Earnings Call Q4 2019
12 February 2020
Disclaimer
All of the information herein has been prepared by the Company solely for use in this presentation. The information contained in this presentation has not been independently verified. No representation, warranty or undertaking, express or implied, is made as to, and no reliance should be placed on, the fairness, accuracy, completeness or correctness of the information or the opinions contained herein. The information contained in this presentation should be considered in the context of the circumstances prevailing at that time and has not been, and will not be, updated to reflect material developments which may occur after the date of the presentation. The Company may alter, modify or otherwise change in any manner the content of this presentation, without an obligation to notify any person of such revision or changes.
All trademarks, service marks and trade names appearing in this presentation are, to the Company's knowledge, the property of their respective owners. The Company does not intend its use or display of other companies' trademarks, service marks, copyrights or trade names to imply a relationship with, or endorsement or sponsorship of the Company by, any other companies.
We refer to increases in traffic quality in this presentation. We measure traffic quality by estimating booking conversion and booking value from data voluntarily provided to us by certain of our advertisers. While we believe the quality of the traffic we referred to our advertisers improved in the fourth quarter of 2019, the information we used as the basis for this analysis is subject to a number of uncertainties, including those related to the accuracy of the information we receive from our advertisers and the methodologies we and our advertisers use to track and analyze whether a user ultimately completes a booking.
Special Note Regarding Forward-Looking Statements
This presentation contains statements that express the Company's opinions, expectations, beliefs, plans, objectives, assumptions or projections regarding future events or future results, in contrast with statements that
reflect historical facts. Examples include discussion of our strategies, Adjusted EBITDA forecasts, financing plans, growth opportunities and market growth. In some cases, you can identify such forward-looking statements by terminology such as "anticipate," "intend," "believe," "estimate," "plan," "seek," "project" or "expect," "may," "will," "would," "could" or "should," the negative of these terms or similar expressions. While we always intend to express our best judgment when we make statements about what we believe will occur in the future, and although we base these statements on assumptions that we believe to be reasonable when made, these forward-looking statements are not a guarantee of our performance, and you should not place undue reliance on such statements. Forward-looking statements are subject to many risks, uncertainties and other variable circumstances, such as our ability to grow our revenue in future periods, or at rates deemed sufficient by the market without reducing our profits or incurring losses; our dependence on a relatively small number of advertisers for our revenue and adverse impacts that could result from their reduced spending or changes in their bidding strategy; factors that contribute to our period-over-period volatility in our financial condition and result of operations, and how they may negatively impact our ability to meet the financial guidance that we communicate to the market; our dependence on general economic conditions and adverse impacts that could result from declines in travel or discretionary spending; the effectiveness of our Advertising Spend, including as a result of increased competition or inadequate or ineffective innovation in or execution of our advertising; the effectiveness of our measures to increase advertiser diversity on our marketplace; increasing competition and consolidation in our industry; our focus on hotel and other accommodations if users expect other services; our ability to innovate and provide tools and services that are useful to our users and advertisers; our dependence on relationships with third parties to provide us consumer reviews; our reliance on search engines, which may change their business models or algorithms; any inaccuracies in, or misinterpretation of, the assumptions and estimates and data we use to make decisions about our business; changes to and our compliance with applicable laws, rules and regulations; the impact of any legal and regulatory proceedings to which we are or may become subject; potential disruptions in the operation of our systems, security breaches and data protection; impacts from our operating globally; as well as other risks and uncertainties detailed in our public filings with the SEC, including trivago's Annual Report on Form 20-F for the fiscal year ended December 31, 2018, as such risks and uncertainties may be updated from time to time. Such risks and uncertainties may cause the statements to be inaccurate and readers are cautioned not to place undue reliance on such statements. Many of these risks are outside of our control and could cause our actual results to differ materially from those we thought would occur. The forward-looking statements included in this presentation are made only as of the date hereof. Except as required by law, we do not undertake, and specifically decline, any obligation to update any such statements or to publicly announce the results of any revisions to any of such statements to reflect future events or developments.
Special Note Regarding Non-GAAP Financial Measures
This presentation contains non-GAAP financial measures, including adjusted EBITDA. Information needed to reconcile such non-GAAP financial measures to the most directly comparable measures under US GAAP can be found in this presentation in the Appendix and should be carefully evaluated. These non-GAAP measures are not based on any comprehensive set of accounting rules or principles and should not be considered a substitute for, or superior to, financial measures calculated in accordance with GAAP, and may be different from non-GAAP measures used by other companies. In addition, these non-GAAP measures should be read in conjunction with our financial statements prepared in accordance with GAAP.
2
Agenda
Company update
Financial performance
Appendix: Financial statements
3
Agenda
Company update
Financial performance
Appendix: Financial statements
4
Q4 2019 - Financial Update
2018 | 2019 | YoY |
Total Revenue
(€mm) | |
914.8 | |
838.6 | |
166.8 155.5 | |
Q4 | FY |
+37% | |
(7)% | (8)% |
Adj. EBITDA1 | Net Income / (Loss) | Return on Advertising Spend |
(€mm) | (€mm) | (%) | ||||
70.0 | ||||||
27.6 | ||||||
18.4 | 14.6 | 10.9 | 17.2 | |||
3.1 | ||||||
161% 158% | ||||||
(21.5) | 134% | |||||
Q4 | FY | Q4 | FY | 123% | ||
(% of Total Revenue) | (% of Total Revenue) | |||||
16.5% | ||||||
11.8% | ||||||
8.3% | 6.5% | 2.1% | Q4 | FY | ||
1.6% | 2.0% | |||||
+37% | ||||||
(2.4)% | (3) ppts | 11 ppts | ||||
Q4 | FY | Q4 | FY |
Source: Unaudited US GAAP financials and internal data
Note: Some numbers may not add up due to rounding51. Adj. EBITDA is only adjusted for share-based compensation. A reconciliation to reported results is included in the Appendix
Our advertiser mix: year-over-year decline in related party revenue share
Advertiser revenue share as % of total revenue
28% | 29% | 29% | All Others |
33% | 34% | 40% | Booking Holdings |
39% | 37% | 31% | Expedia Group |
Q4 2017 | Q4 2018 | Q4 2019 |
Source: Internal data
6
Agenda
Company update
Financial performance
Appendix: Financial statements
7
KPI - Global
2018 2019 YoY
ROAS (%)
161% 158% | 123% 134% |
Q4 | FY |
(3) ppts | 11 ppts | |
Qualified Referrals (mm)
668.3 | 522.0 | ||
112.6 | 99.4 | ||
Q4 | FY | ||
(12)% | (22)% |
Referral Revenue (€mm)
899.8 | 823.6 | ||
162.4 | 151.5 | ||
Q4 | FY | ||
(7)% | (8)% |
RPQR1(€)
1.44 | 1.52 | 1.35 | 1.58 |
Q4 | FY |
6%17%
Source: Internal data
Note: Some numbers may not add up due to rounding8
1. RPQR: Revenue per Qualified Referral
KPI - Developed Europe
2018 | 2019 | YoY |
ROAS (%)
196% 198% | |
143% 151% | |
Q4 | FY |
2 ppts | 8 ppts |
Qualified Referrals (mm)
246.7 | • | Negatively impacted | |||||
195.4 | by product and | ||||||
37.3 | 33.1 | Advertising Spend | |||||
optimizations and by | |||||||
Q4 | FY | subdued traffic | |||||
volumes |
(11)%(21)%
Referral Revenue (€mm)
378.9 347.1
67.2 | 59.6 |
Q4 | FY |
(11)%(8)%
RPQR1(€) | ||||||
1.80 | 1.80 | 1.54 | 1.78 | • FY improvement driven by | ||
optimizations of our | ||||||
Advertising Spend and | ||||||
platforms | ||||||
Q4 | FY | |||||
Flat vs. |
PY | 16% |
Source: Internal data
Note: Some numbers may not add up due to rounding9
1. RPQR: Revenue per Qualified Referral
KPI - Americas
2018 | 2019 | YoY |
ROAS (%) | Referral Revenue (€mm) |
159% | 162% | 121% 130% | 316.0 | 305.1 | |
53.9 | 55.9 | ||||
Q4 | FY | Q4 | FY | ||
3 ppts | 9 ppts | 4% | (3)% |
Qualified Referrals (mm) | RPQR1(€) |
182.3 146.1
31.3 29.1
Q4FY
(7)%(20)%
1.72 | 1.92 | 1.73 | 2.09 | ||
• | Negatively impacted | • | Improvement driven by | ||
by product optimizations | optimizations of our | ||||
but partly offset by | Advertising Spend and | ||||
increased Advertising | platforms | ||||
Spend | Q4 | FY | |||
12% | 21% |
Source: Internal data
Note: Some numbers may not add up due to rounding10
1. RPQR: Revenue per Qualified Referral
KPI - Rest of World
2018 | 2019 | YoY |
ROAS (%) | Referral Revenue (€mm) |
127% 116% | 100% | 113% | 204.9 | 171.5 |
41.3 | 36.1 | ||
Q4 | FY | Q4 | FY |
(11) ppts | 13 ppts | (13)% | (16)% | ||||||||||||||||||
Qualified Referrals (mm) | RPQR1(€) | ||||||||||||||||||||
239.3 180.5 | • | Negatively impacted | 0.94 0.97 | 0.86 0.95 | • | Improvement driven by | |||||||||||||||
by product and | Advertising Spend, platforms | ||||||||||||||||||||
44.0 | 37.2 | Advertising Spend | optimizations and a shift | ||||||||||||||||||
optimizations and by | towards higher RPQR | ||||||||||||||||||||
subdued traffic | Q4 | FY | countries, partly offset by | ||||||||||||||||||
Q4 | FY | ||||||||||||||||||||
volumes | softer advertiser bidding | ||||||||||||||||||||
dynamics | |||||||||||||||||||||
(15)% | (25)% | 3% | 10% | ||||||||||||||||||
Source: Internal data
Note: Some numbers may not add up due to rounding11
1. RPQR: Revenue per Qualified Referral
Appendix
12
Consolidated Financials FY 2019, trivago N.V.
in €k | FY 2019 | FY 2018 | Abs vs. FY'18 | vs. FY'18 | ||
Referral revenue | 823,624 | 899,822 | (76,198) | (8.5) | % | |
Other revenue | 14,993 | 14,994 | (1) | - % | ||
Total revenue | 838,617 | 914,816 | (76,199) | (8.3) | % | |
Cost of revenue | 9,159 | 5,435 | 3,724 | 68.5 | % | |
% of Total revenue | 1.1 | % | 0.6 | % | ||
Selling and marketing | 664,155 | 805,633 | (141,478) | (17.6) | % | |
% of Total revenue | 79.2 | % | 88.1 | % | ||
Technology and content | 69,924 | 66,904 | 3,020 | 4.5 | % | |
% of Total revenue | 8.3 | % | 7.3 | % | ||
General and administrative | 55,543 | 54,326 | 1,217 | 2.2 | % | |
% of Total revenue | 6.6 | % | 5.9 | % | ||
Amortization of intangible assets | 1,685 | 1,684 | 1 | 0.1 | % | |
% of Total revenue | 0.2 | % | 0.2 | % | ||
Operating income (loss) | 38,151 | (19,166) | 57,317 | n.m. | ||
Net interests and other expenses | (461) | (1,300) | 839 | (64.5) | % | |
% of Total revenue | (0.1) | % | (0.1) | % | ||
Income taxes | 20,982 | 1,086 | 19,896 | n.m. | ||
% of Total revenue | 2.5 | % | 0.1 | % | ||
Income (loss) from equity method investment | 453 | 63 | 390 | n.m. | ||
% of Total revenue | 0.1 | % | - | % | ||
Net income (loss) | 17,161 | (21,489) | 38,650 | (179.9) | % | |
% of Total revenue | 2.0 | % | (2.3) | % |
Comments
- Overview of P&L under US GAAP
- See next page for a detailed discussion of our business development
Source: Unaudited US GAAP financials | 13 |
Note: Calculations and variances above are calculated based on financial data as presented in the table within. | |
Consolidated Financial Information FY 2019, trivago N.V.
in €k | FY 2019 | FY 2018 | Abs vs. FY'18 | vs. FY'18 | |||
Referral revenue | 823,624 | 899,822 | (76,198) | (8.5) | % | 1 | |
Other revenue | 14,993 | 14,994 | (1) | - % | 2 | ||
Total revenue | 838,617 | 914,816 | (76,199) | (8.3) | % | ||
Cost of revenue excl. SBC | 8,890 | 5,251 | 3,639 | 69.3 | % | ||
% of Total revenue | 1.1 | % | 0.6 | % | |||
Selling and marketing excl. SBC | 661,796 | 802,360 | (140,564) | (17.5) | % | ||
% of Total revenue | 78.9 | % | 87.7 | % | |||
Advertising spend excl. SBC | 616,705 | 732,458 | (115,753) | (15.8) | % | 3 | |
% of Total revenue | 73.5 | % | 80.1 | % | |||
Other S&M excl.SBC | 45,091 | 69,902 | (24,811) | (35.5) | % | 4 | |
% of Total revenue | 5.4 | % | 7.6 | % | |||
Technology and content excl. SBC | 63,946 | 61,644 | 2,302 | 3.7 | % | 5 | |
% of Total revenue | 7.6 | % | 6.7 | % | |||
General and administrative excl. SBC | 44,258 | 42,341 | 1,917 | 4.5 | % | 6 | |
% of Total revenue | 5.3 | % | 4.6 | % | |||
Depreciation add-back | 10,298 | 11,370 | (1,072) | (9.4) | % | ||
% of Total revenue | 1.2 | % | 1.2 | % | |||
Adjusted EBITDA | 70,025 | 14,590 | 55,435 | n.m. | |||
% of Total revenue | 8.4 | % | 1.6 | % | |||
Share-based compensation (SBC) | 19,891 | 20,702 | (811) | (3.9) | % | ||
% of Total revenue | 2.4 | % | 2.3 | % | |||
EBITDA | 50,134 | (6,112) | 56,246 | n.m. | |||
% of Total revenue | 6.0 | % | (0.7) | % | |||
Depreciation and amortization | 11,983 | 13,054 | (1,071) | (8.2) | % | ||
% of Total revenue | 1.4 | % | 1.4 | % | |||
Net interests and other expenses | 461 | 1,300 | (839) | (64.5) | |||
% of Total revenue | 0.1 | % | 0.1 | % | |||
Income taxes | 20,982 | 1,086 | 19,896 | n.m. | |||
% of Total revenue | 2.5 | % | 0.1 | % | |||
Income / (loss) from equity method investment | 453 | 63 | 390 | n.m. | |||
% of Total revenue | 0.1 | % | - % | ||||
Net income (loss) | 17,161 | (21,489) | 38,650 | (179.9) | % | ||
% of Total revenue | 2.0 | % | (2.3) | % |
Comments
11.Referral revenue decreased by 9% due to revenue declines in Americas, Developed Europe and RoW of 3%, 8% and 16%, respectively
22.Other revenue remained stable
33.Advertising spend decreased by 11%, 13% and 26% in Americas, Developed Europe and RoW, respectively
44.Other selling and marketing expenses excl. SBC decreased by 36%, driven by lower personnel costs and lower investments in the production of television advertisements
55.Technology and content expense excl. SBC increased by 4%, driven by higher third-party IT service provider costs, higher office expenses, as well as higher personnel costs
66.General and administrative expense excl. SBC increased by 5%, mostly driven by an increase in our provisions recognized as a result of the recent judgment in Australia, partly offset by lower consulting and audit expense
Source: Unaudited US GAAP financials | 14 |
Note: Several expense items above are adjusted, where indicated, for share-based compensation. Calculations and variances above are calculated based on financial data as presented in the table within. | |
Reconciliation of non-GAAP Financial Measures FY 2019, trivago N.V.
in €mm | FY 2019 | FY 2018 | Abs vs. FY'18 |
Net income/(loss) | 17.2 | (21.5) | 38.7 |
Income from equity method investment | 0.5 | 0.1 | 0.4 |
Income/(loss) before equity method investment | 16.7 | (21.6) | 38.3 |
Expense for income taxes | 21.0 | 1.1 | 19.9 |
Income/(loss) before income taxes | 37.7 | (20.5) | 58.2 |
Add/(less): | |||
Interest expense | - | 1.8 | (1.8) |
Gain on deconsolidation of entity | - | - | - |
Other, net | 0.4 | (0.5) | 0.9 |
Operating income/(loss) | 38.1 | (19.2) | 57.3 |
Depreciation | 10.3 | 11.4 | (1.1) |
Amortization of intangible assets | 1.7 | 1.7 | - |
EBITDA | 50.1 | (6.1) | 56.2 |
Share-based compensation | 19.9 | 20.7 | (0.8) |
Adjusted EBITDA | 70.0 | 14.6 | 55.4 |
Provided below are the amounts of share-based compensation excluded from the expense items:
in €k | FY 2019 | FY 2018 |
Cost of revenue | 269 | 184 |
Selling and marketing | 2,359 | 3,273 |
Technology and content | 5,978 | 5,260 |
General and administrative | 11,285 | 11,985 |
Share-based compensation | 19,891 | 20,702 |
Source: Unaudited US GAAP financials | 15 |
Note: Some numbers may not add up due to roundings. | |
Consolidated Financials Q4 2019, trivago N.V.
in €k | Q4 2019 | Q4 2018 | Abs vs. Q4'18 | vs. Q4'18 | ||
Referral revenue | 151,547 | 162,389 | (10,842) | (6.7) | % | |
Other revenue | 3,920 | 4,389 | (469) | (10.7) | % | |
Total revenue | 155,467 | 166,778 | (11,311) | (6.8) | % | |
Cost of revenue | 2,621 | 1,001 | 1,620 | 161.8 | % | |
% of Total revenue | 1.7 | % | 0.6 | % | ||
Selling and marketing | 107,124 | 117,718 | (10,594) | (9.0) | % | |
% of Total revenue | 68.9 | % | 70.6 | % | ||
Technology and content | 16,660 | 17,273 | (613) | (3.5) | % | |
% of Total revenue | 10.7 | % | 10.4 | % | ||
General and administrative | 17,652 | 11,549 | 6,103 | 52.8 | % | |
% of Total revenue | 11.4 | % | 6.9 | % | ||
Amortization of intangible assets | 422 | 421 | 1 | 0.2 | % | |
% of Total revenue | 0.3 | % | 0.3 | % | ||
Operating income (loss) | 10,988 | 18,816 | (8) | (41.6) | % | |
Net interests and other expenses | (22) | 65 | (87) | (133.8) | % | |
% of Total revenue | - | % | - | % | ||
Income taxes | 8,080 | 7,914 | 166 | 2.1 | % | |
% of Total revenue | 5.2 | % | 4.7 | % | ||
Income (loss) from equity method investment | 245 | 22 | 223 | n.m. | ||
% of Total revenue | 0.2 | % | - | % | ||
Net income (loss) | 3,131 | 10,989 | (7,858) | (71.5) | % | |
% of Total revenue | 2.0 | % | 6.6 | % | ||
Net (income) loss attributable to non-controlling | - | - | - | n.m. | ||
interest | ||||||
% of Total revenue | - | % | - | % | ||
Net income (loss) attributable to trivago N.V. | 3,131 | 10,989 | (7,858) | (71.5) | % | |
% of Total revenue | 2.0 | % | 6.6 | % |
Comments
- Overview of P&L under US GAAP
- See next page for a detailed discussion of our business development
Source: Unaudited US GAAP financials | 16 |
Note: Calculations and variances above are calculated based on financial data as presented in the table within. | |
Consolidated Financial Information Q4 2019, trivago N.V.
in €k | Q4 2019 | Q4 2018 | Abs vs. Q4'18 | vs. Q4'18 | ||
Referral revenue | 151,547 | 162,389 | (10,842) | (6.7) | % | |
Other revenue | 3,920 | 4,389 | (469) | (10.7) | % | |
Total revenue | 155,467 | 166,778 | (11,312) | (6.8) | % | |
Cost of revenue excl. SBC | 2,556 | 955 | 1,601 | 167.6 | % | |
% of Total revenue | 1.6 | % | 0.6 | % | ||
Selling and marketing excl. SBC | 106,629 | 117,017 | (10,388) | (8.9) | % | |
% of Total revenue | 68.6 | % | 70.2 | % | ||
Advertising spend excl. SBC | 95,671 | 100,853 | (5,182) | (5.1) | % | |
% of Total revenue | 61.5 | % | 60.5 | % | ||
Other S&M excl. SBC | 10,958 | 16,165 | (5,206) | (32.2) | % | |
% of Total revenue | 7.0 | % | 9.7 | % | ||
Technology and content excl. SBC | 15,465 | 15,597 | (132) | (0.8) | % | |
% of Total revenue | 9.9 | % | 9.4 | % | ||
General and administrative excl. SBC | 15,172 | 8,484 | 6,688 | 78.8 | % | |
% of Total revenue | 9.8 | % | 5.1 | % | ||
Depreciation add-back | 2,767 | 2,880 | (113) | (3.9) | % | |
% of Total revenue | 1.8 | % | 1.7 | % | ||
Adjusted EBITDA | 18,412 | 27,606 | (9,194) | (33.3) | ||
% of Total revenue | 11.8 | % | 16.6 | % | ||
Share-based compensation (SBC) | 4,235 | 5,488 | (1,253) | (22.8) | % | |
% of Total revenue | 2.7 | % | 3.3 | % | ||
EBITDA | 14,176 | 22,117 | (7,941) | (35.9) | % | |
% of Total revenue | 9.1 | % | 13.3 | % | ||
Depreciation and amortization | 3,189 | 3,301 | (112) | (3.4) | % | |
% of Total revenue | 2.1 | % | 2.0 | % | ||
Net interests and other expenses | 22 | (65) | 87 | (133.8) | % | |
% of Total revenue | - | % | - | % | ||
Income taxes | 8,080 | 7,914 | 166 | 2.1 | % | |
% of Total revenue | 5.2 | % | 4.7 | % | ||
Income / (loss) from equity method investment | 245 | 22 | 223 | n.m. | ||
% of Total revenue | 0.2 | % | - | % | ||
Net income (loss) | 3,131 | 10,989 | (7,858) | (71.5) | % | |
% of Total revenue | 2.0 | % | 6.6 | % |
1
2
3
4
5
6
Comments
11.Referral Revenue decreased by 7% as Referral Revenue decreased in Developed Europe and RoW by 11% and 13%, respectively which was partly offset by an increase of 4% in Americas
22.Other revenue decreased by 11%, mainly driven by lower subscription revenue
33.Advertising Spend increased by 2% in Americas but decreased by 12% and 5% in Developed Europe and RoW, respectively
44.Other selling and marketing expenses excl. SBC decreased by 32%, driven by lower personnel costs and by lower investments in the production of television advertisements
55.Technology and content expense excl. SBC decreased by 1%, mainly driven by higher social security expense in the fourth quarter of 2018 resulting from an audit assessment by the German Social Security authorities
66.General and administrative expense excl. SBC increased by 79%, mostly driven by an increase in our provisions recognized as a result of the recent judgment in Australia
Source: Unaudited US GAAP financials | 17 |
Note: Several expense items above are adjusted, where indicated, for share-based compensation. Calculations and variances above are calculated based on financial data as presented in the table within. | |
Reconciliation of non-GAAP Financial Measures Q4 2019, trivago N.V.
in €mm | Q4 2019 | Q4 2018 | Abs vs. Q4'18 | vs. Q4'18 | |
Net income/(loss) | 3.1 | 10.9 | (7.8) | (71.6) | % |
Income from equity method investment | 0.2 | 0.0 | 0.1 | 100.0 | |
Income/(loss) before equity method investment | 2.9 | 10.9 | (8.0) | (73.4) | % |
Expense for income taxes | 8.1 | 8.0 | 0.1 | 1.3 | % |
Income/(loss) before income taxes | 11.0 | 18.9 | (7.9) | (41.8) | % |
Add/(less): | |||||
Interest expense | - | 0.8 | (0.8) | (100.0) | % |
Other, net | - | (0.9) | 0.9 | n.m. | |
Operating income/(loss) | 11.0 | 18.8 | (7.8) | (41.5) | % |
Depreciation | 2.8 | 2.9 | (0.1) | (3.4) | % |
Amortization of intangible assets | 0.4 | 0.4 | - | - % | |
EBITDA | 14.2 | 22.1 | (7.9) | (35.7) | % |
Share-based compensation | 4.2 | 5.5 | (1.3) | (23.6) | % |
Adjusted EBITDA | 18.4 | 27.6 | (9.2) | (33.3) | % |
Provided below are the amounts of share-based compensation excluded from the expense items:
in €k | Q4 2019 | Q4 2018 |
Cost of revenue | 65 | 46 |
Selling and marketing | 495 | 701 |
Technology and content | 1,195 | 1,676 |
General and administrative | 2,480 | 3,065 |
Share-based compensation | 4,235 | 5,488 |
Source: Unaudited US GAAP financials | 18 |
Note: Some numbers may not add up due to roundings. | |
Consolidated Statement of Cash Flows FY 2019, trivago N.V.
in €k | FY 2019 | FY 2018 |
Net income/(loss) | 17,161 | (21,489) |
Adjustments to reconcile net income/(loss) to net cash provided by/(used in): | ||
Depreciation | 10,298 | 11,370 |
Amortization of intangible assets | 1,685 | 1,684 |
Impairment of internal-use softw are and w ebsite development | 96 | 1,437 |
Share-based compensation | 19,891 | 20,702 |
Deferred income taxes | 1,904 | (1,755) |
Foreign exchange loss | 429 | 587 |
Bad debt expense | 754 | 630 |
Loss on disposal of fixed assets | 2 | 605 |
(Gain)/loss from settlement of asset retirement obligation | (209) | - |
(Gain)/loss from equity method investment | (453) | (19) |
Change in operating assets and liabilities | ||
Accounts receivable, including related party | 24,926 | (13,432) |
Prepaid expense and other assets | 3,696 | 11,127 |
Accounts payable | (665) | (18,012) |
Payroll liabilities | (4,476) | 2,951 |
Accrued expenses and other liabilities | 7,591 | 199 |
Deferred revenue | (2,310) | (773) |
Taxes payable/receivable, net | (6,099) | (396) |
Net cash provided by/(used in) operating activities | 74,221 | (4,584) |
Purchase of investments | (10,000) | |
Capital expenditures | (8,017) | (24,779) |
Proceeds from sale of fixed assets | 36 | 634 |
Net cash used in investing activities | (17,981) | (24,145) |
Proceeds from exercise of option aw ards | 202 | 161 |
Repayment of other non-current liabilities | (301) | |
Net cash provided by/(used in) financing activities | (99) | 161 |
Effect of exchange rate changes on cash | 94 | (24) |
Net increase/(decrease) in cash, cash equivalents and restricted cash | 56,235 | (28,592) |
Cash and cash equivalents and restricted cash at beginning of the period | 164,308 | 192,900 |
Cash and cash equivalents and restricted cash at end of the period | 220,543 | 164,308 |
Source: Unaudited US GAAP financials
1
2
3
Comments
11.Net income improved to €17.2 million, reflecting a substantial increase in our profitability, especially in the first half of the year 2019
22.Change in operating assets and liabilities led to an increase in cash and cash equivalents, mainly due to a decrease in Accounts receivable of €25.8m in 2019
33.Capital expenditures decreased period-over-period, mainly driven by higher capital expenditures related to the new campus in YTD 2018
19
Consolidated Statement of Cash Flows Q4 2019, trivago N.V.
in €k | Q4 2019 | Q4 2018 | |
Net income/(loss) | 3,131 | 10,989 | 1 |
Adjustments to reconcile net income/(loss) to net cash provided by/(used in): | |||
Depreciation | 2,767 | 2,880 | |
Amortization of intangible assets | 422 | 421 | |
Impairment of internal-use softw are and w ebsite development | - | 292 | |
Share-based compensation | 4,235 | 5,488 | |
Deferred income taxes | (82) | 5,515 | |
Foreign exchange loss | 28 | 247 | |
Bad debt expense | 216 | 310 | |
Loss on disposal of fixed assets | 1 | 215 | |
(Gain)/loss from settlement of asset retirement obligation | - | - | |
(Gain)/loss from equity method investment | (245) | 22 | |
Change in operating assets and liabilities | 2 | ||
Accounts receivable, including related party | 27,785 | 5,565 | |
Prepaid expense and other assets | 1,182 | 2,827 | |
Accounts payable | (15,566) | (16,192) | |
Payroll liabilities | (53) | 3,018 | |
Accrued expenses and other liabilities | 5,610 | (3,287) | |
Deferred revenue | (1,241) | (1,454) | |
Taxes payable/receivable, net | (3,806) | 1,844 | |
Net cash provided by/(used in) operating activities | 24,384 | 18,700 | |
Purchase of investments | - | ||
Capital expenditures | (1,727) | (2,603) | |
Proceeds from sale of fixed assets | 6 | 549 | |
Net cash used in investing activities | (1,721) | (2,054) | 3 |
Proceeds from exercise of option aw ards | 9 | 150 | |
Repayment of other non-current liabilities | (67) | ||
Net cash provided by/(used in) financing activities | (58) | 150 | |
Effect of exchange rate changes on cash | (169) | 43 | |
Net increase/(decrease) in cash, cash equivalents and restricted cash | 22,436 | 16,839 | |
Cash and cash equivalents and restricted cash at beginning of the period | 198,107 | 147,469 | |
Cash and cash equivalents and restricted cash at end of the period | 220,543 | 164,308 |
Source: Unaudited US GAAP financials
Comments
11.Net income excluding non-cash expenses led to an increase in cash and cash equivalents of €10.5 million in the fourth quarter of 2019
22.Net cash provided by operating activities was mainly driven by the change in operating assets and liabilities of €13.9 million which was mainly due to a decrease in Accounts receivable of €27.8 million. This was partly compensated by a decrease in Accounts payable of €15.6 million
33.Net cash used in investing activities of €1.7 million partly offset the net cash provided in operating activities
20
Consolidated Balance Sheet FY 2019, trivago N.V.
in €k | As of | As of |
December 31, 2019 | December 31, 2018 | |
Cash and cash equivalents | 218,106 | 161,871 |
Restricted cash | 122 | 122 |
Accounts receivable, less allow ance | 37,747 | 54,981 |
Accounts receivable, related party | 31,139 | 39,655 |
Short-term investments | 10,000 | - |
Tax receivable | 8,565 | 281 |
Prepaid expenses and other current assets | 4,607 | 8,346 |
Total current assets | 310,286 | 265,256 |
Property and equipment, net | 33,172 | 162,001 |
Operating lease right-of-use assets | 96,030 | - |
Deferred income taxes | 735 | - |
Other long-term assets | 7,274 | 6,148 |
Intangible assets, net | 169,924 | 171,609 |
Goodw ill | 490,590 | 490,529 |
Total assets | 1,108,011 | 1,095,543 |
Accounts payable | 33,391 | 33,656 |
Income taxes payable | 549 | 1,221 |
Deferred revenue | 5,553 | 7,863 |
Payroll liabilities | 4,055 | 8,531 |
Accrued expenses and other current liabilities | 14,763 | 9,650 |
Operating lease liability | 5,037 | - |
Total current liabilities | 63,348 | 60,921 |
Operating lease liability | 94,660 | - |
Financing obligations | - | 127,705 |
Deferred income taxes | 50,927 | 46,550 |
Other long-term liabilities | 4,289 | 6,784 |
Class A common stock | 3,049 | 2,554 |
Class B common stock | 181,013 | 185,213 |
Reserves | 781,060 | 757,262 |
Contribution from parent | 122,307 | 122,307 |
Accumulated other comprehensive income/(loss) | 62 | (89) |
Accumulated deficit | (192,704) | (213,664) |
Total stockholders' equity attributable to trivago N.V. | 894,787 | 853,583 |
Noncontrolling interest | - | - |
Total stockholders' equity | 894,787 | 853,583 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | 1,108,011 | 1,095,543 |
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2
3
4
Comments
11.Increase in cash and cash equivalents was mainly driven by positive cash flows from operating activities which were mainly due to net income excluding non-cash expenses and additional positive effects from changes in operating assets and liabilities
22.Accounts receivable from non-related parties decreased to €37.7 million, mainly due to delayed payments from advertisers in the fourth quarter of 2018
3.3Property and equipment decreased mainly due to the transition from build-to-suit to operating lease treatment of our campus as a result of the adoption ASC 842, the new leasing standard
44.Financing obligations as of December 31, 2018, mainly relating to build-to-suit treatment of our campus, were transitioned to Operating lease liabilities in Q1 2019 as a result of the adoption ASC 842, the new leasing standard
Source: Unaudited US GAAP financials | 21 |
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trivago NV published this content on 11 February 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 11 February 2020 23:32:03 UTC