tzoo-202602190001133311FALSETravelzoo00011333112026-02-192026-02-19
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
____________________________________________________
FORM 8-K
____________________________________________________
CURRENT REPORT
Pursuant To Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): February 19, 2026
____________________________________________________
(Exact name of registrant as specified in its charter)
____________________________________________________
| | | | | | | | | | | |
| Delaware | 000-50171 | 36-4415727 |
(State or Other Jurisdiction of Incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) |
590 Madison Avenue, 35th Floor New York, New York | 10022 |
(Address of principal executive offices) | (Zip Code) |
Registrant’s telephone number, including area code +1 (212) 516-1300 |
| (Former Name or Former Address, if Changed Since Last Report) |
____________________________________________________
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions ( see General Instruction A.2. below):
☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
| | | | | | | | | | | | | | |
| Title of each class | | Trading Symbol(s) | | Name of each exchange on which registered |
| Common Stock, $0.01 par value | | TZOO | | The NASDAQ Stock Market |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter)
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act ☐
Item 2.02. Results of Operations and Financial Condition.
On February 19, 2026, Travelzoo (the "Company") reported its fourth quarter 2025 financial results. A copy of the Company’s press release containing this information is being furnished as Exhibit 99.1 to this report on Form 8-K and is incorporated herein by reference.
The information furnished pursuant to Item 2.02, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) or otherwise subject to the liabilities under that Section and shall not be deemed to be incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act.
Item 7.01. Regulation FD Disclosure
See Item 2.02, “Results of Operations and Financial Condition,” above.
In addition, a copy of the supplemental earnings presentation discussed during the Company’s earnings call is attached to this report on Form 8-K as Exhibit 99.2 and incorporated herein by reference.
Item 9.01. Financial Statements and Exhibits.
(d) Exhibits. See Exhibit Index
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
| | | | | | | | | | | |
| | TRAVELZOO |
| | | |
| Date: | February 19, 2026 | By: | /s/ JEFF HOFFMAN |
| | | Jeff Hoffman
Financial Controller, North America |
EXHIBIT INDEX
| | | | | |
| Exhibit | Description |
| |
| Press Release, dated February 19, 2026. |
| |
| Supplemental earnings presentation provided in connection with the fourth quarter 2025 earnings call of Travelzoo, dated February 19, 2026. |
Exhibit 99.1
| | | | | | | | |
| | Travelzoo 590 Madison Avenue 35th Floor New York, NY 10022
Investor Relations: ir@travelzoo.com
|
FOR IMMEDIATE RELEASE
Travelzoo Reports Fourth Quarter 2025 Results
NEW YORK, February 19, 2026 — Travelzoo® (NASDAQ: TZOO):
•Revenue of $22.5 million, up 9% year-over-year
•Consolidated operating profit of $0.6 million
•Non-GAAP consolidated operating profit of $0.9 million
•Cash flow from operations of $1.5 million
•Earnings per share (EPS) of $0.00
Travelzoo, the club for travel enthusiasts, today announced financial results for the fourth quarter ended December 31, 2025. Consolidated revenue was $22.5 million, up 9% from $20.7 million year-over-year. In constant currencies, revenue was $22.1 million, up 7% year-over-year. Travelzoo's reported revenue consists of advertising revenues and commissions, derived from and generated in connection with purchases made by Travelzoo members, and membership fees.
In Q4, we continued to invest significantly in acquiring more Club Members when we saw that we can achieve a positive return on investment (ROI). Marketing costs were expensed immediately. Membership fees revenue is recognized ratably over the subscription period of 12 months. The effect is a sizable reduction in EPS. We refer to our investor presentation.
Net loss attributable to Travelzoo was $19,000 for Q4 2025, or $0.00 per share, compared with $0.26 per share in the prior-year period.
Non-GAAP operating profit was $0.9 million. Non-GAAP operating profit excludes amortization of intangibles ($2,000) and stock option expenses ($339,000). Please refer to “Non-GAAP Financial Measures” and the tabular reconciliation below.
“We will continue to leverage Travelzoo's global reach, trusted brand, and strong relationships with top travel suppliers to negotiate more Club Offers for Club Members and add new benefits, such as our popular complimentary airport lounge access worldwide in case of a delayed flight,” said Holger Bartel, Travelzoo's Global CEO. “Travelzoo members are affluent, active, and open to new experiences. We inspire travel enthusiasts to travel to places they never imagined they could. Travelzoo is the must-have membership for those who love to travel as much as we do."
Travelzoo North America
North America business segment revenue increased 6% year-over-year to $14.8 million. Operating profit for Q4 2025 was $1.5 million, or 10% of revenue, compared to operating profit of $4.6 million or 33% of revenue in the prior-year period.
Travelzoo Europe
Europe business segment revenue increased 16% year-over-year to $6.3 million. Operating loss for Q4 2025 was $1 million, or 16% of revenue, compared to operating profit of $159,000, or 3% of revenue in the prior-year period. The reported operating loss occurred because we acquired more Club Members.
Jack’s Flight Club
Jack’s Flight Club is a membership subscription service in which Travelzoo has a 60% ownership interest. Revenue increased 2% year-over-year to $1.3 million. The number of premium subscribers remained flat year-over-year. Jack’s Flight Club’s revenue from subscriptions is recognized ratably over the subscription period (quarterly, semi-annually, annually). Operating profit for Q4 2025 was $153,000, compared to operating profit of $150,000 in the prior-year period.
New Initiatives
New Initiatives business segment revenue, which includes Licensing and Travelzoo META, was $16,000. Operating loss for Q4 2025 was $34,000.
In 2020, Travelzoo entered into royalty-bearing licensing agreements with local licensees for the exclusive use of Travelzoo’s brand, business model, and members in Australia, Japan, 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 from
the licensee in Australia was $8,000 for Q4 2025. Licensing revenue from the licensee in Japan was $7,000 for Q4 2025. Licensing revenue is expected to increase going forward.
Reach
Travelzoo reaches 30 million travelers. This includes Jack's Flight Club. Comparisons to prior periods are no longer meaningful due to strategic developments of the Travelzoo membership.
Income Taxes
The reported income tax provision and reserves for Q4 2025 are $521,000. Travelzoo intends to utilize available net operating losses (NOLs) to largely offset its tax liability for Q4 2025.
Balance Sheet
As of December 31, 2025, cash, cash equivalents and restricted cash were $10.8 million. Cash flow from operations was $1.5 million.
Deferred revenue increased because membership fees are earned over the subscription period. Membership fees revenue is recognized ratably over the subscription period.
Share Repurchase Program
During Q4 2025, the Company didn't repurchase shares of its outstanding common stock.
Looking Ahead
For Q1 2026, we expect year-over-year revenue growth to continue. We expect continued revenue growth in subsequent quarters, as membership fees revenue is recognized ratably over the subscription period of 12 months, as we acquire new members, and as more Legacy Members become Club Members. Over time, we expect profitability to increase as recurring membership fees revenue will be recognized. In the short-term, fluctuations in reported net income are possible. We might see attractive opportunities to increase marketing. We expense marketing costs immediately.
In 2024, we introduced a membership fee for Travelzoo. Legacy Members, who joined prior to 2024, continue to receive certain travel offers. However, Club Offers and new benefits are only available to Club Members, who pay the membership fee. Therefore, we are seeing many Legacy Members become Club Members over time—in addition to new members who join.
Non-GAAP Financial Measures
Management calculates non-GAAP operating income when evaluating the financial performance of the business. 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.
Conference Call
Travelzoo will host a conference call to discuss fourth quarter 2025 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.
About Travelzoo
We, Travelzoo®, are the club for travel enthusiasts. We reach 30 million travelers. Club Members receive Club Offers negotiated and rigorously vetted by our deal experts around the globe. Our relationships with thousands of top travel companies give us access to irresistible deals. Our club and its benefits are built around the lifestyle of a modern travel enthusiast.
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
Condensed Consolidated Statements of Operations
(Unaudited)
(In thousands, except per share amounts)
| | | | | | | | | | | | | | | | | | | | | | | |
| | Three months ended | | Twelve months ended |
| | December 31, | | December 31, |
| | 2025 | | 2024 | | 2025 | | 2024 |
| Revenues | $ | 22,474 | | | $ | 20,678 | | | $ | 91,719 | | | $ | 83,902 | |
| Cost of revenues | 4,944 | | | 2,761 | | | 18,076 | | | 10,469 | |
| Gross profit | 17,530 | | | 17,917 | | | 73,643 | | | 73,433 | |
| Operating expenses: | | | | | | | |
| Sales and marketing | 10,889 | | | 8,239 | | | 45,267 | | | 34,470 | |
| Product development | 588 | | | 644 | | | 2,551 | | | 2,407 | |
| General and administrative | 5,499 | | | 4,183 | | | 18,919 | | | 18,058 | |
| Total operating expenses | 16,976 | | | 13,066 | | | 66,737 | | | 54,935 | |
| Operating income | 554 | | | 4,851 | | | 6,906 | | | 18,498 | |
| Other income (loss), net | 27 | | | (86) | | | 753 | | | 588 | |
| Income from operations before income taxes | 581 | | | 4,765 | | | 7,659 | | | 19,086 | |
| Income tax expense | 521 | | | 1,484 | | | 2,679 | | | 5,404 | |
| | | | | | | |
| | | | | | | |
| Net income | 60 | | | 3,281 | | | 4,980 | | | 13,682 | |
| Net income attributable to non-controlling interest | 79 | | | 64 | | | 280 | | | 118 | |
| Net income (loss) attributable to Travelzoo | $ | (19) | | | $ | 3,217 | | | $ | 4,700 | | | $ | 13,564 | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| Net income per share—basic | $ | — | | | $ | 0.27 | | | $ | 0.42 | | | $ | 1.08 | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| Net income per share—diluted | $ | — | | | $ | 0.26 | | | $ | 0.41 | | | $ | 1.06 | |
| | | | | | | |
| Shares used in per share calculation—basic | 10,932 | | | 11,831 | | | 11,180 | | | 12,594 | |
| | | | | | | |
| Shares used in per share calculation—diluted | 10,959 | | | 12,358 | | | 11,477 | | | 12,852 | |
| | | | | | | |
Travelzoo
Condensed Consolidated Balance Sheets
(Unaudited)
(In thousands) | | | | | | | | | | | |
| December 31,
2025 | | December 31,
2024 |
| Assets | | | |
| Current assets: | | | |
| Cash and cash equivalents | $ | 10,007 | | | $ | 17,064 | |
| Accounts receivable, net | 10,723 | | | 12,825 | |
| Prepaid income taxes | 1,278 | | | 736 | |
| | | |
| Prepaid expenses and other | 1,302 | | | 1,148 | |
| Total current assets | 23,310 | | | 31,773 | |
| Deposits and other | 166 | | | 374 | |
| Deferred tax assets | 4,202 | | | 3,380 | |
| Restricted cash | 756 | | | 675 | |
| Operating lease right-of-use assets | 4,047 | | | 5,655 | |
| Property and equipment, net | 231 | | | 423 | |
| Intangible assets, net | 1,452 | | | 1,498 | |
| Goodwill | 10,944 | | | 10,944 | |
| Total assets | $ | 45,108 | | | $ | 54,722 | |
| Liabilities and Equity | | | |
| Current liabilities: | | | |
| Accounts payable | $ | 7,761 | | | $ | 6,162 | |
| Merchant payables | 11,665 | | | 16,294 | |
| Accrued expenses and other | 3,926 | | | 3,404 | |
| Deferred revenue | 8,728 | | | 6,545 | |
| Income tax payable | 193 | | | 1,619 | |
| Operating lease liabilities | 1,811 | | | 2,472 | |
| | | |
| Total current liabilities | 34,084 | | | 36,496 | |
| Long-term tax liability | 9,260 | | | 7,851 | |
| Long-term operating lease liabilities | 4,184 | | | 5,646 | |
| Other long-term liabilities | — | | | 376 | |
| Total liabilities | 47,528 | | | 50,369 | |
| Common stock | 109 | | | 118 | |
| Tax indemnification | (9,537) | | | (9,537) | |
| | | |
| | | |
| Retained earnings | 7,244 | | | 14,284 | |
| Accumulated other comprehensive loss | (5,331) | | | (5,327) | |
| Total Travelzoo stockholders’ equity (deficit) | (7,515) | | | (462) | |
| Non-controlling interest | 5,095 | | | 4,815 | |
| Total stockholders' equity (deficit) | (2,420) | | | 4,353 | |
| Total liabilities and stockholders' equity | $ | 45,108 | | | $ | 54,722 | |
Travelzoo
Condensed Consolidated Statements of Cash Flows
(Unaudited)
(In thousands) | | | | | | | | | | | | | | | | | | | | | | | |
| | Three months ended | | Twelve months ended |
| | December 31, | | December 31, |
| | 2025 | | 2024 | | 2025 | | 2024 |
| Cash flows from operating activities: | | | | | | | |
| Net income | $ | 60 | | | $ | 3,281 | | | $ | 4,980 | | | $ | 13,682 | |
| Adjustments to reconcile net income to net cash provided by operating activities: | | | | | | | |
| Depreciation and amortization | 64 | | | 170 | | | 303 | | | 907 | |
| Stock-based compensation | 339 | | | 405 | | | 1,447 | | | 1,646 | |
| Deferred income tax | (520) | | | (476) | | | (516) | | | (518) | |
| | | | | | | |
| Net foreign currency effects | 7 | | | 132 | | | (216) | | | (33) | |
| Provision of loss (net recoveries) on accounts receivable and refund reserve | 152 | | | (81) | | | 182 | | | 40 | |
| Changes in operating assets and liabilities: | | | | | | | |
| Accounts receivable | 1,619 | | | 113 | | | 2,374 | | | (145) | |
| Prepaid income taxes | (615) | | | 354 | | | (531) | | | (107) | |
| Prepaid expenses, deposits and other | 883 | | | 319 | | | 181 | | | 950 | |
| Accounts payable | (661) | | | 1,286 | | | 1,473 | | | 1,716 | |
| Merchant payables | (131) | | | (709) | | | (5,184) | | | (4,057) | |
| Accrued expenses and other | (647) | | | (661) | | | 214 | | | (282) | |
| Deferred revenue | (348) | | | 2,767 | | | 2,015 | | | 4,556 | |
| Income tax payable | 1,077 | | | 264 | | | (1,507) | | | 857 | |
| Other liabilities | 173 | | | 507 | | | 446 | | | 1,888 | |
| Net cash provided by operating activities | 1,452 | | | 7,671 | | | 5,661 | | | 21,100 | |
| Cash flows from investing activities: | | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| | | | | | | |
| Purchases of property and equipment | (16) | | | (48) | | | (65) | | | (177) | |
| Net cash used in investing activities | (16) | | | (48) | | | (65) | | | (177) | |
| Cash flows from financing activities: | | | | | | | |
| Repurchase of common stock | — | | | (2,324) | | | (12,964) | | | (18,929) | |
| Proceeds from note receivable from shareholder | — | | | 1,920 | | | — | | | 1,753 | |
| Exercise of stock options and taxes paid for net share settlement of equity awards | — | | | (1,195) | | | (104) | | | (1,797) | |
| Net cash used in financing activities | — | | | (1,599) | | | (13,068) | | | (18,973) | |
| Effect of exchange rate on cash, cash equivalents and restricted cash | 80 | | | (390) | | | 495 | | | (599) | |
| Net increase (decrease) in cash, cash equivalents and restricted cash | 1,516 | | | 5,634 | | | (6,977) | | | 1,351 | |
| Cash, cash equivalents and restricted cash at beginning of period | 9,247 | | | 12,106 | | | 17,740 | | | 16,389 | |
| Cash, cash equivalents and restricted cash at end of period | $ | 10,763 | | | $ | 17,740 | | | $ | 10,763 | | | $ | 17,740 | |
Travelzoo
Segment Information from Continuing Operations
(Unaudited)
(In thousands)
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| Three months ended December 31, 2025 | Travelzoo North
America | | Travelzoo Europe | | Jack's Flight Club | | New Initiatives | | Consolidated |
| Revenues from unaffiliated customers | $ | 14,705 | | | $ | 6,377 | | | $ | 1,376 | | | $ | 16 | | | $ | 22,474 | |
| Intersegment revenues | 95 | | | (62) | | | (33) | | | — | | | — | |
| Total net revenues | 14,800 | | | 6,315 | | | 1,343 | | | 16 | | | 22,474 | |
| Sales and marketing expenses | 6,101 | | | 4,295 | | | 493 | | | — | | | 10,889 | |
| Other expenses | 7,244 | | | 3,040 | | | 697 | | | 50 | | | 11,031 | |
| Operating profit (loss) | 1,455 | | | (1,020) | | | 153 | | | (34) | | | 554 | |
| Other income (loss), net | | | | | | | | | 27 | |
| Income from operations before income taxes | | | | | | | | | 581 | |
| | | | | | | | | |
| Three months ended December 31, 2024 | Travelzoo North
America | | Travelzoo Europe | | Jack's Flight Club | | New Initiatives | | Consolidated |
| Revenues from unaffiliated customers | $ | 13,834 | | | $ | 5,508 | | | $ | 1,317 | | | $ | 19 | | | $ | 20,678 | |
| Intersegment revenues | 74 | | | (68) | | | (6) | | | — | | | — | |
| Total net revenues | 13,908 | | | 5,440 | | | 1,311 | | | 19 | | | 20,678 | |
| Sales and marketing expenses | 4,641 | | | 3,110 | | | 488 | | | — | | | 8,239 | |
| Other expenses | 4,689 | | | 2,171 | | | 673 | | | 55 | | | 7,588 | |
| Operating profit (loss) | 4,578 | | | 159 | | | 150 | | | (36) | | | 4,851 | |
| Other income, net | | | | | | | | | (86) | |
| Income from operations before income taxes | | | | | | | | | 4,765 | |
| | | | | | | | | |
| | | | | | | | | |
| Twelve months ended December 31, 2025 | Travelzoo North
America | | Travelzoo Europe | | Jack's Flight Club | | New Initiatives | | Consolidated |
| Revenues from unaffiliated customers | $ | 59,001 | | | $ | 27,122 | | | $ | 5,516 | | | $ | 80 | | | $ | 91,719 | |
| Intersegment revenues | 1,291 | | | (1,146) | | | (145) | | | — | | | — | |
| Total net revenues | 60,292 | | | 25,976 | | | 5,371 | | | 80 | | | 91,719 | |
| Sales and marketing expenses | 25,501 | | | 17,396 | | | 2,370 | | | — | | | 45,267 | |
| Other expenses | 25,796 | | | 10,895 | | | 2,660 | | | 195 | | | 39,546 | |
| Operating profit (loss) | 8,995 | | | (2,315) | | | 341 | | | (115) | | | 6,906 | |
| Other income, net | | | | | | | | | 753 | |
| Income from operations before income taxes | | | | | | | | | 7,659 | |
| | | | | | | | | |
| | | | | | | | | | | | | | | | | | | | | | | | | | | | | |
| | | | | | | | | |
| Twelve months ended December 31, 2024 | Travelzoo North
America | | Travelzoo Europe | | Jack's Flight Club | | New Initiatives | | Consolidated |
| Revenues from unaffiliated customers | $ | 54,968 | | | $ | 24,113 | | | $ | 4,714 | | | $ | 107 | | | $ | 83,902 | |
| Intersegment revenues | 124 | | | (42) | | | (82) | | | — | | | — | |
| Total net revenues | 55,092 | | | 24,071 | | | 4,632 | | | 107 | | | 83,902 | |
| Sales and marketing expenses | 19,748 | | | 12,561 | | | 1,881 | | | 280 | | | 34,470 | |
| Other expenses | 19,461 | | | 8,429 | | | 2,707 | | | 337 | | | 30,934 | |
| Operating profit (loss) | 15,883 | | | 3,081 | | | 44 | | | (510) | | | 18,498 | |
| Other income, net | | | | | | | | | 588 | |
| Income from operations before income taxes | | | | | | | | | 19,086 | |
Travelzoo
Reconciliation of GAAP to Non-GAAP Information
(Unaudited)
(In thousands, except per share amounts)
| | | | | | | | | | | | | | | | | | | | | | | |
| | Three months ended | | Twelve months ended |
| | December 31, | | December 31, |
| | 2025 | | 2024 | | 2025 | | 2024 |
| GAAP operating expense | $ | 16,976 | | | $ | 13,066 | | | $ | 66,737 | | | $ | 54,935 | |
| Non-GAAP adjustments: | | | | | | | |
| Amortization of intangibles (A) | 2 | | | 93 | | | 48 | | | 593 | |
| Stock option expenses (B) | 339 | | | 405 | | | 1,447 | | | 1,644 | |
| Severance-related expenses (C) | — | | | — | | | 395 | | | 360 | |
| Non-GAAP operating expense | 16,635 | | | 12,568 | | | 64,847 | | | 52,338 | |
| | | | | | | |
| GAAP operating income | 554 | | | 4,851 | | | 6,906 | | | 18,498 | |
| Non-GAAP adjustments (A through C) | 341 | | | 498 | | | 1,890 | | | 2,597 | |
| Non-GAAP operating income | 895 | | | 5,349 | | | 8,796 | | | 21,095 | |
###
