TRVG - Earnings call transcript Q4 2021

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Operator

Good day, ladies and gentlemen. Thank you for standing by and welcome to the trivago Fourth Quarter Earnings Call 2021. At this time, all participants are in listen-only mode. There will be a presentation followed by the question-and-answer session. [Operator Instructions] I must advise you that the call is being recorded today, Wednesday, February 9, 2022.

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

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

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

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

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

Axel Hefer

joining XXXX everyone, us we take get us a believe rest worst and for new XXXX earnings our for behind call. managed I break you, Thank some into is true. leading to is QX now hope year. everyone today the and

they uncertainty, that, years they managed we've and and they can The kept last a dealing a countries for and to treatment, of that the normal situation. as under to have our serve how the control. lot reached return. confidence well travel Despite have precautions have very been the proud contagious tough thanks consensus more their vaccinations, to of more travelers growing new virus Finally, a lifted and change very brought for our with seems How restrictions commitment have there I'm two industry combination employees. be and be and with of highly

a spring and during fits players what combination levels of be and Labor as be and different hospitality no City And we back the believe and of a provide tailwind prices year. In that think half strategies, strategy service with we a will time. are a services summer their becoming supply second budgets come should needs the finding looking the the from overpaying will higher shortages, strong on and there reacting challenge summer industry that season. trips the be a latter receive. play lower recovery. Meta recovery. during longer will that will key consumers we over industry some forward without with strong see accommodation think role We will for they the We to will in shortages are the travel dynamic, key with will dominant us emphasis for

the prepare new We and cloud have our CPA year this from first recovery products ranging marketing across our with invoicing, for to migration, product of launch used of significant business, the various tests. progress XXXX and BXB the rollout

when users all our year comparison. rediscover proposition price value re-experience when the this they of about focusing core our and is value us, on For travel supporting they

Matthias Tillmann

Great. Thank morning, everyone, you, Axel also from and me. good

We with results. very financial our quarter are pleased fourth

quarter. €X.X €XX.X in quarter the strong the increased in results. million reflects million from income net third fourth our Our significantly to increase operating The

incurred payment losses German first a received COVID-XX in XXXX and of of government. a took In half addition, subsidy €XX in million XXXX in quarter the advantage the fourth program from we relation of to the and

of adjusted exceeding our and which own are the payment, not Our EBITDA, affected subsidy operating by our well, increased sequentially both income as expectations.

referrals to the activities due full in profit an slow the Omicron. In and highest that lockdowns, it margin. European and adjusted cost spread company when spread the planned quarter quarter, discipline, new than than in we in had of in and referral resulted in a XX% did in introduced continued countries seasonal December larger was new most a less in Although countries we down together back year-over-year, XX%, XXXX achieved demand variant, in decline November we implemented which, Globally, not travel margin we pronounced qualified fourth Omicron, the revenue COVID-XX started marketing demand during EBITDA increased improvement respectively. margin pre-pandemic of years, become restrictions with and something our of have the XXXX. repeat cut XXX% our with an the Amid uncertainty this Many the travel travel our November on public since year. to saw

not full last numbers. positive for segment or growth bans a did year year-over-year impact Europe. which we same This observe to as had true our our particularly on is the travel Developed lockdowns However, extent

over of the seasonal While XXX%. revenue the Americas, compared was the December normal as offset in the which among the in revenue with for in effect increase year-over-year was segment and whole we highest U.S. up the partly referral October, the was in almost the as America. result our segments Latin In halved that by experienced comp December throughout to referral the more increase a in quarter stable November performance drop seasonal quarter

significantly lag the to recovery Our in the quarter. of in and sequentially fourth not segment improve Rest World continued did

in core from the low quarter, third the in XXX% approach quarter our marketing XXX% As led as the our many in to This ROAS we sequential investments markets. the the back season fourth to in regions quarter. we of increase we all in in usually fourth cut do our

in growing XX% year-over-year, reclassification from XXX% efficiency relatively increased the quarter were at our to ROAS €X.X a year, to or the by fourth revenue revenue we For the partly driven Other other full keep XX% able fourth million revenue by to while quarter. referral during year-over-year. our revenue marketing stable

from products revenue BXB In to contributed increase. new addition, the

of we us is to a exciting our total our in are of this not letter, part tech our opportunity products wrote infrastructure. today. early does very data the for significant process But BXB leverage rolling we we it an in As shareholders and out revenue and represent believe

Excluding mostly professional increased driven that was traffic the XXXX. to with costs advertising cloud-related sales higher The like fees our by expenses items or increase operational expenses, and XX.X% taxes. scale by by the digital on fourth our in compared platforms quarter

new are In the to of quarter addition, selling marketing. our incur included in fourth in BXB commission We fees products and fees white-label related did not such XXXX.

of report our million from therefore, further Going commission cash on revenue. will, will as forward, improved profitability other in the to at reflects as that increase strong receivable €XX in depend of beginning the cost million decline well We to our €XXX.X revenue. under accounts our fees item The cash BXB the due at products. with quarter the certain million. €XXX.X equivalents in to a This quarter balance seasonal ability decrease an we increased as scale revenue position cash year-end, increase our and scale

XXXX, referrals we below year Very or to big Norway platform recently, particular, in The click increase COVID is observe popular January, European Travel share lifted restrictions. situation to seasonal overall pre-pandemic impacted the well. qualified very pronounced by January signs was of Looking at overall like the like our saw levels. there usual pre-pandemic trends the the but few almost to Denmark be shift improving. the London, continues travel in U.K. Dubai restrictions years. from still we a countries significantly like intercontinental core did our on uptick In in markets, lifted of the back or that at cities Paris. as all a is has beginning are which destinations in But situation was less compared Berlin most and

when entering of in As in revenue Developed XX, Qualified Overall, not over travelers February over negative Europe we U.K., test the XXX% in referral for grew example. are January. by saw referrals improvement vaccinated qualified an and do referral our by increased XXX% referral that January, need revenue in while growth rates segment anymore year-over-year a year-on-year.

also growth high the around the to result Americas, referral place. stable qualified most in of that January rates full in the year-over-year a was had are fourth growth XX%. you In Europe remind our in compared me countries at when quarter that base XXXX in rate low lockdowns segment Let

from growth quarter below in referral qualified the XXX% per revenue in XXX% above Our decelerated January. to fourth

XXX% continues around As our world January. a referral brings growth quarter. rest the me Qualified year-over-year recovery. around segment the mentioned revenue our respectively. XX% in grew to before, revenue outlook XX% in referral year-over-year and were first rates lag of result, referral in as That to and for our And January,

We signs gradually that expect more compared that are the January rate December again. positive lifting the trend getting more we quarter in our are through in year-over-year growth and countries continue will restrictions as to

our we due are the becoming in investments the the and but Given expect spread cautious term. in to more optimistic now our were to near of increase we January investments uncertainty Omicron, Europe in marketing with

costs in average and repeat our we significantly quarters, of the discussed did compared expenses XXXX decrease in last the not main that expenses further XXXX. to pandemic the headcount office our As operating of the Restructuring beginning lower XXXX, in the in at couple were drivers over for reduced expenses operating XXXX XXXX. lower in

personnel with in that XXXX above operating scale cost We expenses and our levels. XXXX total be to due that will costs expect XXXX higher below revenue items but

with to As please. pre-pandemic ready below levels. to are Operator, questions. question, remain open operating the our significantly take we that, a we expect for the And line first expenses result, now let's

Operator

Thank you.

Securities. Please of from question the Truist first from question. comes line The Naved Khan your ask

NavedKhan

just a questions. couple Thanks hi. Yes, Maybe lot. of a

of increasing give about full should brand be advertising, about can think before because brand-related the it necessarily. sense I not thinking it pandemic, your think of awareness EBITDA? revenue ROAS in in margins? to Or the to you maybe you had year, where and the us was how maintain How of then versus So a think to you'll should about where spending. your and Are pandemic. as that? we about about just of guys talked increased I telling terms before think a the be we how percentage maybe where Or commentary, should able And the versus just that? If used

Matthias Tillmann

Naved. Sure. Thanks, Yes.

I we we coming lower step in out the have year, peak So on share spend marketing of a take always with back, done historically reduced brand month, our brand season if quarter of the for marketing spend. ROAS a the as fourth and maybe brand last

at With the high travel the pre-pandemic number spend in the driver seasonal That in anticipation new lower of a of more we in not high in profitability. demand the we In change. end year. And towards year are Omicron, remain still general, of the spread start approach the one our not same variant, cautious and this we of years. demand was did the even Europe, see will as uptick cases of as year our of the reduced travel COVID

invest. to We based opportunities summer, markets situation. in some Last year flexible on of COVID will remain respective good the and saw market-by-market decisions our some in take we core

that use a we come before as have that have in ramp to the travel particular, the make a broader brand to our recovery market like mass medium down that you And come And capabilities. quarter. ROAS fourth phase side. sense scale for We is when want you might demand up course, to mix, our it learned compared mean have the better starts marketing with will what can in the spend, back, targeting by channels on of that up marketing TV, to I communication

We that the year recover last invest will and plan year sooner to recovery. are this than optimistic Europe into

that revenue, again, our percentage that, changed. not what this philosophy a has of hard in point, spend to terms at Now, means as of predict obviously, it's

that, I One is would past. We did extent to year, long-term from like mention we this year as we won't spendings are looking thing prior well for the in same benefit growth. the profitable

I give for cannot a we the what again, So then your we invest. that makes will for much we sense want would to to that's it you range how second are and scale we other baseline depends up, we it out. two to see years take up taking. I said, And target just will time. brand opportunities will. year. on on invest, year specific it regarding EBITDA full build XXXX. what call we or up, when But But mean, take approach I And fast are to question There things our again we multiple it see, how scale related I how the

past. levels also then the assume which is how recovering. recovery think Let's certain for We assume recovery the will let's case, on of segments city XXXX The don't market trips be the full but recover were talked the to the we will our about that's relative year important. depend are case in to hotels

that investment traffic we all play the together, you how set our gross this and that So will levels. rest back role determine how year. a as then coming of in will fast drive also baseline if direct profile that And take our well is for margin will

Naved Khan

you. Thank

Operator

Thank line Brian ask Fargo. Fitzgerald you. your of comes Wells question The from from the Please next question.

BrianFitzgerald

outs about ad you of I differently? maybe we use and kind adjusting altering feels getting the waning they're to they advertisers approach talk Are use And are had if Omicron, how Thanks. Have format. of and using seeing as know we've want of bit been Omicron? exit of we're that unwaxing kind they and Have of differently? how are the it -- to CPA using been any little the can that? any ins a approaching their of like COVID they format the it indications CPA they you as

Axel Hefer

advertisers to their and our There trend. also consequence, with or data honest. basically everything. Sure. a And for a is their scarcity It's no what model to different, as reduce to mean, I lower seen, to volumes. we've speaking, deal generally uncertainty of CPA overall but bidding lower the risk consistent own algorithms. lot we've very move And data be seen

obviously difficult Some their CPC choice campaigns than more then targeted that own with parallel our own more advertisers volumes would more that they campaigns, CPA can they and can running algorithm. at push is the or do quickly possible algorithm selectively overinvest to much under-invest and so which is are CPA their where much and

Some stayed CPA. have on completely

and different are of still on the situations specific So the over And very the it right the see that given specific really there advertiser no really and now market. in specific we advertisers depends with place situation the markets all to clear a full answer benefit But that your CPA the rollout flexibility the do question. have the that's is big dynamics, with of model.

Brian Fitzgerald

then follow-up. quick It And you it. Got have OpEx sounded like leverage. permanent one some

you to kind week? about Is we be still you Are and OpEx find a footprint, to leading we are to less levels. different just Have going up there taking below up, the XXXX you talked this synergies got the get permanent are to specific from as permanent A, uptempo, we that as days 'XX believe, synergies with emerge the office some same open Even Did returning type you found. that the you a OpEx to approach office? office back you significantly we've -- returning of that lines we thing? to consolidated of

Matthias Tillmann

Yes, sure.

space. our at in to also still about our summer are looking doing restructuring related and reduced had an then that, to question, I remote and We the But the your we to the the talent during campus. regards mean question. today. with to a I of So XXXX was last a had was office first COVID a open we what situation. part to headcount. try setup office office, decreased to switch few talked how people back year which we we quite things we're we still It's affected by but hybrid back returning it the different we did in the And overall, mean We structure. now. moved to then the last

have done we that. So

future And and that's that to to believe this don't that is XXXX, another So foreseeable related one. is expecting the the with I to decrease is plan have And base ramp and that well. this we factor. think anymore, restructuring we're for we In obviously Personnel we sustainable up the incurred costs headcount for those reduction the bigger leading costs now are year don't some that. the that we items. as cost one

Brian Fitzgerald

Thank it. you, Axel. Matthias. Thank Got you,

Matthias Tillmann

you. Thank

Operator

SIG. line question of next comes Patil from your Thank from ask Please you. question. Shyam the The

Unidentified Analyst

for Thanks the is One booking question. this on on for [ph] windows. taking Hey you Shyam. for guys, Jared

you more booking there remain windows little Were that as markets windows maybe through that the uncertainty? there. saw despite for do mind bit you increased Just COVID we are year? expecting normalized the what any you roll And a just booking unpacking then

Matthias Tillmann

Yes, sure. Thanks.

medium in our in significantly to data, long-term window December. still in that October the reflecting the shortened see to uncertainty In to booking Europe, we from overall shorter So the fourth are view. pre-pandemic, windows my quarter compared

mid-April good believe likely has plan there's And general, still in advance. that October it similar do time normalized back see cautious I already. In and In a This be people in July. a year, unleashing levels. huge demand. we Europe, it as, pent-up a to January, in I last that in long there's indication saw Now spring not going again to recovery are volumes more we year, we as QX could in not And to last year. that currently, dropping think broader balanced are expect much as

Unidentified Analyst

Great. Thank you.

Matthias Tillmann

Does that your answer question?

Unidentified Analyst

Yes.

Matthias Tillmann

Thanks.

Operator

of Please question. Thank UBS. from you. from comes your Walmsley question The ask line the next Lloyd

Unidentified Analyst

if for Can [ph] was traffic more more back about question I other looks letter, to this Hi, shareholder Is leaning say referral direct comes going channels? taking you brand to thinking some can. share much be direct we take dynamics? back thanks. the about address market the stronger share? was RPQR. something direct OTAs? two, then And is demand into on volumes taking need talked a else that play this the U.S. here? comment Was marketing market recovered at It Lloyd. American that Or than just unpack Maybe to from or Chris and taking you This here. to that Or like showed that to it In fair share. Meta directly there second is

Matthias Tillmann

Yes, sure.

and we start me Let first, question so share. thinking your about first with how marketing brand gaining are

for a for of I -- there One Meta come is in or which that believe of in index back two tailwind cast if the driver innovation. And the so points us. reasons index shareholder one value that think well. believe be invest the reasons would there recovery I that is under are lot absolutely far sure as to a under Meta. want that. in -- are city to -- proposition and noted we the before in One our we to on I We letter share. various potential and will we marketing key into that underperformance is that talked happens, about think, make for trips We

at the our if product delivering headroom think value improving you -- on look core even Now, and our side, we users. for more to product there's innovation for

and now The And to on pressure that. some put our share related maybe down them might year and more into our we a on then increase we think question, higher likely referrals your all Americas. that, might if us. investing this regulatory competitors right gain there we that's That scrutiny. of RPQR. we are some on deliver that from slow right? question, product We of road market doing think competitors. qualified and benefit coming gain then And market for our is then And know can And part and we the we second was can map, share. which that, was The your Dma biggest reset is by

Unidentified Analyst

Yes.

Matthias Tillmann

Yes. drivers. regard there volatility, In -- with honest. more to many be general, again, think I RPQR And RPQR, is has it's to

the And conversion in Americas, seen have you in mix you you we was what have the have the a booking and particular, have well. value, RPQR as So monetization. effect in

share those in South than XXXX. quarter is in So to XXXX And fourth countries, in U.S. North America, and higher Canada America. RPQR the had in a compared higher

in positive was RPQR. there that helping was mix effect there So a

On qualified similar. side, referral it's the

is then higher. qualified You number have referral of lower referral value the qualified but

anything a think wouldn't I hard why very different general dynamics. make out comment. to I should there So call be it's

to volatile more bit a be can these RPQR factors. that saying due Just

Unidentified Analyst

Got maybe one follow-up on quick just it. January. And

rates in you've think January Europe. given I for year-over-year in Americas Developed growth

for of those if a could is. revenue you contextualize levels curious percentage Just referral XXXX that as

Matthias Tillmann

of I think look of the didn't particular true. what's at mean, for because now I that Yes. comparison on a an give given at is that it still high. level, year-over-year for how that's -- XXXX I is COVID right in Europe, better we reason it's because, a number think And the -- cases is going us, I for indication cases

place activities. marketing in on has a which restrictions impact our travel have direct still You

rates. last So what comparable to obviously, the right And than growth is I year we to mean, are year-over-year now gave I more doing you XXXX.

XXXX. see can year the don't But -- in of comparison January You I doing get better terms assumptions, you But numbers. of compared we we make where general, to a if you looking in are than last to you sense a have at how XXXX. some think stand it's

Unidentified Analyst

Got you. it. Thank

Matthias Tillmann

Sure.

Operator

Thank next question. ask of your Mizuho you. line Lee The Please the comes from James question from Securities.

JamesLee

Thanks my here. taking Great. for questions

business. First Meta-as-a-Service one on is

are Any Meta a shortage a can talked indication Can think, second confidence go for I give the also will which as seeing pretty are get you also, Matthias, and the you here? fast about outlook? we most went And is Axel, targeting you geography your and sense little maybe potentially XQ you opportunity? out those question January business. Do reason trends mind more? could who labor the on you more customers the Americas. housekeeping. And parse you benefit you again also through that bit

Axel Hefer

Okay.

is, the the and So see year. well to in theme big into probably even on that in the months labor will me, the shortage, I to mean, quarters come to that we next come

of the travel plus other been lockdowns, So actually the countries. into lot moved between mobility in a hospitality less a and have industry has bit employees in sectors, through there the

will advantage also services of of ecosystem. countries, So in very significant competitive -- key there companies honest. is your travel business many in restaff but a to And to the be overall many, a the be shortage

will -- And it some but take so time.

with will year. much pretty have to plan across this shortages the travel for whole So ecosystem we labor

shortage strategies that already does side. on with what mean? some mean accommodation we I our So that reacting the have on to different partners seen

Some are consolidating their offerings.

properties. they to and expensive reopening more expensive fewer the more and hotels. basically, employees bigger basically tend and So their concentrate hotels And the open

ultimate will solution basically go which, up the to facto perspective, industry a shortage. and increase. de increasing mean, quite Some are to up bit to be increased are Salaries staff which actually prices, -- also have price problem. the the try is reducing salaries in from then reduce some to seen just And levels service which something a our I the overall I've is

by labor strategies value well, variety different groups the different the to do local, very believe different as actually that And tends comparison than destinations all be of more proposition different really greater in market navigating a because we is environment. and steady of so with through this in offers

For overall, Meta-as-a-Service, actually it's been our on I being on comparing different. mean for actually -- than is it mean, website, that has -- partners' same not it's our is the thing. like The or before. it not value there is I that's that metasearch website of greater

how One do of to engines that group want quite Meta So price basically mean are groups partners. one and are we comparisons. I engines big. not are different potential Meta-as-a-Service? the search to first offering grow -- there limited are of two they many also search is that a be There globally tend quite

really of an that's individual So a partnership. negotiation

is one actually opposite. other the The exactly

So a there element actually of much offering integrated hundreds core more much price and comparison their benefit that scalable thousands business, small into do companies some spread it's from is out. which travel are more

also partner, different opportunity, So a And towards go-to-market. level different with geographically, we quite very really both those value customization categories an the -- and are do spread are out. proposition see the as that again, a different of two it's

in So not any continent on concentrated particular.

Matthias Tillmann

then for trends, fast And sorry a again, January Yes. there. on bit Great. being

So before. I me what let said repeat

XX% look rate in growth So specifically for stable was at around well. as XX%. referral in I And said the qualified that it January, if year-over-year was Americas, QX, you

similar rate, growth year-over-year of terms in the January for as fourth in quarter. So

I there, per little For year-over-year reported we XXX% bit. a And said referral, decelerated RPQR, a quarter. that qualified fourth in revenue increase the

January. but together, quarter. in close expect So referral positive you growth compared revenue in And so to we fourth above said I it's our in to year-over-year the that segment year-over-year lower will that December January I then And XXX% in as in bit around now. outlook, trend the of what hope in not that clearer in take the was grew XXX% continue. a that rates January, if is terms then

obviously, but December. that reported what's then So numbers did we for averages quarter and the November to QX in I growth for a is from the as deceleration see, we whole mentioned, October note, to important

there, December to year-over-year compare December, can't just accelerated and growth So of rate that if given and was particular, we in that the you again. than But not January are did because are and year-over-year rate. see opening trend more countries markets Obviously, now terms we that December. rates positive see And expect in that we January up. we growth reporting growth are better that seeing think signs I lifting you to restrictions more again, continue

a to little And sentiment seems where volumes for are saw mid-April it So come we travel than increase in with that, will a last back Europe, and took that example. we optimistic until sooner bit. in saw decent shift year, we when

James Lee

Great. much. so Thanks

Operator

of comes question next question. The you. from ask Anmuth from Thank Please line the Doug JPMorgan. your

DaeLee

Great. Thanks for Dae I is taking the Lee two. on Doug. for have question. This

the look one, are terms seeing to innovate. the about Could more for hotels? of those First seeing a shift out and And to see you're in demand back then your recover, do you Or comparison accommodations. being remaining opportunity talked you demand as you you innovation as on demand accommodation you to strong letter, in travel? that you accommodation mix, of there some summer anticipate where in elaborate this price us little bit and tell

Axel Hefer

Yes.

So your To innovate. is where actually room be question, on honest, everywhere. to first

every quite not are -- killer it's missing, whole way about opportunity is the we across about more much, oh, the single system. is optimization excited the And So it one to feature an there step. across so it is think not

So connect about it, industry. set the advertisers of to broader when think you we in the basically

the we are et the that we prices, are way, connectivity room way the the getting prices, prices, cetera. way The way selecting catching are optimized. we to price, fetching be has we are we the So are processing

are users the there, whole few the in rather we it every quite across a through system system. having. that one go pretty feature see interface spread single step really all out And also the much make you if than, there will step, the this the potential we is and that So different are towards more okay, the ideas of steps whole is in there But difference. at the then

to really incremental of lot a the way that That's it. add So up. think improvements about

Matthias Tillmann

at question, now, that travel our second levels mean again. alternative share turn XXXX, summer of that a above us. With recovering last your hotels. we do every saw for to some on the coming In And point I Yes. that And recommendation share in was not know then above quarter. was I it below XXXX we but still our disclose called XX%. levels you on affirmation global XXXX platform the out down year, right share we is bit with

in when traffic In particular, would holiday meaningful hotels think in AA on I But and our the traveling would city AA I season, term, comfortable see trips outside our I more mix. up that has So short catching a the peak hotels. are outperform for in expect are upside us share people bigger platform.

Dae Lee

you. great. Okay, Thank

Operator

[Operator you. of line question. from Kopelman Kevin your Thank The from Please ask question next comes Cowen. the Instructions]

KevinKopelman

well? much. know you you pretty changing you're We follow-up past quite the a anyway. Thank over I to the the so seeing on you what over on January past referenced commentary and that your couple cases as of a you have dynamics these step-change been see been to short Omicron of degree about talk of bit had two trends. as weeks kind What being the some have in Can are some gradual kind you travel weeks? -- more lifted of restrictions a a are Europe like one in term, seeing improvement or falling U.S. as of improvement

Matthias Tillmann

Kevin. Thanks, Yes.

then well. by country a So of it's different all, obviously, gradual. more yes, bit it's But as first

since example clear and of there, then. restrictions. Europe. a seen increase announced in I And traffic an lift Norway me So the that give have we mentioned let you Denmark in

quarter highest for Germany, dealing a So countries. we then to we seen year. There we situation mean of regions, obviously But closing the are also was year. that last week leads I the easing then. that some to example, level, is higher volumes since U.K. increase week, last were have where overall. to improvement other a -- start do our activity in schools seen Also third April, now by if I for since a January believe is across we That every less a traffic countries, week example, restrictions. friction look different in on different have last not with but I situation like see uncertainty. where the the and other step-change of still gradual and And in less are

Kevin Kopelman

comment? includes U.S. or that last for America And the the Okay.

Matthias Tillmann

includes That Americas, U.S. yes. and the

Kevin Kopelman

Great. Thank so you much.

Matthias Tillmann

Sure. Thank you.

Operator

time. speakers Thank this no are questions at further you. Dear there

Axel Hefer

Okay. Yes.

Stay participate So, forward safe Meta than taking their we searching be see to the important appreciate fill continued in will the interest. us. increasingly looking prices. travelers important to to your hotel time many QX. earnings and you an believe We're important and in We call for for our best today's XXXX and ahead your of thanks more opportunities complex ever, the and to for thanks Many rooms time. navigating partners world to

Operator

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

day. nice You all a Have disconnect. may

trivago (TRVG) 9 Feb 222021 Q4 Earnings call transcript