http://www.finanzen.net/nachricht/aktien/...rter-2017-results-5477643
Düsseldorf - May 15, 2017 - trivago N.V. (NASDAQ:TRVG) announced financial results today for the quarter ended March 31, 2017. Highlights Total revenue increased to €267.6 million in the first quarter of 2017 compared to €159.4 million in the first quarter of 2016, representing a 68% increase period over period The number of Qualified Referrals increased by 60% period over period to 177.2 million in the first quarter of 2017, compared to 110.5 million in the first quarter of 2016 Revenue per Qualified Referral in the first quarter of 2017 increased by 4% period over period Net income increased to €7.7 million in the first quarter of 2017, turning positive from €(0.1) million in the first quarter of 2016 Adjusted EBITDA was €19.3 million in the first quarter of 2017 compared to €7.7 million in the first quarter of 2016, reflecting an increase of 151% period over period Financial Summary & Operating Metrics (€ millions unless stated) Three months ended March 31, Metric 2017 2016 ^ Y/Y Total Revenue 267.6 159.4 68% Qualified Referrals (in millions) 177.2 110.5 60% Revenue per Qualified Referral (in €) 1.49 1.43 4% Operating income 12.5 0.3 n.m. Net income (loss) 7.7 (0.1) n.m. Net income (loss) attributable to trivago N.V. 5.2 (0.0) n.m. Return on Advertising Spend 121% 120% 110 bps Adjusted EBITDA (1) 19.3 7.7 151% n.m. - not meaningful(1) "Adjusted EBITDA" (Adjusted Earnings Before Interest, Taxes, Depreciation and Amortization) is a non-GAAP measure. Please see "Definitions of Non-GAAP Measures" and "Tabular Reconciliations for Non-GAAP Measures" on pages 18-19 herein for explanations and reconciliations of non-GAAP measures used throughout this release. Discussion of ResultsYou should read the following discussion together with our unaudited financial information included with this release and the section contained in our annual report on Form 20-F for the year ended December 31, 2016, "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 (US GAAP) have been omitted from this release.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.We have historically conducted our business through trivago GmbH, and therefore the comparative historical financial information for the three months ended March 31, 2016 included herein present the results of operations and financial condition of trivago GmbH and its controlled subsidiaries. In connection with our initial public offering in December 2016, trivago N.V. became the holding company of trivago GmbH, as a result of which the historical consolidated financial statements of trivago GmbH became the historical consolidated financial statements of trivago N.V. Overviewtrivago is a global hotel search platform. Our mission is to "be the traveler's first and independent source of information for finding the ideal hotel at the lowest rate." We are focused on reshaping the way travelers search for and compare hotels, while enabling hotel advertisers to grow their businesses by providing access to a broad audience of travelers via our websites and apps. Our platform allows travelers to make informed decisions by personalizing their hotel search and providing access to a deep supply of hotel information and prices. As of December 31, 2016, we offered access to approximately 1.4 million hotels in over 190 countries.We believe that the number of travelers accessing our websites and apps makes us an important and scalable marketing channel for our hotel advertisers, which include OTAs, hotel chains and independent hotels. Additionally, our ability to refine user intent through our search function allows us to provide advertisers with transaction-ready referrals. We generate revenues primarily on a "cost-per-click," or CPC, basis, whereby an advertiser is charged when a user clicks on an advertised rate for a hotel and is referred to that advertiser's website where the user can complete the booking.Referral Revenue, Other Revenue, Qualified Referrals & RPQRReferral Revenue by Segment & Other Revenue (€ millions) Three months ended March 31, 2017 2016 ^ ^ % Y/Y Americas 102.2 57.8 44.4 77% Developed Europe 113.5 78.9 34.6 44% Rest of World 48.6 21.3 27.3 128% Total Referral Revenue 264.3 158.0 106.3 67% Other Revenue 3.4 1.4 2.0 143% Total Revenue 267.6 159.4 108.2 68% Note: Some numbers may not add up due to rounding.For the first quarter of 2017, total revenue increased 68% compared to the first quarter of 2016, with strong growth in all three segments. The growth was primarily driven by an increase in advertising spend both during the fourth quarter of 2016 and the first quarter of 2017.In Americas, Referral Revenue was €102.2 million, an increase of 77% period over period during the three months ended March 31, 2017. Developed Europe continues to show solid growth, with Referral Revenue increasing to €113.5 million, or 44% period over period in the first quarter of 2017. The Rest of World (RoW) segment continues to follow a strong growth trajectory, mainly driven by increased marketing activity in Japan, India and Russia. Referral Revenue for the segment was €48.6 million in the first quarter of 2017, an increase of 128% period over period.At the end of the first quarter in 2017, over 280,000 hoteliers engaged through Hotel Manager directly with our platform, of which over 30,000 subscribed to Hotel Manager Pro. trivago receives a fee for Hotel Manager Pro subscriptions, driving the 143% growth in Other Revenue.Qualified Referrals by Segment (in millions) Three months ended March 31, 2017 2016 ^ ^ % Y/Y Americas 55.5 33.6 21.9 65% Developed Europe 73.6 54.5 19.1 35% Rest of World 48.2 22.4 25.8 115% Total 177.2 110.5 66.7 60% Note: Some numbers may not add up due to rounding.During the first quarter of 2017, growth in QRs was 60% period over period, with 55.5 million, 73.6 million and 48.2 million QRs in Americas, Developed Europe and RoW, respectively. The growth rate reflected users' increased awareness of our brand, continued strong TV advertising spend and an increase in investment in performance marketing channels.Revenue Per Qualified Referrals by Segment (in €) Three months ended March 31, 2017 2016 ^% Y/Y Americas 1.84 1.72 7% Developed Europe 1.54 1.45 6% Rest of World 1.01 0.95 6% Consolidated RPQR 1.49 1.43 4% In the first quarter of 2017, Revenue per Qualified Referral (RPQR) increased by 4% compared to the first quarter of 2016. All segments showed consistent growth rates around 6%, which is higher than the consolidated average of 4% due to the increased weighting of the lower RPQR in our RoW segment in 2017. This growth was largely driven by the introduction of a relevance assessment in our marketplace algorithm in December 2016, which assesses the quality of users' experience after leaving our website. In some cases, advertisers have compensated for their lower relevance assessments through higher cost-per-click bids. We expect that, as advertisers optimize their websites and bidding strategy, these positive revenue effects will be partially mitigated over time. Expenses Costs and Expenses As % of Revenue Three months ended March 31, Three months ended March 31, 2017 2016 ^% Y/Y 2017 2016 ^ in bps (€ millions) Cost of revenue 1.1 0.7 51 % 0 % 0 % (5 ) of which share-based compensation 0.0 0.0 Selling and marketing 231.5 140.1 65 % 86 % 88 % (145 ) of which share-based compensation 1.0 0.2 Technology and content 11.7 7.6 54 % 4 % 5 % (41 ) of which share-based compensation 1.0 (0.0 ) General and administrative 8.9 4.3 104 % 3 % 3 % 59 of which share-based compensation 1.3 0.0 Amortization of intangible assets 2.0 6.3 (68 )% 1 % 4 % (319 ) Total costs and expenses 255.1 159.1 60 % 95 % 100 % (450 ) Note: Some numbers may not add up due to rounding.Cost of revenueCost of revenue increased €0.4 million for the first quarter of 2017, or 51% period over period, as the business continues to make investments to reach scale. Cost of revenue includes data center and server costs as well as user support functions. Selling and marketingFor the first quarter of 2017, selling and marketing expense grew €91.3 million, or 65% period over period. Advertising expense (which made up 95% of total selling and marketing expense) was driven by higher advertising spend across all regions with €86.6 million, €81.8 million and €50.5 million in Americas, Developed Europe and RoW, respectively, compared to €50.0 million, €58.0 million and €24.2 million, respectively, in the first quarter of 2016.Technology and contentFor the first quarter of 2017, total technology and content expense increased by €4.1 million, or 54% period over period, mainly driven by an increase in personnel costs as the company continues to grow its headcount. Of the €11.7 million expense, €1.0 million was share-based compensation and €0.4 million was depreciation of internal-use software and website development, compared to nil and €0.2 million in the first quarter of 2016, respectively.General and administrativeFor the first quarter of 2017, general and administrative expense increased by €4.6 million, or 104% period over period, to €8.9 million. The increase was primarily driven by higher personnel costs, share-based compensation and external advisory expenses relating to being a publicly-traded company.The company continued to build up internal expertise in the finance, legal and internal audit departments. Overall, personnel and recruiting costs increased €1.5 million. Share-based compensation was €1.3 million in the first quarter of 2017, compared to nil in the first quarter of 2016. Professional fees and other in the first quarter of 2017 increased by €2.5 million compared to the first quarter of 2016. A significant portion of the increase is due to additional costs incurred as a publicly-traded company. As we are incurring such professional services ourselves, the related party shared service fee expense from Expedia decreased by €0.7 million in the first quarter of 2017 compared to same period in 2016.We are planning to move into our new campus in 2018. The contractual lease agreements triggered build-to-suit treatment ...Full story available on Benzinga.com |
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