- Total revenue grew by 68% to €267.6
million in Q1 2017 vs €159.4 million Q1 2016
- Net income of €7.7 million, marked
improvement from €(0.1) million in Q1 2016
- Adjusted EBITDA1 of €19.3 million, an
increase of 151% from Q1 2016
- Number of Qualified Referrals increased
by 60% to 177.2 million vs 110.5 million in Q1 2016
- Revenue per Qualified Referral up 4%
from a year ago
trivago N.V. (NASDAQ: TRVG), a global hotel search platform
helping travelers find their ideal hotel at the lowest rate, today
announced its first-quarter results and, boosted by a strong start
to the year, reaffirmed its full-year guidance that it recently
increased.
Revenues grew by 68% to €267.7 million in the first quarter from
€159.4 million in the previous year. The growth in Qualified
Referrals and Referral Revenue, across all three of the company’s
segments – Americas, Developed Europe and Rest of the World (in
particular, Japan, India and Russia) - was driven by investment in
branding and user experience. These investments also increased the
number of hoteliers engaging through trivago with its Hotel Manager
platform. Over 280,000 hoteliers were using the platform at end-Q1,
of which more than 30,000 paid a subscription for the Hotel Manager
Pro offering.
Axel Hefer, CFO, said: “The investments we have made in the
business are paying off. In the first quarter, we generated record
revenue at a growth rate of 68% while boosting profitability with a
strong net income and significant gains in adjusted EBITDA. The
improvements in profitability were principally driven by the
scaling of the business and our continuous improvements of our
technology and algorithms, which we expect to continue to benefit
from in the future. We are on track to deliver continued growth in
revenue and profit in line with our guidance.”
The number of travelers accessing trivago’s websites and apps
continued to grow, with qualified referrals up 60% year-on-year,
strengthening trivago’s position as a scalable marketing channel
for hotel advertisers, OTAs, hotel chains and independent
hotels.
Rolf Schr�mgens, CEO and Founder, said: “Not only are we making
progress in terms of continuously improving brand awareness, user
loyalty, as well as revenue growth and profitability, but we also
continue to see strong interest from applicants all over the world,
with almost 15,000 applicants in the first quarter interested in
becoming part of our entrepreneurial culture. To maintain our
momentum and build scale as a truly global business, hiring and
investing in our talent base will continue to be a top priority for
us.”
Media call
trivago will host a media call on 15 May 2017 at 9:00am EST
(3:00pm CET) to go over the first quarter highlights and answer
media questions. Click here to download the presentation for the
call.
The details are as follows:
Access Number Originating Country
PIN +49 69 20 45 72 650 Germany
914 355 48#
0800 589 30 15 Germany (Toll Free) 1877
423 08 35 United States (Toll Free)
Financial Summary & Operating Metrics (€ millions
unless stated)
Three months ended March 31, Metric
2017 2016 Δ
Y/Y Total Revenue 267.6 159.4 68 % Americas 102.2 57.8 77 %
Developed Europe 113.5 78.9 44 % Rest of World 48.6 21.3 128 %
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. Return on Advertising Spend
121 % 120 % 110bps 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” below for explanations and reconciliations of
non-GAAP measures used throughout this release.
For more details, refer to trivago’s first-quarter report, which
is available on the Securities and Exchange Commission's website
(http://www.sec.gov).
For additional information and a media presentation summarizing
the results, refer to trivago’s investor website
(ir.trivago.com).
About trivago
Founded in 2005 and headquartered in Dusseldorf, Germany,
trivago is a global hotel search platform, focused on reshaping the
way travelers search for and compare hotels. trivago’s mission is
to “be the traveler’s first and independent source of information
for finding the ideal hotel at the lowest rate.” As of 31 December
2016, trivago’s global hotel search platform offered access to
approximately 1.4 million hotels in over 190 countries. trivago’s
platform can be accessed globally via 55 localized websites and
apps in 33 languages.
Definitions of Non-GAAP Measures
Adjusted EBITDA:
We define adjusted EBITDA as net income (loss) plus:
1. provision for income taxes,
2. total other (income)/expense, net,
3. depreciation of property and equipment, including
amortization of internal use software and website development
4. amortization of intangible assets, and
5. share-based compensation
Adjusted EBITDA is a non-GAAP financial measure. A “non-GAAP
financial measure” refers to a numerical measure of a company’s
historical or future financial performance, financial position, or
cash flows that excludes (or includes) amounts that are included in
(or excluded from) the most directly comparable measure calculated
and presented in accordance with GAAP in such company’s financial
statements. We present this non-GAAP financial measure because it
is used by management to evaluate our operating performance,
formulate business plans, and make strategic decisions on capital
allocation. We also believe that this non-GAAP financial measure
provides useful information to investors and others in
understanding and evaluating our operating performance and
consolidated results of operations in the same manner as our
management and in comparing financial results across accounting
periods. Our use of adjusted EBITDA has limitations as an
analytical tool, and you should not consider it in isolation or as
a substitute for analysis of our results reported in accordance
with GAAP, including net loss. Some of these limitations are:
- Adjusted EBITDA does not reflect our
cash expenditures or future requirements for capital expenditures
or contractual commitments;
- Adjusted EBITDA does not reflect
changes in, or cash requirements for, our working capital
needs;
- Although depreciation and amortization
are non-cash charges, the assets being depreciated and amortized
may have to be replaced in the future, and adjusted EBITDA does not
reflect cash capital expenditure requirements for such replacements
or for new capital expenditure requirements; and
- Other companies, including companies in
our own industry, may calculate adjusted EBITDA differently than we
do, limiting its usefulness as a comparative measure.
Tabular Reconciliations for Non-GAAP Measures
Adjusted EBITDA (Adjusted Earnings Before Interest, Taxes,
Depreciation & Amortization)
Three months ended March 31,
2017 2016 (€ millions) Net income
(loss) 7.7 (0.1) Expense for income taxes 4.7 0.4 Income before
income taxes 12.4 0.3 Interest expense 0.0 0.0 Other, net 0.1 (0.0)
Operating income 12.5 0.3 Depreciation 1.5 1.0 Amortization of
intangible assets 2.0 6.3 EBITDA 16.0 7.5 Share-based compensation
3.3 0.2 Adjusted EBITDA 19.3 7.7
Note: Some numbers may not add up due to rounding.
Forward looking statements
This press release contains certain forward-looking statements.
Words, and variations of words such as "believe," "expect," "plan,"
"continue," "will," "should," and similar expressions are intended
to identify our forward-looking statements. These forward-looking
statements involve risks and uncertainties, many of which are
beyond our control, and important factors that could cause actual
events and results to differ materially from those in the
forward-looking statements. For additional information factors that
could affect our forward-looking statements, see our risk factors,
as they may be amended from time to time, set forth in our public
filings with the Securities and Exchange Commission. We disclaim
and do not undertake any obligation to update or revise any
forward-looking statement in this press release, except as required
by applicable law or regulation.
1 Please see “Definitions of Non-GAAP Measures” and “Tabular
Reconciliations for Non-GAAP Measures” at the end of this press
release for explanations and reconciliations of non-GAAP measures
used throughout this release.
View source
version on businesswire.com: http://www.businesswire.com/news/home/20170515005712/en/
trivagoMedia Contact:Sydney
Burdickcorporate.communication@trivago.comorIR Contact:Matthias
Tillmannir@trivago.com
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