Travelzoo (TZOO) 10-Q 8 Nov 24 2024 Q3 Quarterly report Financial data

Cover Page

Cover Page - shares	9 Months Ended
	Sep. 30, 2024	Nov. 06, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	000-50171
Entity Registrant Name	Travelzoo
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	36-4415727
Entity Address, Address Line One	590 Madison Avenue
Entity Address, Address Line Two	35th Floor
Entity Address, City or Town	New York
Entity Address, State or Province	NY
Entity Address, Postal Zip Code	10022
Country Region	+1
City Area Code	212
Local Phone Number	516-1300
Title of 12(b) Security	Common Stock, $0.01 par value
Trading Symbol	TZOO
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Non-accelerated Filer
Entity Small Business	true
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		11,804,410
Entity Central Index Key	0001133311
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 11,429	$ 15,713
Accounts receivable, less allowance for doubtful accounts of $1,719 and $1,484 as of September 30, 2024 and December 31, 2023, respectively	13,167	12,965
Prepaid income taxes	1,132	629
Prepaid expenses and other	1,619	1,461
Total current assets	27,347	30,768
Deposits and other	230	1,115
Deferred tax assets	3,193	3,196
Restricted cash	675	675
Operating lease right-of-use assets	6,080	6,015
Property and equipment, net	470	578
Intangible assets, net	1,591	2,091
Goodwill	10,944	10,944
Total assets	50,530	55,382
Current liabilities:
Accounts payable	4,984	4,546
Merchant payables	17,321	20,622
Accrued expenses and other	4,124	3,658
Deferred revenue	3,854	2,044
Income tax payable	1,450	766
Operating lease liabilities	2,624	2,530
Liabilities from discontinued operations	24	24
Total current liabilities	34,381	34,190
Long-term tax liabilities	7,028	4,681
Long-term operating lease liabilities	6,225	6,717
Other long-term liabilities	376	911
Total liabilities	48,010	46,499
Commitments and contingencies	0	0
Stockholders’ equity:
Common stock, $0.01 par value (20,000 shares authorized; 11,880 shares issued and outstanding as of September 30, 2024, 13,575 shares issued and outstanding as of December 31, 2023)	119	136
Additional paid in capital	0	439
Tax indemnification	(9,537)	(9,537)
Note receivable and account receivable from shareholder	(1,929)	(1,753)
Retained earnings	14,195	19,508
Accumulated other comprehensive loss	(5,079)	(4,607)
Total Travelzoo stockholders’ equity (deficit)	(2,231)	4,186
Non-controlling interest	4,751	4,697
Total stockholders’ equity	2,520	8,883
Total liabilities and stockholders’ equity	$ 50,530	$ 55,382

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 1,719	$ 1,484
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)	11,880,000	13,575,000
Common stock, shares outstanding (in shares)	11,880,000	13,575,000

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues	$ 20,098	$ 20,599	$ 63,224	$ 63,328
Cost of revenues	2,548	2,665	7,708	8,236
Gross profit	17,550	17,934	55,516	55,092
Operating expenses:
Sales and marketing	8,247	9,840	26,231	29,278
Product development	594	525	1,763	1,533
General and administrative	4,664	4,460	13,875	13,188
Total operating expenses	13,505	14,825	41,869	43,999
Operating income	4,045	3,109	13,647	11,093
Other income, net	359	314	674	1,143
Income from continuing operations before income taxes	4,404	3,423	14,321	12,236
Income tax expense	1,148	1,018	3,920	3,487
Income from continuing operations	3,256	2,405	10,401	8,749
Loss from discontinued operations, net of taxes	0	(5)	0	(5)
Net income	3,256	2,400	10,401	8,744
Net income attributable to non-controlling interest	72	52	54	97
Net income attributable to Travelzoo	3,184	2,348	10,347	8,647
Net income attributable to Travelzoo—continuing operations	3,184	2,353	10,347	8,652
Net loss attributable to Travelzoo—discontinued operations	$ 0	$ (5)	$ 0	$ (5)
Income per share—basic
Continuing operations (in dollars per share)	$ 0.26	$ 0.16	$ 0.81	$ 0.57
Discontinued operations (in dollars per share)	0	0	0	0
Net income per share - basic (in dollars per share)	0.26	0.16	0.81	0.57
Income per share—diluted
Continuing operations (in dollars per share)	0.26	0.16	0.79	0.57
Discontinuing operations (in dollars per share)	0	0	0	0
Income per share - diluted (in dollars per share)	$ 0.26	$ 0.16	$ 0.79	$ 0.56
Shares used in per share calculation from operations—basic (in shares)	12,176	14,769	12,851	15,242
Shares used in per share calculation from operations—diluted (in shares)	12,386	14,821	13,035	15,307
Continuing Operations
Income per share—diluted
Shares used in per share calculation from operations—basic (in shares)	12,176	14,769	12,851	15,242
Shares used in per share calculation from operations—diluted (in shares)	12,386	14,821	13,035	15,307
Discontinued Operations
Income per share—diluted
Shares used in per share calculation from operations—basic (in shares)	12,176	14,769	12,851	15,242
Shares used in per share calculation from operations—diluted (in shares)	12,386	14,821	13,035	15,307

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 3,256	$ 2,400	$ 10,401	$ 8,744
Other comprehensive income (loss):
Foreign currency translation adjustment	(128)	(113)	(472)	102
Total comprehensive income	$ 3,128	$ 2,287	$ 9,929	$ 8,846

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
Cash flows from operating activities:
Net income	$ 10,401	$ 8,744
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	737	1,417
Stock-based compensation	1,239	1,187
Deferred income tax	(39)	(111)
Loss on long-lived assets	0	10
Net foreign currency effect	(165)	53
Recoveries of (loss on) accounts receivable and refund reserves	121	(944)
Changes in operating assets and liabilities, net of acquisitions:
Accounts receivable	(258)	3,317
Prepaid income taxes	(461)	1,128
Prepaid expenses and other	464	2,232
Accounts payable	430	(1,704)
Merchant payables	(3,348)	(8,757)
Accrued expenses and other	372	(20)
Deferred revenue	1,790	594
Income tax payable	593	293
Other liabilities, net	1,381	1,854
Net cash provided by operating activities	13,257	9,293
Cash flows from investing activities:
Proceeds from repayment of note receivable	0	113
Purchases of property and equipment	(129)	(217)
Net cash used in investing activities	(129)	(104)
Cash flows from financing activities:
Repurchase of common stock	(16,605)	(11,766)
Exercise of stock options, net of taxes paid for net share settlement	(592)	(299)
Net cash used in financing activities	(17,197)	(12,065)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(214)	80
Net decrease in cash, cash equivalents and restricted cash	(4,283)	(2,796)
Cash, cash equivalents and restricted cash at beginning of period	16,389	19,378
Cash, cash equivalents and restricted cash at end of period	12,106	16,582
Supplemental disclosure of cash flow information:
Cash paid (refund) for income taxes, net	1,472	(228)
Right-of-use assets obtained in exchange for lease obligations—operating leases	1,273	512
Cash paid for amounts included in the measurement of lease liabilities	2,547	2,499
Non-cash investing and financing activities:
Accrued excise tax for share repurchases	$ 160	$ 0

CONDENSED CONSOLIDATED STATEM_4

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY - USD ($) shares in Thousands, $ in Thousands		Total	Total Travelzoo Stockholders’ Equity (Deficit)	Common Stock	Treasury Stock	Additional Paid-In Capital	Tax Indemnification	Note Receivable from Shareholder	Retained Earnings	Accumulated Other Comprehensive Loss	Non-controlling interest
Beginning balance (in shares) at Dec. 31, 2022				16,505
Beginning balance at Dec. 31, 2022		$ 8,851	$ 4,256	$ 165	$ (7,130)	$ 23,274	$ (9,537)	$ (4,753)	$ 7,142	$ (4,905)	$ 4,595
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense		1,187	1,187			1,187
Repurchase of common stock		(11,868)	(11,868)		(11,868)
Retirement of treasury stock (in shares)				(2,495)
Retirement of treasury stock		0		$ (24)	18,998	(18,974)
Exercise of stock options and taxes paid for net share settlement (in shares)				156
Exercise of stock options and taxes paid for net share settlement		(300)	(300)	$ 1		(301)
Foreign currency translation adjustment		102	102							102
Net income		8,744	8,647						8,647		97
Ending balance (in shares) at Sep. 30, 2023				14,166
Ending balance at Sep. 30, 2023		6,716	2,024	$ 142	0	5,186	(9,537)	(4,753)	15,789	(4,803)	4,692
Beginning balance (in shares) at Dec. 31, 2022				16,505
Beginning balance at Dec. 31, 2022		$ 8,851	4,256	$ 165	(7,130)	23,274	(9,537)	(4,753)	7,142	(4,905)	4,595
Ending balance (in shares) at Dec. 31, 2023		13,575		13,575
Ending balance at Dec. 31, 2023		$ 8,883	4,186	$ 136	0	439	(9,537)	(1,753)	19,508	(4,607)	4,697
Beginning balance (in shares) at Jun. 30, 2023				15,170
Beginning balance at Jun. 30, 2023		11,069	6,429	$ 152	0	11,816	(9,537)	(4,753)	13,441	(4,690)	4,640
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense		359	359			359
Repurchase of common stock		(6,999)	(6,999)		(6,999)
Retirement of treasury stock (in shares)				(1,000)
Retirement of treasury stock		0		$ (10)	6,999	(6,989)
Exercise of stock options and taxes paid for net share settlement (in shares)				(4)
Exercise of stock options and taxes paid for net share settlement		0	0
Foreign currency translation adjustment		(113)	(113)							(113)
Net income		2,400	2,348						2,348		52
Ending balance (in shares) at Sep. 30, 2023				14,166
Ending balance at Sep. 30, 2023		$ 6,716	2,024	$ 142	0	5,186	(9,537)	(4,753)	15,789	(4,803)	4,692
Beginning balance (in shares) at Dec. 31, 2023		13,575		13,575
Beginning balance at Dec. 31, 2023		$ 8,883	4,186	$ 136	0	439	(9,537)	(1,753)	19,508	(4,607)	4,697
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense		1,239	1,239			1,239
Repurchase of common stock	[1]	(16,764)	(16,764)		(16,764)
Retirement of treasury stock (in shares)				(1,753)
Retirement of treasury stock		0	0	$ (17)	16,764	(1,087)			(15,660)
Exercise of stock options and taxes paid for net share settlement (in shares)				58
Exercise of stock options and taxes paid for net share settlement		(591)	(591)			(591)
Account receivable from shareholder		(176)	(176)					(176)
Foreign currency translation adjustment		(472)	(472)							(472)
Net income		$ 10,401	10,347						10,347		54
Ending balance (in shares) at Sep. 30, 2024		11,880		11,880
Ending balance at Sep. 30, 2024		$ 2,520	(2,231)	$ 119	0	0	(9,537)	(1,929)	14,195	(5,079)	4,751
Beginning balance (in shares) at Jun. 30, 2024				12,402
Beginning balance at Jun. 30, 2024		5,645	966	$ 124	0	0	(9,537)	(1,753)	17,083	(4,951)	4,679
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Stock-based compensation expense		456	456			456
Repurchase of common stock	[2]	(6,198)	(6,198)		(6,198)
Retirement of treasury stock (in shares)				(553)
Retirement of treasury stock		0	0	$ (5)	6,198	(121)			(6,072)
Exercise of stock options and taxes paid for net share settlement (in shares)				31
Exercise of stock options and taxes paid for net share settlement		(335)	(335)			(335)
Account receivable from shareholder		(176)	(176)					(176)
Foreign currency translation adjustment		(128)	(128)							(128)
Net income		$ 3,256	3,184						3,184		72
Ending balance (in shares) at Sep. 30, 2024		11,880		11,880
Ending balance at Sep. 30, 2024		$ 2,520	$ (2,231)	$ 119	$ 0	$ 0	$ (9,537)	$ (1,929)	$ 14,195	$ (5,079)	$ 4,751
[1]Includes a 1% excise tax applicable to share repurchases.[2]Includes a 1% excise tax applicable to share repurchases.

CONDENSED CONSOLIDATED STATEM_5

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (Parenthetical)	3 Months Ended	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2024
Statement of Stockholders' Equity [Abstract]
Excise tax	1%	1%

Summary of Significant Accounti

Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2024
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 (including its subsidiaries and affiliates, the “Company” or “we”) is a global Internet media company. It operates Travelzoo ®, the club for travel enthusiasts, and Jack’s Flight Club ®, a subscription service that provides information about exceptional airfares. Travelzoo has more than 30 million members. Through its websites, e-mails newsletters, iOS and Android apps, and social media channels, Travelzoo provides members information and access to exclusive discounted travel, entertainment, and local offers and experiences. Offers are researched, negotiated, and personally selected by Travelzoo’s deal experts around the globe. Offers are sourced from more than 5,000 top travel and entertainment partners. The Company generates revenues from advertising, membership fees, and other sources. In March 2022, the Company began the development of Travelzoo META, a subscription service that is intended to provide Metaverse travel experiences. APAC Exit and Piv ot to Licensing Model In March 2020, Travelzoo exited its loss-making Asia Pacific business and pivoted to a licensing model. The Company’s Asia Pacific business was classified as discontinued operations as of March 31, 2020. Travelzoo currently has license agreements covering Australia, Japan, New Zealand, Singapore, and South Korea. The license agreements provide the licensees exclusive rights to use Travelzoo products, services and intellectual property in each jurisdiction in exchange for quarterly royalty payments based upon net revenue over a five- year term, with an option to renew. Ownership Ralph Bartel, who founded Travelzoo, is the sole beneficiary of the Ralph Bartel 2005 Trust, which is the controlling shareholder of Azzurro Capital Inc. Azzurro Capital Inc. is the Company’s largest shareholder, and as of September 30, 2024, holds approximately 40.8% of the Company's outstanding shares. Financial Statements 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, 2023, included in the Company’s Form 10-K filed with the SEC on March 22, 2024. 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. Investments in entities where the Company does not have control, but does have significant influence, are accounted for as equity method investments. We have reclassified prior period financial statements to conform to the current period presentation. Management of the Company has made a number of estimates and assumptions relating to the reporting of assets, liabilities, revenues and expenses and the disclosure of contingent assets and liabilities to prepare these financial statements in conformity with accounting principles generally accepted in the U.S. Significant estimates included in the consolidated financial statements and related notes include revenue recognition, refund liability, income taxes, stock-based compensation, loss contingencies, useful lives of property and equipment, purchase price allocation for the business combination and related impairment assessment, relating to the projections and assumptions used. Actual results could differ materially from those estimates. The results of operations for the nine months ended September 30, 2024 are not necessarily indicative of the results that may be expected for the year ending December 31, 2024 or any other future period, and the Company makes no representations related thereto. (b) Recent Accounting Pronouncements In November 2023, the Financial Standards Accounting Board (FASB) issued Accounting Standards Update (ASU) 2023-07 "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures", which expands annual and interim disclosure requirements for reportable segments, primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the potential effect that the updated standard will have on our financial statement disclosures. In December 2023, the FASB issued ASU 2023-09 "Income Taxes (Topics 740): Improvements to Income Tax Disclosures", to expand the disclosure requirements for income taxes, primarily requiring more detailed disclosure for income taxes paid and the effective tax rate reconciliation. ASU 2023-09 is effective for annual reporting periods beginning after December 15, 2024, with early adoption permitted and can be applied on either a prospective or retroactive basis. We are currently evaluating the ASU to determine its impact on our income tax disclosures. (c) Significant Accounting Policies Below is 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, 2023. Revenue Recognition The Company follows Accounting Standards Update No. 2014-09, “Revenue from Contracts with Customers” (Topic 606), under which 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's revenues consist of (1) advertising revenues and commissions, derived from and generated in connection with purchases made by Travelzoo members, (2) membership fees and (3) other. Advertising Revenues and Commissions Advertising revenues are generated from the publishing of travel and entertainment deals on the Travelzoo website, in Top 20 email newsletters, in Standalone email newsletters and through the Travelzoo Network . The Company also generates transaction-based commission revenues from the sale of vouchers (our Local Deals and Getaways offerings), operation of our hotel booking platform and limited offerings of vacation packages. Specifically, for fixed-fee website advertising, the Company recognizes revenues ratably over the contracted placement period. For Top 20 email newsletters and other email products, the Company recognizes revenues when the emails are delivered to its members. For cost-per-click advertising, whereby an advertiser pays the Company when a user clicks on an ad (typically served on Travelzoo properties or Travelzoo Network partner properties), the Company recognizes revenues each time a user clicks on the ad. The Company also offers clients other advertising models whereby an advertiser pays the Company based on the number of times their advertisement is displayed (whether on Travelzoo properties, email advertisements, Travelzoo Network properties, social platforms or other media properties). For these instances, the Company recognizes revenues each time an ad is displayed. For transaction-based advertising revenues, including from products such as Local Deals and Getaways prepaid voucher sales, hotel platform bookings and vacation package sales, the Company evaluates whether it is acting as principal (thereby reporting revenue on a gross basis) versus agent (thereby reporting revenue on a net basis). Accordingly, the Company reports transaction-based advertising revenues on a net basis, as third-party suppliers are primarily responsible for fulfilling the underlying good or service, which the Company does not control prior to its transfer to the customer. For Local Deals and Getaways prepaid voucher sales, the Company earns a fee for acting as an agent on the sale, while vouchers can subsequently be redeemed for goods or services with third-party merchants. Commission revenues are, accordingly, presented net of amounts due to third-party merchants for fulfilling the underlying goods and services, and net of estimated future refunds to consumers, as the terms of the vouchers permit. 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 as revenues in the same period. Commission revenues generated from bookings on our hotel platform are recognized ratably over the periods of guest stays, net of an allowance for estimated cancellations, based upon historical patterns. For bookings of non-cancelable reservations, where the Company’s performance obligation is deemed to be completed upon the successful booking, the Company records commission revenue at such time. In certain instances, the Company’s contracts with customers may include multiple performance obligations, whereby the Company allocates revenues to each performance obligation based on its standalone selling price. The Company determines standalone selling prices based on overall pricing objectives, taking into consideration the type of goods or services, geographical region of the customers, rate card pricing and customary discounts. Standalone selling prices are generally determined based on the prices charged to customers when the good or service is sold separately. The Company relies upon certain practical expedients and exemptions provided for in Topic 606. The Company expenses sales commissions when incurred, as the amortization period would be one year or less, which are recorded in sales and marketing expenses. In addition, the Company does not disclose the value of unsatisfied performance obligations for contracts with an original expected length of one year or less, and contracts for which it recognizes revenues at the amount to which it has the right to invoice for services performed. Membership Fee Revenues Membership fee revenues are generated from subscription fees paid by Travelzoo, Jack's Flight Club and Travelzoo META members. We recognize subscription revenues ratably over the subscription periods. Travelzoo membership has historically been free, however, on January 1, 2024, Travelzoo introduced an annual membership fee of $40 (or local equivalent) for new members in the United States, Canada, United Kingdom and Germany, with the 2024 annual fee waived for existing members as of December 31, 2023. Other Revenues Other revenues include licensing fees, fees generated from the existing retail business acquired by the Company when it acquired MTE. Deferred Revenues Deferred revenue primarily consists of deferred membership fees, customer prepayments and undelivered Company performance obligations related to contracts comprising multiple performance obligations. As of December 31, 2023, $1.5 million was recorded as deferred revenue for Jack's Flight Club, of which $1.4 million was recognized in the nine months ended September 30, 2024 , $569,000 was recorded as deferred revenue for Travelzoo North America and Travelzoo Europe, of which $559,000 was recognized as revenue in the nine months ended September 30, 2024 . As of September 30, 2024, the deferred revenue balance was $3.9 million, of which $2.3 million was for Jack's Flight Club and the remaining $1.5 million was for Travelzoo North America and Travelzoo Europe. Reserve for Refunds to Members The Company estimates and records a reserve for future refunds on member purchases of Local Deals and Getaways vouchers, at the time revenue is recorded. We consider various factors such as historical refund timeframes from dates of sale, reasons for refunds, time periods remaining until expiration, changes in refund procedures and estimates of redemptions and breakage. Should any of these factors change, the estimates made by management will also change, which could impact the level of our future reserve for refunds to members. Specifically, if the financial condition of our merchant partners, on behalf of whom vouchers are sold, were to deteriorate, affecting their ability to provide the goods or services to our members, additional reserves for refunds to members may be required and may adversely affect future revenues as the liability is recorded against revenue. The Company's refund policy is a 14-day refund period from date of purchase, with an option to extend refund eligibility until voucher redemption or expiration, for a surcharge. As of September 30, 2024, the expiration dates of unexpired vouchers ranged from October 2024 through December 2025; provided, that expiration dates may sometimes be extended on a case-by-case basis and final payments to merchants upon expiration may not be due for up to a year later. As of September 30, 2024, the Company had approximately $4.3 million of unredeemed vouchers that had been sold, representing the Company’s commission earned. The Company estimated and recorded a refund reserve of $142,000 for these unredeemed vouchers as of September 30, 2024, which is recorded as a reduction of revenues on the condensed consolidated statements of operations and accrued expenses and other on the condensed consolidated balance sheet. As of December 31, 2023, the Company had approximately $5.2 million of unredeemed vouchers that had been sold representing the Company’s commission earned from the sale and estimated a refund reserve of $268,000 for these unredeemed vouchers as of December 31, 2023, as a reduction of revenues on the condensed consolidated statements of operations and accrued expenses and other on the condensed consolidated balance sheet. If our judgments regarding estimated member refunds are inaccurate, reported results of operations could differ from amounts previously accrued. Merchant payables of $17.3 million as of September 30, 2024 is recorded on the consolidated balance sheet, representing amounts payable to merchants by the Company for vouchers sold but not redeemed. 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 annually, and whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. 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 its carrying value may not be recoverable. The Company performs an impairment test by comparing the book value of the reporting unit to the fair value of the reporting unit utilizing a combination of valuation techniques, including an income approach (discounted cash flows) and market approach (guideline company method). The Company performed its annual impairment testing as of October 31, 2023 and no impairment charge was identified in connection with the annual impairment test . The Company did not identify any indicators of impairment during the nine months ended September 30, 2024. Operating 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 on our unaudited condensed consolidated balance sheets. The lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. Certain Risks and Uncertainties The Company’s business is subject to risks associated with its ability to attract and retain advertisers and offer goods or services on compelling terms to our members. The Company’s cash, cash equivalents and a ccounts receivable are potentially subject to concentration of credit risk. Cash and cash equivalents are placed with financial institutions that management believes are of high credit quality. Accounts receivables are derived from revenue earned from customers located in the U.S. and internationally. As of September 30, 2024 and December 31, 2023, the Company did not have any customers that accounted for 10% or more of accounts receivable. As of September 30, 2024, the Company had merchant payables of $17.3 million related to the sale of vouchers. In the Company’s financial statements presented in this 10-Q report, following GAAP accounting principles, we classified all merchant payables as current. As such, the consolidated balance sheet reflects negative net working capital (defined as current assets minus current liabilities) of $7.0 million at September 30, 2024. Payables to merchants are generally due upon redemption of vouchers by members who purchased them from the Company. As of September 30, 2024, unredeemed vouchers have maturities ranging from October 2024 through December 2025 ; however, expiration dates may be extended on a case-by-case basis and final payment to merchants upon expiration may not be due for up to a year after. Based on current projections of future redemption activity, management expects that cash on hand as of September 30, 2024 will be sufficient to provide for working capital needs for at least the next twelve months. Cash, Cash Equivalents and Restricted Cash Cash equivalents consist of highly liquid investments with maturities of three months or less on the date of purchase. Restricted cash includes cash and cash equivalents that is restricted through legal contracts, regulations or our intention to use the cash for a specific purpose. Our restricted cash primarily relates to refundable for 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: September 30, December 31, 2024 2023 Cash and cash equivalents $ 11,429 $ 15,713 Restricted cash 675 675 Cash, cash equivalents and restricted cash–discontinued operations 2 1 Total cash, cash equivalents and restricted cash in the condensed consolidated statements of cash flows $ 12,106 $ 16,389

Net Income Per Share

Net Income Per Share	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Net Income Per Share	Net Income 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 (loss) per share (in thousands, except per share amounts): Three Months Ended Nine Months Ended September 30, September 30, 2024 2023 2024 2023 Numerator: Net income attributable to Travelzoo—continuing operations $ 3,184 $ 2,353 $ 10,347 $ 8,652 Net loss attributable to Travelzoo—discontinued operations $ — $ (5) $ — $ (5) Denominator: Weighted average common shares—basic 12,176 14,769 12,851 15,242 Effect of dilutive securities: stock options 210 52 184 65 Weighted average common shares—diluted 12,386 14,821 13,035 15,307 Income per share—basic Continuing operations $ 0.26 $ 0.16 $ 0.81 $ 0.57 Discontinued operations — — — — Net income per share —basic $ 0.26 $ 0.16 $ 0.81 $ 0.57 Income per share—diluted Continuing operations $ 0.26 $ 0.16 $ 0.79 $ 0.57 Discontinued operations — — — — Net income per share—diluted $ 0.26 $ 0.16 $ 0.79 $ 0.56 For the three and nine months ended September 30, 2024, options to purchas e 612,500 shares of common stock were not included in the computation of diluted net income per share because the effect would have been anti-dilutive. For the three and nine months ended September 30, 2023, options to purchas e 950,000 and 750,000 shares

Acquisitions

Acquisitions	9 Months Ended
	Sep. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Acquisitions	Acquisitions Jack’s Flight Club In January 2020, the Company acquired a 60% interest in JFC Travel Group Co. (“Jack’s Flight Club”), which operates Jack’s Flight Club , a subscription service that provides members with information about exceptional airfares. Stock Purchase Agreement (“SPA”) between Travelzoo and Azzurro In connection with the acquisition of Metaverse Travel Experiences (“MTE”), formerly a wholly-owned subsidiary of Azzurro, the Company completed a private placement of newly issued shares with Azzurro. Ralph Bartel, who founded the Company, is the sole beneficiary of the Ralph Bartel 2005 Trust, which is the controlling shareholder of Azzurro. Azzurro was the Company’s largest shareholder at the time of the MTE acquisition and, as of December 31, 2022, Azzurro and Ralph Bartel, in his individual capacity, owned approximately 50.3% of the Company’s outstanding shares. On December 28, 2022, the stockholders of Travelzoo approved the issuance and sale of 3.4 million shares of common stock (the “Shares”) of Travelzoo to Azzurro, in exchange for certain consideration, and on December 30, 2022 (the “Closing Date”), the transaction was consummated. The closing price of Travelzoo’s common stock on December 30, 2022 was $4.45 per share, resulting in an aggregate fair value of the Shares of $15.2 million. The consideration for the Shares consisted of the following: (a ) $1.0 million in cash paid on the Closing Date; (b) $4.8 million paid in the form of a promissory note, carrying a 12% interest rate per annum, issued on the Closing Date and payable by June 30, 2023; and (c) the transfer to the Company of all outstanding capital stock of MTE, which was effected pursuant to a merger of MTE with a wholly-owned subsidiary of the Company on the Closing Date. The Company records the $4.8 million promissory note as Note receivable from shareholder in the stockholders ’ equity section. In October 2023, the Company and Azzurro agreed to a payment plan for payment of the promissory note in five installments, ending in February 2024, with interest on the outstanding principal accruing at 16% per annum beginning on July 1, 202 3. During the year ended December 31, 2023, Azzurro paid $3.0 million of principal. Azzurro paid interest of $70,000 and $190,000 in the three months ended September 30, 2024 and 2023 , respectively. Azzurro paid interest of $210,000 and $475,000 in the nine months ended September 30, 2024 and 2023, respectively. The remaining principal amount of $1.8 million, together with interest of $19,000, was paid off in October 2024. Intangible Assets The following table represents the fair value and estimated useful lives of intangible assets from acquisitions (in thousands): Fair Value Estimated Life (Years) Customer relationships (Jack’s Flight Club) $ 3,500 5.0 Trade name (Jack’s Flight Club) 2,460 indefinite Non-compete agreements (Jack’s Flight Club) 660 4.0 Secret Escapes Spain member database 445 3.0 Secret Escapes U.S. member database 1,751 2.3 Assets Measured at Fair Value on a Non-recurring Basis The Company’s non-financial assets, such as goodwill, intangible assets and property and equipment, are adjusted to fair value if an impairment is recognized during the period. The fair value measurements are based on Level 3 inputs which are unobservable inputs based on management assumptions used to measure assets at fair value. The goodwill assessment was performed by comparing the fair value of the reporting units to their carrying value. The fair value estimates for the reporting units were based on a blended analysis of the present value of future discounted cash flows and the market value approach, using Level 3 inputs. The indefinite-lived intangible assets assessment was performed using the relief-from-royalty method, which includes unobservable inputs, classified as Level 3, including projected revenues and approximately 5% royalty rate. The Company performed an annual impairment test in October 2023 and did not identify any indicators of impairment for the year ended December 31, 2023 . Amortization of Acquired Intangible Assets The following table represents the activities of intangible assets for the three months ended September 30, 2024 and 2023 (in thousands): Jack’s Flight Club Secret Escape Spain Secret Escape U.S. Intangible assets—December 31, 2022 $ 2,351 $ 327 $ 973 Amortization of intangible assets with definite lives (168) (39) (195) Intangible assets—March 31, 2023 2,183 288 778 Amortization of intangible assets with definite lives (158) (36) (194) Intangible assets—June 30, 2023 2,025 252 584 Amortization of intangible assets with definite lives (157) $ (29) $ (195) Intangible assets—September 30, 2023 1,868 223 389 Amortization of intangible assets with definite lives (158) (37) (194) Intangible assets—December 31, 2023 1,710 186 195 Amortization of intangible assets with definite lives (75) (48) (195) Intangible assets—March 31, 2024 1,635 138 — Amortization of intangible assets with definite lives (59) (28) — Intangible assets—June 30, 2024 1,576 110 — Amortization of intangible assets with definite lives (58) (37) — Intangible assets—September 30, 2024 $ 1,518 $ 73 $ — Amortization expense for acquired intangibles was $95,000 and $381,000 for the three months ended September 30, 2024 and 2023, respectively. Amortization expense for acquired intangibles was $500,000 and $1.2 million for the nine months ended September 30, 2024 and 2023, respectively. Expected future amortization expense of acquired intangible assets as of September 30, 2024 is as follows (in thousands): Years ending December 31, 2024 (excluding the nine months ended September 30, 2024) 94 2025 47 $ 141 The Company performed its annual impairment testing of Trade name as of October 31, 2023 using a relief from royalty method. No impairment was identified in 2023. As of September 30, 2024, the carrying value of the Trade name was $1.5 million. The Company did not identify any indicators of impairment during the nine months ended September 30, 2024.

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies From time to time, the Company is subject to various claims and legal proceedings, either asserted or unasserted, that arise in the ordinary course of business. The Company accrues for legal contingencies if the Company can estimate the potential liability and believes it is probable that the matter will be ruled on adversely. Accruals for legal contingencies were not material as of September 30, 2024 and December 31, 2023. If a legal claim for which the Company did not accrue is resolved against it, the Company would record the expense in the period in which the ruling was made. The Company believes that the likelihood of an ultimate amount of liability, if any, for any pending claims of any type (alone or combined) that will materially affect the Company’s financial position, results of operations or cash flows is remote. The ultimate outcome of any litigation is uncertain, however, and unfavorable outcomes could have a material negative impact on the Company’s financial condition and operating results. Regardless of outcome, litigation can have an adverse impact on the Company because of defense costs, negative publicity, diversion of management resources and other factors. The Company leases office space in Canada, France, Germany, Spain, the U.K., and the U.S. under operating leases. Our leases have remaining terms ranging from less than one year to up to six years. The Company maintained standby letters of credit (“LOC”) serve as collateral issued to the landlords. The LOCs are collateralized with cash which is included in the line item “Restricted cash” in the condensed consolidated balance sheets. The Company has purchase commitments aggregating approximately $112,000 as of September 30, 2024, which represent the minimum obligations the Company has under agreements with certain suppliers. These minimum obligations are less than the Company’s projected use for those periods. Payments may be more than the minimum obligations based on actual use. In January 2022, July 2022 and May 2023, the German branch of Travelzoo (Europe) Limited, a wholly-owned subsidiary of the Company (“Travelzoo Germany”), received notification and payments of $1.2 million, $494,000 and $205,000 from the German Federal Government under its Bridging Aid III plan, Bridging Aid III+ and Bridging Aid IV programs, respectively. These programs were for companies that suffered a decrease in sales of at least 30% in one month compared to the reference month in 2019 because of the COVID-19 pandemic. Travelzoo Germany applied for the funding in 2021 and 2022, respectively, and was approved by the German government in January 2022, July 2022, and May 2023. The Company is required to submit a final declaration in connection with the grants received by September 30, 2024. The Company believes it was eligible to participate in the programs and is entitled to the funding received and does not expect significant changes to the amounts already received to arise from the final submission. The Company recorded $1.2 million, $494,000 and $205,000 gains in Other income, net in the first and third quarters of 2022 and second quarter of 2023, respectively.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes In determining the quarterly provisions for income taxes, the Company uses an estimated annual effective tax rate, which is generally based on our expected annual income and statutory tax rates in the U.S., Canada, and the U.K. The Company’s effective tax rate from continuing operations was 26% and 30% for the three months ended September 30, 2024 and 2023, respectively. The Company’s effective tax rate for the three months ended September 30, 2024 changed from the three months ended September 30, 2023 primarily due to a decrease of non-deductible expenses in certain jurisdictions in the three months ended September 30, 2024. The Company’s effective tax rate from continuing operations was 27% and 28% for the nine months ended September 30, 2024 and 2023, respectively. The Company’s effective tax rate for the nine months ended September 30, 2024 changed from the nine months ended September 30, 2023 primarily due to a decrease of non-deductible expenses in certain jurisdictions in the nine months ended September 30, 2024. As of September 30, 2024, 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 $850,000. The Company maintains liabilities for uncertain tax positions. As of September 30, 2024, the Company had approximately $23.9 million in total unrecognized tax benefits, of which up to $16.6 million would favorably affect the Company’s effective income tax rate if realized. The Company’s policy is to include interest and penalties related to unrecognized tax positions in income tax expense. To the extent accrued interest and penalties do not ultimately become payable, amounts accrued will be reduced and reflected as a reduction in the overall income tax provision in the period that such determination is made. As of September 30, 2024 and December 31, 2023, the Company had approximately $989,000 and $803,000 in accrued interest and penalties, 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 2019 and forward and is subject to California tax examinations for years after 2018.

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss	9 Months Ended
	Sep. 30, 2024
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 Nine Months Ended September 30, September 30, 2024 2023 2024 2023 Beginning balance $ (4,951) $ (4,690) $ (4,607) $ (4,905) Other comprehensive income (loss) due to foreign currency translation, net of tax (128) (113) (472) 102 Ending balance $ (5,079) $ (4,803) $ (5,079) $ (4,803) There were no amounts reclassified from accumulated other comprehensive loss for the three and nine months ended September 30, 2024 and 2023. Accumulated other comprehensive income (loss) consists of foreign currency translation gain or loss.

Stock-Based Compensation and St

Stock-Based Compensation and Stock Options	9 Months Ended
	Sep. 30, 2024
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, employing an option-pricing model. The value of the portion of awards expected to vest is recognized on a straight-line basis as expense over the related employees’ requisite service periods in the Company’s consolidated statements of operations. In September 2019, pursuant to executed Option Agreements, the Company granted six employees stock options to purchase 50,000 shares of common stock each ( 300,000 in the aggregate) with an exercise price of $10.79, of which 75,000 options vest and become exercisable annually starting on September 5, 2020 and ending on December 31, 2023. The options expire in September 2024. On May 29, 2020, the shareholders of the Company approved the grants, as well as certain amendments to the Option Agreements, which increased and repriced all outstanding, unexercised options granted to such employees. Pursuant to the applicable amendments, the exercise price for the options was repriced to the official NASDAQ closing share price on March 30, 2020 (the date of execution of the amendments to the Option Agreements, which immediately followed the date of approval of the grants from the Board of Directors of the Company), which was $3.49, the option grants were each increased to 100,000 each, resulting in 300,000 additional options in the aggregate. In 2020, 100,000 unvested options were forfeited upo n an employee’s departure, 75,000 options were exercised and 54,258 shares of common stock were issued as the result of a cashless exercise which was approved by Travelzoo ’ s Board of Directors. In 2021, 125,000 unvested options were forfeited upon employees’ departure, 150,000 options were exercised and 88,917 shares of common stock were issued as the result of the cashless exercises or net settlement with respect to the option exercise price which was approved by Travelzoo’s Board of Directors. No option was exercised in 2022. In 2023, 50,000 options were exercised and 18,098 shares of common stock were issued as the result of the cashless exercises or net settlement with respect to the option exercise price which was approved by Travelzoo’s Board of Directors. As of December 31, 2023, stock-based compensation related to these Option Agreements and applicable Option Agreement Amendments were fully expensed. During the nine months ended September 30, 2024, 75,000 options were exercised and 26,871 shares of common stock were issued as the result of the cashless exercises or net settlement with respect to the option exercise price which was approved by Travelzoo’s Board of Directors. As of September 30, 2024, all options granted under these Option Agreements have been exercised or forfeited. On May 29, 2020, pursu ant to an executed Option Agreement, the shareholders of the Company approved the grant of stock options to purchase 800,000 shares of common stock to Mr. Ralph Bartel, Chairman of the Board of Directors of the Company at the time, with an exercise price of $3.49 and quarterly vesting beginning June 30, 2020 and ending on March 31, 2022. The options expire in March 2025. This grant was approved at the 2020 Annual Meeting of the shareholders. In 2021, 600,000 options were exercised and 390,809 shares of common stock were issued as the result of the cashless exercises which was approved by Travelzoo’s Board of Directors. S tock-based compensation related to this grant was fully expensed in 2022. In 2023, the remaining 200,000 options were exercised and 121,307 shares of common stock were issued as the result of the cashless exercises which was approved by Travelzoo’s Board of Directors. On May 29, 2020, pursuant to an execut ed Option Agreement, the shareholders of the Company approved the grant of stock options to purchase 200,000 shares of common stock to two key employees, with an exercise price of $3.49 with annual vesting starting March 30, 2021 and ending on March 31, 2024. The options expire in March 2025. In 2021, 50,000 options were exercised, and 24,474 shares of common stock were issued as the result of the cashless exercises which was approved by Travelzoo’s Board of Directors. In 2022, 50,000 unvested options were forfeited upon one employee’s departure, 25,000 options were exercised and 4,676 shares of common stock were issued as the result of the cashless exercises or net settlement with respect to the option exercise price which was approved by Travelzoo’s Board of Directors. In 2023 , 50,000 options were exercised and 16,619 shares of common stock were issued as the result of the cashless exercises which was approved by Travelzoo’s Board of Directors. During the three months ended September 30, 2024, 25,000 options were exercised and 8,420 shares of common stock were issued as the result of the cashless exercises or net settlement with respect to the option exercise price which was approved by Travelzoo’s Board of Directors. Total stock-based compensation related to this option grant of $25,000 was recorded in general and administrative expenses for the nine months ended September 30, 2024. S tock-based compensation related to this grant was fully expensed as of March 31, 2023. Total stock-based compensation related to this option grant of $25,000 and $74,000 was recorded in general and administrative expenses for the three and nine months ended September 30, 2023, respectively. As of September 30, 2024, all options granted under this Option Agreement have been exercised or forfeited. On June 1, 2021, pursuant t o an executed Option Agreement, the shareholders of the Company approved the grant of stock options to purchase 50,000 shares of common stock to one employee, with an exercise price of $9.44, with annual vesting starting January 1, 2022 and ending on January 1, 2025. The options expire in January 2026. During the three months ended September 30, 2024, 37,500 options were exercised and 3,358 shares of common stock were issued as the result of the cashless exercises or net settlement with respect to the option exercise price which was approved by Travelzoo’s Board of Directors. As of September 30, 2024, 12,500 options were outstanding and none of these options was vested. Total stock-based compensation related to this option grant of $36,000 was recorded in general and administrative expenses for each of the three months ended September 30, 2024 and 2023, respectively. Total stock-based compensation related to this option grant of $108,000 was recorded in general and administrative expenses for each of the nine months ended September 30, 2024 and 2023, respectively. As of September 30, 2024, there was approximately $36,000 of unrecognized stock-based compensation expense relating to these options. This amount is expected to be recognized over the next 0.3 years. In March 2022, pursuant to an executed Option Agreement, the Company granted its Global Chief Executive Officer, Holger Bartel, options to purchase 600,000 shares of common stock of the Company, with an exercise price of $8.14 and vesting 25% every six months over two years beginning on June 30, 2022 and ending on December 31, 2023. The options expire in March 2027. This grant was approved at the 2022 Annual Meeting of the shareholders. As of September 30, 2024, 600,000 options were vested and outstanding. During the three and nine months ended September 30, 2023, $216,000 and $649,000, respectively, was recorded in general and administrative expenses. S tock-based compensation related to this grant was fully expensed in 2023. In June 2022, the Company granted an employee options to purchase 100,000 shares of common stock with an exercise price of $6.78 and quarterly vesting beginning on September 30, 2022 and ending on June 30, 2025 with vesting based on both a time-based service condition and performance conditions. However, if the performance targets are not met as of the first date on which the time condition is met, the time condition may be extended by one quarter up to three times. The options expire in June 2027. The Company did not recognize stock-based compensation expense for this grant as the performance targets were not achieved and thus no shares were vested in 2022. Total stock-based compensation related to this option grant of $89,000 was recorded in sales and marketing expenses for the three and nine months ended September 30, 2024 and thus 25,000 shares were vested. The Company did not record stock-based compensation expense for the three months ended September 30, 2023. Total stock-based compensation related to this option grant of $60,000 was recorded in sales and marketing expenses for the nine months ended September 30, 2023 and thus 16,666 shares were vested. As of September 30, 2024, 100,000 options were outstanding and 58,333 of these options were vested. As of September 30, 2024, there was approximately $149,000 of unrecognized stock-based compensation expense relating to these options. This amount is expected to be recognized over 1.0 year. In March 2023, the Company granted its General Counsel and Head of Global Functions, Christina Sindoni Ciocca, options to purchase 200,000 shares of common stock of the Company, with an exercise price of $4.96 and vesting 12.5% every six months over four years beginning on June 30, 2023 and ending on December 31, 2026. This grant was approved at the Annual Meeting of Stockholders held in June 2023. The options expire in March 2025. During the three months ended September 30, 2024, 75,000 options were exercised and 19,584 shares of common stock were issued as the result of the cashless exercises or net settlement with respect to the option exercise price which was approved by Travelzoo’s Board of Directors. As of September 30, 2024, 125,000 options were outstanding and none of these options was vested. Total stock-based compensation related to this option grant of $35,000 was recorded in general and administrative expenses for each the three months ended September 30, 2024 and 2023, respectively. Total stock-based compensation related to this option grant of $104,000 was recorded in general and administrative expenses for each of the nine months ended September 30, 2024 and 2023, respectively. As of September 30, 2024, there was approximately $313,000 of unrecognized stock-based compensation expense relating to these options. This amount is expected to be recognized over 2.3 years. In March 2024, the Compensation Committee of the Board of Directors granted Holger Bartel 600,000 stock options that vest through December 31, 2025. On April 26, 2024, pursuant to an executed Option Agreement, the shareholders of the Company approved to grant Holger Bartel, options to purchase 600,000 shares of common stock of the Company, with an exercise price of $8.58 and vesting 25% every six months over two years beginning on June 30, 2024 and ending on December 31, 2025. The options expire in March 2029. As of September 30, 2024, 600,000 options were outstanding and 150,000 of these options were vested. Total stock-based compensation related to this option grant of $305,000 and $914,000 was recorded in general and administrative expenses for the three and nine months ended September 30, 2024. As of September 30, 2024, there was approximately $1.5 million of unrecognized stock-based compensation expense relating to these options. This amount is expected to be recognized over 1.3 years . In June 2024, the Company granted 100,000 stock options as inducement awards to an employee , with an exercise price of $7.87 , with annual vesting starting June 12, 2024 and ending on June 12, 2028. The options expire in June 2029. Upon management’s strategic decision to terminate the employee's employment in the three months ended September 30, 2024, 100,000

Stock Repurchase Program

Stock Repurchase Program	9 Months Ended
	Sep. 30, 2024
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 with capital allocation. Management is allowed discretion in the execution of repurchase programs, based upon market conditions and consideration of capital allocation. In June 2022, the Company announced that its Board of Directors approved a stock repurchase program authorizing the repurchase of up to 1,000,000 shares of the Company’s outstanding common stock. In 2022, the Company repurchased 306,375 shares of common stock for an aggregate purchase price of $1.6 million, which were recorded as part of treasury stock as of December 31, 2022. The Company repurchased 34,687 shares of common stock in the first quarter of 2023 for $186,000 and repurchased 658,938 shares of common stock in the second quarter of 2023 for $4.7 million. The repurchases were retired and recorded as a reduction of additional paid-in capital. This stock repurchase program was completed in 2023. On July 26, 2023, Travelzoo announced that its board of directors has authorized the repurchase of up to 1,000,000 shares of the Company's outstanding common stock. The Company repurchased 1,000,000 shares of common stock for an aggregate purchase price of $6.9 million which were retired and recorded as a reduction of additional paid-in capital. This stock repurchase program was completed in 2023. On October 24, 2023, the Company announced that its board of directors authorized the repurchase of up to 1,000,000 shares of the Company's outstanding common stock. The Company repurchased 600,000 shares of common stock for an aggregate purchase price of $5.0 million, excluding excise tax due under the Inflation Reduction Act of 2022, with such shares retired and recorded as a reduction of additional paid-in capital. As of December 31, 2023, there were 400,000 shares remaining to be repurchased under this program. During the three months ended March 31, 2024, the Company repurchased 400,000 shares of common stock for an aggregate purchase price of $3.9 million, excluding excise tax due under the Inflation Reduction Act of 2022, with such shares retired and recorded as a reduction of additional paid-in capital until extinguished with the remaining amount reflected as a reduction of retained earnings. On April 29, 2024, Travelzoo announced that its board of directors has authorized the repurchase of up to 1,000,000 shares of the Company’s outstanding common stock. The Company repurchased 600,000 shares and 352,679 shares of common stock for an aggregate purchase price of $5.0 million and $3.8 million, respectively, for the second and third quarter of 2024, excluding excise tax due under the Inflation Reduction Act of 2022, with such shares retired and recorded as a reduction of additional paid-in capital until extinguished with the remaining amount reflected as a reduction of retained earnings. As of September 30, 2024, there were 47,321 shares remaining to be repurchased under this program. On June 15, 2024, the Company entered into a Stock Repurchase Agreement with Mr. Holger Bartel to privately repurchase an aggregate of 200,000 shares of the Company’s common stock for an aggregate purchase price of $1.5 million, excluding excise tax due under the Inflation Reduction Act of 2022, with such shares retired and recorded as a reduction of additional paid-in capital until extinguished with the remaining amount reflected as a reduction of retained earnings. This transaction was approved by the Compensation Committee of the Board of Directors. See Note 12: Related Party Transactions for further information. On September 5, 2024, the Company entered into a Stock Repurchase Agreement with Mr. Holger Bartel to privately repurchase an aggregate of 200,000 shares of the Company’s common stock for an aggregate purchase price of $2.4 million, excluding excise tax due under the Inflation Reduction Act of 2022, with such shares retired and recorded as a reduction of additional paid-in capital until extinguished with the remaining amount reflected as a reduction of retained earnings. This transaction was approved by the Compensation Committee of the Board of Directors. See Note 12: Related Party Transactions for further information.

Segment Reporting and Significa

Segment Reporting and Significant Customer Information	9 Months Ended
	Sep. 30, 2024
Segment Reporting [Abstract]
Segments Reporting and Significant Customer Information	Segment Reporting and Significant Customer Information The Company determines its reportable segments based upon the chief operating decision maker’s management of the business. The Company currently has four reportable operating segments: Travelzoo North America, Travelzoo Europe, Jack’s Flight Club and New Initiatives. Travelzoo North America consists of the Company’s operations in the U.S. and Canada. Travelzoo Europe consists of the Company’s operations in France, Germany, Spain and the U.K. Jack’s Flight Club consists of subscription revenues from premium members to access and receive flight deals from Jack’s Flight Club via email or mobile applications. New Initiatives consists of Travelzoo’s licensing activities in certain Asia Pacific territories, the Travelzoo META subscription service and MTE. 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 for 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 September 30, 2024 Travelzoo North Travelzoo Europe Jack’s Flight Club New Initiatives Consolidated Revenues from unaffiliated customers $ 12,846 $ 6,021 $ 1,198 $ 33 $ 20,098 Intersegment revenues (24) (3) 27 — — Total net revenues 12,822 6,018 1,225 33 20,098 Operating profit (loss) $ 3,150 $ 1,028 $ 27 $ (160) $ 4,045 Three Months Ended September 30, 2023 Travelzoo North Travelzoo Europe Jack’s Flight Club New Initiatives Consolidated Revenues from unaffiliated customers $ 13,094 $ 6,397 $ 1,080 $ 28 $ 20,599 Intersegment revenues 314 (414) 100 — — Total net revenues 13,408 5,983 1,180 28 20,599 Operating profit (loss) $ 3,015 $ 267 $ 144 $ (317) $ 3,109 Nine Months Ended September 30, 2024 Travelzoo North Travelzoo Europe Jack’s Flight Club New Initiatives Consolidated Revenues from unaffiliated customers $ 41,134 $ 18,605 $ 3,397 $ 88 $ 63,224 Intersegment revenues 50 26 (76) — — Total net revenues 41,184 18,631 3,321 88 63,224 Operating profit (loss) $ 11,305 $ 2,922 $ (106) $ (474) $ 13,647 Nine Months Ended September 30, 2023 Travelzoo North Travelzoo Europe Jack’s Flight Club New Initiatives Consolidated Revenues from unaffiliated customers $ 41,303 $ 18,937 $ 3,039 $ 49 $ 63,328 Intersegment revenues 996 (1,180) 184 — — Total net revenues 42,299 17,757 3,223 49 63,328 Operating profit (loss) $ 11,284 $ 485 $ 196 $ (872) $ 11,093 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 September 30, 2024 Travelzoo North Travelzoo Europe Jack’s Flight Club New Initiatives Elimination Consolidated Long-lived assets $ 90 $ 151 $ — $ 229 $ — $ 470 Total assets excluding discontinued operations $ 98,754 $ 24,052 $ 20,303 $ 3,405 $ (95,986) $ 50,528 As of December 31, 2023 Travelzoo North Travelzoo Europe Jack’s Flight Club New Initiatives Elimination Consolidated Long-lived assets $ 152 $ 106 $ — $ 320 $ — $ 578 Total assets excluding discontinued operations $ 96,865 $ 22,655 $ 19,472 $ 3,570 $ (87,181) $ 55,381 For the three and nine months ended September 30, 2024 and 2023, the Company did not have any customers that accounted for 10% or more of revenue. As of September 30, 2024 and December 31, 2023, 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: Advertising, Membership Fees, and Other. Advertising includes travel publications ( Top 20 , Travelzoo website, Standalone email newsletters, Travelzoo Network ), Getaways vouchers, hotel platform, vacation packages, Local Deals vouchers and entertainment offers (vouchers and direct bookings). Membership Fees includes subscription fees paid by Travelzoo, Jack's Flight Club and Travelzoo META members. Travelzoo and Jack's Flight Club members. Other includes licensing fees from license agreements and the existing retail business acquired by the Company in the MTE transaction. Three Months Ended Nine Months Ended September 30, September 30, 2024 2023 2024 2023 Advertising $ 18,619 $ 19,391 $ 59,426 $ 60,056 Membership Fees 1,446 1,190 3,711 3,233 Other 33 18 87 39 Total revenues $ 20,098 $ 20,599 $ 63,224 $ 63,328 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 Nine Months Ended September 30, September 30, 2024 2023 2024 2023 Revenue United States $ 11,666 $ 12,225 $ 37,242 $ 38,447 United Kingdom 5,199 4,915 15,569 14,735 Germany 1,744 1,992 5,411 5,225 Rest of the world 1,489 1,467 5,002 4,921 Total revenues $ 20,098 $ 20,599 $ 63,224 $ 63,328 The following table sets forth property and equipment by geographic area (in thousands): September 30, December 31, 2024 2023 United States $ 78 $ 115 China (Hong Kong) 221 308 Rest of the world 171 155 Total long-lived assets $ 470 $ 578

Leases

Leases	9 Months Ended
	Sep. 30, 2024
Leases [Abstract]
Leases	Leases The Company has operating leases for real estate and certain equipment. The Company leases office space in Canada, Germany, Spain, the U.K., and the U.S. under operating leases. Our leases have remaining lease terms ranging from less than one year up to six years. Certain leases include one or more options to renew. All of our leases qualify as operating leases. The following table summarizes the components of lease expense for the three and nine months ended September 30, 2024 and 2023 (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2024 2023 2024 2023 Operating lease cost $ 536 $ 548 $ 1,597 $ 1,868 Short-term lease cost 137 26 408 66 Variable lease cost 154 194 370 510 Sublease income — (90) — (270) Total lease cost $ 827 $ 678 $ 2,375 $ 2,174 Cash payments against the operating lease liabilities total ed $2.5 million for each of the nine months ended September 30, 2024 and 2023. ROU assets obtained in exchange for lease obligations was $1.3 million for the nine months ended September 30, 2024. ROU assets obtained in exchange for lease obligations was $512,000 for the nine months ended September 30, 2023. The following table s ummarizes the presentation in our condensed consolidated balance sheets of our operating leases (in thousands): September 30, 2024 December 31, 2023 Assets: Operating lease right-of-use assets $ 6,080 $ 6,015 Liabilities: Operating lease liabilities $ 2,624 $ 2,530 Long-term operating lease liabilities 6,225 6,717 Total operating lease liabilities $ 8,849 $ 9,247 Weighted average remaining lease term (years) 4.61 5.26 Weighted average discount rate 4.8 % 4.3 % Maturities of lease liabilities were as follows (in thousands): Years ending December 31, 2024 (excluding the nine months ended September 30, 2024) $ 713 2025 2,584 2026 1,811 2027 1,465 2028 1,465 Thereafter 1,681 Total lease payments 9,719 Less interest (870) Present value of operating lease liabilities $ 8,849

Non-Controlling Interest

Non-Controlling Interest	9 Months Ended
	Sep. 30, 2024
Noncontrolling Interest [Abstract]
Non-Controlling Interest	Non-Controlling Interest The Company’s consolidated financial statements include Jack’s Flight Club where the Company has operating control but owns 60% of the equity interest. The non-controlling interest for the three and nine months ended September 30, 2024 and 2023 was as follows (in thousands): Non-controlling interest—December 31, 2022 $ 4,595 Net income attributable to non-controlling interest 8 Non-controlling interest—March 31, 2023 4,603 Net income attributable to non-controlling interest 37 Non-controlling interest—June 30, 2023 4,640 Net income attributable to non-controlling interest 52 Non-controlling interest—September 30, 2023 4,692 Net income attributable to non-controlling interest 5 Non-controlling interest—December 31, 2023 4,697 Net income attributable to non-controlling interest (11) Non-controlling interest—March 31, 2024 4,686 Net income attributable to non-controlling interest (7) Non-controlling interest—June 30, 2024 4,679 Net income attributable to non-controlling interest 72 Non-controlling interest—September 30, 2024 $ 4,751

Related Party Transactions

Related Party Transactions	9 Months Ended
	Sep. 30, 2024
Related Party Transactions [Abstract]
Related Party Transactions	Related Party Transactions Stock Purchase Agreement between Travelzoo and Azzurro In connection with the development of Travelzoo META, on December 28, 2022, the Company acquired MTE, a wholly owned subsidiary of Azzurro Capital Inc., and also completed a private placement of newly issued shares. As of December 31, 2022, Azzurro Capital Inc. and Ralph Bartel owned approximately 50.3% of the Company’s outstanding shares. See Note 3: Acquisitions in the condensed consolidated financial statements for further information. Sale and Purchase of Travelzoo Common Stock within Six Month Period On May 23, 2023, Travelzoo was named as a nominal defendant in a complaint for recovery of short swing profits filed in the Southern District of New York under Section 16(b) of the Securities Exchange Act, by Dennis J. Donoghue and Mark Rubenstein, against Ralph Bartel, the Ralph Bartel 2005 Trust and Azzurro Capital Inc. Stock Repurchase Agreements Travelzoo, from time to time, engages in share repurchases. On June 15, 2024, the Company entered into a Stock Repurchase Agreement (the “First SRA”) with Holger Bartel, the Company's Global Chief Executive Officer, to repurchase an aggregate of 200,000 shares of the Company’s common stock at a price of $7.66 per share. The Compensation Committee of the Board of Directors negotiated the purchase price with Holger Bartel after receiving advice from an independent financial adviser. The aggregate purchase price of $1.5 million was paid during the second quarter of 2024, following the execution of the First SRA. On September 5, 2024, the Company entered into a Stock Repurchase Agreement (the “Second SRA”) with Holger Bartel, the Company's Global Chief Executive Officer, to repurchase an aggregate of 200,000 shares of the Company’s common stock at a price of $11.44 per share. The Compensation Committee of the Board of Directors negotiated the purchase price with Holger Bartel after receiving advice from an independent financial adviser. The aggregate purchase price of $2.4 million was paid during the three months ended September 30, 2024, following the execution of the Second SRA.

Subsequent Event

Subsequent Event	9 Months Ended
	Sep. 30, 2024
Subsequent Events [Abstract]
Subsequent Event	Subsequent Event On October 23, 2024, Travelz oo announced that its board of directors has authorized the repurchase of up to 1,000,000 shares of the Company’s outstanding common stock. Purchases may be made, from time to time, in the open market and will be funded from available cash. The number of shares to be purchased and the timing of purchases will be based on the level of Travelzoo’s cash balances, general business and market conditions, and other factors, including alternative investment opportunities.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net Income (Loss)	$ 3,184	$ 2,348	$ 10,347	$ 8,647

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended
	Sep. 30, 2024
Trading Arrangements, by Individual
Rule 10b5-1 Arrangement Adopted	false
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Recent Accounting Pronouncements	Recent Accounting Pronouncements In November 2023, the Financial Standards Accounting Board (FASB) issued Accounting Standards Update (ASU) 2023-07 "Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures", which expands annual and interim disclosure requirements for reportable segments, primarily through enhanced disclosures about significant segment expenses. ASU 2023-07 is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024, with early adoption permitted. We are currently evaluating the potential effect that the updated standard will have on our financial statement disclosures. In December 2023, the FASB issued ASU 2023-09 "Income Taxes (Topics 740): Improvements to Income Tax Disclosures", to expand the disclosure requirements for income taxes, primarily requiring more detailed disclosure for income taxes paid and the effective tax rate reconciliation. ASU 2023-09 is effective for annual reporting periods beginning after December 15, 2024, with early adoption permitted and can be applied on either a prospective or retroactive basis. We are currently evaluating the ASU to determine its impact on our income tax disclosures.
Revenue Recognition	Revenue Recognition The Company follows Accounting Standards Update No. 2014-09, “Revenue from Contracts with Customers” (Topic 606), under which 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's revenues consist of (1) advertising revenues and commissions, derived from and generated in connection with purchases made by Travelzoo members, (2) membership fees and (3) other. Advertising Revenues and Commissions Advertising revenues are generated from the publishing of travel and entertainment deals on the Travelzoo website, in Top 20 email newsletters, in Standalone email newsletters and through the Travelzoo Network . The Company also generates transaction-based commission revenues from the sale of vouchers (our Local Deals and Getaways offerings), operation of our hotel booking platform and limited offerings of vacation packages. Specifically, for fixed-fee website advertising, the Company recognizes revenues ratably over the contracted placement period. For Top 20 email newsletters and other email products, the Company recognizes revenues when the emails are delivered to its members. For cost-per-click advertising, whereby an advertiser pays the Company when a user clicks on an ad (typically served on Travelzoo properties or Travelzoo Network partner properties), the Company recognizes revenues each time a user clicks on the ad. The Company also offers clients other advertising models whereby an advertiser pays the Company based on the number of times their advertisement is displayed (whether on Travelzoo properties, email advertisements, Travelzoo Network properties, social platforms or other media properties). For these instances, the Company recognizes revenues each time an ad is displayed. For transaction-based advertising revenues, including from products such as Local Deals and Getaways prepaid voucher sales, hotel platform bookings and vacation package sales, the Company evaluates whether it is acting as principal (thereby reporting revenue on a gross basis) versus agent (thereby reporting revenue on a net basis). Accordingly, the Company reports transaction-based advertising revenues on a net basis, as third-party suppliers are primarily responsible for fulfilling the underlying good or service, which the Company does not control prior to its transfer to the customer. For Local Deals and Getaways prepaid voucher sales, the Company earns a fee for acting as an agent on the sale, while vouchers can subsequently be redeemed for goods or services with third-party merchants. Commission revenues are, accordingly, presented net of amounts due to third-party merchants for fulfilling the underlying goods and services, and net of estimated future refunds to consumers, as the terms of the vouchers permit. 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 as revenues in the same period. Commission revenues generated from bookings on our hotel platform are recognized ratably over the periods of guest stays, net of an allowance for estimated cancellations, based upon historical patterns. For bookings of non-cancelable reservations, where the Company’s performance obligation is deemed to be completed upon the successful booking, the Company records commission revenue at such time. In certain instances, the Company’s contracts with customers may include multiple performance obligations, whereby the Company allocates revenues to each performance obligation based on its standalone selling price. The Company determines standalone selling prices based on overall pricing objectives, taking into consideration the type of goods or services, geographical region of the customers, rate card pricing and customary discounts. Standalone selling prices are generally determined based on the prices charged to customers when the good or service is sold separately. The Company relies upon certain practical expedients and exemptions provided for in Topic 606. The Company expenses sales commissions when incurred, as the amortization period would be one year or less, which are recorded in sales and marketing expenses. In addition, the Company does not disclose the value of unsatisfied performance obligations for contracts with an original expected length of one year or less, and contracts for which it recognizes revenues at the amount to which it has the right to invoice for services performed. Membership Fee Revenues Membership fee revenues are generated from subscription fees paid by Travelzoo, Jack's Flight Club and Travelzoo META members. We recognize subscription revenues ratably over the subscription periods. Travelzoo membership has historically been free, however, on January 1, 2024, Travelzoo introduced an annual membership fee of $40 (or local equivalent) for new members in the United States, Canada, United Kingdom and Germany, with the 2024 annual fee waived for existing members as of December 31, 2023. Other Revenues Other revenues include licensing fees, fees generated from the existing retail business acquired by the Company when it acquired MTE. Deferred Revenues Deferred revenue primarily consists of deferred membership fees, customer prepayments and undelivered Company performance obligations related to contracts comprising multiple performance obligations. As of December 31, 2023, $1.5 million was recorded as deferred revenue for Jack's Flight Club, of which $1.4 million was recognized in the nine months ended September 30, 2024 , $569,000 was recorded as deferred revenue for Travelzoo North America and Travelzoo Europe, of which $559,000 was recognized as revenue in the nine months ended September 30, 2024 . As of September 30, 2024, the deferred revenue balance was $3.9 million, of which $2.3 million was for Jack's Flight Club and the remaining $1.5 million was for Travelzoo North America and Travelzoo Europe.
Reserve for Refunds to Members	Reserve for Refunds to Members The Company estimates and records a reserve for future refunds on member purchases of Local Deals and Getaways vouchers, at the time revenue is recorded. We consider various factors such as historical refund timeframes from dates of sale, reasons for refunds, time periods remaining until expiration, changes in refund procedures and estimates of redemptions and breakage. Should any of these factors change, the estimates made by management will also change, which could impact the level of our future reserve for refunds to members. Specifically, if the financial condition of our merchant partners, on behalf of whom vouchers are sold, were to deteriorate, affecting their ability to provide the goods or services to our members, additional reserves for refunds to members may be required and may adversely affect future revenues as the liability is recorded against revenue. The Company's refund policy is a 14-day refund period from date of purchase, with an option to extend refund eligibility until voucher redemption or expiration, for a surcharge. As of September 30, 2024, the expiration dates of unexpired vouchers ranged from October 2024 through December 2025; provided, that expiration dates may sometimes be extended on a case-by-case basis and final payments to merchants upon expiration may not be due for up to a year later. As of September 30, 2024, the Company had approximately $4.3 million of unredeemed vouchers that had been sold, representing the Company’s commission earned. The Company estimated and recorded a refund reserve of $142,000 for these unredeemed vouchers as of September 30, 2024, which is recorded as a reduction of revenues on the condensed consolidated statements of operations and accrued expenses and other on the condensed consolidated balance sheet. As of December 31, 2023, the Company had approximately $5.2 million of unredeemed vouchers that had been sold representing the Company’s commission earned from the sale and estimated a refund reserve of $268,000 for these unredeemed vouchers as of December 31, 2023, as a reduction of revenues on the condensed consolidated statements of operations and accrued expenses and other on the condensed consolidated balance sheet. If our judgments regarding estimated member refunds are inaccurate, reported results of operations could differ from amounts previously accrued. Merchant payables of $17.3 million as of September 30, 2024 is recorded on the consolidated balance sheet, representing amounts payable to merchants by the Company for vouchers sold but not redeemed.
Identifiable intangible assets	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 annually, and whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable.
Goodwill	Goodwill
Operating Leases	Operating 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.
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 goods or services on compelling terms to our members. The Company’s cash, cash equivalents and a
Cash, Cash Equivalents and Restricted Cash	Cash, Cash Equivalents and Restricted Cash Cash equivalents consist of highly liquid investments with maturities of three months or less on the date of purchase. Restricted cash includes cash and cash equivalents that is restricted through legal contracts, regulations or our intention to use the cash for a specific purpose. Our restricted cash primarily relates to refundable for leases.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies (Tables)	9 Months Ended
	Sep. 30, 2024
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Schedule of Cash and Cash Equivalents	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: September 30, December 31, 2024 2023 Cash and cash equivalents $ 11,429 $ 15,713 Restricted cash 675 675 Cash, cash equivalents and restricted cash–discontinued operations 2 1 Total cash, cash equivalents and restricted cash in the condensed consolidated statements of cash flows $ 12,106 $ 16,389
Schedule of Restrictions on Cash and Cash Equivalents	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: September 30, December 31, 2024 2023 Cash and cash equivalents $ 11,429 $ 15,713 Restricted cash 675 675 Cash, cash equivalents and restricted cash–discontinued operations 2 1 Total cash, cash equivalents and restricted cash in the condensed consolidated statements of cash flows $ 12,106 $ 16,389

Net Income Per Share (Tables)

Net Income Per Share (Tables)	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Schedule of Basic and Diluted Net Income per Share	The following table sets forth the calculation of basic and diluted net income (loss) per share (in thousands, except per share amounts): Three Months Ended Nine Months Ended September 30, September 30, 2024 2023 2024 2023 Numerator: Net income attributable to Travelzoo—continuing operations $ 3,184 $ 2,353 $ 10,347 $ 8,652 Net loss attributable to Travelzoo—discontinued operations $ — $ (5) $ — $ (5) Denominator: Weighted average common shares—basic 12,176 14,769 12,851 15,242 Effect of dilutive securities: stock options 210 52 184 65 Weighted average common shares—diluted 12,386 14,821 13,035 15,307 Income per share—basic Continuing operations $ 0.26 $ 0.16 $ 0.81 $ 0.57 Discontinued operations — — — — Net income per share —basic $ 0.26 $ 0.16 $ 0.81 $ 0.57 Income per share—diluted Continuing operations $ 0.26 $ 0.16 $ 0.79 $ 0.57 Discontinued operations — — — — Net income per share—diluted $ 0.26 $ 0.16 $ 0.79 $ 0.56

Acquisitions (Tables)

Acquisitions (Tables)	9 Months Ended
	Sep. 30, 2024
Business Combination, Asset Acquisition, and Joint Venture Formation [Abstract]
Schedule of Intangible Assets	The following table represents the fair value and estimated useful lives of intangible assets from acquisitions (in thousands): Fair Value Estimated Life (Years) Customer relationships (Jack’s Flight Club) $ 3,500 5.0 Trade name (Jack’s Flight Club) 2,460 indefinite Non-compete agreements (Jack’s Flight Club) 660 4.0 Secret Escapes Spain member database 445 3.0 Secret Escapes U.S. member database 1,751 2.3 The following table represents the activities of intangible assets for the three months ended September 30, 2024 and 2023 (in thousands): Jack’s Flight Club Secret Escape Spain Secret Escape U.S. Intangible assets—December 31, 2022 $ 2,351 $ 327 $ 973 Amortization of intangible assets with definite lives (168) (39) (195) Intangible assets—March 31, 2023 2,183 288 778 Amortization of intangible assets with definite lives (158) (36) (194) Intangible assets—June 30, 2023 2,025 252 584 Amortization of intangible assets with definite lives (157) $ (29) $ (195) Intangible assets—September 30, 2023 1,868 223 389 Amortization of intangible assets with definite lives (158) (37) (194) Intangible assets—December 31, 2023 1,710 186 195 Amortization of intangible assets with definite lives (75) (48) (195) Intangible assets—March 31, 2024 1,635 138 — Amortization of intangible assets with definite lives (59) (28) — Intangible assets—June 30, 2024 1,576 110 — Amortization of intangible assets with definite lives (58) (37) — Intangible assets—September 30, 2024 $ 1,518 $ 73 $ —
Schedule of Expected Future Amortization Expense	Expected future amortization expense of acquired intangible assets as of September 30, 2024 is as follows (in thousands): Years ending December 31, 2024 (excluding the nine months ended September 30, 2024) 94 2025 47 $ 141

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
Schedule of Changes in Accumulated Other Comprehensive Loss	The following table summarizes the changes in accumulated other comprehensive loss (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2024 2023 2024 2023 Beginning balance $ (4,951) $ (4,690) $ (4,607) $ (4,905) Other comprehensive income (loss) due to foreign currency translation, net of tax (128) (113) (472) 102 Ending balance $ (5,079) $ (4,803) $ (5,079) $ (4,803)

Segment Reporting and Signifi_2

Segment Reporting and Significant Customer Information (Tables)	9 Months Ended
	Sep. 30, 2024
Segment Reporting [Abstract]
Schedule 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 September 30, 2024 Travelzoo North Travelzoo Europe Jack’s Flight Club New Initiatives Consolidated Revenues from unaffiliated customers $ 12,846 $ 6,021 $ 1,198 $ 33 $ 20,098 Intersegment revenues (24) (3) 27 — — Total net revenues 12,822 6,018 1,225 33 20,098 Operating profit (loss) $ 3,150 $ 1,028 $ 27 $ (160) $ 4,045 Three Months Ended September 30, 2023 Travelzoo North Travelzoo Europe Jack’s Flight Club New Initiatives Consolidated Revenues from unaffiliated customers $ 13,094 $ 6,397 $ 1,080 $ 28 $ 20,599 Intersegment revenues 314 (414) 100 — — Total net revenues 13,408 5,983 1,180 28 20,599 Operating profit (loss) $ 3,015 $ 267 $ 144 $ (317) $ 3,109 Nine Months Ended September 30, 2024 Travelzoo North Travelzoo Europe Jack’s Flight Club New Initiatives Consolidated Revenues from unaffiliated customers $ 41,134 $ 18,605 $ 3,397 $ 88 $ 63,224 Intersegment revenues 50 26 (76) — — Total net revenues 41,184 18,631 3,321 88 63,224 Operating profit (loss) $ 11,305 $ 2,922 $ (106) $ (474) $ 13,647 Nine Months Ended September 30, 2023 Travelzoo North Travelzoo Europe Jack’s Flight Club New Initiatives Consolidated Revenues from unaffiliated customers $ 41,303 $ 18,937 $ 3,039 $ 49 $ 63,328 Intersegment revenues 996 (1,180) 184 — — Total net revenues 42,299 17,757 3,223 49 63,328 Operating profit (loss) $ 11,284 $ 485 $ 196 $ (872) $ 11,093
Schedule of Reconciliation of Assets by Business Segment	The following is a summary of assets by business segment (in thousands): As of September 30, 2024 Travelzoo North Travelzoo Europe Jack’s Flight Club New Initiatives Elimination Consolidated Long-lived assets $ 90 $ 151 $ — $ 229 $ — $ 470 Total assets excluding discontinued operations $ 98,754 $ 24,052 $ 20,303 $ 3,405 $ (95,986) $ 50,528 As of December 31, 2023 Travelzoo North Travelzoo Europe Jack’s Flight Club New Initiatives Elimination Consolidated Long-lived assets $ 152 $ 106 $ — $ 320 $ — $ 578 Total assets excluding discontinued operations $ 96,865 $ 22,655 $ 19,472 $ 3,570 $ (87,181) $ 55,381
Schedule of Breakdown of Revenues by Type and Segment	The following table sets forth the breakdown of revenues (in thousands) by category: Advertising, Membership Fees, and Other. Advertising includes travel publications ( Top 20 , Travelzoo website, Standalone email newsletters, Travelzoo Network ), Getaways vouchers, hotel platform, vacation packages, Local Deals vouchers and entertainment offers (vouchers and direct bookings). Membership Fees includes subscription fees paid by Travelzoo, Jack's Flight Club and Travelzoo META members. Travelzoo and Jack's Flight Club members. Other includes licensing fees from license agreements and the existing retail business acquired by the Company in the MTE transaction. Three Months Ended Nine Months Ended September 30, September 30, 2024 2023 2024 2023 Advertising $ 18,619 $ 19,391 $ 59,426 $ 60,056 Membership Fees 1,446 1,190 3,711 3,233 Other 33 18 87 39 Total revenues $ 20,098 $ 20,599 $ 63,224 $ 63,328
Schedule of Revenue and Long Lived Assets by Geographical Location	The following table sets forth revenue for countries that exceed 10% of total revenue (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2024 2023 2024 2023 Revenue United States $ 11,666 $ 12,225 $ 37,242 $ 38,447 United Kingdom 5,199 4,915 15,569 14,735 Germany 1,744 1,992 5,411 5,225 Rest of the world 1,489 1,467 5,002 4,921 Total revenues $ 20,098 $ 20,599 $ 63,224 $ 63,328
Schedule of Disclosure on Geographic Areas, Long-Lived Assets in Individual Foreign Countries by Country	The following table sets forth property and equipment by geographic area (in thousands): September 30, December 31, 2024 2023 United States $ 78 $ 115 China (Hong Kong) 221 308 Rest of the world 171 155 Total long-lived assets $ 470 $ 578

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2024
Leases [Abstract]
Schedule of Components of Lease Cost	The following table summarizes the components of lease expense for the three and nine months ended September 30, 2024 and 2023 (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2024 2023 2024 2023 Operating lease cost $ 536 $ 548 $ 1,597 $ 1,868 Short-term lease cost 137 26 408 66 Variable lease cost 154 194 370 510 Sublease income — (90) — (270) Total lease cost $ 827 $ 678 $ 2,375 $ 2,174
Schedule of Lease Assets and Liabilities	The following table s ummarizes the presentation in our condensed consolidated balance sheets of our operating leases (in thousands): September 30, 2024 December 31, 2023 Assets: Operating lease right-of-use assets $ 6,080 $ 6,015 Liabilities: Operating lease liabilities $ 2,624 $ 2,530 Long-term operating lease liabilities 6,225 6,717 Total operating lease liabilities $ 8,849 $ 9,247 Weighted average remaining lease term (years) 4.61 5.26 Weighted average discount rate 4.8 % 4.3 %
Schedule of Lease Liability Maturity	Maturities of lease liabilities were as follows (in thousands): Years ending December 31, 2024 (excluding the nine months ended September 30, 2024) $ 713 2025 2,584 2026 1,811 2027 1,465 2028 1,465 Thereafter 1,681 Total lease payments 9,719 Less interest (870) Present value of operating lease liabilities $ 8,849

Non-Controlling Interest (Table

Non-Controlling Interest (Tables)	9 Months Ended
	Sep. 30, 2024
Noncontrolling Interest [Abstract]
Schedule of Redeemable Noncontrolling Interest	The non-controlling interest for the three and nine months ended September 30, 2024 and 2023 was as follows (in thousands): Non-controlling interest—December 31, 2022 $ 4,595 Net income attributable to non-controlling interest 8 Non-controlling interest—March 31, 2023 4,603 Net income attributable to non-controlling interest 37 Non-controlling interest—June 30, 2023 4,640 Net income attributable to non-controlling interest 52 Non-controlling interest—September 30, 2023 4,692 Net income attributable to non-controlling interest 5 Non-controlling interest—December 31, 2023 4,697 Net income attributable to non-controlling interest (11) Non-controlling interest—March 31, 2024 4,686 Net income attributable to non-controlling interest (7) Non-controlling interest—June 30, 2024 4,679 Net income attributable to non-controlling interest 72 Non-controlling interest—September 30, 2024 $ 4,751

Summary of Significant Accoun_4

Summary of Significant Accounting Policies - Narrative (Details)		9 Months Ended
	Oct. 31, 2023 USD ($)	Sep. 30, 2024 USD ($) supplier member	Jan. 01, 2024 USD ($)	Dec. 31, 2023 USD ($)
Related Party Transaction
Number of members | member		30,000,000
Number of travel supplier partnerships | supplier		5,000
Annual membership fee charged			$ 40
Deferred revenue		$ 3,900,000
Voucher liability, current		4,300,000		$ 5,200,000
Customer voucher refund liability		142,000		268,000
Merchant payables		17,321,000		20,622,000
Goodwill impairments	$ 0	0
Working capital		$ 7,000,000
Travelzoo Japan | Royalty Agreement Terms
Related Party Transaction
License agreement, term		5 years
Jack’s Flight Club
Related Party Transaction
Deferred revenue		$ 2,300,000		1,500,000
Deferred revenue recognized		1,400,000
Travelzoo North America And Travelzoo Europe
Related Party Transaction
Deferred revenue		1,500,000		$ 569,000
Deferred revenue recognized		$ 559,000
Board of Directors Chairman
Related Party Transaction
Ownership percentage held by related party		40.80%

Summary of Significant Accoun_5

Summary of Significant Accounting Policies - Reconciliation of Cash, Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023	Sep. 30, 2023	Dec. 31, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Cash and cash equivalents	$ 11,429	$ 15,713
Restricted cash	675	675
Cash, cash equivalents and restricted cash–discontinued operations	2	1
Total cash, cash equivalents and restricted cash in the condensed consolidated statements of cash flows	$ 12,106	$ 16,389	$ 16,582	$ 19,378

Net Income Per Share (Details)

Net Income Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Numerator:
Net income attributable to Travelzoo—continuing operations	$ 3,184	$ 2,353	$ 10,347	$ 8,652
Net loss attributable to Travelzoo—discontinued operations	$ 0	$ (5)	$ 0	$ (5)
Denominator:
Weighted average common shares - basic (in shares)	12,176,000	14,769,000	12,851,000	15,242,000
Effect of dilutive securities: stock options (in shares)	210,000	52,000	184,000	65,000
Weighted average common shares - diluted (in shares)	12,386,000	14,821,000	13,035,000	15,307,000
Income per share—basic
Continuing operations (in dollars per share)	$ 0.26	$ 0.16	$ 0.81	$ 0.57
Discontinued operations (in dollars per share)	0	0	0	0
Net income per share - basic (in dollars per share)	0.26	0.16	0.81	0.57
Income per share—diluted
Continuing operations (in dollars per share)	0.26	0.16	0.79	0.57
Discontinuing operations (in dollars per share)	0	0	0	0
Income per share - diluted (in dollars per share)	$ 0.26	$ 0.16	$ 0.79	$ 0.56
Anti-dilutive shares not included in computation of net income (loss) per common share (in shares)	612,500	950,000	612,500	750,000

Acquisitions - Narrative (Detai

Acquisitions - Narrative (Details) $ / shares in Units, $ in Thousands, shares in Millions

1 Months Ended

3 Months Ended

9 Months Ended

12 Months Ended

Dec. 30, 2022 USD ($) $ / shares

Dec. 28, 2022 shares

Oct. 31, 2024 USD ($)

Oct. 31, 2023 installment

Sep. 30, 2024 USD ($)

Jun. 30, 2024 USD ($)

Mar. 31, 2024 USD ($)

Dec. 31, 2023 USD ($)

Sep. 30, 2023 USD ($)

Jun. 30, 2023 USD ($)

Mar. 31, 2023 USD ($)

Sep. 30, 2024 USD ($)

Sep. 30, 2023 USD ($)

Dec. 31, 2023 USD ($)

Dec. 31, 2022

Jan. 31, 2020

Business Acquisition [Line Items]

Royalty rate

5%

5%

Intangible assets

$ 95

$ 381

$ 500

$ 1,200

Azzurro Stock Repurchase Agreement | Related Party

Business Acquisition [Line Items]

Ownership percentage held by related party

50.30%

Azzurro Brands Inc.

Business Acquisition [Line Items]

Number of principal installment payments | installment

5,000,000

Increased annual interest rate

16%

Repayments of principal

$ 3,000

Interest repaid

70

190

210

$ 475

Azzurro Brands Inc. | Subsequent Event

Business Acquisition [Line Items]

Interest repaid

$ 19

Remaining principal amount

$ 1,800

Private Placement

Business Acquisition [Line Items]

Number of shares sold | shares

3.4

Sale of stock (in dollars per share) | $ / shares

$ 4.45

Sale of stock, total consideration

$ 15,200

Sale of stock, cash

1,000

Sale of stock, promissory note

$ 4,800

Sale of stock, accrued interest

12%

Jack’s Flight Club

Business Acquisition [Line Items]

Percentage of ownership interest acquired

60%

Intangible assets

$ 58

$ 59

$ 75

$ 158

$ 157

$ 158

$ 168

Jack’s Flight Club | Trade name

Business Acquisition [Line Items]

Impaired indefinite lived intangible assets

0

$ 0

Indefinite-lived intangible asset

$ 1,500

Acquisitions - Schedule of Inta

Acquisitions - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands	3 Months Ended							9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023	Mar. 03, 2022	Jan. 30, 2020
Intangible Assets, Excluding Goodwill [Roll Forward]
Intangible assets beginning			$ 2,091					$ 2,091
Amortization of intangible assets with definite lives	$ (95)				$ (381)			(500)	$ (1,200)
Intangible assets ending	1,591			$ 2,091				1,591
Secret Escape Spain
Intangible Assets, Excluding Goodwill [Roll Forward]
Intangible assets beginning	110	$ 138	186	223	252	$ 288	$ 327	186	327
Amortization of intangible assets with definite lives	(37)	(28)	(48)	(37)	(29)	(36)	(39)
Intangible assets ending	73	110	138	186	223	252	288	73	223
Secret Escape U.S.
Intangible Assets, Excluding Goodwill [Roll Forward]
Intangible assets beginning	0	0	195	389	584	778	973	195	973
Amortization of intangible assets with definite lives	0	0	(195)	(194)	(195)	(194)	(195)
Intangible assets ending	0	0	0	195	389	584	778	0	389
Secret Escapes Spain member database | Secret Escape Spain
Business Acquisition [Line Items]
Fair Value										$ 445
Estimated Life (Years)										3 years
Secret Escapes U.S. member database | Secret Escape Spain
Business Acquisition [Line Items]
Fair Value										$ 1,751
Estimated Life (Years)										2 years 3 months 18 days
Jack’s Flight Club
Intangible Assets, Excluding Goodwill [Roll Forward]
Intangible assets beginning	1,576	1,635	1,710	1,868	2,025	2,183	2,351	1,710	2,351
Amortization of intangible assets with definite lives	(58)	(59)	(75)	(158)	(157)	(158)	(168)
Intangible assets ending	$ 1,518	$ 1,576	$ 1,635	$ 1,710	$ 1,868	$ 2,025	$ 2,183	$ 1,518	$ 1,868
Jack’s Flight Club | Customer relationships
Business Acquisition [Line Items]
Fair Value											$ 3,500
Estimated Life (Years)											5 years
Jack’s Flight Club | Trade name
Business Acquisition [Line Items]
Fair Value											$ 2,460
Jack’s Flight Club | Noncompete agreements
Business Acquisition [Line Items]
Fair Value											$ 660
Estimated Life (Years)											4 years

Acquisitions - Schedule of Expe

Acquisitions - Schedule of Expected Future Amortization Expense (Details) - Jack’s Flight Club $ in Thousands	Sep. 30, 2024 USD ($)
Business Acquisition [Line Items]
2024 (excluding the nine months ended September 30, 2024)	$ 94
2025	47
Total	$ 141

Commitments and Contingencies (

Commitments and Contingencies (Details) - USD ($) $ in Thousands	Sep. 30, 2024	May 31, 2023	Jul. 31, 2022	Jan. 31, 2022
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Remaining lease term	1 year
Term of contract	6 years
Purchase obligation	$ 112
Government Assistance, CARES Act
Collaborative Arrangement and Arrangement Other than Collaborative [Line Items]
Proceeds from government funding		$ 205	$ 494	$ 1,200

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023
Income Tax Disclosure [Abstract]
Effective tax rate	26%	30%	27%	28%
Unrecognized deferred tax liability	$ 850		$ 850
Total unrecognized tax benefits	23,900		23,900
Unrecognized tax benefits affecting the company's effective income tax rate	16,600		16,600
Accrued interest	$ 989		$ 989		$ 803

Accumulated Other Comprehensi_3

Accumulated Other Comprehensive Loss (Details) - USD ($)	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Accumulated Other Comprehensive Income [Roll Forward]
Beginning balance	$ 5,645,000	$ 11,069,000	$ 8,883,000	$ 8,851,000
Ending balance	2,520,000	6,716,000	2,520,000	6,716,000
Accumulated other comprehensive income (loss)	0	0	0	0
Accumulated Other Comprehensive Loss
Accumulated Other Comprehensive Income [Roll Forward]
Beginning balance	(4,951,000)	(4,690,000)	(4,607,000)	(4,905,000)
Ending balance	(5,079,000)	(4,803,000)	(5,079,000)	(4,803,000)
Foreign Currency Translation
Accumulated Other Comprehensive Income [Roll Forward]
Other comprehensive income (loss) due to foreign currency translation, net of tax	$ (128,000)	$ (113,000)	$ (472,000)	$ 102,000

Stock-Based Compensation and _2

Stock-Based Compensation and Stock Options (Details) $ / shares in Units, $ in Thousands				1 Months Ended						3 Months Ended		9 Months Ended		12 Months Ended
	Apr. 26, 2024 $ / shares shares	Jun. 01, 2021 employee $ / shares shares	May 29, 2020 employee $ / shares shares	Jun. 30, 2024 $ / shares shares	Mar. 31, 2024 shares	Mar. 31, 2023 $ / shares shares	Jun. 30, 2022 extension $ / shares shares	Mar. 31, 2022 $ / shares shares	Sep. 30, 2019 employee $ / shares shares	Sep. 30, 2024 USD ($) shares	Sep. 30, 2023 USD ($) shares	Sep. 30, 2024 USD ($) shares	Sep. 30, 2023 USD ($) shares	Dec. 31, 2023 shares	Dec. 31, 2022 USD ($) shares	Dec. 31, 2021 shares	Dec. 31, 2020 shares
Share-based Compensation Arrangement by Share-based Payment Award
Share purchase amount of options granted (in shares)				100,000
Exercise price (in dollars per share) | $ / shares				$ 7.87
June 2024
Share-based Compensation Arrangement by Share-based Payment Award
Options outstanding and unvested (in shares)										100,000		100,000
June 2022 plan
Share-based Compensation Arrangement by Share-based Payment Award
Share-based payment arrangement, nonvested award, option, cost not yet recognized, amount | $										$ 149		$ 149
March 2024
Share-based Compensation Arrangement by Share-based Payment Award
Share purchase amount of options granted (in shares)					600,000
Number of options approved for grant by Board of Directors (in shares)	600,000
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award
Number of key employees | employee		1
Share purchase amount of options granted (in shares)		50,000								3,358
Exercise price (in dollars per share) | $ / shares		$ 9.44
Options exercised (in shares)										37,500
Total stock-based compensation expense (reversal) | $										$ 36	$ 36	$ 108	$ 108
Options outstanding (in shares)										12,500		12,500
Unrecognized stock-based compensation expense | $										$ 36		$ 36
Expected duration for recognition of stock based compensation expense												3 months 18 days
Vesting percentage	25%
Vesting period	6 months
Award vesting period	2 years
Stock Options | September 2019 Plan
Share-based Compensation Arrangement by Share-based Payment Award
Share purchase amount of options granted (in shares)									300,000
Exercise price (in dollars per share) | $ / shares									$ 10.79
Options vest (in shares)									75,000
Stock Options | May 2020 Plan
Share-based Compensation Arrangement by Share-based Payment Award
Share purchase amount of options granted (in shares)			100,000													88,917	54,258
Shares issued upon exercise of options (in shares)			300,000
Options forfeited (in shares)																125,000	100,000
Share-based compensation options were exercised (in shares)																150,000
Stock Options | March 2022 plan
Share-based Compensation Arrangement by Share-based Payment Award
Total stock-based compensation expense (reversal) | $											$ 216		649
Vesting period								6 months
Share-based compensation arrangement by share-based payment award, equity instruments other than options, nonvested, number (in shares)										600,000		600,000
Stock Options | June 2022 plan
Share-based Compensation Arrangement by Share-based Payment Award
Total stock-based compensation expense (reversal) | $										$ 89		$ 89	$ 60		$ 0
Expected duration for recognition of stock based compensation expense												1 year
Share-based compensation arrangement by share-based payment award, equity instruments other than options, nonvested, number (in shares)										100,000		100,000
Performance target extension period												3 months
Number of extensions | extension							3
Share-based compensation arrangement by share-based payment award, equity instruments other than options, vested, number (in shares)												58,333			0
Options vested (in shares)										25,000	16,666	25,000	16,666
Stock Options | March 2023
Share-based Compensation Arrangement by Share-based Payment Award
Share purchase amount of options granted (in shares)						200,000				19,584		125,000
Exercise price (in dollars per share) | $ / shares						$ 4.96
Options exercised (in shares)										75,000
Total stock-based compensation expense (reversal) | $										$ 35		$ 104	$ 104
Unrecognized stock-based compensation expense | $										313		$ 313
Expected duration for recognition of stock based compensation expense												2 years 3 months 18 days
Vesting percentage						12.50%
Vesting period						6 months
Award vesting period						4 years
Options vested (in shares)												0
Stock Options | March 2024
Share-based Compensation Arrangement by Share-based Payment Award
Share purchase amount of options granted (in shares)												600,000
Exercise price (in dollars per share) | $ / shares	$ 8.58
Total stock-based compensation expense (reversal) | $										305		$ 914
Unrecognized stock-based compensation expense | $										$ 1,500		$ 1,500
Expected duration for recognition of stock based compensation expense												1 year 3 months 18 days
Options vested (in shares)												150,000
Employee Stock | May 2020 Plan
Share-based Compensation Arrangement by Share-based Payment Award
Share purchase amount of options granted (in shares)												26,871		18,098
Share-based compensation arrangement by share-based payment award, options, vested and exercisable in future periods, number of shares (in shares)																	75,000
Share-based compensation options were exercised (in shares)										75,000		75,000		50,000	0
Employee Stock | March 2022 Plan
Share-based Compensation Arrangement by Share-based Payment Award
Share purchase amount of options granted (in shares)								600,000
Exercise price (in dollars per share) | $ / shares								$ 8.14
Vesting percentage								25%
Award vesting period								2 years
Employee Stock | June 2022 plan
Share-based Compensation Arrangement by Share-based Payment Award
Share purchase amount of options granted (in shares)							100,000
Exercise price (in dollars per share) | $ / shares							$ 6.78
Key Employees | Stock Options | September 2019 Plan
Share-based Compensation Arrangement by Share-based Payment Award
Number of key employees | employee									6
Share purchase amount of options granted (in shares)									50,000
Key Employees | Stock Options | May 2020 Plan
Share-based Compensation Arrangement by Share-based Payment Award
Number of key employees | employee			2
Share purchase amount of options granted (in shares)			200,000							8,420					4,676	24,474
Exercise price (in dollars per share) | $ / shares			$ 3.49
Options forfeited (in shares)															50,000
Options exercised (in shares)										25,000					25,000	50,000
Total stock-based compensation expense (reversal) | $											$ 25	$ 25	$ 74
Key Employees | Employee Stock | May 2020 Plan
Share-based Compensation Arrangement by Share-based Payment Award
Share purchase amount of options granted (in shares)														16,619
Options exercised (in shares)														50,000
Mr. Ralph Bartel | Stock Options | May 2020 Plan
Share-based Compensation Arrangement by Share-based Payment Award
Share purchase amount of options granted (in shares)			800,000											121,307		390,809
Options exercised (in shares)														200,000		600,000

Stock Repurchase Program (Detai

Stock Repurchase Program (Details) - USD ($) $ in Thousands

3 Months Ended

12 Months Ended

Sep. 05, 2024

Jun. 15, 2024

Oct. 24, 2023

Jul. 26, 2023

Sep. 30, 2024

Jun. 30, 2024

Mar. 31, 2024

Jun. 30, 2023

Mar. 31, 2023

Dec. 31, 2022

Apr. 29, 2024

Dec. 31, 2023

Jun. 30, 2022

Class of Stock [Line Items]

Stock repurchased program authorized number of shares (in shares)

1,000,000

Shares repurchased during period (in shares)

1,000,000

400,000

Stock repurchased during period, value

$ 6,900

$ 3,900

Global Chief Executive | Bartel Stock Repurchase Agreement

Class of Stock [Line Items]

Shares repurchased during period (in shares)

200,000

200,000

Stock repurchased during period, value

$ 2,400

$ 1,500

$ 1,500

June 2022 Repurchase Program

Class of Stock [Line Items]

Stock repurchased program authorized number of shares (in shares)

1,000,000

Shares repurchased during period (in shares)

658,938

34,687

306,375

Stock repurchased during period, value

$ 4,700

$ 186

$ 1,600

October 2023 Repurchase Program

Class of Stock [Line Items]

Stock repurchased program authorized number of shares (in shares)

1,000,000

Shares repurchased during period (in shares)

600,000

Stock repurchased during period, value

$ 5,000

Remaining number of shares authorized to be repurchased (in shares)

400,000

April 2024 Repurchase Program

Class of Stock [Line Items]

Stock repurchased program authorized number of shares (in shares)

1,000,000

Shares repurchased during period (in shares)

352,679

600,000

Stock repurchased during period, value

$ 3,800

$ 5,000

Remaining number of shares authorized to be repurchased (in shares)

47,321

Segment Reporting and Signifi_3

Segment Reporting and Significant Customer Information - Narrative (Details)	9 Months Ended
	Sep. 30, 2024 segment
Segment Reporting [Abstract]
Number of reportable operating segments	4

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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues from External Customers and Long-Lived Assets
Total revenues	$ 20,098	$ 20,599	$ 63,224	$ 63,328
Operating profit (loss)	4,045	3,109	13,647	11,093
Travelzoo North America
Revenues from External Customers and Long-Lived Assets
Total revenues	12,822	13,408	41,184	42,299
Operating profit (loss)	3,150	3,015	11,305	11,284
Travelzoo Europe
Revenues from External Customers and Long-Lived Assets
Total revenues	6,018	5,983	18,631	17,757
Operating profit (loss)	1,028	267	2,922	485
Jack’s Flight Club
Revenues from External Customers and Long-Lived Assets
Total revenues	1,225	1,180	3,321	3,223
Operating profit (loss)	27	144	(106)	196
New Initiatives
Revenues from External Customers and Long-Lived Assets
Total revenues	33	28	88	49
Operating profit (loss)	(160)	(317)	(474)	(872)
Operating Segments
Revenues from External Customers and Long-Lived Assets
Total revenues	20,098	20,599	63,224	63,328
Operating Segments | Travelzoo North America
Revenues from External Customers and Long-Lived Assets
Total revenues	12,846	13,094	41,134	41,303
Operating Segments | Travelzoo Europe
Revenues from External Customers and Long-Lived Assets
Total revenues	6,021	6,397	18,605	18,937
Operating Segments | Jack’s Flight Club
Revenues from External Customers and Long-Lived Assets
Total revenues	1,198	1,080	3,397	3,039
Operating Segments | New Initiatives
Revenues from External Customers and Long-Lived Assets
Total revenues	33	28	88	49
Intersegment revenues
Revenues from External Customers and Long-Lived Assets
Total revenues	0	0	0	0
Intersegment revenues | Travelzoo North America
Revenues from External Customers and Long-Lived Assets
Total revenues	(24)	314	50	996
Intersegment revenues | Travelzoo Europe
Revenues from External Customers and Long-Lived Assets
Total revenues	(3)	(414)	26	(1,180)
Intersegment revenues | Jack’s Flight Club
Revenues from External Customers and Long-Lived Assets
Total revenues	27	100	(76)	184
Intersegment revenues | New Initiatives
Revenues from External Customers and Long-Lived Assets
Total revenues	$ 0	$ 0	$ 0	$ 0

Segment Reporting and Signifi_5

Segment Reporting and Significant Customer Information - Long Lived Assets by Business Segment (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Revenues from External Customers and Long-Lived Assets
Long-lived assets	$ 470	$ 578
Total assets excluding discontinued operations	50,528	55,381
Elimination
Revenues from External Customers and Long-Lived Assets
Long-lived assets	0	0
Total assets excluding discontinued operations	(95,986)	(87,181)
Travelzoo North America | Operating Segments
Revenues from External Customers and Long-Lived Assets
Long-lived assets	90	152
Total assets excluding discontinued operations	98,754	96,865
Travelzoo Europe | Operating Segments
Revenues from External Customers and Long-Lived Assets
Long-lived assets	151	106
Total assets excluding discontinued operations	24,052	22,655
Jack’s Flight Club | Operating Segments
Revenues from External Customers and Long-Lived Assets
Long-lived assets	0	0
Total assets excluding discontinued operations	20,303	19,472
New Initiatives | Operating Segments
Revenues from External Customers and Long-Lived Assets
Long-lived assets	229	320
Total assets excluding discontinued operations	$ 3,405	$ 3,570

Segment Reporting and Signifi_6

Segment Reporting and Significant Customer Information - Revenue by Type and Segment (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenues from External Customers and Long-Lived Assets
Total revenues	$ 20,098	$ 20,599	$ 63,224	$ 63,328
Travelzoo North America
Revenues from External Customers and Long-Lived Assets
Total revenues	12,822	13,408	41,184	42,299
Travelzoo North America | Advertising
Revenues from External Customers and Long-Lived Assets
Total revenues	18,619	19,391	59,426	60,056
Travelzoo North America | Membership Fees
Revenues from External Customers and Long-Lived Assets
Total revenues	1,446	1,190	3,711	3,233
Travelzoo North America | Other
Revenues from External Customers and Long-Lived Assets
Total revenues	$ 33	$ 18	$ 87	$ 39

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		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Revenue, Major Customer [Line Items]
Total revenues	$ 20,098	$ 20,599	$ 63,224	$ 63,328
United States
Revenue, Major Customer [Line Items]
Total revenues	11,666	12,225	37,242	38,447
United Kingdom
Revenue, Major Customer [Line Items]
Total revenues	5,199	4,915	15,569	14,735
Germany
Revenue, Major Customer [Line Items]
Total revenues	1,744	1,992	5,411	5,225
Rest of the world
Revenue, Major Customer [Line Items]
Total revenues	$ 1,489	$ 1,467	$ 5,002	$ 4,921

Segment Reporting and Signifi_8

Segment Reporting and Significant Customer Information - Long Lived Assets by Geographic Area (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Revenues from External Customers and Long-Lived Assets
Long-lived assets	$ 470	$ 578
United States
Revenues from External Customers and Long-Lived Assets
Long-lived assets	78	115
China (Hong Kong)
Revenues from External Customers and Long-Lived Assets
Long-lived assets	221	308
Rest of the world
Revenues from External Customers and Long-Lived Assets
Long-lived assets	$ 171	$ 155

Leases - Narrative (Details)

Leases - Narrative (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2024 USD ($) option	Sep. 30, 2023 USD ($)
Lessee, Lease, Description [Line Items]
Term of contract	6 years
Number of renewal options (or more) | option	1
Cash paid for amounts included in the measurement of lease liabilities	$ 2,547	$ 2,499
Right-of-use assets obtained in exchange for lease obligations—operating leases	$ 1,273	$ 512
Minimum
Lessee, Lease, Description [Line Items]
Term of contract	1 year
Maximum
Lessee, Lease, Description [Line Items]
Term of contract	6 years

Leases - Lease Cost (Details)

Leases - Lease Cost (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Leases [Abstract]
Operating lease cost	$ 536	$ 548	$ 1,597	$ 1,868
Short-term lease cost	137	26	408	66
Variable lease cost	154	194	370	510
Sublease income	0	(90)	0	(270)
Total lease cost	$ 827	$ 678	$ 2,375	$ 2,174

Leases - Lease Balance Sheet In

Leases - Lease Balance Sheet Information (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Assets:
Operating lease right-of-use assets	$ 6,080	$ 6,015
Liabilities:
Operating lease liabilities	2,624	2,530
Long-term operating lease liabilities	6,225	6,717
Total operating lease liabilities	$ 8,849	$ 9,247
Weighted average remaining lease term (years)	4 years 7 months 9 days	5 years 3 months 3 days
Weighted average discount rate	4.80%	4.30%

Leases - Schedule of Operating

Leases - Schedule of Operating Lease Liability Maturity (Details) - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Leases [Abstract]
2024 (excluding the nine months ended September 30, 2024)	$ 713
2025	2,584
2026	1,811
2027	1,465
2028	1,465
Thereafter	1,681
Total lease payments	9,719
Less interest	(870)
Present value of operating lease liabilities	$ 8,849	$ 9,247

Non-Controlling Interest (Detai

Non-Controlling Interest (Details) - USD ($) $ in Thousands	3 Months Ended							9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2023	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Stockholders' Equity Attributable to Noncontrolling Interest [Roll Forward]
Non-controlling interest—Beginning balance	$ 4,679	$ 4,686	$ 4,697	$ 4,692	$ 4,640	$ 4,603	$ 4,595	$ 4,697	$ 4,595
Net income attributable to non-controlling interest	72	(7)	(11)	5	52	37	8	54	97
Non-controlling interest—Ending balance	$ 4,751	$ 4,679	$ 4,686	$ 4,697	$ 4,692	$ 4,640	$ 4,603	$ 4,751	$ 4,692
Jack's Flight Club
Noncontrolling Interest [Line Items]
Percentage of equity interest	60%							60%

Related Party Transactions (Det

Related Party Transactions (Details) - USD ($) $ / shares in Units, $ in Millions				3 Months Ended
	Sep. 05, 2024	Jun. 15, 2024	Jul. 26, 2023	Jun. 30, 2024	Mar. 31, 2024	Dec. 31, 2022
Related Party Transaction
Shares repurchased during period (in shares)			1,000,000		400,000
Stock repurchased during period, value			$ 6.9		$ 3.9
Related Party | Azzurro Stock Repurchase Agreement
Related Party Transaction
Ownership percentage held by related party						50.30%
Global Chief Executive | Bartel Stock Repurchase Agreement
Related Party Transaction
Shares repurchased during period (in shares)	200,000	200,000
Common stock repurchased, price (in dollars per share)	$ 11.44	$ 7.66
Stock repurchased during period, value	$ 2.4	$ 1.5		$ 1.5

Subsequent Event (Details)

Subsequent Event (Details) - shares	Oct. 23, 2024	Jul. 26, 2023
Subsequent Event [Line Items]
Stock repurchased program authorized number of shares (in shares)		1,000,000
Subsequent Event
Subsequent Event [Line Items]
Stock repurchased program authorized number of shares (in shares)	1,000,000