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Travelzoo (NASDAQ:TZOO) reports Q1 results that missed revenue estimates.
Q1 highlights: Revenue of $20.3M (-30.3% Y/Y).
Operating loss of $3.7M due to the one-time impairment charge of $2.9M for intangible assets and goodwill due to the pandemic, and an increased bad debt provision of $1.0M.
North America business segment revenue decreased 32% Y/Y to $12.7M and Europe was down 34% to $6.9M.
TZOO had decided to exit its Asia Pacific business previously, which incurred a loss of $7.2M in 2019.
North America and Europe members (unduplicated number) totaled 26.0M at the end of the quarter.
Cash, cash equivalents and restricted cash were $14.4M (March 31).
TZOO forecasts Q2 cash flow from operations in the range of $13.0M to $14.0M and cash balance in the range of $24.0M to $25M as of June 30.