Trivago NV (TRVG) 2020 Q3 法說會逐字稿

Good day, ladies and gentlemen, thank you for standing by and welcome to the trivago Q3 Earnings Call 2020.

女士們先生們，美好的一天，感謝你們的支持，歡迎來到 trivago 2020 年第三季度財報電話會議。

(Operator Instructions) I must advise you the call is being recorded today, Tuesday, the 3rd of November 2020.

（操作員說明）我必須告訴你，今天，即 2020 年 11 月 3 日，星期二，電話正在被錄音。

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.

我們很高興 trivago 的首席執行官兼董事總經理 Axel Hefer 今天加入電話會議；以及 trivago 的首席財務官兼董事總經理 Matthias Tillmann。

The following discussion, including responses to your questions, reflects management's views as of today, Tuesday, November 3, 2020, only.

以下討論，包括對您問題的回答，僅反映了截至今天，即 2020 年 11 月 3 日，星期二，管理層的觀點。

trivago does not undertake any obligation to update or revise this information.

trivago 不承擔任何更新或修改這些信息的義務。

As always, some of the statements made on today's call are forward-looking, typically preceded by words such as we expect, we believe, we anticipate or similar statements.

與往常一樣，在今天的電話會議上發表的一些聲明是前瞻性的，通常以我們期望、我們相信、我們預期或類似的聲明開頭。

Please refer to the Q3 2020 operating and financial review and the company's other filings with the SEC for information about factors which could cause trivago's actual results to differ materially from these forward-looking statements.

有關可能導致 trivago 的實際結果與這些前瞻性陳述存在重大差異的因素的信息，請參閱 2020 年第三季度運營和財務審查以及公司向美國證券交易委員會提交的其他文件。

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

您會在 trivago 的運營和財務審查中找到非 GAAP 措施與今天討論的最具可比性的 GAAP 措施的對賬，該報告發佈在公司的 IR 網站 ir.trivago.com 上。

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

我們鼓勵您定期訪問 trivago 的投資者關係網站以獲取重要內容。

Finally, unless otherwise stated, all comparisons on this call will be against results for the comparable period of 2019.

最後，除非另有說明，否則本次電話會議的所有比較都將與 2019 年同期的結果進行比較。

With that, let me turn the call over to Axel.

有了這個，讓我把電話轉給阿克塞爾。

Thank you.

謝謝。

Good morning.

早上好。

Thank you for joining our earnings call.

感謝您加入我們的財報電話會議。

In Q3, we wanted to achieve 2 things: First, to continue to progress on our recovery plan, adjusting our products, value proposition and marketing; and second, to preserve our cash position.

在第三季度，我們想要實現兩件事：第一，繼續推進我們的恢復計劃，調整我們的產品、價值主張和營銷；第二，保持我們的現金頭寸。

Looking back at the third quarter, we are very happy with the results.

回顧第三季度，我們對結果非常滿意。

Most notably, we managed to achieve a positive adjusted EBITDA and almost broke even on a cash flow basis.

最值得注意的是，我們成功實現了調整後的 EBITDA 正數，並且在現金流基礎上幾乎達到收支平衡。

We released a number of new features in our core product and accepted the app version of our new local travel product.

我們在核心產品中發布了許多新功能，並接受了我們新的本地旅遊產品的應用程序版本。

We launched our new CPA model in our marketplace and continued to scale our alternative revenue streams.

我們在市場上推出了新的 CPA 模型，並繼續擴大我們的替代收入來源。

And we improved our bidding and performance marketing and tested a new creative concept successfully.

我們改進了競價和績效營銷，並成功測試了新的創意概念。

With the number of infections rising quickly in many of our core markets and partial or full lockdowns being implemented, the short-term business outlook appears challenging.

隨著我們許多核心市場的感染人數迅速上升以及部分或全部封鎖的實施，短期業務前景似乎充滿挑戰。

However, we believe that a sustainable recovery in travel is coming closer as progress in testing, vaccination and treatments are likely to show effects in 2021.

然而，我們認為，隨著檢測、疫苗接種和治療方面的進展可能會在 2021 年顯現效果，旅行業的可持續復甦正在臨近。

We continue to focus on this point in time and are disciplined in progressing on our plans, irrespective of the short-term travel outlook.

無論短期旅行前景如何，我們都會繼續關注這個時間點，並嚴格按照我們的計劃推進。

And with that, I will turn it over to Matthias to cover our financial development in more detail.

有了這個，我將把它交給 Matthias 來更詳細地介紹我們的財務發展。

Thank you, Axel, and good morning, everyone.

謝謝你，阿克塞爾，大家早上好。

We have seen a significant improvement in travel activity in the third quarter compared to the second quarter.

與第二季度相比，我們看到第三季度的旅行活動有了顯著改善。

The recovery was mainly driven by easing of lockdown measures in most countries due to lower number of COVID-19 cases and a general uptick in demand as we entered the peak summer holiday season in the Northern Hemisphere.

經濟復甦的主要推動力是由於 COVID-19 病例數量減少以及北半球進入暑假旺季後需求普遍上升，大多數國家/地區放鬆了封鎖措施。

In particular, in our segment, Developed Europe, the subsequential increase in qualified referrals and revenue per qualified referral was very strong.

特別是，在我們的發達歐洲部分，合格推薦和每個合格推薦收入的後續增長非常強勁。

This allowed us to selectively invest in TV advertisement in certain European markets, and we were very pleased with the results.

這使我們能夠在某些歐洲市場有選擇地投資電視廣告，我們對結果非常滿意。

We tested a new campaign, and the positive response makes us confident that we can build up on the learnings to tailor our messaging for a sustainable recovery.

我們測試了一個新的活動，積極的回應讓我們相信我們可以在學習的基礎上為可持續的複蘇定制我們的信息。

Overall, we continue to focus on preserving our cash and, therefore, limited the brand marketing test to certain European countries.

總體而言，我們繼續專注於保留我們的現金，因此將品牌營銷測試限制在某些歐洲國家。

We were also mindful with our investments in performance marketing channels and focused on buying high-quality traffic.

我們還注意我們對績效營銷渠道的投資，並專注於購買高質量的流量。

We finalized our restructuring, closed the sale of our Spanish entity and consolidated our operations in our headquarter in Düsseldorf.

我們完成了重組，結束了西班牙實體的出售，並鞏固了我們在杜塞爾多夫總部的運營。

In addition, we reduced other selling and marketing expenses and other nondiscretionary items.

此外，我們還減少了其他銷售和營銷費用以及其他非自由裁量項目。

As a result, our operating expenses, including stock-based compensation, decreased by $15 million or 32% in the third quarter compared to the same period in 2019.

因此，與 2019 年同期相比，第三季度我們的運營費用（包括基於股票的薪酬）減少了 1500 萬美元或 32%。

The combination of higher travel activity and our cost-saving initiatives led to a net loss of EUR 2.3 million and a positive adjusted EBITDA of EUR 6.1 million.

更高的差旅活動和我們的成本節約舉措相結合，導致淨虧損 230 萬歐元和調整後的 EBITDA 為 610 萬歐元。

We are very happy with our financial results in the third quarter and the progress we made in setting up the company for what we expect will still be a challenging and unpredictable foreseeable future.

我們對第三季度的財務業績以及我們在建立公司方面取得的進展感到非常滿意，我們預計這仍然是一個充滿挑戰和不可預測的可預見的未來。

Overall, our markets continue to be volatile, but there are a few trends emerging since the beginning of October.

總體而言，我們的市場繼續波動，但自 10 月初以來出現了一些趨勢。

In Developed Europe, the rapid increase in new COVID cases, since the second week of October, had a negative impact on our qualified referral development.

在發達的歐洲，自 10 月的第二週以來，新 COVID 病例的迅速增加對我們合格的轉診發展產生了負面影響。

While the year-over-year growth rate had stabilized end of September, it began to drop again since mid-October, as most countries are going into partial or full lockdowns again.

雖然同比增長率在 9 月底穩定下來，但自 10 月中旬以來又開始下降，因為大多數國家/地區再次進入部分或全面封鎖狀態。

Looking at our segment, Rest of World, while there are regional differences, overall, both qualified referral and revenue per qualified referral year-over-year growth rates have been stable over the last couple of weeks.

看看我們的細分市場，世界其他地區，雖然存在地區差異，但總體而言，合格推薦和每個合格推薦的收入同比增長率在過去幾週內一直穩定。

And hence, our referral revenue continues to be around 20% of 2019 levels.

因此，我們的推薦收入繼續保持在 2019 年水平的 20% 左右。

In Americas, we continue to observe a steady increase in our qualified referral year-over-year growth rate, which is mainly driven by a significant improvement in Latin America, while the year-over-year growth rate in the U.S. has been stable since August.

在美洲，我們繼續觀察到我們的合格推薦同比增長率穩步上升，這主要是由於拉丁美洲的顯著改善，而美國的同比增長率自以來一直穩定八月。

Qualified Referrals were around 50% of 2019 levels in October, improving from 35% of 2019 levels in the third quarter.

10 月份合格推薦人約為 2019 年水平的 50%，高於第三季度 2019 年水平的 35%。

Due to the country mix effect, the revenue per qualified referral year-over-year growth rate has started to decline slightly in October.

由於國家組合效應，10 月份每個合格推薦人的收入同比增長率開始小幅下降。

As we have now entered our low season quarter and are faced with a second wave of COVID-19 cases, in particular, in Europe, we expect a negative EBITDA in the fourth quarter.

由於我們現在已進入淡季季度並面臨第二波 COVID-19 病例，特別是在歐洲，我們預計第四季度的 EBITDA 為負。

However, we are confident that we have set up the company for this challenging environment and continue to focus on preserving our cash until travel rebounds.

然而，我們有信心，我們已經為這個充滿挑戰的環境建立了公司，並繼續專注於保留我們的現金，直到旅行反彈。

With that, let's open the line for questions.

有了這個，讓我們打開問題熱線。

Operator, we are now ready to take the first question, please.

接線員，我們現在準備好回答第一個問題了。

(Operator Instructions) And your first question comes from the line of Tom White from D.A. Davidson.

（操作員說明）您的第一個問題來自 D.A. 的 Tom White。戴維森。

Great.

偉大的。

Just first on the cost per acquisition product that you guys have talked about, I guess my presumption would be that the net version of the CPA product, the one that factors in cancellations, would be more appealing to advertisers in the current environment.

首先關於你們談到的每次獲取成本產品，我想我的假設是 CPA 產品的網絡版本，即考慮取消的產品，在當前環境下對廣告商更具吸引力。

Is that accurate?

那是準確的嗎？

And are you getting any real traction there?

你在那裡得到任何真正的牽引力嗎？

And I guess I'm curious, like, are you inclined to really push a net version of the CPA product?

而且我想我很好奇，比如，你真的傾向於推出 CPA 產品的網絡版本嗎？

Or do you not really want that kind of maybe becoming the new normal that advertisers expect maybe once things get back to normal?

還是您真的不希望這種情況可能成為廣告商期望的新常態，一旦事情恢復正常？

And then I just have a quick follow-up.

然後我只是快速跟進。

Of course.

當然。

So the -- just to be clear -- I mean the CPA product that we have taken live in October and we are now rolling out is a gross CPA product.

所以 - 需要明確的是 - 我的意思是我們在 10 月份推出的 CPA 產品，我們現在推出的是 CPA 總產品。

So we are taking over the risk of the booking happening, the booking conversion risk.

因此，我們正在承擔預訂發生的風險，即預訂轉換風險。

We are not taking over the cancellation risk.

我們不承擔取消風險。

And we think that it is a very, very good first step to help our advertisers, in particular, to deal with the uncertainty and data sparcity in the current market environment.

我們認為這是幫助我們的廣告商，特別是應對當前市場環境中的不確定性和數據稀缺性的非常非常好的第一步。

Whether we will eventually move to a net CPA model or not is something that we will see in the next couple of weeks and months.

我們是否最終會轉向淨 CPA 模型是我們將在接下來的幾周和幾個月內看到的事情。

But given that the time to travel has come down a lot, and there are very, very short travel windows, we think that the gross CPA is actually helping our advertisers very significantly, and it's a very, very good foundation for entering next year.

但鑑於旅行時間已經減少了很多，而且旅行窗口非常非常短，我們認為總 CPA 實際上對我們的廣告商有很大幫助，這是進入明年的非常非常好的基礎。

Okay.

好的。

That's helpful.

這很有幫助。

Just a quick follow-up.

只是快速跟進。

Do you guys have any sense as to what percentage of your business or your referrals you think might come from corporate travel?

你們知道你們的業務或推薦有多少可能來自公司差旅嗎？

And I guess I mean there are kind of unmanaged corporate travels.

我想我的意思是有一些不受管理的公司旅行。

So it's the worker that's booking his own hotel rooms and then getting reimbursed as opposed to kind of corporate travel spend that maybe goes through the large travel management companies.

因此，是員工自己預訂酒店房間然後獲得報銷，而不是通過大型差旅管理公司支付的公司差旅費用。

Yes.

是的。

Sure.

當然。

So on corporate travel, we don't know the exact mix of our business there, so we don't have perfect visibility on that.

所以在公司旅行方面，我們不知道我們在那裡的業務的確切組合，所以我們對此沒有完美的了解。

However, what we've said in the past is that, obviously, through interaction on our website, through certain behaviors, et cetera, we estimate what kind of travel you're coming from.

然而，我們過去所說的是，顯然，通過我們網站上的互動，通過某些行為等，我們估計您來自哪種旅行。

But in general, business travel is not the largest part of our business mix.

但總的來說，商務旅行並不是我們業務組合中最大的部分。

A large part is rather city trips.

很大一部分是城市旅行。

And there, we have seen obviously a negative development relative to the rest of the market in the third quarter, and now that continues in the fourth quarter.

在那裡，我們明顯看到第三季度相對於其他市場的負面發展，現在第四季度仍在繼續。

Yes.

是的。

Does that answer your question?

這是否回答你的問題？

Yes.

是的。

Appreciate it.

欣賞它。

And the next question comes from the line of Brian Fitzgerald from Wells Fargo.

下一個問題來自富國銀行的 Brian Fitzgerald。

Two questions, if I could.

兩個問題，如果可以的話。

Axel, I just want to follow-up on your exposure to city travel, city vacations.

阿克塞爾，我只想跟進你對城市旅行、城市假期的了解。

Can you remind us how that has trended?

你能提醒我們這是如何發展的嗎？

Has it varied any over time, maybe specifically with 2020, in particular?

它是否隨著時間的推移而變化，尤其是在 2020 年？

And then the second question is around the rollout of sponsored listings and display ads.

然後第二個問題是關於贊助列表和展示廣告的推出。

How would you assess the rollout?

你會如何評估推出？

How far into the rollout are we?

我們離推出還有多遠？

How is it being implemented?

它是如何實施的？

Is it broadly?

廣泛嗎？

Is it regional?

是區域性的嗎？

Is it with respect to certain types of inventory?

它與某些類型的庫存有關嗎？

Is the onboarding process around those sponsored listings and display ads accelerating?

圍繞這些贊助列表和展示廣告的入職流程是否正在加速？

We're trying to get a better understanding of the adoption rates and the runway there.

我們正在努力更好地了解那裡的採用率和跑道。

Thanks, Brian.

謝謝，布萊恩。

This is Matthias, I will take the first part of your question and then pass it on to Axel.

我是 Matthias，我將回答你問題的第一部分，然後將其傳遞給 Axel。

So in general, what we have seen is a clear shift in the third quarter to nature destination and nearby destinations, whereas usually, a big part of our traffic mix, at least, is city destinations.

因此，總的來說，我們看到的是第三季度明顯轉向自然目的地和附近目的地，而通常，我們的交通組合中至少有很大一部分是城市目的地。

And to give you an idea, so city trips, in Germany -- we used that example before, yes.

給你一個想法，所以城市旅行，在德國——我們以前用過這個例子，是的。

So there, we saw a decline of more than 50% of city destinations, large city trips, whereas we saw that trips to nature destinations were even up year-over-year in Germany.

因此，我們看到城市目的地、大城市旅行減少了 50% 以上，而我們看到德國的自然目的地旅行甚至比去年同期有所增加。

So if you look at those categories, like what we said in the pastin our last update is that, we believe that nature and close destinations will come back first.

因此，如果您查看這些類別，就像我們在上次更新中所說的那樣，我們相信自然和附近的目的地將首先回歸。

That's exactly what we have seen, then city travel and lastly, international travel, and that is exactly what we are seeing right now.

這正是我們所看到的，然後是城市旅行，最後是國際旅行，這正是我們現在所看到的。

On your second question regarding the status of the rollout of sponsored listings and display, I mean, first of all, I would like to say that there has been huge, and there is huge interest by our advertisers in these alternative products because they serve slightly different use cases.

關於你關於贊助列表和展示的推出狀態的第二個問題，我的意思是，首先，我想說的是，我們的廣告商對這些替代產品非常感興趣，因為它們提供的服務很少不同的用例。

And by having a broader product offering towards our B2B advertisers, we can serve their needs much better.

通過為我們的 B2B 廣告商提供更廣泛的產品，我們可以更好地滿足他們的需求。

The adoption and the interest has been very broad.

採用和興趣非常廣泛。

So I wouldn't say that there has just been a specific segment of the market being interested in these products.

所以我不會說市場上只有特定部分對這些產品感興趣。

And some advertisers have started their tests and also permanent campaigns sooner.

一些廣告商已經開始了他們的測試，也更早地開始了永久性的活動。

Others have taken a bit more time, and obviously, the environment is still very difficult for a lot of our partners.

其他人花了更多的時間，顯然，對於我們的很多合作夥伴來說，環境仍然非常困難。

The surge in new infections in Europe is a bit of a temporary setback, I would have to say, because, obviously, there are markets where currently, none of the products is really generating significant volumes.

我不得不說，歐洲新感染病例的激增是暫時的挫折，因為很明顯，目前在某些市場上，沒有一種產品真正產生了可觀的銷量。

But we remain very confident that with these products, we are very well prepared for a more sustainable recovery next year, and the interest remains very, very strong despite the difficult environment we are currently in.

但我們仍然非常有信心，有了這些產品，我們為明年更可持續的複蘇做好了充分的準備，儘管我們目前所處的環境艱難，但人們的興趣仍然非常、非常強烈。

The next question comes from the line of Naved Khan from Truist Securities.

下一個問題來自 Truist Securities 的 Naved Khan。

This is Robert Zeller on for Naved.

這是 Naved 的 Robert Zeller。

So two, if I can.

那麼兩個，如果可以的話。

With COVID resurfacing in Europe and parts of North America, how would you compare the demand you see today versus the demand you guys saw during the lows of April and March?

隨著 COVID 在歐洲和北美部分地區重新出現，您如何比較今天看到的需求與你們在 4 月和 3 月低谷時看到的需求？

And then secondly, so you guys had mentioned that travelers have been traveling to more local nature destinations that they can drive to.

其次，你們提到過旅行者一直在前往他們可以開車前往的更多當地自然目的地。

And you called out in the letter, I think, this new feature, the local travel discover product that you guys plan on launching in 2021.

我想你們在信中提到了你們計劃在 2021 年推出的這個新功能，即本地旅遊發現產品。

So do you expect that this trend is going to continue into 2021?

那麼您預計這種趨勢會持續到 2021 年嗎？

I guess when do you see a return to travel to bigger cities or more densely populated destinations?

我想你什麼時候會看到去大城市或人口更稠密的目的地旅行的回歸？

This is Matthias.

這是馬蒂亞斯。

I'll take the first part of your question.

我會回答你問題的第一部分。

So yes, how does the current situation compares to March?

那麼，是的，目前的情況與三月份相比如何？

So first of all, October is in the books, and October has been a mixed bag with different developments in our 3 segments.

因此，首先，10 月就在書中，而 10 月在我們的 3 個細分市場中是一個混合體，有著不同的發展。

I broadly covered that in my prepared remarks, but let me give you a few more data points here.

我在準備好的發言中大致涵蓋了這一點，但讓我在這裡再給你幾個數據點。

In Europe, we obviously clearly see the increase of new COVID cases and a negative development in our qualified referrals.

在歐洲，我們顯然清楚地看到新 COVID 病例的增加以及合格轉介的負面發展。

But having said that, the first week was still very similar to the last weeks of September.

但話雖如此，第一周仍然與 9 月的最後幾周非常相似。

And then only mid of October, it started to decline.

直到 10 月中旬，它才開始下降。

So it's still early, and I think it's also too early to compare that to the situation in March and April, given that, yes, we are now less than 3 weeks into that development in Europe.

所以現在還為時過早，而且我認為現在將其與 3 月和 4 月的情況進行比較還為時過早，因為是的，我們現在距離歐洲的發展還不到 3 週。

But overall, qualified referrals are declining and clearly impacted.

但總體而言，合格的推薦正在下降並受到明顯影響。

How exactly that will compare to April, I think, again, is a bit early and we can probably give you a better update on that in a couple of weeks.

與 4 月相比究竟如何，我認為，再一次，有點早，我們可能會在幾週內為您提供更好的更新。

On the other hand, in Americas, we clearly see a positive trend, in particular in LatAm, as I said before, and most notably in Brazil.

另一方面，在美洲，我們清楚地看到了積極的趨勢，特別是在拉美，正如我之前所說，尤其是在巴西。

So in the last week of October, qualified referrals were almost at last year's level in that country, and it confirms the trend that we have seen during the summer season in Europe.

因此，在 10 月的最後一周，該國家的合格推薦幾乎達到去年的水平，這證實了我們在歐洲夏季看到的趨勢。

When summer comes, people want to travel.

夏天來了，人們想去旅行。

There might be a shifts in travel demand.

旅行需求可能會發生變化。

For example, what we have seen in Europe, and are now seeing in Brazil as well is that people choose domestic over international destinations.

例如，我們在歐洲看到的以及現在在巴西看到的情況是，人們選擇國內而不是國際目的地。

But overall, there is a pickup in demand, and this makes us confident that travel will recover in the second half of next year as well.

但總體而言，需求有所回升，這讓我們相信明年下半年旅遊業也會復蘇。

So on your question regarding our discover product and the outlook for next year, so you're absolutely right.

所以關於你關於我們的發現產品和明年展望的問題，你是絕對正確的。

We do think that local travel will also be very, very important for next year in all of our core markets.

我們確實認為，明年在我們所有的核心市場中，本地旅遊也將非常非常重要。

And there, in particular, the summer there, we expect to show sustainable recovery.

在那裡，特別是那裡的夏天，我們預計會出現可持續的複蘇。

We do think that local travel will be much greater than what we've seen in 2019, so a similar trend to what we've seen this year.

我們確實認為本地旅行將比我們在 2019 年看到的要多得多，因此與我們今年看到的趨勢相似。

The return of city trips that are, as Matthias said earlier, are very important for us, for our core product, we expect in the second half of the year.

正如 Matthias 之前所說，城市旅行的回歸對我們來說非常重要，對於我們的核心產品，我們預計在下半年。

And there is some opportunity that there might also be some recovery in the first half, but that is more uncertain.

上半年也有可能出現一些復甦，但不確定性更大。

The discover product, more specifically, is not focused on nature or city, but it's more focused on local.

更具體地說，發現產品並不關注自然或城市，而是更關注本地。

So more driving-distance destinations and is giving you inspiration to where you could go.

如此多的駕車距離目的地，並為您提供靈感，讓您找到可以去的地方。

And we do think that this is 100% spot on in terms of customer need for next year.

我們確實認為，就明年的客戶需求而言，這是 100% 準確的。

It is accepted in the app, and we are working on launching it on the other platforms and have a full pipeline of features that we are planning to deploy in the product over the next couple of months so that it is ready with full features when the volume will increase again next year.

它在應用程序中被接受，我們正在努力在其他平台上啟動它，並擁有我們計劃在未來幾個月內在產品中部署的完整功能管道，以便在明年量將再次增加。

Next question comes from the line of James Lee from Mizuho Securities.

下一個問題來自瑞穗證券的James Lee。

Great.

偉大的。

I was hoping to get maybe a little bit more specific on the geographic trends here.

我希望能更具體地了解這裡的地理趨勢。

You guys talk about referral revenues down about 80% year-over-year for Europe.

你們談論歐洲的推薦收入同比下降約 80%。

Did you have a sense what the trend is like for qualified referrals?

您是否了解合格推薦的趨勢？

And for the U.S. specifically, you commented that qualified referral down 50% year-on-year in October, what is the referral revenue trend look like?

具體到美國，您評論說 10 月份合格推薦人數同比下降 50%，推薦收入趨勢如何？

Sure.

當然。

Thanks, James.

謝謝，詹姆斯。

So I mean I gave some data points.

所以我的意思是我給出了一些數據點。

On the U.S., I think there's nothing specific to add here.

關於美國，我認為這裡沒有什麼特別要補充的。

As I said in my prepared remarks, the qualified referral year-over-year growth rate in the U.S. has been stable since August.

正如我在準備好的發言中所說，自 8 月以來，美國合格推薦的同比增長率一直穩定。

And overall, the broader trends, they have not changed, yes?

總體而言，更廣泛的趨勢沒有改變，是嗎？

So we still see a shift towards domestic travel and fewer city trips.

因此，我們仍然看到人們轉向國內旅行，減少城市旅行。

So that's on the U.S.

所以這是在美國

If we look at Rest of World, there are regional differences in Central Eastern Europe, for example, the development is very similar to our Developed Europe segment.

如果我們看看世界其他地區，中東歐存在地區差異，例如，發展與我們的發達歐洲部分非常相似。

Qualified referrals are declining fast with the increase in new COVID cases.

隨著新 COVID 病例的增加，合格的轉診正在迅速下降。

In Southeast Asia, qualified referral year-over-year growth rates are also declining, but not as fast.

在東南亞，合格推薦的同比增長率也在下降，但速度沒有那麼快。

And then on the other hand, in our biggest markets in that segment, namely Australia, Japan and in particular, India, we see a greater recovery offsetting the effects in the other regions in that segment.

另一方面，在該細分市場中我們最大的市場，即澳大利亞、日本，尤其是印度，我們看到更大的複蘇抵消了該細分市場其他地區的影響。

So overall, the year-over-year revenue growth rate is stable compared to what we've seen in Q3.

因此，總體而言，與我們在第三季度看到的情況相比，同比收入增長率是穩定的。

Yes, that is all I can say, more specifically to the regions.

是的，這就是我所能說的，更具體地說是針對地區。

And Matthias, if I can have a follow-up question here.

Matthias，請問我能否在這裡提出後續問題。

Sure.

當然。

When you talk about recovery normalization in first half of '21, are you referring to revenues?

當你談論 21 年上半年的恢復正常化時，你指的是收入嗎？

Or are you referring to growth of referrals?

還是您指的是推薦人數的增長？

Growth of referrals.

轉介的增長。

So basically, when we talk about normalization and travel, we mean the underlying demand, and that would translate into our qualified referrals.

所以基本上，當我們談論正常化和旅行時，我們指的是潛在需求，這將轉化為我們合格的推薦。

And then if you look at our revenue, obviously, you have on top the monetization component you have to look at that separately.

然後，如果您查看我們的收入，顯然，您必須將貨幣化組件放在首位，您必須單獨查看它。

Next question comes from the line of Shyam Patil from Susquehanna.

下一個問題來自 Susquehanna 的 Shyam Patil。

It's Ryan on for Shyam.

瑞安代替夏姆上場。

Just 2 quick ones.

只有 2 個快速的。

First, can you just talk about what's giving you confidence that travel demand should recover sustainably in the second half of next year?

首先，您能否談談是什麼讓您有信心在明年下半年旅行需求持續復甦？

Is that kind of contingent on a vaccine?

這種情況取決於疫苗嗎？

And then secondly, Google is under some DOJ scrutiny, so do you think that could maybe help you if they decide to kind of ease off on funneling traffic into their own travel product?

其次，谷歌正在接受司法部的一些審查，所以你認為如果他們決定減少將流量引入他們自己的旅遊產品，這可能對你有幫助嗎？

Sure.

當然。

So on the beginning of sustainable recovery next year and what makes us confident there.

因此，在明年可持續復甦的開始，以及是什麼讓我們在那裡充滿信心。

I think the first thing that is giving us confidence that is what we've seen already in summer in the Northern Hemisphere in summer, and now in the Southern Hemisphere, that there is a fundamental need of traveling and that our travelers do want to travel.

我認為給我們信心的第一件事就是我們已經在夏季的北半球和現在在南半球看到的情況，即旅行的基本需求，我們的旅行者確實想要旅行.

So that need, we see to persist, and also see the same trend or expect the same trend for next summer.

因此，我們認為這種需求會持續存在，並且還會看到相同的趨勢或預計明年夏天會出現相同的趨勢。

So it's strong nature demand in the peak season.

所以旺季自然需求旺盛。

For the second half of the year and the segment that is very important to us, the city travel, we do think that a combination of faster and cheaper testing, where you see a lot of development happening right now; the availability of a vaccine, at least to high-risk areas; and improvements, in terms of treatment, will give overall a better perception of control, which doesn't mean that the pandemic will be over.

對於今年下半年和對我們來說非常重要的部分，城市旅行，我們確實認為結合了更快和更便宜的測試，你現在可以看到很多發展正在發生；疫苗的可用性，至少在高風險地區；治療方面的改進將使總體上對控制有更好的認識，但這並不意味著大流行將會結束。

But we believe that there will be a positive impact on the autumn season next year, and that, that will lead to some recovery of city trips.

但我們相信，這將對明年的秋季產生積極影響，這將導致城市旅行有所恢復。

And why is that for us, overall positive?

為什麼這對我們來說總體上是積極的？

I mean city trips obviously are very important to us, and we are agnostic to the destination.

我的意思是城市旅行顯然對我們來說非常重要，而且我們對目的地是不可知論者。

So as long as travelers are feeling comfortable to travel somewhere, we do have the right product to offer, and we don't need anybody to on board a plane, neither domestically nor continentally nor intercontinentally.

因此，只要旅行者在某個地方旅行感到舒適，我們就會提供合適的產品，而且我們不需要任何人登機，無論是國內、大陸還是洲際。

And so that's why we do think that, in terms of recovery, we should benefit slightly sooner than other travel companies.

這就是為什麼我們確實認為，就復甦而言，我們應該比其他旅遊公司更早受益。

On your second question regarding the investigation into Google's practices, I mean it's not only happening in the U.S., it's happening in quite a few countries that there is an increasing skepticism that some of the mega platforms, and they are most notably Google, are ensuring fair competition overall in the segments that they are participating in.

關於你關於谷歌行為調查的第二個問題，我的意思是這不僅發生在美國，也發生在很多國家，人們越來越懷疑一些大型平台，尤其是谷歌，正在確保他們所參與的細分市場的整體公平競爭。

With any kind of regulatory action, I mean, the one thing that they have in common is that they take some time.

對於任何一種監管行動，我的意思是，它們的共同點是它們需要一些時間。

But our read of the overall situation is that there is now broad consensus that something is not right and that ultimately, at some point in time, will have an effect on the competitive environment.

但我們對整體情況的解讀是，現在人們普遍認為有些事情是不對的，最終在某個時間點會對競爭環境產生影響。

The next question comes from the line of Lloyd Walmsley from Deutsche Bank.

下一個問題來自德意志銀行的 Lloyd Walmsley。

I have 2 questions.

我有兩個問題。

First, when KAYAK went public, they reported 2 segments, search and advertising, and their advertising was over half of total revenue.

首先，KAYAK上市時，報了2個板塊，搜索和廣告，他們的廣告收入佔總收入的一半以上。

So can you maybe talk through the puts and takes of how your sponsored listing and display ads compare and contrast to what they've done?

那麼，您能否談談您的讚助列表和展示廣告如何與他們所做的進行比較和對比？

And give us a sense for where you think this can scale to as a percent of maybe 2019 revenue?

並讓我們了解您認為這可以擴展到 2019 年收入的百分比嗎？

And then second one, a little more out there, but have you looked at price comparison in other segments beyond travel?

然後是第二個，多一點，但你有沒有看過旅遊以外其他領域的價格比較？

I mean we just saw GoodRx go public in the U.S. doing prescription drug price comparison, and they're doing $500 million in revenue, 30% growth, 35% EBITDA margins.

我的意思是，我們剛剛看到 GoodRx 在美國上市，進行處方藥價格比較，他們的收入為 5 億美元，增長率為 30%，EBITDA 利潤率為 35%。

Curious if you've ever explored leveraging your strong user base and brand to move into other categories that may be kind of less competitive and have more attractive attributes?

想知道您是否曾經探索過利用您強大的用戶群和品牌進入其他可能競爭力較弱但更具吸引力的類別？

Yes.

是的。

Sure.

當然。

Thanks for the questions, Lloyd.

謝謝你的問題，勞埃德。

The first question on the business opportunity for our sponsored listing and our display products, so I think you're spot on.

第一個問題是關於我們的讚助列表和我們的展示產品的商機，所以我認為你是對的。

I mean there is significant opportunity to increase revenues there.

我的意思是那裡有增加收入的重要機會。

And of course, we also looked at competitors and realized that we were pretty much the only player that was just depending on CPC revenue and the core product.

當然，我們也觀察了競爭對手，並意識到我們幾乎是唯一依賴 CPC 收入和核心產品的玩家。

Whether we can reach the levels that KAYAK has reached at the time of their IPO, I'm not 100% sure, given that their business mix is much more skewed towards flights versus us, obviously, in accommodation.

我們能否達到 KAYAK 在首次公開募股時達到的水平，我不是 100% 確定，因為他們的業務組合更傾向於航班而不是我們，顯然，在住宿方面。

And as far as I understand, the search revenues are stronger on the accommodation side.

據我了解，住宿方面的搜索收入更為強勁。

So I would expect our share to lack what you've seen at KAYAK, but we do believe that there is significant opportunity.

因此，我希望我們的份額不會像您在 KAYAK 上看到的那樣，但我們確實相信存在巨大的機會。

I'm not sure that right now is the right time to try to quantify the exact share, given that there is so much volatility in the market.

鑑於市場波動太大，我不確定現在是否是嘗試量化確切份額的合適時機。

But at some point in time next year, I would hope that we have a better view on what the overall perspective is and potential is.

但在明年的某個時間點，我希望我們對整體前景和潛力有更好的看法。

But yes, we are very bullish on the additional products, and that's also what we've heard as a feedback from our advertisers.

但是，是的，我們非常看好附加產品，這也是我們從廣告商那裡聽到的反饋。

Yes, and -- Lloyd, this is Matthias.

是的，勞埃德，這是馬蒂亞斯。

On your second question, I mean, that's a very interesting thought.

關於你的第二個問題，我的意思是，這是一個非常有趣的想法。

I mean obviously, we have built our brand equity around travel for many, many years and have invested a lot into that.

我的意思是，很明顯，多年來，我們圍繞旅遊建立了品牌資產，並為此投入了大量資金。

And as a result of that, we do believe that we have a strong global travel brand.

因此，我們相信我們擁有強大的全球旅遊品牌。

So if you were to go into completely different fields that would be a bigger shift, for sure, and I'm not sure the timing right now is perfect for that.

因此，如果你要進入完全不同的領域，那將是一個更大的轉變，當然，我不確定現在的時機是否適合。

Overall, we have a very lean setup.

總的來說，我們有一個非常精簡的設置。

We have focused teams, and we are very excited about our opportunity in travel.

我們有專注的團隊，我們對我們在旅行中的機會感到非常興奮。

And with all that, we have a full product pipeline, and the team knows exactly where to work on and what to do, and that has been one of our key strengths in the past.

儘管如此，我們擁有完整的產品線，團隊確切地知道在哪里工作以及做什麼，這一直是我們過去的主要優勢之一。

And how we made it that far, that we were always very focused and everyone coming here to work every day knows exactly where we are and where we want to be, and I think that's also key asset.

我們是如何做到這一點的，我們總是非常專注，每天來這里工作的每個人都確切地知道我們在哪里以及我們想去哪裡，我認為這也是關鍵資產。

So never say never.

所以永遠不要說永遠。

And again, I think it's a very interesting thought.

再一次，我認為這是一個非常有趣的想法。

But right now, I believe we should continue on exploring our opportunities that we do have with our strong product teams and with our strong global travel brand.

但現在，我認為我們應該繼續探索我們與強大的產品團隊和強大的全球旅遊品牌所擁有的機會。

The next question comes from the line of Doug Anmuth from JPMorgan.

下一個問題來自摩根大通的 Doug Anmuth。

Great.

偉大的。

Axel, I was just hoping you could give us some more thoughts on the brand campaign that you did in some European markets.

阿克塞爾，我只是希望你能給我們更多關於你在一些歐洲市場所做的品牌活動的想法。

And just curious how you're messaging and then mix of marketing could potentially change as things hopefully recover more next year.

只是好奇你是如何發送消息的，然後營銷組合可能會隨著明年有望恢復的情況而發生變化。

And then also, can you just give us an update on your progress with alternative accommodations and how you're thinking about the path there going forward?

然後，您能否向我們介紹一下您在替代住宿方面的最新進展以及您如何考慮未來的發展道路？

Doug, thank you.

道格，謝謝你。

I would take the first question on the brand campaign, and then Axel will talk a bit about your second question.

我會回答關於品牌活動的第一個問題，然後 Axel 會談談你的第二個問題。

So given the production lead time that you usually have, we had to decide in April already what kind of creative we would want to add during the peak summer season this year.

因此，考慮到通常的製作提前期，我們必須在 4 月份就決定在今年的夏季高峰期添加什麼樣的創意。

And if you remember how the situation was back then, our revenue was close to 0 in April.

如果你還記得當時的情況，我們 4 月份的收入接近於 0。

There was a global lockdown and nobody knew how Q3 would turn out.

全球封鎖，沒有人知道第三季度的結果如何。

And with that in mind, we decided to produce a much softer TV campaign in terms of messaging, and that turned out to be a very good decision.

考慮到這一點，我們決定在消息傳遞方面製作一個更柔和的電視廣告，結果證明這是一個非常好的決定。

We got very positive results and got some valuable learnings, all of that, that we can now apply for our new campaigns.

我們獲得了非常積極的結果，並獲得了一些寶貴的經驗，所有這些，我們現在可以將其應用於我們的新活動。

I won't be more specific than that, but the key takeaway is that we have, by now, tested a few different concepts and not only in Q3 this year, but we already started end of last year to test different formats and different campaigns to diversify away from our Mr. trivago campaign, and there we also got interesting learnings.

我不會比這更具體，但關鍵要點是，到目前為止，我們已經測試了幾個不同的概念，不僅在今年第三季度，而且我們已經在去年年底開始測試不同的格式和不同的活動使我們的 Mr. trivago 活動多樣化，我們也從中學到了有趣的東西。

And this has been now a next step into another direction and was very valuable what we have, and I think by now, we have a pretty good understanding of what is working for us.

現在這是朝著另一個方向邁出的下一步，我們所擁有的非常有價值，我認為到目前為止，我們對什麼對我們有用有了很好的理解。

And that will give us the flexibility to tailor that towards a new campaign and next year to whatever the market environment will be.

這將使我們能夠靈活地針對新的活動和明年的市場環境進行調整。

On your second question, alternative accommodation, I think you're absolutely right.

關於你的第二個問題，替代住宿，我認為你是完全正確的。

We are very happy that we started to really focus and invest significantly in it on the alternative accommodation end of '17.

我們很高興我們開始真正關注並在 17 年末的替代住宿方面投入大量資金。

So for this summer business, our apartment coverage was very important and it was very important to really have all the inventory available given that a lot of the top nature destinations were, frankly speaking, just fully booked out.

因此，對於今年夏季的業務，我們的公寓覆蓋率非常重要，而且考慮到許多頂級自然目的地坦率地說，剛剛被預訂一空，因此真正擁有所有可用庫存非常重要。

And you needed to have all the inventory that was available to show availabilities to your users and customers.

而且您需要擁有所有可用的庫存以向您的用戶和客戶顯示可用性。

And for next summer, we expect a similar dynamic.

明年夏天，我們預計會有類似的動態。

With the market overall recovering, we think that the significant increase in share that is going to apartments will normalize to a certain extent.

隨著市場整體復甦，我們認為去公寓的份額大幅增加將在一定程度上正常化。

But we continue to believe that even with a recovering market, apartments will be a key part of our overall value proposition and a key differentiator for us.

但我們仍然相信，即使市場正在復蘇，公寓仍將是我們整體價值主張的關鍵部分，也是我們的關鍵差異化因素。

And we have one more question on the line.

我們還有一個問題在線。

(Operator Instructions) And the next question comes from the line of Kevin Kopelman from Cowen.

（操作員說明）下一個問題來自 Cowen 的 Kevin Kopelman。

On marketing trends, so in the third quarter, you were able to reduce your marketing spend year-over-year significantly more than your revenue declined.

就營銷趨勢而言，在第三季度，您的營銷支出同比減少幅度遠大於收入下降幅度。

Can you give us an update on those dynamics headed into Q4, any change there with what's going on in Europe?

您能否向我們介紹一下進入第四季度的動態，以及歐洲發生的任何變化？

Sure.

當然。

Thank you, Kevin.

謝謝你，凱文。

Yes, I think that's a very good observation.

是的，我認為這是一個很好的觀察。

So if you look at Q3, as a percentage of revenue, our advertising spend was around 50%.

所以如果你看一下第三季度，我們的廣告支出佔收入的百分比約為 50%。

So compared to what we've done historically, that is a very low number.

因此，與我們過去所做的相比，這是一個非常低的數字。

And that was predominantly the case because we only tested in Europe or invested in TV in our segment, Developed Europe, as we didn't see the same opportunities in other segments, and we're more cautious.

這主要是因為我們只在歐洲進行測試或在我們的細分市場（發達歐洲）投資電視，因為我們在其他細分市場沒有看到同樣的機會，我們更加謹慎。

And again, as I mentioned before, our key focus during the third quarter was to preserve our cash.

同樣，正如我之前提到的，我們在第三季度的主要重點是保留我們的現金。

And on the other hand, in Europe, we did see a decent pickup.

另一方面，在歐洲，我們確實看到了不錯的回升。

So also wanted to invest into that.

所以也想投資那個。

That's on the brand's marketing side.

那是在品牌的營銷方面。

On the performance marketing side, when we saw a pickup in demand, we also went back in and invested more, but also more cautious than what we have done previously.

在效果營銷方面，當我們看到需求回暖時，我們也重新投入並投入更多，但也比我們之前所做的更加謹慎。

And I mean we talked about it before already.

我的意思是我們之前已經討論過了。

Pre-COVID, we started a test in our performance channels where we increased our return on advertising spend targets to really see what the incrementality of that channel is for us.

在 COVID 之前，我們在我們的績效渠道中開始了一項測試，我們提高了廣告支出目標的回報率，以真正了解該渠道對我們的增量。

And now when we went back in, we kind of had a similar approach, and we're running higher ROI targets than what we had before.

現在當我們回去時，我們採用了類似的方法，並且我們正在運行比以前更高的投資回報率目標。

And then obviously, we benefited also from the fact that overall competition in those auctions still is lower than compared to pre-COVID.

然後顯然，我們也受益於這些拍賣的整體競爭仍然低於 COVID 之前的事實。

So if you look at the fourth quarter and what it means for our investments in the fourth quarter, historically, it's been a low quarter for us in terms of brand spend anyways.

因此，如果你看看第四季度以及它對我們在第四季度的投資意味著什麼，從歷史上看，無論如何，就品牌支出而言，這對我們來說是一個較低的季度。

As we approach holiday season, TV advertisement becomes more expensive.

隨著假期的臨近，電視廣告變得更加昂貴。

At the same time, demand for our product drops.

與此同時，對我們產品的需求下降。

So we usually cut back.

所以我們通常會減少。

If you look at the situation in Europe right now and if you look at the data points that I gave, you see that on a global level, in Q4, it's fair to assume that we don't expect to have a higher ratio of revenue in the fourth quarter as a share of 2019 levels than what we had in the third quarter.

如果你看看歐洲現在的情況，如果你看看我提供的數據點，你會發現在全球範圍內，在第四季度，我們可以公平地假設我們不希望有更高的收入比率第四季度佔 2019 年水平的份額高於我們第三季度的水平。

So if you take that as a starting point and then look at the 50% we had in the third quarter in terms of advertising spend of revenue, you can assume that this will be not higher in the fourth quarter.

因此，如果你以此為起點，然後看看我們在第三季度的廣告支出佔收入的 50%，你可以假設這在第四季度不會更高。

That gives you a good idea of how we're approaching our marketing activities in the fourth quarter.

這讓您很好地了解我們如何在第四季度開展營銷活動。

Does that make sense?

那有意義嗎？

Yes.

是的。

Matthias, it's very helpful.

馬蒂亞斯，這很有幫助。

There are no further questions at this time.

目前沒有其他問題。

Please continue.

請繼續。

Thank you.

謝謝。

Yes.

是的。

Many thanks for taking the time to participate in our Q3 earnings call.

非常感謝您抽出寶貴時間參加我們的第三季度財報電話會議。

Irrespective of the very challenging situation we are facing in many markets, we continue to see the crisis as an opportunity.

儘管我們在許多市場面臨非常具有挑戰性的形勢，但我們繼續將危機視為機遇。

An opportunity to face our travelers and advertisers with better products, an opportunity to become more relevant and grow our market share.

一個以更好的產品面對我們的旅行者和廣告商的機會，一個變得更相關並擴大我們的市場份額的機會。

This is what is driving us forward, no matter how long the winter will last.

這就是推動我們前進的動力，無論冬天會持續多久。

Many thanks for your time.

非常感謝您的寶貴時間。

Stay safe and see you next quarter.

保持安全，下個季度見。

Thank you.

謝謝。

That does conclude our conference for today.

我們今天的會議到此結束。

Thank you for participating.

感謝您的參與。

You may all disconnect.

你們都可以斷開連接。