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Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial position, or results of operations.
+Added: The COVID-19 pandemic has had, and is expected to continue to have, a material adverse impact on the travel industry and our business and financial performance.
+Added: Many of the Company’s advertisers and partners are part of the global travel and hospitality industry.
+Added: The measures implemented to contain COVID have had, and are expected to continue to have, a significant negative effect on our business, financial condition, and results of operations and cash flows.
+Added: The measures implemented led to many of our advertisers pausing, canceling, or stopping advertising with us, as well as a high level of cancellations for our hotel partners and travel package partners, and refund requests for vouchers sold by Travelzoo for restaurant and spa partners.
+Added: However, we have modified our policies, particularly with our vouchers, to extend expiration dates and allow for full refundability and have received positive feedback from Travelzoo members.
+Added: We are also seeing many advertisers and partners starting to return to advertising with us, as the effects of the pandemic subside, although with the emergence of new COVID variants, this trend could stop or even reverse.
+Added: We will continue to adapt our business strategy and policies as the situation evolves.
+Added: Any changes in laws or regulations that further impair the ability or desire of individuals to travel, including laws or regulations banning travel, requiring vaccination, COVID testing requirements in connection with travel, the closure of hotels or other travel-related businesses (such as restaurants and spas) or other restrictions in connection with or as a result of the COVID pandemic, may exacerbate the negative impact of COVID on our business, financial condition, results of operations, and cash flows.
+Added: The ultimate extent of the COVID pandemic and its impact on travel is unknown and difficult to predict.
+Added: As a result, the full extent of the impact on our business and results of operations is unknown.
+Added: The pandemic and the emergence of new variants, including the Delta variant, could continue to hamper global economic activity for an extended period of time, even as restrictions begin to lift or vaccination rates increase, leading to decreased disposable income for consumers, increased and ongoing unemployment and/or a decline in consumer confidence, all of which could significantly reduce discretionary spending on travel.
+Added: In turn, that could have a negative impact on demand for our services.
+Added: Although the increase in vaccination rates has allowed many countries to open their borders for travel again, there is inconsistency in testing, vaccination and safety protocols across countries, making trip planning unpredictable and undermining consumer confidence.
+Added: Because we operate in various countries (including through our licensing arrangements), we are subject to varying rates of recovery and diverse restrictions and reactions to COVID and vaccinations.
+Added: The aforementioned circumstances could result in a material adverse impact on our business, financial condition, results of operations and cash flows, potentially for a prolonged period.
+Added: While we undertook certain actions to attempt to mitigate the effects of COVID on our business during 2020, including but not limited to employee furloughs, aggressive reduction of expenses and re-negotiation of material contracts and leases, our cost-savings activities may lead to disruptions in our business, inability to enhance or preserve our brand awareness, reduced employee morale and productivity, increased attrition, and problems retaining existing and recruiting future employees, all of which could have a material adverse impact on our business, financial condition, results of operations and cash flows, including in 2021 and beyond.
+Added: While we do not anticipate additional cost-saving efforts will be necessary at this time, if new variants of COVID emerge or restrictions do not continue to subside, we could need to re-evaluate and resume mitigation and cost-cutting efforts.
+Added: For the reasons set forth above and other reasons that may come to light as the COVID pandemic and containment measures continue, it is difficult to estimate the impact on our future revenues, results of operations, cash flows, liquidity or financial condition, but such impacts have been and will continue to be significant and could continue to have a material adverse effect for the foreseeable future.
+Added: We have seen that the COVID pandemic impacted our financial performance for 2020 and while we are seeing a trend of recovery in 2021, with the emergence of new variants and an ever-changing testing and
+Added: vaccination environment, it is continuing to have an impact and is anticipated to continue to have an impact for the foreseeable future.
+Added: We are subject to payments-related and fraud risks.
+Added: We accept payments for the sale of vouchers using a variety of methods, including credit cards and debit cards.
+Added: We pay interchange and other fees, which may increase over time and raise our operating expenses and lower profitability.
+Added: We rely on third parties to provide payment processing services and it could disrupt our business if these companies become unwilling or unable to provide these services to us.
+Added: Because COVID has increased the risk profile of travel-related companies, such payment processing services may require larger deposits, impose stricter rules or requirements, or may decide to stop working with companies related to the travel industry altogether.
+Added: If we are unable to pivot to a new payment processor quickly, this could lead to periods of time where we are unable to accept or process payments from our members, impacting our ability to generate revenue.
+Added: We are also subject to payment card association operating rules, certification requirements and rules governing electronic funds transfers and regulations for electronic payment services, such as PSD2 in Europe, which could change or be reinterpreted to make it difficult or impossible for us to comply.
+Added: In addition, our results can be negatively impacted by purchases made using fraudulent credit cards.
+Added: Because we act as the merchant of record for certain transactions, we may be held liable for accepting fraudulent credit cards on our websites as well as other payment disputes with our customers.
+Added: If we have an increase of charge-backs due to the use of fraudulent credit cards on our websites, our business, results of operations and financial condition could be adversely affected.
+Added: Moreover, under payment card rules and our contracts with our card processors, if there is a security breach of payment card information that we store, we could be liable to the payment card issuing banks for their cost of issuing new cards and related expenses.
+Added: If we fail to comply with these rules or requirements, we may be subject to fines and higher transaction fees and lose our ability to accept credit and debit card payments, process electronic funds transfers, or facilitate other types of online payments, and our business and results of operations could be adversely affected.
+Added: If one or more of these contracts are terminated and we are unable to replace them on similar terms, or at all, it could adversely affect our results of operations.
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