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

1

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