Total cash, cash equivalents and restricted cash in the condensed consolidated statements of cash flows $ 14,367 $ 20,710

Net Income (Loss) Per Share (Ta

Net Income (Loss) Per Share (Tables)	3 Months Ended
	Mar. 31, 2020
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 March 31, 2020 2019 Numerator: Net income (loss) attributable to Travelzoo—continuing operations $ (3,690 ) $ 4,945 Net income (loss) attributable to Travelzoo—discontinued operations $ (2,919 ) $ (1,825 ) Denominator: Weighted average common shares—basic 11,439 11,914 Effect of dilutive securities: stock options — 310 Weighted average common shares—diluted 11,439 12,224 Income (loss) per share—basic Continuing operations $ (0.32 ) $ 0.41 Discontinued operations (0.26 ) (0.15 ) Net income (loss) per share —basic $ (0.58 ) $ 0.26 Income (loss) per share—diluted Continuing operations $ (0.32 ) $ 0.41 Discontinued operations (0.26 ) (0.15 ) Net income (loss) per share—diluted $ (0.58 ) $ 0.26

Acquisition (Tables)

Acquisition (Tables)	3 Months Ended
	Mar. 31, 2020
Business Combinations [Abstract]
Schedule of Purchase Price Allocation	The purchase price allocation is based on estimates, assumptions and third-party valuations and the allocation for customer related intangible assets is preliminary subject to obtaining additional information. The aggregate purchase price and allocation was as follows (in thousands): Purchase Price Jack’s Flight Club Cash paid $ 1,000 Promissory notes issued 10,931 Fair Value of Put/Call Option 183 $ 12,114 Allocation Goodwill $ 13,054 Intangible assets Customer relationships 3,500 Trade name 2,460 Non-compete agreements 660 Current assets acquired, including cash of $321 324 Current liabilities assumed (40 ) Deferred revenue (881 ) Deferred tax liabilities (1,391 ) Non-controlling interest (5,572 ) $ 12,114
Schedule of Goodwill	The following table summarizes the goodwill activity for the three months ended March 31, 2020 (in thousands): Goodwill—January 1, 2020 $ — Acquisition 13,054 Impairment (2,110 ) Goodwill—March 31, 2020 $ 10,944
Schedule of Intangible Assets	The following table represents the activities of intangible assets for the three months ended March 31, 2020 (in thousands): Fair Value Intangible assets—January 1, 2020 $ — Acquisition 6,620 Impairment of trade name (810 ) Amortization of intangible assets with definite lives (215 ) Intangible assets, net—March 31, 2020 $ 5,595 The following table represents the fair value and estimated useful lives of intangible assets (in thousands): Fair Value Estimated Life (Years) Customer relationships $ 3,500 5 Trade name 2,460 indefinite Non-compete agreements 660 4
Schedule of Expected Future Amortization Expense	Expected future amortization expense of acquired intangible assets as of March 31, 2020 is as follows (in thousands): Years ending December 31, 2020 remainder $ 949 2021 1,215 2022 865 2023 515 2024 357 Thereafter 44 $ 3,945
Summary of Pro Forma Financial Information	The following table summarizes the pro forma financial information (in thousands): Three Months Ended March 31, March 31, 2020 2019 Revenues $ 20,448 $ 29,665 Net income (loss) $ (7,723 ) $ 3,077

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	3 Months Ended
	Mar. 31, 2020
Equity [Abstract]
Schedule of changes in accumulated balances of other comprehensive loss	The following table summarizes the changes in accumulated other comprehensive loss (in thousands): Three Months Ended March 31, 2020 2019 Beginning balance $ (3,452 ) $ (4,214 ) Other comprehensive income (loss) due to foreign currency translation, net of tax (272 ) (89 ) Reclass of amounts to income relating to APAC discontinued operations, net of tax (599 ) — Ending balance $ (4,323 ) $ (4,303 )

Segment Reporting and Signifi_2

Segment Reporting and Significant Customer Information (Tables)	3 Months Ended
	Mar. 31, 2020
Segment Reporting [Abstract]
Summary of operating results from continuing operations and assets by business segment	The following is a summary of operating results by business segment (in thousands): Three Months Ended March 31, 2020 North Europe Jack’s Flight Club Elimination Consolidated Revenues from unaffiliated customers $ 12,549 $ 7,103 $ 683 $ (8 ) $ 20,327 Intersegment revenues (expenses) 148 (156 ) — 8 — Total net revenues 12,697 6,947 683 — 20,327 Operating profit (loss) $ (976 ) $ (1,341 ) $ (3,015 ) $ (8 ) $ (5,340 ) Three Months Ended March 31, 2019 North Europe Jack’s Flight Club Elimination Consolidated Revenues from unaffiliated customers $ 18,136 $ 11,054 $ — $ (30 ) $ 29,160 Intersegment revenues (expenses) 451 (481 ) — 30 — Total net revenues 18,587 10,573 — — 29,160 Operating profit (loss) $ 4,463 $ 2,137 $ — $ (30 ) $ 6,570
Schedule of revenue and long lived assets by geographical location	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 platform and vacation packages. Local revenue includes Local Deals vouchers and entertainment offers (vouchers and direct bookings). Three Months Ended March 31, 2020 2019 North America Travel $ 11,156 $ 16,317 Local 1,541 2,270 Total North America revenues $ 12,697 $ 18,587 Europe Travel $ 6,237 $ 9,512 Local 710 1,061 Total Europe revenues $ 6,947 $ 10,573 Jack’s Flight Club $ 683 $ — Consolidated Travel $ 17,393 $ 25,829 Local 2,251 3,331 Jack’s Flight Club 683 — Total revenues $ 20,327 $ 29,160 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, 2020 2019 Revenue United States $ 11,515 $ 16,895 United Kingdom 5,113 5,859 Germany 2,015 3,641 Rest of the world 1,684 2,765 Total revenues $ 20,327 $ 29,160 The following table sets forth property and equipment by geographic area (in thousands): March 31, December 31, 2020 2019 United States $ 1,454 $ 2,359 Rest of the world 510 502 Total long-lived assets $ 1,964 $ 2,861 The following is a summary of assets by business segment (in thousands): As of March 31, 2020 North Europe Jack’s Flight Club Elimination Consolidated Long-lived assets $ 1,659 $ 305 $ — $ — $ 1,964 Total assets exclude discontinued operations $ 76,200 $ 67,677 $ 17,565 $ (102,899 ) $ 58,543 As of December 31, 2019 North Europe Elimination Consolidated Long-lived assets $ 2,598 $ 263 $ — $ 2,861 Total assets exclude discontinued operations $ 66,057 $ 74,604 $ (90,084 ) $ 50,577

Discontinued Operation (Tables)

Discontinued Operation (Tables)	3 Months Ended
	Mar. 31, 2020
Discontinued Operations and Disposal Groups [Abstract]
Summary of Discontinued Operations	The following table provides a summary of amounts included in discontinued operations for the three months ended March 31, 2020 and 2019 (in thousands): Three Months Ended March 31, 2020 2019 Revenues $ 904 $ 1,665 Cost of revenues 6 81 Gross profit 898 1,584 Operating expenses: Sales and marketing 1,712 2,072 Product development — 44 General and administrative 2,639 1,067 Total operating expenses 4,351 3,183 Loss from operations (3,453 ) (1,599 ) Other income (expense), net 534 (144 ) Loss before income taxes (2,919 ) (1,743 ) Income tax expense — 82 Net loss $ (2,919 ) $ (1,825 ) The following table presents information related to the major classes of assets and liabilities that were classified as assets and liabilities from discontinued operations in the Condensed Consolidated Balance Sheets (in thousands): March 31, December 31, ASSETS Cash, cash equivalents and restricted cash $ 1,106 $ 832 Accounts receivable, net 874 1,797 Deposits — 9 Prepaid expenses and other 118 208 Deposits and other 121 248 Operating lease right-of-use assets — 746 Property and equipment, net 32 121 Total assets from discontinued operations $ 2,251 $ 3,961 LIABILITIES Accounts payable $ 835 $ 1,057 Accrued expenses and other 1,256 1,188 Deferred revenue 198 118 Operating lease right-of-use liabilities — 772 Total liabilities from discontinued operations $ 2,289 $ 3,135 The net cash used in operating activities and investing activities for the discontinued operations for the three months ended March 31, 2020 and 2019, were as follows (in thousands): Three Months Ended March 31, 2020 2019 Net cash used in operating activities $ (1,026 ) $ (1,576 ) Net cash used in investing activities $ — $ (25 )

Leases (Tables)

Leases (Tables)	3 Months Ended
	Mar. 31, 2020
Leases [Abstract]
Lease cost	The following table summarizes the components of lease expense for the three months ended March 31, 2020 and 2019 (in thousands): Three Months Ended March 31 2020 2019 Operating lease cost $ 1,157 $ 1,184 Short-term lease cost 6 415 Variable lease cost 290 300 Sublease income (84 ) (84 ) Total lease cost $ 1,369 $ 1,815
Lease assets and liabilities	The following table summarizes the presentation in our condensed consolidated balance sheets of our operating leases (in thousands): March 31, 2020 December 31, 2019 Assets: Operating lease right-of-use assets $ 11,210 $ 8,140 Liabilities: Operating lease liabilities $ 4,801 $ 4,847 Long-term operating lease liabilities 12,921 7,920 Total operating lease liabilities $ 17,722 $ 12,767 Weighted average remaining lease term (years) 7.13 4.50 Weighted average discount rate 3.8 % 3.4 %
Lease liability maturity	Maturities of lease liabilities were as follows (in thousands): Years ending December 31, 2020 (excluding the three months ended March 31, 2020) $ 3,823 2021 3,648 2022 2,267 2023 1,871 2024 1,419 Thereafter 6,975 Total lease payments 20,003 Less interest (2,281 ) Present value of operating lease liabilities $ 17,722

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Narrative (Details) member in Millions	Feb. 11, 2020USD ($)	Apr. 30, 2019USD ($)	Apr. 30, 2018USD ($)	Mar. 31, 2020USD ($)member	Mar. 31, 2019USD ($)	Jan. 13, 2020USD ($)	Dec. 31, 2019USD ($)	Dec. 31, 2018USD ($)	Jan. 01, 2018USD ($)
Related Party Transaction
Number of members | member				30
Payment to acquire equity method investment				$ 679,000	$ 0
Goodwill				$ 10,944,000			$ 0
Ownership percentage held by related party				39.50%
Impairment of identifiable intangible assets				$ 810,000
Accounts payable				12,836,000			19,349,000
Deferred tax assets				3,404,000			2,051,000
Cumulative effect to retained earnings, net of tax				2,201,000	15,637,000		10,863,000	$ 14,059,000
Deferred revenue							786,000
Deferred revenue recognized				296,000
Goodwill, Impairment Loss				2,100,000
WeekenGO
Related Party Transaction
Payment to acquire equity method investment	$ 1,700,000	$ 673,000	$ 3,000,000
Equity method investment ownership percentage		26.60%	25.00%
Equity method purchase price allocation, tangible assets			$ 1,000,000
Goodwill			1,500,000
Loss from share of equity loss and intangible asset amortization				(227,000)
WeekenGO | Equity Method Investee
Related Party Transaction
Insertion order signed to advertise with TravelZoo			2,100,000
Advertising services purchased				$ 357,000	555,000
WeekenGO | Technology related intangible
Related Party Transaction
Equity method purchase price allocation, intangible assets			$ 485,000
Intangible assets, useful life (in years)			3 years
Including Holger Proxy
Related Party Transaction
Ownership percentage held by related party				39.90%
Accounting Standards Update 2014-09 | Difference between Revenue Guidance in Effect before and after Topic 606
Related Party Transaction
Accounts payable									$ 1,600,000
Deferred tax assets									270,000
Retained Earnings
Related Party Transaction
Cumulative effect to retained earnings, net of tax				$ 6,411,000	$ 19,821,000		14,200,000	$ 18,153,000
Retained Earnings | Accounting Standards Update 2014-09 | Difference between Revenue Guidance in Effect before and after Topic 606
Related Party Transaction
Cumulative effect to retained earnings, net of tax									$ 1,300,000
JFC Travel Group Co.
Related Party Transaction
Number of members | member				1.7
Goodwill				$ 10,944,000		$ 13,054,000	$ 0
Goodwill, Impairment Loss				$ 2,110,000

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019	Mar. 31, 2019	Dec. 31, 2018
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash and cash equivalents	$ 12,130	$ 18,743
Restricted cash	1,131	1,135
Cash, cash equivalents and restricted cash–discontinued operations	1,106	832
Total cash, cash equivalents and restricted cash in the condensed consolidated statements of cash flows	$ 14,367	$ 20,710	$ 21,271	$ 19,461

Net Income (Loss) Per Share (De

Net Income (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Numerator:
Net income (loss) attributable to Travelzoo—continuing operations	$ (3,690)	$ 4,945
Net income (loss) attributable to Travelzoo—discontinued operations	$ (2,919)	$ (1,825)
Denominator:
Weighted average common shares - basic (in shares)	11,439	11,914
Effect of dilutive securities: stock options (in shares)	0	310
Weighted average common shares - diluted (in shares)	11,439	12,224
Income (loss) per share—basic
Income (loss) per share continuing operations - basic (in dollars per share)	$ (0.32)	$ 0.41
Income (loss) per share discontinued operations - basic (in dollars per share)	(0.26)	(0.15)
Net income (loss) per share - basic (in dollars per share)	(0.58)	0.26
Income (loss) per share—diluted
Income (loss) per share continuing operations - diluted (in dollars per share)	(0.32)	0.41
Income (loss) per share discontinued operations - diluted (in dollars per share)	(0.26)	(0.15)
Net income (loss) per share - diluted (in dollars per share)	$ (0.58)	$ 0.26
Anti-dilutive shares not included in computation of net income (loss) per common share (in shares)	700	150

Acquisition - Narrative (Detail

Acquisition - Narrative (Details) - USD ($) $ in Thousands	Jan. 13, 2020	Mar. 31, 2020	Dec. 31, 2019
Business Acquisition [Line Items]
Intangible assets, net		$ 5,595	$ 0
Amortization expense of intangible assets		215
Impairments		(2,100)
JFC Travel Group Co.
Business Acquisition [Line Items]
Percentage of ownership before transaction	100.00%
Stock repurchased during period, value	$ 12,000
Cash paid	1,000
Promissory notes issued	$ 10,931
Stated interest rate (percentage)	1.60%
Intangible assets, net		6,400
Amortization expense of intangible assets		3,945
Impairments		$ (2,110)
Stock Purchase Agreement | JFC Travel Group Co.
Business Acquisition [Line Items]
Percentage of ownership after transaction	60.00%	40.00%
Tradename | JFC Travel Group Co.
Business Acquisition [Line Items]
Impairments		$ (810)

Acquisition - Schedule of Purch

Acquisition - Schedule of Purchase Price Allocation (Details) - USD ($) $ in Thousands	Jan. 13, 2020	Mar. 31, 2020	Dec. 31, 2019
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Goodwill		$ 10,944	$ 0
Intangible assets		6,620
Non-controlling interest	$ (5,572)
JFC Travel Group Co.
Business Acquisition [Line Items]
Cash paid	1,000
Promissory notes issued	10,931
Fair Value of Put/Call Option	183
Total purchase price	12,114
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Goodwill	13,054	$ 10,944	$ 0
Current assets acquired, including cash of $321	324
Current liabilities assumed	(40)
Deferred revenue	(881)
Deferred tax liabilities	(1,391)
Net allocation	12,114
Customer relationships | JFC Travel Group Co.
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Intangible assets	3,500
Tradename | JFC Travel Group Co.
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Intangible assets	2,460
Non-compete agreements | JFC Travel Group Co.
Business Combination, Recognized Identifiable Assets Acquired and Liabilities Assumed, Net [Abstract]
Intangible assets	$ 660

Acquisition - Schedule of Goodw

Acquisition - Schedule of Goodwill (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2020USD ($)
Goodwill [Roll Forward]
Goodwill, beginning balance	$ 0
Impairments	(2,100)
Goodwill, ending balance	10,944
JFC Travel Group Co.
Goodwill [Roll Forward]
Goodwill, beginning balance	0
Acquisition	13,054
Impairments	(2,110)
Goodwill, ending balance	$ 10,944

Acquisition - Schedule of Intan

Acquisition - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	Jan. 13, 2020	Mar. 31, 2020
Acquired Finite-Lived Intangible Assets [Line Items]
Acquisition of intangible assets		$ 6,620
Finite-lived Intangible Assets [Roll Forward]
Acquisition of intangible assets		6,620
Impairment of tradename		(810)
Amortization of intangible assets with definite lives		$ (215)
JFC Travel Group Co. | Customer relationships
Acquired Finite-Lived Intangible Assets [Line Items]
Acquisition of intangible assets	$ 3,500
Intangible assets, useful life (in years)	5 years
Finite-lived Intangible Assets [Roll Forward]
Acquisition of intangible assets	$ 3,500
JFC Travel Group Co. | Tradename
Acquired Finite-Lived Intangible Assets [Line Items]
Acquisition of intangible assets	2,460
Finite-lived Intangible Assets [Roll Forward]
Acquisition of intangible assets	2,460
JFC Travel Group Co. | Non-compete agreements
Acquired Finite-Lived Intangible Assets [Line Items]
Acquisition of intangible assets	$ 660
Intangible assets, useful life (in years)	4 years
Finite-lived Intangible Assets [Roll Forward]
Acquisition of intangible assets	$ 660

Acquisition - Schedule of Expec

Acquisition - Schedule of Expected Future Amortization Expense (Details) $ in Thousands	Mar. 31, 2020USD ($)
Business Acquisition [Line Items]
Total	$ 215
JFC Travel Group Co.
Business Acquisition [Line Items]
2020 remainder	949
2021	1,215
2022	865
2023	515
2024	357
Thereafter	44
Total	$ 3,945

Acquisition - Summary of Pro Fo

Acquisition - Summary of Pro Forma Financial Information (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Business Combinations [Abstract]
Revenues	$ 20,448,000	$ 29,665,000
Net income (loss)	$ (7,723,000)	$ 3,077,000

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Millions	12 Months Ended
	Dec. 31, 2004	Dec. 31, 2002	Mar. 31, 2020	Dec. 31, 2019
Business Acquisition [Line Items]
Local deals and getaway merchant payables			$ 6.1	$ 13
Travel Zoo Com Corporation
Business Acquisition [Line Items]
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, 2020	Mar. 31, 2019	Dec. 31, 2019
Income Tax Disclosure [Abstract]
Effective tax rate, percentage	10.00%	25.00%
Unrecognized deferred tax liability	$ 452
Total unrecognized tax benefits	152
Accrued interest and penalties	$ 215		$ 207

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Accumulated Other Comprehensive Income [Roll Forward]
Beginning balance	$ 10,863,000	$ 14,059,000
Reclass of amounts to income relating to APAC discontinued operations, net of tax	(599,000)	0
Ending balance	2,201,000	15,637,000
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Income [Roll Forward]
Beginning balance	(3,452,000)	(4,214,000)
Ending balance	(4,323,000)	(4,303,000)
Foreign Currency Translation
Accumulated Other Comprehensive Income [Roll Forward]
Other comprehensive income (loss) due to foreign currency translation, net of tax	$ (272,000)	$ (89,000)

Stock-Based Compensation and _2

Stock-Based Compensation and Stock Options (Details) - Stock Options $ / shares in Units, $ in Thousands

1 Months Ended

3 Months Ended

12 Months Ended

May 31, 2019installment$ / sharesshares

Jun. 30, 2018$ / sharesshares

May 31, 2018$ / sharesshares

Apr. 30, 2018installment$ / sharesshares

Oct. 31, 2017$ / sharesshares

Mar. 31, 2016$ / sharesshares

Sep. 30, 2015$ / sharesshares

Jan. 31, 2012$ / sharesshares

Mar. 31, 2020USD ($)shares

Mar. 31, 2019USD ($)shares

Dec. 31, 2019shares

Dec. 31, 2018USD ($)shares

Dec. 31, 2017USD ($)shares

Dec. 31, 2014shares

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)

50,000

25,000

Options forfeited (in shares)

25,000

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 vested and become exercisable quarterly (in shares)

50,000

Options vested (in shares)

400,000

Options outstanding (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 canceled (in shares)

12,500

Options forfeited (in shares)

50,000

37,500

Total stock-based compensation expense | $

$ (59)

$ (19)

Options exercised (in shares)

50,000

Shares issued upon exercise of options (in shares)

4,000

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 vested and become exercisable quarterly (in shares)

50,000

Total stock-based compensation expense | $

$ 143

Options exercised (in shares)

250,000

Options outstanding (in shares)

150,000

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

Options canceled (in shares)

50,000

Total stock-based compensation expense | $

$ 34

Number of installments | installment

12

May 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

$ 14.70

Options vested and become exercisable annually (in shares)

12,500

Options vested (in shares)

12,500

Total stock-based compensation expense | $

$ 22

$ 22

Options outstanding (in shares)

50,000

Unrecognized stock-based compensation expense | $

$ 190

Expected duration for recognition of stock based compensation expense (in years)

2 years 1 month 13 days

June 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

$ 16.65

Options vested and become exercisable annually (in shares)

12,500

Options forfeited (in shares)

37,500

Total stock-based compensation expense | $

$ (43)

May 2019 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

$ 19.28

Options vested (in shares)

10,000

25,000

Total stock-based compensation expense | $

$ 44

Number of installments | installment

3

Unrecognized stock-based compensation expense | $

$ 551

Expected duration for recognition of stock based compensation expense (in years)

3 years 1 month 19 days

September 2019 | May 2019 Plan

Share-based Compensation Arrangement by Share-based Payment Award

Options vested and exercisable in future periods (in shares)

15,000

May 20, 2021 | May 2019 Plan

Share-based Compensation Arrangement by Share-based Payment Award

Options vested and exercisable in future periods (in shares)

75,000

Stock Repurchase Program (Detai

Stock Repurchase Program (Details) - USD ($) $ in Millions	1 Months Ended		3 Months Ended
	Nov. 30, 2019	Feb. 28, 2019	Mar. 31, 2020	Mar. 31, 2019	May 31, 2019
February 2019 Plan
Class of Stock [Line Items]
Shares repurchased and retired during period (in shares)		100,000
Stock repurchased during period, value		$ 1.6
May 2019 Plan
Class of Stock [Line Items]
Stock repurchased during period, value			$ 1.2	$ 1.6
Number of shares authorized for repurchase (in shares)					1,000,000
Shares repurchased during period (in shares)			169,602	100,000
Remaining number of shares authorized to be repurchased (in shares)			395,029
November 2019 Plan
Class of Stock [Line Items]
Shares repurchased and retired during period (in shares)	200,000
Stock repurchased during period, value	$ 2

Segment Reporting and Signifi_3

Segment Reporting and Significant Customer Information - Narrative (Details)	3 Months Ended
	Mar. 31, 2020Segments
Segment Reporting [Abstract]
Number of reportable operating segments	3

Segment Reporting and Signifi_4

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, 2020	Mar. 31, 2019
Revenues from External Customers and Long-Lived Assets
Revenues	$ 20,327	$ 29,160
Operating profit (loss)	(5,340)	6,570
North America
Revenues from External Customers and Long-Lived Assets
Revenues	12,697	18,587
Operating profit (loss)	(976)	4,463
Europe
Revenues from External Customers and Long-Lived Assets
Revenues	6,947	10,573
Operating profit (loss)	(1,341)	2,137
Jack’s Flight Club
Revenues from External Customers and Long-Lived Assets
Revenues	683	0
Operating profit (loss)	(3,015)	0
Elimination
Revenues from External Customers and Long-Lived Assets
Revenues	0	0
Operating profit (loss)	(8)	(30)
Operating Segments | North America
Revenues from External Customers and Long-Lived Assets
Revenues	12,549	18,136
Operating Segments | Europe
Revenues from External Customers and Long-Lived Assets
Revenues	7,103	11,054
Operating Segments | Jack’s Flight Club
Revenues from External Customers and Long-Lived Assets
Revenues	683	0
Operating Segments | Elimination
Revenues from External Customers and Long-Lived Assets
Revenues	(8)	(30)
Intersegment revenues (expenses) | North America
Revenues from External Customers and Long-Lived Assets
Revenues	148	451
Intersegment revenues (expenses) | Europe
Revenues from External Customers and Long-Lived Assets
Revenues	(156)	(481)
Intersegment revenues (expenses) | Jack’s Flight Club
Revenues from External Customers and Long-Lived Assets
Revenues	0	0
Intersegment revenues (expenses) | Elimination
Revenues from External Customers and Long-Lived Assets
Revenues	$ 8	$ 30

Segment Reporting and Signifi_5

Segment Reporting and Significant Customer Information - Long Lived Assets by Business Segment (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Revenues from External Customers and Long-Lived Assets
Long-lived assets	$ 1,964	$ 2,861
Total assets exclude discontinued operations	58,543	50,577
North America | Operating Segments
Revenues from External Customers and Long-Lived Assets
Long-lived assets	1,659	2,598
Total assets exclude discontinued operations	76,200	66,057
Europe | Operating Segments
Revenues from External Customers and Long-Lived Assets
Long-lived assets	305	263
Total assets exclude discontinued operations	67,677	74,604
Jack’s Flight Club | Operating Segments
Revenues from External Customers and Long-Lived Assets
Long-lived assets	0
Total assets exclude discontinued operations	17,565
Elimination | Operating Segments
Revenues from External Customers and Long-Lived Assets
Long-lived assets	0	0
Total assets exclude discontinued operations	$ (102,899)	$ (90,084)

Segment Reporting and Signifi_6

Segment Reporting and Significant Customer Information - Revenue by Type and Segment (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Revenues from External Customers and Long-Lived Assets
Total revenues	$ 20,327	$ 29,160
North America
Revenues from External Customers and Long-Lived Assets
Total revenues	12,697	18,587
Europe
Revenues from External Customers and Long-Lived Assets
Total revenues	6,947	10,573
Jack’s Flight Club
Revenues from External Customers and Long-Lived Assets
Total revenues	683	0
Travel
Revenues from External Customers and Long-Lived Assets
Total revenues	17,393	25,829
Travel | North America
Revenues from External Customers and Long-Lived Assets
Total revenues	11,156	16,317
Travel | Europe
Revenues from External Customers and Long-Lived Assets
Total revenues	6,237	9,512
Local
Revenues from External Customers and Long-Lived Assets
Total revenues	2,251	3,331
Local | North America
Revenues from External Customers and Long-Lived Assets
Total revenues	1,541	2,270
Local | Europe
Revenues from External Customers and Long-Lived Assets
Total revenues	$ 710	$ 1,061

Segment Reporting and Signifi_7

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, 2020	Mar. 31, 2019
Revenue, Major Customer [Line Items]
Total revenues	$ 20,327	$ 29,160
United States
Revenue, Major Customer [Line Items]
Total revenues	11,515	16,895
United Kingdom
Revenue, Major Customer [Line Items]
Total revenues	5,113	5,859
Germany
Revenue, Major Customer [Line Items]
Total revenues	2,015	3,641
Rest of the world
Revenue, Major Customer [Line Items]
Total revenues	$ 1,684	$ 2,765

Segment Reporting and Signifi_8

Segment Reporting and Significant Customer Information - Long Lived Assets by Geographic Area (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Revenues from External Customers and Long-Lived Assets
Long-lived assets	$ 1,964	$ 2,861
United States
Revenues from External Customers and Long-Lived Assets
Long-lived assets	1,454	2,359
Rest of the world
Revenues from External Customers and Long-Lived Assets
Long-lived assets	$ 510	$ 502

Discontinued Operation - Summar

Discontinued Operation - Summary of Amounts Included in Discontinued Operations (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net income	$ (2,919)	$ (1,825)
Discontinued Operations, Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Revenues	904	1,665
Cost of revenues	6	81
Gross profit	898	1,584
Sales and marketing	1,712	2,072
Product development	0	44
General and administrative	2,639	1,067
Total operating expenses	4,351	3,183
Loss from operations	(3,453)	(1,599)
Other income (expense), net	534	(144)
Loss before income taxes	(2,919)	(1,743)
Income tax expense	0	82
Net income	$ (2,919)	$ (1,825)

Discontinued Operation - Narrat

Discontinued Operation - Narrative (Details) - USD ($)	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Severance and disposal costs	$ 1,600,000
Operating expenses	22,964,000	$ 19,725,000
Increase in cash from changes in operating assets and liabilities	3,207,000	1,805,000
Disposal Group, Not Discontinued Operations
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Cost of revenue	64,000	34,000
Operating expenses	7,000	3,000
Discontinued Operations, Disposed of by Sale
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net cash used in operating activities	(1,026,000)	(1,576,000)
Gain (loss) from disposal of discontinued operation	3,500,000	1,800,000
Non-cash items	236,000	24,000
Provision of loss on accounts receivable	150,000	29,000
Increase in cash from changes in operating assets and liabilities	$ 2,200,000	$ 226,000

Discontinued Operation - Summ_2

Discontinued Operation - Summary of Assets and Liabilities From Discontinued Operation (Details) - Discontinued Operations, Disposed of by Sale - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
ASSETS
Cash, cash equivalents and restricted cash	$ 1,106	$ 832
Accounts receivable, net	874	1,797
Deposits	0	9
Prepaid expenses and other	118	208
Deposits and other	121	248
Operating lease right-of-use assets		746
Property and equipment, net	32	121
Total assets from discontinued operations	2,251	3,961
LIABILITIES
Accounts payable	835	1,057
Accrued expenses and other	1,256	1,188
Deferred revenue	198	118
Operating lease right-of-use liabilities	0	772
Total liabilities from discontinued operations	$ 2,289	$ 3,135

Discontinued Operation - Summ_3

Discontinued Operation - Summary of Cash Flows (Details) - Discontinued Operations, Disposed of by Sale - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items]
Net cash used in operating activities	$ (1,026)	$ (1,576)
Net cash used in investing activities	$ 0	$ (25)

Leases - Narrative (Details)

Leases - Narrative (Details)	Mar. 31, 2020
Minimum
Lessee, Lease, Description [Line Items]
Term of contract	1 year
Maximum
Lessee, Lease, Description [Line Items]
Term of contract	10 years

Leases - Lease Cost (Details)

Leases - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2020	Mar. 31, 2019
Leases [Abstract]
Operating lease cost	$ 1,157	$ 1,184
Short-term lease cost	6	415
Variable lease cost	290	300
Sublease income	(84)	(84)
Total lease cost	1,369	1,815
Cash paid for amounts included in the measurement of lease liabilities	1,310	1,277
Right-of-use assets obtained in exchange for lease obligations—operating leases	$ 3,207	$ 1,805

Leases - Lease Balance Sheet In

Leases - Lease Balance Sheet Information (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Assets:
Operating lease right-of-use assets	$ 11,210	$ 8,140
Liabilities:
Operating lease liabilities	4,801	4,847
Long-term operating lease liabilities	12,921	7,920
Total operating lease liabilities	$ 17,722	$ 12,767
Weighted average remaining lease term (years)	7 years 1 month 17 days	4 years 6 months
Weighted average discount rate	3.80%	3.40%

Leases - Schedule of Operating

Leases - Schedule of Operating Lease Liability Maturity (Details) - USD ($) $ in Thousands	Mar. 31, 2020	Dec. 31, 2019
Leases [Abstract]
2020 (excluding the three months ended March 31, 2020)	$ 3,823
2021	3,648
2022	2,267
2023	1,871
2024	1,419
Thereafter	6,975
Total lease payments	20,003
Less interest	(2,281)
Present value of operating lease liabilities	$ 17,722	$ 12,767

Subsequent Events (Details)

Subsequent Events (Details) - Subsequent Event $ / shares in Units, $ in Thousands, ¥ in Millions	Jun. 16, 2020USD ($)	Jun. 16, 2020JPY (¥)	Jun. 03, 2020USD ($)	May 29, 2020$ / sharesshares	May 05, 2020USD ($)	Apr. 24, 2020USD ($)	Apr. 30, 2020USD ($)
JFC Travel Group Co. | Promissory Notes
Subsequent Event [Line Items]
Outstanding debt amount							$ 10,000
Amount of debt forgiven			$ 1,500
Repayments of debt			6,800
Debt amount remaining			$ 1,700
Interest rate during period			12.00%
Percentage of shares to secure debt			9.70%
Threshold amount			$ 4,300
EBITDA multiplier			3.5
Travelzoo Japan
Subsequent Event [Line Items]
Percentage of ownership before transaction	100.00%	100.00%
Interest free loan amount (in JPY)	$ 400	¥ 46
Travelzoo Japan | Royalty Agreement Terms
Subsequent Event [Line Items]
Term (in years)	5 years	5 years
Travelzoo Japan | Loan Issued to Travelzoo Japan
Subsequent Event [Line Items]
Term (in years)	3 years	3 years
2020 | JFC Travel Group Co. | Promissory Notes
Subsequent Event [Line Items]
Percent of net profit requirement			20.00%
2021 | JFC Travel Group Co. | Promissory Notes
Subsequent Event [Line Items]
Percent of net profit requirement			20.00%
Percent of EBITDA purchase price requirement			40.00%
Small Business Administration (SBA), CARES Act, Paycheck Protection Program
Subsequent Event [Line Items]
Amount received under PPP					$ 535	$ 3,100
Stock Options | May 2020 Plan
Subsequent Event [Line Items]
Share purchase amount of options granted to certain employees and Board of Directors | shares				2,250,000
Exercise price of employee option shares of common stock (in dollars per share) | $ / shares				$ 3.49
Shares of outstanding, unexercised options granted previously to employees | shares				1,250,000