旅行动物园 2026年季度报告

(Mark One) ☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIESEXCHANGE ACT OF 1934 For the quarterly period ended March31, 2026or TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIESEXCHANGE ACT OF 1934 For the transition period fromtoCommission File No.: 000-50171 Travelzoo (Exact name of registrant as specified in its charter) Registrant’s telephone number, including area code: +1 (212)516-1300 SECURITIES REGISTERED PURSUANT TO SECTION12(b) OF THE ACT: TZOO The NASDAQ Stock Market Common Stock, $0.01 par value Indicate by check mark whether the Registrant (1)has filed all reports required to be filed by Section13 or 15(d) of theSecurities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to filesuch reports), and (2)has been subject to such filing requirements for the past 90 days.YesNo Indicate by check mark whether the Registrant has submitted electronically every Interactive Data File required to be submittedand posted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the Registrant wasrequired to submit and post such files).YesNo Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smallerreporting company or an emerging growth company. See definition of “large accelerated filer,” “accelerated filer,” “smaller reportingcompany,” and “emerging growth company” in Rule 12b-2 of the Exchange Act. Accelerated filer☒SmallerreportingcompanyEmerging growth companyIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for LargeacceleratedfilerNon-accelerated filer complying with any new or revisited financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. Indicate by check mark whether the Registrant is a shell company (as defined in Rule 12b-2 of the ExchangeAct).Yes☐No The number of shares of Travelzoo common stock outstanding as of May13, 2026 was 10,279,709. TRAVELZOO Table of Contents PART I—FINANCIAL INFORMATION Item1. Financial Statements (Unaudited)Condensed Consolidated Balance Sheets as of March 31, 2026 and December 31, 2025Condensed Consolidated Statements of Operations for the Three Months Ended March 31 2026 and 2025Condensed Consolidated Statements of Comprehensive Income for the Three Months Ended March 31, 2026 and 2025Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2026 and 2025Condensed Consolidated Statements of Stockholders' Equity (Deficit) for the Three Months Ended March 31, 2026 and2025Notes to Condensed Consolidated Financial StatementsItem2. Management’s Discussion and Analysis of Financial Condition and Results of OperationsItem3. Quantitative and Qualitative Disclosures About Market RiskItem4. Controls and Procedures PART II—OTHER INFORMATION Item 1. Legal ProceedingsItem1A. Risk FactorsItem 2. Unregistered Sales of Equity Securities and Use of ProceedsItem 3. Defaults Upon Senior SecuritiesItem 4. Mine Safety DisclosuresItem 5. Other InformationItem6. ExhibitsSignature PART I—FINANCIAL INFORMATION TRAVELZOOCONDENSED CONSOLIDATED BALANCE SHEETS(Unaudited)(In thousands, except par value) Three Months EndedMarch 31,20262025Net income$2,498$3,260Other comprehensive income (loss):Foreign currency translation adjustment34(120)Total comprehensive income$2,532$3,140 See accompanying notes to unaudited condensed consolidated financial statements. TRAVELZOOCONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS(Unaudited)(In thousands) TRAVELZOONOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS(Unaudited) Note 1: Summary of Significant Accounting Policies (a) The Company and Basis of Presentation We (or the “Company”) are a global Internet media company. We operateTravelzoo®, the club for travel enthusiasts,Jack’sFlight Club®, a subscription service that provides information about exceptional airfares, andTravelzoo META. The Company generates revenue primarily from advertising and membership fees. Ralph Bartel, who founded Travelzoo, is the sole beneficiary of the Ralph Bartel 2005 Trust, which is the controllingshareholder of Azzurro Capital Inc. (“Azzurro”). Azzurro is the Company’s largest shareholder, and as of March31, 2026, holdsapproximately 35.1% of the Company's outstanding shares. The accompanying unaudited condensed consolidated financial statements have been prepared by the Company in accordancewith the rules and regulations of the U.S. Securities and Exchange Commission (SEC). Certain information and footnote disclosuresnormally included in condensed consolidated financial statements prepared in accordance with generally accepted accountingprinciples in the United States of America (“GAAP”) have been condensed or omitted in accordance with such rules and regulations.In the opinion of managem