Travelzoo 2014 Annual Report Download - page 74

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39
Revenues
The following table sets forth the breakdown of revenues (in thousands) by category and segment. Travel revenue
includes travel publications (Top 20, Website, Newsflash, Travelzoo Network), Getaway vouchers and hotel booking. Search
revenue includes SuperSearch and Fly.com. Local revenue includes Local Deals vouchers and entertainment offers (vouchers
and direct bookings).
Year Ended December 31,
2014 2013 2012
North America
Travel $ 59,160 $ 63,812 $ 56,636
Search 14,857 20,704 23,101
Local 21,166 27,439 29,050
Total North America revenues $ 95,183 $ 111,955 $ 108,787
Europe
Travel $ 37,339 $ 34,635 $ 29,844
Search 2,413 3,264 4,149
Local 7,141 8,380 8,388
Total Europe revenues $ 46,893 $ 46,279 $ 42,381
Consolidated
Travel $ 96,499 $ 98,447 $ 86,480
Search 17,270 23,968 27,250
Local 28,307 35,819 37,438
Total revenues $ 142,076 $ 158,234 $ 151,168
North America
North America revenues decreased $16.8 million in 2014 compared to 2013. This decrease was primarily due to the
decrease in Local, Search and Travel revenues. The decrease in Local revenues of $6.3 million was primarily due to the
decreased number of Local Deals vouchers sold. The decrease in Search revenue of $5.8 million was primarily due to the
decreased number of clicks that generate revenue as a result of decreased spending on traffic acquisition. The decrease in
Travel revenue of $4.6 million was primarily due to the decreased number of Getaways vouchers sold and paid clicks.
North America revenues increased $3.2 million in 2013 compared to 2012. This increase was primarily due to an increase
in Travel revenues offset by a decrease in Search and Local revenues. The increase in Travel revenue of $7.2 million was
primarily due to an increase in revenues from Getaways due to increased number of Getaways vouchers sold and an increase in
revenues from travel publications due to increased number of e-mails delivered. The decrease in Search revenue of $2.4 million
was primarily due to the decreased number of clicks that generate revenue as a result of decreased spending on traffic
acquisition. The decrease in Local revenues of $1.6 million was primarily due to the decreased number of Local Deals
vouchers sold and a decrease in the average take rate earned on vouchers sold and a decrease in the average take rate earned by
us from the merchants for the voucher sold.
Europe
Europe revenues increased $615,000 in 2014 compared to 2013. This increase was primarily due to an increase in Travel
revenues offset by a decrease in Local and Search revenues. The increase in Travel revenue of $2.7 million was primarily due
to an increase in revenues from travel publications due to an increased number of e-mails delivered. The decrease in Local
revenues of $1.2 million was primarily due to the decreased number of Local Deals vouchers sold. The decrease in Search
revenue of $851,000 was primarily due to the decreased number of clicks that generate revenue as a result of decreased
spending on traffic acquisition.