TRVG - Earnings call transcript Q4 2020

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Operator

Good day, ladies and gentlemen. Thank you for standing by, and welcome to the trivago Q4 Earnings Call 2020. I must advise you the call is being recorded today, Wednesday, the 10th of February 2021.

We are pleased to be joined on the call today by Axel Hefer, trivago's CEO and Managing Director; and Matthias Tillmann, trivago's CFO and Managing Director. The following discussion, including responses to your questions, reflects management's views as of today, Wednesday, February the 10th, 2021 only. any update undertake information. revise not does obligation or to this trivago

materially expect, anticipate could always, made to and by Company's about typically we statements of the information words SEC for other trivago's believe, today's as statements. As actual from and the results the forward-looking, QX on XXXX some these financial Please similar to or statements. forward-looking call cause operating are differ such filings which we refer the we review factors, preceded with

will reconciliations comparable which IR in and You find to Company's of the ir.trivago.com. review, GAAP trivago's non-GAAP most financial is measures the at today posted on measures discussed website operating

to Investor visit trivago's encouraged important Relations are content. periodically for You site

be With the period Axel. Finally, unless otherwise let stated, that, all call will results of comparable against comparisons over XXXX. turn call on the me to for this

Axel Hefer

welcome morning, XXXX give since has by public, not a any year It in everybody new QX earnings we year. virus for spread we Good specific Asia. February A call. we parts QX and started XXXX first has that earnings did time been for our the to on since of to now went our guidance filed and XX,

hit so and heavily in world like the travel summer to standstill, that have weighing lockdowns travel the second countries in global I ago. back, Looking The of made were that and it what was many say demand local has The anticipating nothing we the collapse elderly. year strong global a in that March, families contactless burden then autumn. children, on – of wave

and a made. Governments programs protecting and lot there, are on out been in Vaccines end many of citizens generously there progress across rolled vaccination speeds. is clear to path normalcy been focusing year a supported businesses record most one markets have the developed and has vulnerable. have is hope. However, There

steadily but week and we slowly bringing from now on. normalcy Looking is every us closer that do to day believe every the forward,

long their managed countries the believe quarter. summer, to countries Some almost markets have, progressing daily Zealand already even perhaps normal a very allow that U.S. will we significant to and local to return and by and continue Like and programs and strict come measures very we citizens relief it time progress after see for the most under the we is travel will in travel Overall, with in are China summer and Australia, an vaccination and believe as control. their for strong and we for demand UK to pandemic travel, while as period. be gradual like international will and prepare local moment. basic New soon give second that like have there is Israel, through very in back major the believe Travel improvement relax need rapidly made the XXXX, difficult a that should to activities life,

adapting this value the means our users we advertisers. proposition half continue on and towards improving XXXX, of focus to our For first will and that

and I and strengthening to out rolling development now developing and team. current the for into communication local feature new continue core products our prepare up of and be, development that, Matthias. improvement product, focus situation; facing key Our new to out hand who and the invest and to of adjusting over areas products, further roll advertiser recovery mix morale marketing will our to our our keep travel our With

Matthias Tillmann

hemisphere. in not travel a experienced XXXX the morning, decline Thank the you, peak QX quarter we Axel, normally everyone. different. season the summer We in as in fourth of has and are coming activity been good northern out holiday

segment activities implemented of preserve our we of fourth more cash. In more Europe to the pronounced marketing restrictions years, most to our measures, in compared Consequently, spread new lockdown quarter was our as developed our segment reduced new prior the the including virus. even fact, the seasonal in sequential we the to than do core decline travel in contain markets usually

that the On summer overall. their for a or Australia hand, segment substantial season countries those in and the peak qualified the to Brazil, referrals. increase year-over-year we sequential entered improvement decreases led in like referral for countries other our This qualified in Americas observed

on to overall compared volumes in same and The reduction we levels, the the cautious XXXX. and in significantly expenses activities led continue However, to by and overall still of booking our a to be in expenses below quarter, marketing fourth costs XXXX XX% operating focused as high-quality marketing with decrease our were traffic. period

Excluding a result our in the loss to or net €XX.X adjusted €X.X the able we XXXX. as a period the we including that to expenses compared adjusted year-over-year, limit share-based million summer. income of net operational €X.X advertising decreased of million, million to compensation Hence and XX% were during respectively million €XX and expenses, restructuring to our announced €X.X the same EBITDA minus EBITDA million by and

short-term number were any Europe that a during in cash the tend full of and particular very remains that Globally, future. core around new faster. new have the virus external at Year. what markets investment unfavorable quarter. the industry. and our of into additional to able our have of Consequently, new were New challenging increased remain fourth Looking and restrictions, We the €XXX for the funding variant year, adapt spread to can that to sudden unpredictable extended in emerged cases foreseeable we in to implemented COVID A we right how continue most million the up we This at confident again and debt mobility position without set changes maintain free. quickly be our have we total shows taking on

and into to until overall Germany first further currently the For it XXth then referral mid-February have of Hence, government example, rates extended again is declined in until January. discussing growth the extend March. lockdown qualified January,

in stable in last in At April similar the in that than booking down more we segment wave, first year, declined U.S. increased referral average referrals were with window in Americas, quarter put the in in now Europe, observing developed qualified In year-over-year same January whereas regional year-over-year, bit are referrals January America to XX% around qualified the when In implemented XX% see differences. an were during year-over-year. as restrictions again, more by booking window are qualified slightly perspective, being Latin than XX% referrals ten than the the time, fourth that qualified a over increase down the they and we Europe in year-over-year the our in were weeks. decline However, trends in down more

World, qualified and referrals negative mind compared January, looking our in the growth of started the When Rest to please segment Europe spread been stable in that rates year-over-year at to have America. growth our keep overall at deteriorate rates, February Looking quarter. to when in business XXXX, the fourth year-over-year virus

the coming to the take effect we months for account. So need the comp into

dynamics, declined on in to stable fourth our a in all so year-over-year, Moving by referral rate quarter revenue down far. continuing qualified segments, that XXXX three while marketplace was in see has we monetization per still is this significantly sequentially and the

compared different the a that segments and is described. global rate our qualified the just declined January to qualified quarter of per by I referral a fourth to higher which in revenue, revenue due As that referrals qualified in result, was the the slightly referrals, referral product dynamics

be activities. volatile limited situation this that we XXXX this have remains we we – overall As specific guidance not will can visibility, will point. focus we give at and continue that the on we marketing only be control and cautious means quarter, our to continue We to for for what with will the first

before, reduced As we our operating mentioned have expenses. sustainably

However, to be for first more volumes as now second fourth than company muted, in remain that to let’s the please. quarter emerged will to we year. be EBITDA that are open COVID wave have the for negative in and of optimistic we line recover and half we questions. take overall this first the the the Operator, environment that, ready travel the remain our question, challenging With Overall, up new this set infections the continue expect adjusted in second quarter. of we has confident booking

Operator

[Operator question from go of Instructions] Truist Securities. the Khan Please comes And line at the first ahead. Naved

is line Your open.

Naved Khan

Yes. lot. Hi. Thanks a

of questions. a Just couple

more saw half the you in to of qualified it your ad obviously pretty about then, the spending America you declines. on saw referrals Europe just that? North back recovery, and QX. America, thinking and we is that. between for come give to So, some how XXXX and North fourth as compared quarter? your be secondarily, back to spending should demand just into I speak starts that QX volume and if And color essentially for going was about of I the at strong think If flat can maybe the Europe, trends how the it us look as Maybe

Matthias Tillmann

So, thanks, Naved.

far January mean, So, demand I our versus January question, referrals what in stable in implement change going the in in U.S. January the continued in and we numbers new the and far overall Year. into North started trends obviously and see travel that rates has following. most own given the on and America is I guess I Europe, see specific forward. Qualified obviously some on spend depend in in trend marketing a said travel already December would not so it’s already But surprise and for add the the that going will in first your Europe. growth so is do November to we that as no that restrictions countries now New

year-over-year as overall, in XX% So, said, I Europe. down

first the we some April by what mean, into said, and we place vaccination. better saw – – to on first encouraging as put by we put is saw progress when see correlated In Americas, that in than XXXX the slightly something travel expect restriction I What we saw could I you restriction obviously obviously signs is into we governments. were do So, when stable.

we and comment, the second we spend would a lot are continue marketing mean, we on and see you So, when are Israel countries that do we globally, Europe, about these But in that the in right is signs expect given in some that path, out as you will really general spread level in we and called encouraging marketing European also usually how outside time of UK perfect over progressing your will QX, situation and to countries that low faster spend. that get in to as positive cautious I still you a quarters. you making progress channels. and in on Europe, most which where performance the – look if look your are but if – I that channel and brand that grow do think better. in U.S., means now, see than very On the do see and we question, I said it see a – there other marketing not months

point do and can when campaigns. expenses bit where obviously out and and hard looked to this better, that and opportunities in There at you altogether we a went then stopped to then of year will there is tell. seeing channels the sure think lot April I of effective we we markets it’s that came to and we expect readily be us early of up. think and the should year, for Then we obviously similar So, uncertainty that into run get at mean, QX is approach different it that, There there don’t lot demand we where a do you too periods the that rest the in that that the makes is to market and right enough see week-by-week sense invest have were want run trends situation in it’s and a I QX. different last in you could and you decided not the May then came but when to the spend a with advanced literally every now we

a similar approach. that’s mean, I So,

We right QX. for are now envisioning

We are work more said, a QX we there campaigns some obviously some are, digital now. about also have as to where do we planning optimistic bit and you

in terms of cost You that cetera. also invest to et into production have

being we pay more look overall cautious, will be we invest more auction, you in together do we brand but do our through will on this will we sense. do ROI But marketing, marketing. optimistic at there we into targets. have cash now, we terms We situation at that mean, some probably So, straightforward, and I invest performance we when are the then off makes see right of look can or time And when lastly, where see the competition, is pockets then positive money, do commit this yes, that where signs. it our and we and, aggressive the keeping for

Naved Khan

Got it. color. the Thank you for

Matthias Tillmann

Sure.

Operator

the And go Lee from Mizuho ahead. the Please next Securities. comes question of James line at

Lee, your is open. open. line line is James Your

James Lee

I my two Thanks here. Great. taking have question. for

can and in as a any second, you understand us accommodation And about case alternative on goalpost qualified assumption here? is also also here? accommodation about referrals contribution I think and normalized on can activity little percentage First, second was what help you you the that XX% point that back alternative out wondering specific past, strains of a mentioned the or quarter last half. guys here? pushing we bit you in I in still being are your Thanks. the that talk

Matthias Tillmann

will first Axel. it pass then your take and Thank you, on question James. to I

the accommodation time our In provide on accommodation, We a – So, alternative mix where point said first have a that XX%. somehow for been while the we that’s went did mix XXXX of a end segment general, data has for share you up doing - and above with and on build basis. not inventory. was that mentioned quarterly share we the do seen we trend this already and into we a why that

We will what we still can’t trips our seen And look reverse yes, have a that have but pandemic in a a that units if before. segment I It the that strong. segment. you that from it’s reverted not specific year-over-year that obviously, and overall, has little different August, And million of that you And was give bit. it’s But, disclosed that share the over expect than platform at here. gained mixing something would could from we ago. outs particular that But not share. in But the expect and on trend city is July you in and I with was year number. higher materially X.X

Axel Hefer

half the second your how On changed last since earnings on the call. question, our has view second

the programs, view on the basically vaccination half plus by of positive in the the driven of the weather So, impact second is the success summer.

changed, the out there, availability vaccination rolling has vaccine. weather before seen levers, not requirements but with on BioNTech two on the particularly there So, the the logistics the view we not key success, And and really vaccine summer in are and vaccination programs that programs in of there for new some have in that markets of large in offered also the of had comfort second the there other sustainable the much giving half population is second most by half we year. in us Israel to but countries the will of that quarter a and more ago than vaccines pretty be have of a our majority the recovery will particularly

we’ve So, because of last data points the now in couple positive, overall, that months. experienced more of these new

James Lee

Axel, Okay. question And about ask just question. to just I a philosophy, business a alright. want follow-up

just possibly Thanks. more to on perspective time, maybe the conversion, lot on a is to to at of a on platform driving funnel the overarching that bottom just the monetize diversify into realign the of upper for in mid-funnel business as of your, Given pressure moving this your company point content and goal and media metasearch, traffic conversions?

Axel Hefer

our at of the have strength the bottom funnel. historic We

time make want booking lot a generate we our and that, to before users. a prices by we to really do you compare doing believe value of So, the to

the that it, we are the acquired and as rightly of say, have products developing slightly obviously, that Some we also further you are funnel. up new

excited world very an So, about why only product normalized. package we that’s where also a plus city has trips not we element, they once are acquisition comparison we case complemented were of that for ideas weekend.com, weekend of where inspirational to also but is use inspirational through different trips acquisition have about for to, travel the nicely they have the can now also element. travel the combine offer very, inspiration because And where difference price do and conversion local tours a the the that

James Lee

Okay. Great. Thanks.

Operator

Wells Thank question Fargo. from the ahead. your of go comes you. of line next And Please Brian Fitzgerald

is line open. Your

Brian Fitzgerald

Thanks guys. I had couple questions. a

about talked the the in window extension booking You Europe. in

home they assumption see broadly see making travelers still throughout then that Europe Europe? closely travel are travels booking able season. very one you beyond And summer Do that. looking follow-on did Or after the Some you I even to pretty the be as maybe will got they out before? to do to that’s

Axel Hefer

Sure.

to I booking is, countries. on what people are and to average our short So, relatively generally with tends I our to and than the weeks out that usually speaking, something be the intent variations window, eight that between mean book mean, booking website by regions window coming that on is with less obviously some

in makes naturally in travel the obviously mobility restrictions, as Now, have time January I as window possible not difficult mentioned increased which minute all. travel at many to countries or last very European Europe reinstated

increasing not fact is the bookings, a window coming that market because we for of demand of but lot booking not to up because is short-term travel the So possible. pent see summer the

believe seen back I plans people there in somewhere travel I in shift. our segments, argue for have like relevant when people still data most have want some of and encouraging it go again. significant no and is So that to would holding we the possible servers that is are now

So, as we held being travel when being we see of more summer, that demand are coming to lifted, restrictions and/or closer currently are coming back. that through expect is pent-up to

Brian Fitzgerald

they – the will extending, to real booking the seeing home? the are them people could closer do Europe you that extend or locations travel I are get seeing natural still throughout window then And was, broadly you are wrinkle broader – thinking look you for, quick, they they are that to

Axel Hefer

be as of to be But that break local. clearly And said, late to for the natural is out bit a demand will very will tell. most coming starting a our lockdowns. Matthias that’s that that, the get there So, expectation demand strong point

the destination have bit and progress have need the source For and more the market you of the market to night to programs, done vaccination because depend will relative continental travel a bubbles. travel, these on progress it will

So this slow possible as travel recover certain that intercontinental believe not very we pairs, year. for will but very, and is it’s certain to be

are a very have react quickly, but local possible way we are preparing we continental flexible and recovery we in – a strong and for So, to stay recovery.

Brian Fitzgerald

versus question we some seen the level historically it. viewership the pricing in seeing digital what of was, a on brand letter, channels, in consumer about you’ve TV Got as then digital from channels the are to kind low And second of and talked shifting high are at linear TV? the linear in some connected you you of thought the

Matthias Tillmann

and Yes. start effective even very a with viewership you cetera advertising a cannot TV that, in is play think I particular me – medium saying audiences, et declining among continue in still and I channel it role obviously, mix. in mass talk brand CPMs if particular let important But younger about et us for mean, a cetera. will to marketing and is if of our

have I be we it’s might not channels at TV in tested our not here, So phase, like-for-like recovery in return granular as channels that and in at what comparable. mentioned connected the but return past. and the we because, all same people with do the you to time. in is, want And And other will can more different particular points at

So TV in might addition or might channel traditional the in use to advertisement. effective channels starts and most digital the be some not markets to the we recovery TV want when first

Brian Fitzgerald

it. Appreciate guys. it. Got Thanks

Matthias Tillmann

Thank you.

Operator

your ahead. from Deutsche you. line go Thank at Please question And Lloyd the next Bank. Walmsley comes of

open. is line Your

Lloyd Walmsley

Hi, thanks questions. guys. Two

cancellation do do the getting of a the just or you’ve of about a credit and you shift of you branding the we’ve flagged this full think after to And to volatility COTAs monetization benefits thinking you do permanent guess, what get revert were pandemic be, to bit don’t shift of guess, where trial that some elaborate this look think auction? I value from in of impair kind for able you is the more you get rates just can a and bidding, would related question, different does around get the pre-pandemic? you kind I CPC-based when And or bidding you kind this, think will at be over? the CPA-based views versus traffic on First is you on changes

Axel Hefer

Sure.

desire CPA, the I the even of before the it wasn’t not the advertisers, is you from there a intelligence conversion ask advertiser, basically and particularly out risk smaller roll so outsource full and strong the mean, the to bidding to On our forms us. technology pandemic, of

believe is lasting now will for with the CPA experiences And able product in we some so, have believe be will overall, open development we segment. would why yes, that far CPC a for advertisers – positive. into larger that that’s What be some that of their a But, that that’s the thoughts to that CPC But to would us are made have into to move certain bids. algorithm effort own the benefit is, to bidding will whether that share back moved incorporate incorporate us unclear. our so necessarily they strategic and not incorporate product stay. to we’ve direct so The put we

believe we also our marketplace do offer we over them. bidding and a both So, greater for taking partners to that to by efficiency the can our

positive. also that’s so yes, so, And

The quite the bit UK, out very, kinds to stopped was of different a to a Canary second the of Islands be of restrictions volatile the very example volatility activities. overall in drop quite changes. Also, you from immediate one basically there have to the honest. There question you day situation have if Germany, a mean, to you QX, other. in to just activity, And for marketplace, on November, which an was of of back where these the the think that the time I re-imposition out reactions led sudden to in is

react Some high assuming take and their and their a quickly automatisms bids time in more very other rates, biddings. advertisers cancellation basically use immediately bit more very drop

the of worry that these the – and said an the are volatile. that the the for stable cancellations stable that tactics very significantly the So, speaking, right in Having events is that, to marketplace that short-term is overall obviously different more very, outlook more given lesser outlook have us. that, you makes relatively now react, the change is that and they to

Lloyd Walmsley

guys. Alright,

for half environment. I luck. very think second Good cross you’d a

Axel Hefer

you. Thank

Operator

line Thank Please of comes the next Cowen ahead. Kopelman from question you. at Kevin And and go your Company.

open. is line Your

Kevin Kopelman

I Great. of couple Thank you had a so much. questions.

The on quick first U.S. follow-up one, the just a

relatively in was on January a was it you would sites? a basis? the year-over-year typically January. kind of is uptick stable that that, traffic in that mentioned Can planning you clarify, on see You And and in seasonal

Axel Hefer

Sure. Thanks, Kevin.

the comment sequentially. my stable to being referred development yes, So,

So, when in look at was growth fourth you referrals the qualified the January. in stable rates that quarter,

obviously, so, still the and growth Americas. there only And January we some about broadly rates the you were disclose made U.S. Obviously, earlier quarter and year-over-year than segment it’s I the gives idea that referral But some January last comment stable. we significantly did see in lower qualified XXXX.

things I the then said, a we from that in U.S. only the and As March, situation deteriorating traffic in was pre-pandemic perspective. saw

Kevin Kopelman

Got a is if a just Q-over-Q January you of basis, the – seasonal just at uptick there or month-over-month? regular look seasonal the in terms on patterns it. And

Axel Hefer

I mean, there. in implicitly that’s

So, the growth rate is stable.

So, seasonal last you had effect the year. in January

you also year. then it have this So,

Kevin Kopelman

talk for us little you talk And a I the touched a color little bit to just just the question. it that that? it earlier, could us model to give to compares – Could to you more, you Okay. on side it compares one and us give and a existing about how other on variation maybe how but more had Great. trivago, and business weekend.com acquisition weekend.com

Axel Hefer

Sure.

has has pandemic one is that – is, the pandemic less impact that had there the is the certainty. one thing So,

for time. to and persist expect how So, our where what travel, perspective from and less will return certainty that some can to you

travel short for we reach do inspiration. a And particular believe that more So, that’s destination local we trips, to we acquired easier weekend.com. there why product our need there that’s have developed for and in also why is

hotel by then good their to plane the the Whenever believe the also dates, have great travel our complementary get where great some there a combination. And positioning which do and and is product similar. segment strong plane target for offer of to is to to already, core they also we price made needs our service up So, that’s where very when and the a is users. that’s not suggestions and is inspiration mind destinations

weekend.com users trips do conscious the offers money possible exactly best for same and price. want price Our our the to the save and at inspiration you

mean, technically in necessary, – it it because it the the and comparison, flight really price So a packaging we don’t packaging is need. But of a not because that that dynamically flights. and price not is facto, it’s basically with de the the believe packaged hotels same I value serving and is complementary. hotel metasearch is and the is It is the

Kevin Kopelman

Okay. Thanks, Axel. Thanks, Matthias.

Matthias Tillmann

Kevin. Thanks,

Operator

Thank from And line with next Doug your you. Anmuth the of comes Please question ahead. go Morgan. JP

is line Your open.

David Young

about to This elaborate as brand on David have question. this you where a Could markets roll the the that results products for advertisers question is Hey. to marketing from seeing approach more you Young year? part little the on back one or you bit? taking a out talked have And and you that first vaccine? where Thanks was the granular contributions products these around, Doug. advertisement coming you any My do demand second for on from revenue M&A of My listing roll out of the is are strategy. do sponsored for of you early on are site share and those from relief and you expect

Axel Hefer

Sure.

display very the is focus now the on Because On now. namely CPA, we ads new traffic. is there of basically right advertisers BXB And onboarded where is little have products, sponsored listings, that by ours. more hundred the than the

So, it’s test basis. difficult now. It’s difficult optimize right also us to meaningful for for a to on advertisers

great segments the revenue side. later different the the well is for is and it’s prepared it’s advertiser think So, revenue to as will be themselves products of as onboarding higher focus expect everybody and honest, difficult access predict, recovery recover, sure key that they do in we recovery. for volumes giving our How for important making to to be? that year the those part can but and the and be the overall well now to To position we do of share very on right an the important

Matthias Tillmann

second granularity on part marketing. then, brand on questions, of first question, or the And the two your

mentioned before, I cannot we audiences advertisement, when granular you a mean medium TV mean, linear a in advertisement, what as So by is very target mass a and you do do TV that? that way. I

not, So, just the travel, when broad audiences If you audience case, that have more and of majority be way target are in you willing ready effective to and digital audience travel. but and is granular that to go do ready can obviously and certain a channels. to might your that overall works you then not with that’s it’s much that the more others

and like video look online For or example, of talking granularity level of you if audiences specific think TV, and target I that’s even connected groups am the you about. can

part early signs from the do do U.S., we in process, signs, said see uptick interest. countries early big that it’s in well see On that the you is before, I early. more are But that we progressing traffic. And there a vaccination mean, really the it but I second not is of see

the am So, far starts and that – than expect country by behind. I still would hence earlier are expect we that’s encouraged that countries would where recover to other

now. there lot that look related pickup in mean, But good of Europe, not have make also right demand travel in seen to the go where and also might any you a places fact they can progress. UK, you we If is I not the – be are there not at there yet that

So, I mean, local travel, yes.

might you that that a in have If then country, specific possible. be

situation If you now countries different Europe, other difficult everywhere as as well. within very to right is to very the go want

David Young

Thank Great. you.

Operator

from comes your Nowak line Morgan go And Brian Stanley. ahead. next the question of at you. Please Thank

open. Your is line

Alex Wong

Thanks Alex taking Hi on question. for the Brian. this for Wong is

out of today in on But Axel, us a travel obviously log tested being terms the the many perspective? you data a And give things an launch China in to you how First, to the of then, And sort to can as question on on? of you markets right Been a are that, next and that local planning product become us interface, it nature that? travel personalization, more improve about as more interface in data next are of core improves quarter. of user default can do or local you the rates expect search a the sort journey you update products around you is you but piece user markets working terms sort second is roll from of initiatives really sense mentioned Which give will in like capture, think on the of put now? capture. how complementary and that you

Axel Hefer

with start Okay, the let’s question. first

planning local be alive second is the version. we sequential. But that in the travel And in are will release So first product the quarter come. a to major

will start larger other over rolled markets. it be to large So, then and the year of some markets in our

show product App. the products to of the the terms our best web integrate to is way But we test complementary it will product, In thinking both our obviously in to and different integration before, travel local how you users made and step one is best and the the your much in your the that current don’t far. is that said made mean go about is product want I very the away core you from having I have as to up whereas mind, up mind you that

mind and your up you when But to already. there in made exactly go. decision some is haven’t go exactly on to where there So

So some there it’s far but certainty uncertainty, is some not also away. too

is answer user test current also apps. you that’s interfaces see the it best. can in we and accept starting that different And side-by-side why the complementing so, But the as will different whatever works is core point basically with

On mean, I your interrogative fully I product So second with not that sure understood question. XXX% we will an am like all approach question, take our developments. your I

So, very if just that will you be rephrase could helpful. it

Alex Wong

Yes.

thinking signal sort get the you ways of whether on So, it’s just signal the curation the to – as are other or a recover infrastructure around things from you about to of of unit of sort rates the App personalization, users any login trying of come sort demand as improve in side? sort improve strengthening start on back-end on we of work out to that terms your

Axel Hefer

Yes.

Okay.

we that we are So, happy our very tracking data are visibility having. and with data

confident So data. we we have are conversion strong that

to optimize. so, can you And use that

Of have we normal all logging that course, the searches. in our we have

for well So product, we the back-end. think are local the prepared travel we on

can rates in we made of more on backend overall work special we a of to unique that a rates and think we our bit lot offering. have particular, work and adding and quite the onboarding and further rates area have users we have member part of into that and required been There need pipeline rates providers special that the has fenced of out to that product was done offering. show progress rolling For our we of to in more work special basically that and rates a more fenced

yes, XXXX. So, to in want think I users them the story. on offer to to long Short backend, we feel what we to prepared well offer our

Alex Wong

Axel. Thanks, Great.

Operator

on life, with ahead, goes, is Matthias friends But, the Please gradual do and to the the are Many it economic those today’s to and see that to activity Instructions] you no us a situation hope to to clearly matter hope make a for as overall call. a months time safe hope, return Thank for earnings as and for participate Tillmann taking we to the for new lines. normal in most individually there seeing remain and start you. and expect of again, questions recovery business. us our thanks hope In for currently family us. experiences continue. further the quarter. [Operator both Stay travel next There

Operator

does for conference today. the you conclude participating. Thank for That

You may all disconnect.

trivago (TRVG) 10 Feb 212020 Q4 Earnings call transcript