Travelzoo 2011 Annual Report Download - page 51

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24
Year Ended December 31,
2009 2010 2011
Europe
Total Subscribers(1) ....................................................... 3,601,000 4,614,000 5,806,000
P
age views of homepages of Travelzoo websites(1) ....... 16,491,000 17,859,000 20,258,000
A
verage cost per acquisition of a new subscribe
r
.......... $ 3.38 $ 3.55 $ 2.86
R
evenue per employee .................................................... $ 245 $ 291 $ 322
R
evenue per subscriber(2) .............................................. $ 7.32 $ 6.98 $ 8.62
Consolidated
Total Subscribers(1) ....................................................... 16,849,000 18,888,000 21,466,000
P
age views of homepages of Travelzoo websites(1) ....... 52,936,000 55,631,000 57,526,000
A
verage cost per acquisition of a new subscriber .......... $ 2.44 $ 2.28 $ 1.76
R
evenue per employee .................................................... $ 522 $ 504 $ 441
R
evenue per subscriber(2) .............................................. $ 6.96 $ 6.69 $ 7.85
(1) The comparability of year-over-year changes of page views of the homepages of Travelzoo websites may be limited due to the
design and navigation of the websites.
(2) Annual revenue divided by number of subscribers at the beginning of the year.
Revenues
The following table sets forth the breakdown of revenues by type and segment for the years ended December 31, 2009, 2010 and
2011. Travel revenue includes travel publications (Top 20, Website, Newsflash, Network) and Getaways vouchers. Search revenue
includes SuperSearch and Fly.com. Local revenue includes Local Deals vouchers and Entertainment non-vouchers.
Years Ended December 31,
2009 2010
2011
(In thousands, except percentage changes)
N
orth America
Travel ............................................................................ $ 48,747 $ 53,693 $ 57,795
Search ............................................................................ 23,778 24,914 23,980
Local .............................................................................. 5,182 9,054 26,774
Total North America revenues ................................................ $ 77,707 $ 87,661 $ 108,549
Europe
Travel ............................................................................ $ 14,646 $ 21,786 $ 27,434
Search ............................................................................ 1,409 2,404 5,089
Local .............................................................................. 211 933 7,270
Total Europe revenues ............................................................ $ 16,266 $ 25,123 $ 39,793
Revenue
Travel ............................................................................ $ 63,393 $ 75,479 $ 85,229
Search ............................................................................ 25,187 27,318 29,069
Local .............................................................................. 5,393 9,987 34,044
Total revenues ......................................................................... $ 93,973 $ 112,784 $ 148,342
North America
North America revenues increased $20.9 million from 2010 to 2011. This increase was primarily due to growth of Travel and
Local revenues offset by a decrease in Search revenue. The increase in Travel revenue of $4.1 million was primarily due to the
introduction of Getaways offset by lower Top 20 and Newsflash revenue related to airline consolidation and increased competition.
The decrease in Search revenue of $934,000 was primarily due to the reduced number of clicks that generate revenue as a result from
our reduced spending on traffic acquisition as well as lower average cost-per-click paid by our advertisers. The increase in Local
revenue of $17.7 million was primarily due to the increased number of Local Deals sold.
North America revenues increased $10.0 million from 2009 to 2010. This increase was primarily due to growth of Travel,
Search and Local revenues. The increase in Travel revenue of $4.9 million was primarily due to the increased number of emails
delivered to our audience driven by advertiser demand offset by a lower average cost-per-email. The increase in Search revenue of
$1.1 million was primarily due to the growth of the Fly.com product launched in February 2009. The increase in Local revenue of $3.9
million was primarily due to the launch of our Local Deals in August 2010.