Exhibit 99.1

Travelzoo 590 Madison Avenue 35th Floor New York, NY 10022 Investor Relations: ir@travelzoo.com

FOR IMMEDIATE RELEASE

Travelzoo Reports First Quarter 2023 Results

NEW YORK, April 27, 2023 — Travelzoo® (NASDAQ: TZOO):

•Revenue of $21.6 million, up 17% year-over-year

•In constant currencies, revenue was $22.1 million, up 19% year-over-year

•Non-GAAP consolidated operating profit of $5.5 million

•Earnings per share (EPS) of $0.23

Travelzoo, a global Internet media company that provides exclusive offers and experiences for members, today announced financial results for the first quarter ended March 31, 2023. Consolidated revenue was $21.6 million, up 17% from $18.5 million year-over-year. In constant currencies, revenue was $22.1 million. Travelzoo's reported revenue consists of advertising revenues and commissions, derived from and generated in connection with purchases made by Travelzoo members.

The reported net income attributable to Travelzoo from continuing operations was $3.7 million for Q1 2023. At the consolidated level, including minority interests, the reported net income from continuing operations was $3.7 million. EPS from continuing operations was $0.23, compared to $0.19 in the prior-year period.

Non-GAAP operating profit was $5.5 million. The calculation of non-GAAP operating profit excludes amortization of intangibles ($0.4 million), stock option expenses ($0.4 million) and severance-related expenses ($39,000). See section “Non-GAAP Financial Measures” below.

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“We will continue our strategy of leveraging Travelzoo’s global reach, trusted brand, and strong relationships with top travel suppliers to negotiate more exclusive offers for Travelzoo members,” said Holger Bartel, Travelzoo’s Global CEO. “With more than 30 million members, 8 million mobile app users, and 4 million social media followers, Travelzoo is loved by travel enthusiasts who are affluent, active, and open to new experiences.”

Cash Position

As of March 31, 2023, consolidated cash, cash equivalents and restricted cash were $19.8 million. Net cash provided by operations was $535,000.

Reserve

Reported revenues include a reserve of $785,000 related to commissions to be earned from vouchers sold. The reserve is initially booked as contra revenue.

Travelzoo North America

North America business segment revenue increased 26% year-over-year to $14.8 million. Operating profit for Q1 2023 was $4.5 million, or 31% of revenue, compared to an operating profit of $1.7 million in the prior-year period.

Travelzoo Europe

Europe business segment revenue remained consistent year-over-year at $5.9 million. At constant currencies, Europe business segment revenue increased 6% year-over-year. Operating profit for Q1 2023 was $457,000, or 8% of revenue, compared to an operating profit of $178,000 in the prior-year period.

Jack’s Flight Club

Jack’s Flight Club business segment revenue increased 15% year-over-year to $948,000. Jack’s Flight Club is a membership subscription service in which Travelzoo has a 60% ownership interest. The number of premium subscribers increased 27% year-over-year. Revenue from increases in subscribers is reported with a lag because we recognize revenue from subscriptions monthly pro rata over the subscription period (quarterly, semi-annually, annually). Non-GAAP operating profit for Q1 2023 was $123,000, compared to a non-GAAP operating profit of $249,000 in the prior-year period. After consolidation with Travelzoo, Jack’s Flight Club's net income was $20,000, with $12,000 attributable to Travelzoo as a result of recording $168,000 of amortization of intangible assets related to the acquisition.

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New Initiatives

New Initiatives business segment revenue, which includes Licensing and Travelzoo META, was $8,000. Operating loss for Q1 2023 was $217,000.

In June 2020, Travelzoo entered into a royalty-bearing licensing agreement with a local licensee in Japan for the exclusive use of Travelzoo’s brand, business model, and members in Japan. In August of 2020, Travelzoo entered into a royalty-bearing licensing agreement with a local licensee in Australia for the exclusive use of Travelzoo’s brand, business models, and members in Australia, New Zealand, and Singapore. Under these arrangements, Travelzoo’s existing members in Australia, Japan, New Zealand, and Singapore will continue to be owned by Travelzoo as the licensor. Licensing revenue is booked with a lag of one quarter. Travelzoo recorded $8,000 in licensing revenue from the licensee in Australia, New Zealand, and Singapore in Q1 2023. Licensing revenue is expected to increase going forward.

Members and Subscribers

As of March 31, 2023, we had 30.5 million members worldwide. In North America, the unduplicated number of Travelzoo members was 16.3 million as of March 31, 2023, down 2% from March 31, 2022. In Europe, the unduplicated number of Travelzoo members was 9.1 million as of March 31, 2023, consistent with March 31, 2022. Jack’s Flight Club had 2.0 million subscribers as of March 31, 2023, up 14% from March 31, 2022.

Discontinued Operations

As announced in a press release on March 10, 2020, Travelzoo decided to exit its Asia Pacific business and operate it as a licensing business going forward. Consequently, the Asia Pacific business has been classified as discontinued operations since March 31, 2020. Prior periods have been reclassified to conform with the current presentation. Certain reclassifications have been made for current and prior periods between the continued operations and the discontinued operations in accordance with U.S. GAAP.

Income Taxes

A provision of $1.4 million for income taxes was recorded for Q1 2023, compared to an income tax expense of $968,000 in the prior-year period. The provision for Q1 2023 does not reflect the expected utilization of NOLs by Travelzoo in the U.S.

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Non-GAAP Financial Measures

Management calculates non-GAAP operating income when evaluating the financial performance of the business. Travelzoo’s calculation of non-GAAP operating income, also called “non-GAAP operating profit” in this press release and today’s earnings conference call, excludes the following items: amortization of intangibles, stock option expenses, and severance-related expenses. This press release includes a table which reconciles GAAP operating income to the calculation of non-GAAP operating income. Non-GAAP operating income is not required by, or presented in accordance with, generally accepted accounting principles in the United States of America ("GAAP"). This information should be considered as supplemental in nature and should not be considered in isolation or as a substitute for the financial information prepared in accordance with GAAP. In addition, these non-GAAP financial measures may not be the same as similarly titled measures reported by other companies.

Looking Ahead

For Q2 2023, we currently expect growth in revenue and growth in operating profit to continue year-over-year. During the pandemic, we have been able to lower our fixed costs. We believe we can keep our fixed costs relatively low in the foreseeable future.

Conference Call

Travelzoo will host a conference call to discuss first quarter 2023 results today at 11:00 a.m. ET. Please visit http://ir.travelzoo.com/events-presentations to

•download the management presentation (PDF format) to be discussed in the conference call

•access the webcast.

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About Travelzoo

Travelzoo® provides its 30 million members with exclusive offers and one-of-a-kind experiences personally reviewed by our deal experts around the globe. We have our finger on the pulse of outstanding travel, entertainment, and lifestyle experiences. We work in partnership with more than 5,000 top travel suppliers—our long-standing relationships give Travelzoo members access to irresistible deals.

Certain statements contained in this press release that are not historical facts may be forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities and Exchange Act of 1934. These forward-looking statements may include, but are not limited to, statements about our plans, objectives, expectations, prospects and intentions, markets in which we participate and other statements contained in this press release that are not historical facts. When used in this press release, the words “expect”, “predict”, “project”, “anticipate”, “believe”, “estimate”, “intend”, “plan”, “seek” and similar expressions are generally intended to identify forward-looking statements. Because these forward-looking statements involve risks and uncertainties, there are important factors that could cause actual results to differ materially from those expressed or implied by these forward-looking statements, including changes in our plans, objectives, expectations, prospects and intentions and other factors discussed in our filings with the SEC. We cannot guarantee any future levels of activity, performance or achievements. Travelzoo undertakes no obligation to update forward-looking statements to reflect events or circumstances occurring after the date of this press release.

Travelzoo and Jack's Flight Club are registered trademarks of Travelzoo.

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Travelzoo

Condensed Consolidated Statements of Operations

(Unaudited)

(In thousands, except per share amounts)

	Three months ended
	March 31,
	2023		2022
Revenues	$	21,601	$	18,453
Cost of revenues	2,691		2,832
Gross profit	18,910		15,621
Operating expenses:
Sales and marketing	9,296		8,581
Product development	490		453
General and administrative	4,413		4,668
Total operating expenses	14,199		13,702
Operating income	4,711		1,919
Other income, net	350		1,423
Income from continuing operations before income taxes	5,061		3,342
Income tax expense	1,378		968
Income from continuing operations	3,683		2,374
Loss from discontinued operations, net of tax	(2)		(11)
Net income	3,681		2,363
Net income attributable to non-controlling interest	8		4
Net income attributable to Travelzoo	$	3,673	$	2,359
Net income attributable to Travelzoo—continuing operations	$	3,675	$	2,370
Net loss attributable to Travelzoo—discontinued operations	$	(2)	$	(11)
Income per share—basic
Continuing operations	$	0.23	$	0.20
Discontinued operations	$	—	$	—
Net income per share—basic	$	0.23	$	0.20
Income per share—diluted
Continuing operations	$	0.23	$	0.19
Discontinued operations	$	—	$	—
Net income per share—diluted	$	0.23	$	0.19
Shares used in per share calculation from continuing operations—basic	15,697		12,056
Shares used in per share calculation from discontinued operations—basic	15,697		12,056
Shares used in per share calculation from continuing operations—diluted	15,779		12,544
Shares used in per share calculation from discontinued operations—diluted	15,697		12,056

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Travelzoo

Condensed Consolidated Balance Sheets

(Unaudited)

(In thousands)

	March 31, 2023		December 31, 2022
Assets
Current assets:
Cash and cash equivalents	$	19,138	$	18,693
Accounts receivable, net	13,672		13,820
Prepaid income taxes	1,401		1,778
Prepaid expenses and other	1,764		1,289
Assets from discontinued operations	10		11
Total current assets	35,985		35,591
Deposits and other	4,618		5,094
Deferred tax assets	3,248		3,222
Restricted cash	679		675
Operating lease right-of-use assets	6,852		7,440
Property and equipment, net	692		657
Intangible assets, net	3,249		3,651
Goodwill	10,944		10,944
Total assets	$	66,267	$	67,274
Liabilities and Stockholders’ Equity
Current liabilities:
Accounts payable	$	3,143	$	4,271
Merchant payables	27,976		32,574
Accrued expenses and other	4,611		5,049
Deferred revenue	3,124		2,216
Operating lease liabilities	2,682		2,972
Liabilities from discontinued operations	453		452
Total current liabilities	41,989		47,534
Long-term operating lease liabilities	7,926		8,326
Other long-term liabilities	3,530		2,563
Total liabilities	53,445		58,423
Non-controlling interest	4,603		4,595
Common stock	165		165
Treasury stock (at cost)	(7,316)		(7,130)
Tax indemnification	(9,537)		(9,537)
Note receivable from shareholder	(4,753)		(4,753)
Additional paid-in capital	23,670		23,274
Retained earnings	10,815		7,142
Accumulated other comprehensive loss	(4,825)		(4,905)
Total stockholders’ equity	8,219		4,256
Total liabilities and stockholders’ equity	$	66,267	$	67,274

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Travelzoo

Condensed Consolidated Statements of Cash Flows

(Unaudited)

(In thousands)

	Three months ended
	March 31,
	2023		2022
Cash flows from operating activities:
Net income	$	3,681	$	2,363
Adjustments to reconcile net income to net cash provided by (used in) operating activities:
Depreciation and amortization	478		574
Stock-based compensation	396		542
Deferred income tax	(68)		97
Loss on long-lived assets	—		38
Gain on sale of equity investment in WeGo	—		(196)
Net foreign currency effects	3		(13)
Reversal of reserves on accounts receivable and other reserves	(569)		(1,408)
Changes in operating assets and liabilities:
Accounts receivable	372		(3,163)
Prepaid income taxes	407		759
Prepaid expenses, deposits and other	17		565
Accounts payable	(1,321)		103
Merchant payables	(4,591)		(7,961)
Accrued expenses and other	911		917
Income tax payable	—		(157)
Other liabilities	819		176
Net cash provided by (used in) operating activities	535		(6,764)
Cash flows from investing activities:
Proceeds from repayment of note receivable	39		—
Purchases of intangible assets	—		(1,049)
Proceeds from sale of equity investment in WeGo	—		196
Purchases of property and equipment	(111)		(89)
Net cash used in investing activities	(72)		(942)
Cash flows from financing activities:
Repurchase of common stock	(186)		—
Net cash used in financing activities	(186)		—
Effect of exchange rate on cash, cash equivalents and restricted cash	171		(524)
Net increase (decrease) in cash, cash equivalents and restricted cash	448		(8,230)
Cash, cash equivalents and restricted cash at beginning of period	19,378		44,989
Cash, cash equivalents and restricted cash at end of period	$	19,826	$	36,759

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Travelzoo

Segment Information from Continuing Operations

(Unaudited)

(In thousands)

Three months ended March 31, 2023	Travelzoo North America		Travelzoo Europe		Jack's Flight Club		New Initiatives		Elimination		Consolidated
Revenue from unaffiliated customers	$	14,567	$	6,078	$	948	$	8	$	—	$	21,601
Intersegment revenue	191		(191)		—		—		—		—
Total net revenues	14,758		5,887		948		8		—		21,601
Operating income (loss)	$	4,516	$	457	$	(45)	$	(217)	$	—	$	4,711
Three months ended March 31, 2022	Travelzoo North America		Travelzoo Europe		Jack's Flight Club		New Initiatives		Elimination		Consolidated
Revenue from unaffiliated customers	$	11,498	$	6,127	$	823	$	5	$	—	$	18,453
Intersegment revenue	193		(193)		—		—		—		—
Total net revenues	11,691		5,934		823		5		—		18,453
Operating income (loss)	$	1,820	$	178	$	23	$	(102)	$	—	$	1,919

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Travelzoo

Reconciliation of GAAP to Non-GAAP Information

(Unaudited)

(In thousands, except per share amounts)

	Three months ended
	March 31,
	2023		2022
GAAP operating expense	$	14,199	$	13,702
Non-GAAP adjustments:
Amortization of intangibles (A)	398		226
Stock option expenses (B)	396		541
Severance-related expenses (C)	39		13
Non-GAAP operating expense	13,366		12,922
GAAP operating income	4,711		1,919
Non-GAAP adjustments (A through C)	833		780
Non-GAAP operating income	5,544		2,699

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