Trivago N : Q3 2020 Earnings Release

Exhibit 99.1

Operating and Financial Review

The following discussion should be considered together with our unaudited financial information included with this review and the periodic reports we file with the Securities and Exchange Commission, including the section contained in our Annual Report on Form 20-F for the fiscal year ended December 31, 2019, "Item 5. Operating and Financial Review and Prospects." Certain information and disclosures normally included in consolidated financial statements prepared in accordance with U.S. Generally Accepted Accounting Principles ("U.S. GAAP") have been omitted from this review.

As used herein, references to "we," "us," the "company," or "trivago," or similar terms shall mean trivago N.V. and, as the context requires, its subsidiaries.

Overview

trivago is a global hotel and accommodation search platform. We are focused on reshaping the way travelers search for and compare different types of accommodations, such as hotels, vacation rentals and apartments, while enabling our advertisers to grow their businesses by providing them with access to a broad audience of travelers via our websites and apps. Our platform allows travelers to make informed decisions by personalizing their search for accommodations and providing them with access to a deep supply of relevant information and prices. As of September 30, 2020, we offered access to more than 5.0 million hotels and other types of accommodation in over 190 countries, including over 3.8 million units of alternative accommodation, such as vacation rentals and apartments.

Our search platform forms the core of our user experience and can be accessed globally via 54 localized websites and apps available in 32 languages. Our users initially search via a text-based search function, which supports searches across a broad range of criteria. This leads through to a listings page that displays search results and allows for further refinement based on more nuanced filters. Additionally, we enhance our users' experience by giving them the option to display their search results in listing or map formats. Users can search our platform on desktop and mobile devices, and benefit from a familiar user interface, resulting in a consistent user experience.

Financial Summary & Operating Metrics (€ millions, unless otherwise stated)

	Three months ended		Nine months ended
		September 30,			September 30,
	2020			2019		Y/Y		2020			2019		Y/Y
Total revenue	60.6	250.5	(76)%	216.6	683.2	(68)%
Qualified Referrals (in millions)	82.5	162.0	(49)%	200.0	422.6	(53)%
Revenue per Qualified Referral (in €)	0.71	1.53	(54)%	1.04	1.59	(35)%
Operating income/(loss)	(1.4)	2.9		n.m.	(243.3)	27.2		n.m.
Net income/(loss)	(2.3)	0.3		n.m.	(236.7)	14.0		n.m.
Return on Advertising Spend	190.3%	122.8%		67.5 ppts	150.6%	129.0%		21.6 ppts
Adjusted EBITDA(1)	6.1	11.3	(46)%	(8.9)	51.5		n.m.

n.m. not meaningful

Note: We have reclassified certain amounts related to our prior period results to conform to our current period presentation.

1. "Adjusted EBITDA" is a non-GAAP measure. In our Earnings release for the quarter ended March 31, 2020, we changed our definition to adjust for impairment of intangible assets and goodwill and other items Please see "Definitions of Non-GAAP Measures" and "Tabular Reconciliations for Non-GAAP Measures" on pages 19 to 20 herein for explanations and reconciliations of non-GAAP measures used throughout this review.

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Recent Trends

In the third quarter of 2020, we experienced a seasonal increase in volumes as travel activities resumed in the summer after the easing of lockdown restrictions imposed in our main markets. The increase was predominantly driven by trips to nearby nature destinations, and was most pronounced in Developed Europe, where the COVID-19 pandemic was relatively muted in the summer months compared to other geographic markets.

The dynamics within the online travel ecosystem have not changed significantly in the third quarter of 2020. The trends that we previously observed in performance marketing auctions continued to persist. Bids across performance marketing channels remain soft, and industry participants have only gradually returned to the auction. As a result, we have seen a moderate increase in competition both in our own marketplace and in other performance marketing channels. However, with the recent increase of infection rates in Europe, our marketplace has again become more volatile in that region.

With the return of the colder weather in October in the Northern Hemisphere, a second wave of infections has materialized. As a result, most European countries have implemented partial or full lockdown measures again, and consequently, travel activity levels are again declining. However, we believe that a continuation of the current progress made with respect to COVID-19, including improved testing, treatment and a potential vaccination, will lead to the start of a normalization of travel activity levels in the second half of 2021.

It remains difficult for us to forecast our financial outlook for the fourth quarter of 2020 and the first half of 2021. Factors that our actual financial performance will ultimately depend upon, including new infection rates and the actual and perceived safety of traveling, are subject to significant change, and although we believe that there is a chance of some recovery going into next year, we are preparing for the continuation of soft demand.

The restructuring that we announced earlier this year has been fully implemented, and our operations are now consolidated at our headquarters in Dusseldorf, Germany.

Update on the Supervisory Board

On October 22, 2020, the Supervisory Board extended Rolf Schrömgens' term on the Supervisory Board. Mr. Schrömgens was designated a temporary member of Supervisory Board effective upon the expiration of his current term on December 31, 2020 until our next general meeting of shareholders. Upon his designation as temporary member of the Supervisory Board, Mr. Schrömgens will continue to have all powers and responsibilities of a Supervisory Board member, as if he had been appointed by the general meeting of shareholders.

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Revenue

Referral Revenue & Other Revenue

We match our users' searches with large numbers of hotel and other accommodation offers through our auction platform, which we call our marketplace. With our marketplace, we provide advertisers a competitive forum to access user traffic by facilitating a vast quantity of auctions on any particular day. Advertisers submit hotel room and other accommodation rates on our marketplace and bids for each user click on an advertised rate for a hotel or other accommodation mainly on a cost-per-click, or CPC, basis. In the third quarter of 2020, we started to offer our advertisers the option to bid on a cost-per-acquisition, or CPA, basis as a new method to participate on our marketplace. We will continue to roll this out over the coming months.

We earn substantially all of our revenue when users of our websites and apps click on hotel and accommodation offers or advertisements in our search results and are referred to one of our advertisers. We call this our Referral Revenue.

Management has identified three reportable segments, which correspond to our three operating segments: the Americas, Developed Europe and Rest of World. Our Americas segment is comprised of Argentina, Barbados, Brazil, Canada, Chile, Colombia, Costa Rica, Ecuador, Mexico, Panama, Peru, Puerto Rico, the United States and Uruguay. Our Developed Europe segment is comprised of Austria, Belgium, Denmark, Finland, France, Germany, Ireland, Italy, Luxembourg, Malta, the Netherlands, Norway, Portugal, Spain, Sweden, Switzerland and the United Kingdom. Our RoW segment is comprised of all other countries. In the third quarter of 2020 the most significant countries by revenue were Japan, Turkey, Australia, Malaysia and Russia.

We also earn subscription fees for certain services we provide to advertisers, such as the PRO Package of Business Studio, although such subscription fees do not represent a significant portion of our revenue.

Referral Revenue by Segment & Other Revenue (€ millions)

		Three months ended September 30,			Nine months ended September 30,
		2020			2019		€		%			2020			2019		€		% Y/Y
Americas	€	15.2		€	96.3	(81.1)	(84)%		€	76.4		€	249.2	(172.8)	(69)%
Developed Europe		32.5			104.2	(71.7)	(69)%			94.7			287.5	(192.8)	(67)%
Rest of World		10.6			46.7		(36.1)		(77)%			37.8			135.4		(97.6)		(72)%
Total Referral Revenue	€	58.3		€	247.2	(188.9)	(76)%		€	208.9		€	672.1	(463.2)	(69)%
Other revenue		2.4			3.4		(1.0)		(29)%			7.7			11.1		(3.4)		(31)%
Total revenue	€	60.6		€	250.5	(189.9)	(76)%		€	216.6		€	683.2	(466.6)	(68)%

Note: Some figures may not add due to rounding. We have reclassified certain amounts related to our prior period results to conform to our current period presentation.

Total revenue decreased by €189.9 million, or by 76%, during the third quarter of 2020 compared to the same period in 2019. During the nine months ended September 30, 2020, total revenue decreased by €466.6 million, or by 68%, compared to the same period in 2019.

In the third quarter of 2020, Referral Revenue declined to €15.2 million, €32.5 million and €10.6 million in Americas, Developed Europe and RoW, respectively, compared to the same period in 2019. In the first nine months ended September 30, 2020, Referral Revenue amounted to €76.4 million, €94.7 million and €37.8 million in Americas, Developed Europe and RoW, respectively. In all three segments, Referral Revenue was negatively impacted by significant declines in Qualified Referrals and Revenue Per Qualified Referral (RPQR). Other revenue decreased by €1.0 million, or 29%, during the third quarter of

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2020, and by €3.4 million, or 31%, during the nine months ended September 30, 2020, due to a decrease in subscription revenue.

Qualified Referrals

Qualified Referrals indicate the number of unique visitors per day that generate at least one referral. The following table sets forth the Qualified Referrals for our reportable segments:

Qualified Referrals by Segment (in millions)

	Three months ended September 30,		Nine months ended September 30,
	2020		2019				%		2020		2019				% Y/Y
Americas	15.2	43.0	(27.8)	(65)%	54.9	117.0	(62.1)	(53)%
Developed Europe	40.0	65.0	(25.0)	(38)%	81.2	162.3	(81.1)	(50)%
Rest of World	27.3		54.0		(26.7)		(49)%		63.9		143.3		(79.4)		(55)%
Total	82.5	162.0	(79.5)	(49)%	200.0	422.6	(222.6)	(53)%

In the third quarter of 2020, total Qualified Referrals decreased by 49% as Qualified Referrals decreased by 65%, 38% and 49% in Americas, Developed Europe and RoW, respectively, compared to the same period in 2019. The period-over-period decrease in Qualified Referrals was primarily driven by significant traffic volume declines resulting from the subdued levels of travel activities due to the COVID-19 pandemic and subsequent reductions in our Advertising Spend across all of our segments. Travel restrictions and warnings from governments and local municipalities as well as significant uncertainty among travelers led to the decrease in traffic volume in the third quarter of 2020 compared to the same period in 2019. This decrease was comparably less pronounced in Developed Europe where the COVID-19 pandemic was relatively muted in the summer months and more significant in Americas, which experienced a higher number of COVID-19 infections during the third quarter of 2020.

During the nine months ended September 30, 2020, Qualified Referrals decreased by 53% compared to the same period in 2019 primarily driven by significant decreases in traffic volumes as described above. Qualified Referrals decreased by 53%, 50% and 55% in Americas, Developed Europe and RoW, respectively, compared to the same period in 2019.

Revenue Per Qualified Referral

We use RPQR to measure how effectively we convert Qualified Referrals to revenue. RPQR is calculated as Referral Revenue divided by the total number of Qualified Referrals in a given period. RPQR is a key financial metric that describes the quality of our referrals, the efficiency of our marketplace and, as a consequence, how effectively we monetize the referrals we provide our advertisers. Furthermore, we use RPQR to help us detect and analyze changes in market dynamics. The following table sets forth the RPQR for our reportable segments for the periods indicated:

RPQR by Segment (in €)

	Three months ended September 30,		Nine months ended September 30,
		2020			2019		%			2020			2019		% Y/Y
Americas	€	1.00		€	2.24	(55)%		€	1.39		€	2.13	(35)%
Developed Europe		0.81			1.60	(49)%			1.17			1.77	(34)%
Rest of World		0.39			0.86		(55)%			0.59			0.94		(37)%
Consolidated RPQR	€	0.71		€	1.53	(54)%		€	1.04		€	1.59	(35)%

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