Trivago NV (TRVG) 2020 Q1 法說會逐字稿

Good day, ladies and gentlemen. Thank you for standing by, and welcome to the trivago Q1 Earnings Call 2020. I must advise you the call is being recorded today, Tuesday, the 19th of May 2020.

女士們先生們，美好的一天。感謝您的支持，歡迎來到 trivago 2020 年第一季度財報電話會議。我必須告訴你，今天是 2020 年 5 月 19 日，星期二，電話正在錄音中。

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.

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；和 trivago 的首席財務官 Matthias Tillmann。

The following discussion, including responses to your questions, reflects management's views of today, Tuesday, May 19, 2020, only. trivago does not undertake any obligation to update or revise this information. 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. Please refer to the Q1 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.

以下討論，包括對您問題的回答，僅反映了管理層對今天（2020 年 5 月 19 日，星期二）的看法。trivago 不承擔任何更新或修改這些信息的義務。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。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，請參閱第一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 reconciliation 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 Investor Relations site at ir.trivago.com. You are encouraged to periodically visit trivago's investor relationship site for important content.

您將在 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 措施的協調，該審查發佈在公司的投資者關係網站 ir.trivago.com 上。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. Please go ahead, sir.

有了這個，讓我把電話轉給阿克塞爾。請繼續，先生。

Good morning, everybody. Many thanks for joining our Q1 earnings call. I hope you had the chance to read our shareholder letter that we filed yesterday. We have received very positive feedback on the format, and we'll continue to publish that going forward.

大家早上好。非常感謝您加入我們的第一季度財報電話會議。我希望您有機會閱讀我們昨天提交的股東信。我們收到了關於格式的非常積極的反饋，我們將繼續發布。

Before we start the Q&A, I would like to point out one thing. Despite all the challenges this unprecedented crisis is bringing to us personally and to the industry, we at trivago see this as an opportunity; an opportunity to focus our organization on our core and structurally reduce our cost base, an opportunity to improve our core matter product while adding a complementary and more inspirational, local and sustainable travel product; an opportunity to diversify our revenues by adding new revenue streams, such as display advertisement and sponsored listings; and an opportunity to set sustainable performance marketing levels going forward. We believe that these initiatives will allow us to leave the crisis much stronger than we entered.

在我們開始問答之前，我想指出一件事。儘管這場前所未有的危機給我們個人和行業帶來了種種挑戰，但我們 trivago 認為這是一個機會；一個讓我們的組織專注於我們的核心並從結構上降低我們的成本基礎的機會，一個改進我們核心產品的機會，同時添加一個互補的、更具啟發性的、本地的和可持續的旅遊產品；通過增加新的收入來源（例如展示廣告和讚助列表）來使我們的收入多樣化的機會；以及設定可持續績效營銷水平的機會。我們相信，這些舉措將使我們在危機結束時比進入危機時更加強大。

With that, we are now moving to Q&A.

有了這個，我們現在轉向問答。

Thank you, ladies and gentlemen. And the first question comes from Naved Khan from SunTrust.

謝謝你們，女士們，先生們。第一個問題來自 SunTrust 的 Naved Khan。

Just a couple of questions, Axel. Can you give us some more color on the things that you can do to make your site locally relevant? And I think you spoke about increasing the daily or weekly usage. What are the things you have to control that? And then the other question I had is just on the shape of the P&L. Do you think that the impact to your top line would mirror the declines in travel bookings? Or do you think the impact on your top line would actually be greater just because you're dependent on the advertisers and they may be late to come back?

只是幾個問題，阿克塞爾。你能給我們更多關於你可以做些什麼來使你的網站與當地相關的事情嗎？我想你談到了增加每日或每週的使用量。你必須控制什麼？然後我遇到的另一個問題就是損益表的形狀。您認為對您的收入的影響會反映旅行預訂量的下降嗎？或者你認為對你的收入的影響實際上會更大隻是因為你依賴廣告商並且他們可能會晚回來？

Thanks for the question. So on the question regarding the product development and the complementary product, when you look at our core product, it is basically a product that allows you to find the best deals available for a specific trip that you have in mind. So you know where you want to go and you might or might not know the time already, and we help you in a very efficient and effective way to find the best times and the best deals for your trip.

謝謝你的問題。因此，關於產品開發和配套產品的問題，當您查看我們的核心產品時，它基本上是一種產品，可讓您找到適合您心目中的特定旅行的最優惠價格。所以你知道你想去哪裡，你可能已經知道也可能不知道時間，我們以一種非常有效的方式幫助你找到旅行的最佳時間和最優惠的價格。

What we are currently working on and what we think will increase the engagement and the relevance of the website is a more inspirational product. So basically, we are slightly moving up in the travel funnel that is focused on local travel because we believe that local travel right now and we see that local travel right now is the first travel that is restarting, and we believe that local travel will be much more important for the foreseeable future. So it is more focused on giving you an idea what actually kind of trip you would like to do and you could do that is locally available, easy to reach by car. And because of that, it is a trip that you can do a lot more often than, for example, a summer vacation.

我們目前正在做的事情以及我們認為會增加網站參與度和相關性的事情是一個更具啟發性的產品。所以基本上，我們在專注於本地旅行的旅行漏斗中略微向上移動，因為我們相信現在的本地旅行並且我們看到現在的本地旅行是第一個重新開始的旅行，我們相信本地旅行將是在可預見的未來更為重要。因此，它更側重於讓您了解您想進行什麼樣的旅行，並且您可以在當地進行這種旅行，而且開車很容易到達。因此，與暑假等活動相比，您可以更頻繁地進行旅行。

Yes. And I'll take the second one, Naved, on the P&L. I mean at this point, as you know, it is very difficult to predict when and how much travel activity will come back. As we mentioned in our quarterly report, our referral revenue declined by more than 95% in the last week of March year-over-year. In April, we stabilized on those low levels. And even though we are seeing a small uptick now in May, our Q2 year-over-year performance will be materially worse than Q1. However, we are focusing on what we can control. I mean we immediately pulled back on performance marketing channels, obviously, when volumes dropped and shifted TV budgets into the second half and into next year. And in addition, as we mentioned in our April shareholder letter already, we took several steps to bring down our fixed cost. Now how that compares to the overall travel market, that's something we can only control to some extent. As you know, auction has been volatile already before the crisis. And we already started at the beginning of the year to introduce, implement features in our marketplace that help us on the monetization front. We believe that the crisis makes it likely that the industry will consolidate further, which will put additional pressure on the auction. So it all depends on how successful we are with our initiatives, marketplace initiatives to basically offset that pressure. But again, at this point, it's too early to tell, to see whether we come out ahead or with the market or lower than the market.

是的。我將在損益表中採用第二個 Naved。我的意思是，正如你所知，目前很難預測旅行活動何時以及有多少會恢復。正如我們在季度報告中提到的那樣，我們的推薦收入在 3 月的最後一周同比下降了 95% 以上。4 月份，我們穩定在這些低水平上。儘管我們在 5 月份看到了小幅上升，但我們第二季度的同比表現將比第一季度差很多。但是，我們正在關注我們可以控制的事情。我的意思是，當銷量下降並將電視預算轉移到下半年和明年時，我們立即撤回了績效營銷渠道。此外，正如我們在 4 月份的股東信中提到的那樣，我們採取了幾項措施來降低固定成本。現在與整體旅遊市場相比如何，這是我們只能在一定程度上控制的事情。如您所知，拍賣在危機之前就已經波動了。我們已經在年初開始在我們的市場中引入、實施有助於我們在貨幣化方面的功能。我們認為，這場危機可能使該行業進一步整合，這將給拍賣帶來額外壓力。因此，這完全取決於我們在基本抵消這種壓力方面的舉措和市場舉措的成功程度。但是，在這一點上，現在下結論還為時過早，看看我們是領先於市場還是低於市場。

And the next question comes from Tom White from D.A. Davidson.

下一個問題來自 D.A. 的 Tom White。戴維森。

In the prepared remarks or in the letter, rather, you talked about possible consolidation on the supply side of things. Can you dig into that a bit more? It would seem that, that wouldn't be a good thing for kind of travel intermediaries like yourself, but just curious on your thoughts there. And then I guess, while I'm also on the topic of consolidation, curious whether you think the role of travel intermediaries such as metasearch sites or OTAs kind of changes meaningfully in a post-pandemic world and whether you might see similar consolidation on that front as well to the extent that there's still meaningful consolidation possible?

相反，在準備好的評論或信中，您談到了供應方面的可能整合。你能再深入一點嗎？看來，這對於像你這樣的旅遊中介來說不是什麼好事，只是好奇你那裡的想法。然後我猜想，雖然我也在討論整合的話題，但我很好奇您是否認為元搜索網站或 OTA 等旅遊中介的作用在大流行後的世界中會發生有意義的變化，以及您是否會看到類似的整合是否還有可能進行有意義的整合？

Sure. Yes. Thanks for the question. In general, that's right, we anticipate that we and other providers of performance marketing will have a more consolidated advertiser structure coming out of this. We believe that well-funded industry participants who can weather the crisis and/or resume operations faster are likely to take share away from smaller and medium-sized hotels. I would also add that there's less appetite for taking on the risk of cancellations. So in a CPC auction, you might end up with referrals that are less valuable than you thought as cancellation rates might go up. And that's what I meant previously that we started working on some marketplace features where we hope that we can offset that pressure. And I don't know, Axel, if you want to add or give some color on those features and what exactly we're working on?

當然。是的。謝謝你的問題。總的來說，這是正確的，我們預計我們和其他績效營銷提供商將因此而擁有更加統一的廣告商結構。我們認為，能夠渡過危機和/或更快恢復運營的資金雄厚的行業參與者可能會從中小型酒店手中搶走份額。我還要補充一點，人們不太願意承擔取消的風險。因此，在 CPC 拍賣中，由於取消率可能會上升，您最終得到的推薦可能沒有您想像的那麼有價值。這就是我之前的意思，我們開始研究一些市場功能，希望我們可以在這些功能上抵消這種壓力。我不知道，Axel，你是否想在這些功能上添加或添加一些顏色，我們到底在做什麼？

Absolutely. So yes, I mean, as Matthias has said, in a crisis like this, you have to assume that there will be more consolidation. How much? I think nobody knows by now. What we have done even before the crisis, we started test to diversify our revenue base, diversify it and have overall a broader foundation. So in addition to offering tools that are addressing the existing uncertainty like CPA bidding, we are taking or have taken live display advertisement and sponsored listings, both products that are delivering a different value to our advertisers than the existing CPC-based product and that we think will be very important to compensate or overcompensate potential weakness in the auction for the next months to come.

絕對地。所以是的，我的意思是，正如馬蒂亞斯所說，在這樣的危機中，你必須假設會有更多的整合。多少？我想現在還沒有人知道。甚至在危機發生之前，我們就開始進行測試，以使我們的收入基礎多樣化，使其多樣化，並在總體上擁有更廣泛的基礎。因此，除了提供解決 CPA 競價等現有不確定性的工具外，我們正在或已經採用實時展示廣告和讚助列表，這兩種產品都為我們的廣告商提供了與現有的基於 CPC 的產品不同的價值，而且我們認為對於補償或過度補償未來幾個月拍賣中的潛在弱點非常重要。

And 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 two, if I can. First, just kind of going back to that CPA model shift. We've definitely heard OTAs are putting pressure throughout the marketing channel to shift to this model. And our question for you is when you look at the rev shares OTAs are looking for, how do that compare to the effective take rates you've historically seen in the CPC model? The affiliate models have historically been much lower effective take rates, I think, than CPC model. So wondering how that's shaking out. And then secondly, going back to the comments on higher consolidation in the industry from larger players, you also mentioned structurally reduced spending SEM. Can you just talk about why you think SEM spend will be structurally lower? And then why you think the negative impact to your marketplace? Yes, you put it at 6 to 12 months, could it be longer? Anything you could share on these fronts would be helpful.

如果可以的話，我有兩個。首先，回到 CPA 模型轉變。我們肯定聽說 OTA 正在向整個營銷渠道施加壓力，要求他們轉向這種模式。我們要問你的問題是，當你查看 OTA 正在尋找的收入份額時，這與你在 CPC 模型中以往看到的有效採用率相比如何？我認為，從歷史上看，聯盟模式的有效採用率比 CPC 模式要低得多。所以想知道這是怎麼回事。其次，回到更大的參與者對行業更高整合的評論，你還提到結構性減少支出 SEM。您能談談為什麼您認為 SEM 支出會在結構上降低嗎？然後為什麼你認為對你的市場有負面影響？是的，你把它定為 6 到 12 個月，可以更長嗎？您可以在這些方面分享的任何內容都會有所幫助。

Absolutely. So on the CPA model, the way we are thinking about it is it's basically a service to our advertisers and a service that is necessary given that, as Matthias mentioned before, there is obviously very low-risk appetite entering this crisis and a very substantial cash outflow by refunding cancellations and a lot of uncertainty. Will there be a second wave? Will there be new cancellations, cancellation rates going up again, et cetera? So to offer a CPA allows us basically to reengage with many, many advertisers sooner rather than later, leveraging our superior data and visibility to really give them more confident and have them more active in the auction rather than less active.

絕對地。因此，在 CPA 模型上，我們考慮的方式是它基本上是為我們的廣告商提供的服務，並且是必要的服務，因為正如 Matthias 之前提到的那樣，顯然進入這場危機的風險偏好非常低，而且非常可觀通過退還取消和很多不確定性導致的現金流出。會不會有第二波？會不會有新的取消，取消率再次上升，等等？因此，提供 CPA 基本上可以讓我們盡快與許多廣告商重新接觸，而不是稍後，利用我們卓越的數據和可見性，真正讓他們更有信心，讓他們在拍賣中更加活躍，而不是不那麼活躍。

The second question that you asked is, will the take rate be higher or lower than it has been before? I don't think that the first indications of take rates right now are really a good proxy for take rates in the future because we have the special situation and this high level of uncertainty. We don't think that the CPA structurally has lower take rates than a CPC-based model. It's more a tool and a service that is in particular valuable for smaller advertisers that are having access to less data anyhow, and then the current situation, access to a lot less data and just benefit from us aggregating the data and then bidding on their behalf and also sharing the risk.

你問的第二個問題是，take rate 會比以前高還是低？我不認為現在的第一個利率指標真的能很好地代表未來的利率，因為我們有特殊的情況和這種高度的不確定性。我們認為 CPA 在結構上的採用率並不低於基於 CPC 的模型。它更像是一種工具和服務，對於無論如何都可以訪問較少數據的小型廣告商特別有價值，然後是當前情況，訪問的數據少得多，只是從我們匯總數據然後代表他們出價中受益並分擔風險。

Yes. And on your second question on dynamics in performance channels. I would mention that there are 3 key things that we take in consideration and why we believe that the auctions will be softer, at least in the short to medium term.

是的。關於您關於績效渠道動態的第二個問題。我想提一下，我們考慮了 3 個關鍵問題，以及為什麼我們認為拍賣會更加溫和，至少在中短期內是這樣。

The first one, as we mentioned, consolidation. I mean it's clear, if there are fewer players actively participating, that has put pressure on the auction. The second one that I mentioned before as well, cancellation risk. I think there's awareness now in the market that there should be a risk premium for that. And at this point, we don't know, nobody knows if we see a second wave or not and what a click or referral you're buying is worth in the end. And then the third one is more specifically to us. That's our large-scale test that we mentioned already last time. So even before the crisis hit us, we started to bid down on performance channels to see how we can drive incrementality or how incremental that channel is for us. And we started that in February, but then had to pause earlier than anticipated due to the COVID-19 outbreak. But what I can share is that we got some early learnings. And what I can tell you is that we got some indications that we might benefit from reducing our bids in performance channels. But obviously, we need to get more data, and we will continue with the test once volumes come back. Obviously, it's a special situation because now it's at 0, and it's like a reset. So we also need to see how the dynamic evolves when things come back. But then at the right point in time, we will certainly continue our test.

正如我們提到的，第一個是合併。我的意思是很明顯，如果積極參與的玩家減少，就會給拍賣帶來壓力。我之前也提到過的第二個，取消風險。我認為現在市場上已經意識到應該為此存在風險溢價。在這一點上，我們不知道，沒有人知道我們是否會看到第二波浪潮，以及您購買的點擊或推薦最終值多少錢。然後第三個對我們來說更具體。這就是我們上次已經提到的大規模測試。因此，甚至在危機襲擊我們之前，我們就開始降低績效渠道的價格，以了解我們如何推動增量或該渠道對我們的增量有多大。我們從 2 月開始，但由於 COVID-19 的爆發，不得不比預期更早地暫停。但我可以分享的是，我們得到了一些早期的經驗教訓。我可以告訴你的是，我們得到了一些跡象，表明我們可能會從降低績效渠道的出價中受益。但很明顯，我們需要獲得更多數據，一旦數量恢復，我們將繼續進行測試。顯然，這是一種特殊情況，因為現在它處於 0，就像重置一樣。因此，我們還需要了解當事情恢復時動態如何演變。但是在合適的時間點，我們肯定會繼續我們的測試。

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。

A couple of follow-ons. Maybe one to the discussion on different formats. Can you give us a sense of what those breakdowns are now? I know it's newer days on CPA, but where you think they will get to? And then you just mentioned that the take rates aren't necessarily lower. They're more useful to smaller advertisers who don't have as much information to bring to bear on leverage. Do you anticipate a snapback in terms of ad format usage at some point when if we get out of here because obviously, smaller advertisers may not be able to weather the storm. And then you're left with larger guys with more data that they can use on their own, and so hence, maybe more CPC there.

一些後續行動。也許是關於不同格式的討論。你能告訴我們現在這些故障是什麼嗎？我知道現在是 CPA 的新時代，但您認為他們會到達哪裡？然後你剛剛提到採納率不一定較低。它們對沒有那麼多信息來影響槓桿作用的小型廣告商更有用。如果我們離開這裡，您是否預計在某個時候廣告格式的使用會出現回彈，因為顯然，較小的廣告商可能無法度過難關。然後你會留下更大的人，他們可以自己使用更多的數據，因此，那裡可能會有更多的 CPC。

Yes. So on the new format, I assume you're referring to the bidding formats, so CPC versus CPA?

是的。那麼關於新格式，我假設您指的是出價格式，那麼 CPC 還是 CPA？

Yes.

是的。

On the CPA, we do believe that it is a lot more relevant in the recovery phase, as I mentioned before, because there is more uncertainty, less data and more risk structurally. And that will become less relevant once we are at whatever steady state means in the future because it will be easier to predict cancellation rates, conversion rates, and there will be, generally speaking, more data available. Having said that, it is not something new. So in particular, smaller and smallest advertisers, individual hotels to the extremes have for a very long time asked for this format. So we are basically now have just reprioritized the development and brought it forward because now it becomes relevant for a very sizable part of our advertiser base.

關於 CPA，我們確實認為它在恢復階段更相關，正如我之前提到的，因為在結構上存在更多的不確定性、更少的數據和更多的風險。一旦我們處於未來的任何穩定狀態，這將變得不那麼重要，因為預測取消率、轉換率會更容易，而且一般來說，會有更多可用數據。話雖如此，這並不是什麼新鮮事。因此，特別是較小和最小的廣告商，極端的個別酒店長期以來一直要求這種格式。所以我們現在基本上只是重新確定開發的優先級並將其提前，因為現在它與我們廣告客戶群中很大一部分相關。

And the next question comes from Shyam Patil from Susquehanna.

下一個問題來自 Susquehanna 的 Shyam Patil。

It's Ryan on for Shyam. Can you talk about trends in markets that are opening up sooner than most, such as like Hong Kong or Germany? Has there been any material rebound anywhere? And then secondly, do you anticipate seeing demand for alternative accommodations return a bit faster? Or travelers maybe preferring their own place to a big hotel in these times?

瑞安代替夏姆上場。您能否談談比大多數市場開放得更快的市場趨勢，例如香港或德國？是否有任何物質反彈？其次，您是否預計對替代住宿的需求會恢復得更快一些？或者在這個時代，旅行者可能更喜歡自己的地方而不是大酒店？

Yes. Thanks for your question. I mean, as I mentioned, we did see an uptick in May in some of the markets, especially in those markets where governments started to relax shutdown measures. But I mean, we are very cautious and you should be because it's still of a very low base, and we don't read too much into that at this point in time. So I think it's way too early to tell. And it's also difficult to take one market, for example, Germany and look at how the recovery structure looks like at this point and then transfer that or predict that for other countries given that we entered into the shutdown measures at different stages and also have different measures in place. And overall, we don't look too much at the data, to be honest because we think there's a lot of noise. And before we can do that and get valuable information out of it, we think volumes need to pick up. And that also partially answers your second question. I mean when we look at Q1, there was no real shift from hotels to an apartment. It was very similar to what we saw before. So in April, you can see that, that people are looking more for apartments. But then again, volumes are so low. So we don't read too much into that. And we need to have more volume on the platform to see whether that's a trend or whether that is just now as certain countries are opening up domestically, locally. But again, too early to tell.

是的。謝謝你的問題。我的意思是，正如我所提到的，我們確實看到一些市場在 5 月份有所回升，尤其是在政府開始放鬆停擺措施的那些市場。但我的意思是，我們非常謹慎，你應該謹慎，因為它的基數仍然很低，我們目前不會對此進行過多解讀。所以我認為現在下結論還為時過早。而且也很難採取一個市場，例如德國，看看復甦結構在這一點上的樣子，然後將其轉移或預測到其他國家，因為我們在不同階段採取了關閉措施並且也有不同的措施到位。總的來說，我們並沒有過多地關注數據，老實說，因為我們認為有很多噪音。在我們能夠做到這一點並從中獲得有價值的信息之前，我們認為數量需要增加。這也部分回答了你的第二個問題。我的意思是，當我們查看第一季度時，並沒有真正從酒店轉向公寓。這與我們之前看到的非常相似。所以在四月份，你可以看到，人們正在尋找更多的公寓。但話又說回來，銷量太低了。因此，我們不會對此過多解讀。我們需要在平台上增加流量，看看這是否是一種趨勢，或者這是否只是現在，因為某些國家正在國內、當地開放。但同樣，現在下結論還為時過早。

But what I would add, I mean, we started to invest into alternative accommodations over 2 years ago. As we thought back then, it's important, and we integrated it into our core products, so showing it side-by-side to hotels. So whatever the trend will be, I think it is important. It will be important for us going forward. And hence, strategically for us, nothing changes. We will continue to focus on it and making it more relevant and showing it to our users. Did that answer your question?

但我要補充的是，我的意思是，我們在 2 年前就開始投資替代住宿。正如我們當時所想的那樣，這很重要，我們將其整合到我們的核心產品中，以便將其並排展示給酒店。所以無論趨勢如何，我認為這很重要。這對我們前進很重要。因此，從戰略上講，對我們來說，沒有任何改變。我們將繼續關注它並使其更具相關性並將其展示給我們的用戶。這回答了你的問題嗎？

Yes.

是的。

And 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。

I have two. First, you talked about a number of changes, Axel, just in terms of the products, for example, going more up funnel and more local and then also the newer ad formats moving toward display and sponsored listings. Can you just talk about how much those changes, how much has been discussed in conjunction with your advertising partners? Just curious what their view, if they have any view of kind of changes that you're making on the platform? And then secondly, just on the cost side of things, can you help us understand how much cost you're taking out on an annualized basis at this point? And perhaps give us an update on fixed and variable cost structure?

我有兩個。首先，你談到了一些變化，Axel，就產品而言，例如，更多地向上漏斗和更多本地化，然後還有更新的廣告格式轉向展示和讚助列表。您能否談談這些變化有多少，與您的廣告合作夥伴一起討論了多少？只是好奇他們的看法，如果他們對您在平台上所做的任何更改有任何看法？其次，就成本方面而言，您能否幫助我們了解您此時每年要花費多少成本？也許給我們更新固定和可變成本結構？

So on the B2C and B2B product changes, if you want to group them like that, I mean, for now, quite some time, we are working very, very closely together with our key partners. And in particular, in the current crisis, if anything, we are even closer. It is a crisis for the whole industry. And only if we all work together, we will be able to come out sooner rather than later. So it's in full alignment with the key partners. On the B2C side, the complementary product that is focusing on local travel, I mean, that is obviously well appreciated by our partners because there is wide agreement that domestic and local travel will pick up first, and that's what we currently see, and that will stay for quite some time a more relevant experience and product for our users and travelers globally. So there is a need for products that actually supports that demand. On the B2B side, the products are jointly developed with our partners. I mean they need to. And there is strong interest in particularly for the recovery phase for those 2 new products that I mentioned, and there are other ideas that we are testing and working on. And the easiest way to think about it is on sponsored listings key additional benefit to a traditional auction is that you can get a lot of visibility and a lot of volume into a specific property, which when you think about how capacity can be added and how hotels can be reopened is actually highly relevant to actually fill the hotels that are open very quickly in a very focused manner. So there's big interest and big demand. For display advertisement, there is also very big demand. And there, the key value proposition is that it allows for additional messaging that is on our site. It's in the flow of users searching for accommodation. And there, in particular, the safety standards that is applied to the specific accommodation is highly relevant and can be messaged very well. Both products, as I said, are highly relevant for the recovery phase. And so we expect them to get quite a bit of traction for the month to come with volumes coming back to more decent levels.

因此，關於 B2C 和 B2B 產品的變化，如果你想像這樣對它們進行分組，我的意思是，在很長一段時間內，我們正在與我們的主要合作夥伴密切合作。特別是，在當前的危機中，如果有的話，我們甚至更接近了。這是整個行業的危機。只有大家一起努力，我們才能早日出來。因此，它與主要合作夥伴完全一致。在 B2C 方面，專注於本地旅遊的互補產品，我的意思是，這顯然受到我們合作夥伴的讚賞，因為人們普遍認為國內和本地旅遊將首先興起，這就是我們目前所看到的，而且將在相當長的一段時間內為我們的全球用戶和旅行者提供更相關的體驗和產品。因此，需要真正支持該需求的產品。在B2B方面，產品是與我們的合作夥伴共同開發的。我的意思是他們需要。人們對我提到的這兩種新產品的恢復階段特別感興趣，我們正在測試和研究其他想法。考慮它的最簡單方法是在讚助商列表上，傳統拍賣的關鍵額外好處是，您可以獲得特定財產的大量知名度和大量數量，當您考慮如何增加容量以及如何增加容量時酒店可以重新開業實際上與實際以非常集中的方式非常迅速地填補開業的酒店高度相關。所以有很大的興趣和需求。對於展示廣告，也有很大的需求。在那裡，關鍵價值主張是它允許在我們的網站上進行額外的消息傳遞。它在搜索住宿的用戶流中。特別是，適用於特定住宿的安全標準具有高度相關性，可以很好地傳達信息。正如我所說，這兩種產品都與恢復階段高度相關。因此，我們預計他們將在本月獲得相當大的吸引力，從而使交易量恢復到更可觀的水平。

Yes. So on the cost side, I mean, as we mentioned in our disclosure, we have stopped all unnecessary spending, such as marketing, business travel, company events and others. The, by far, largest bucket in there is marketing obviously, and we pulled back very quickly on that one. So to give you more guidance on quarterly expenses for the remainder of this year, I think a good starting point is to look at our costs and expenses in Q1. And there, you would need to adjust for the credit losses that we called out in our release and that are higher this quarter given the impact of COVID-19. And when you then look at the base, at that base, it is already lower compared to Q1 2019 for the reasons mentioned above. And we expect to have similar savings for the remaining quarters this year. But given we started to implement the cost-saving initiatives during the quarter, the impact should be slightly higher in the coming quarters.

是的。因此，在成本方面，我的意思是，正如我們在披露中提到的那樣，我們已經停止了所有不必要的支出，例如營銷、商務旅行、公司活動等。到目前為止，最大的一桶顯然是營銷，我們很快就撤回了這一點。因此，為了給你更多關於今年剩餘時間季度支出的指導，我認為一個很好的起點是看看我們在第一季度的成本和支出。在那裡，您需要調整我們在發布中提到的信用損失，並且考慮到 COVID-19 的影響，本季度的信用損失更高。然後當您查看基數時，由於上述原因，該基數與 2019 年第一季度相比已經較低。我們預計今年剩餘的季度也會有類似的節省。但鑑於我們在本季度開始實施成本節約計劃，未來幾個季度的影響應該會略高。

In addition, we spent some time on thinking about the optimal setup going into 2021. And we believe that we need to be a smaller company. And as we mentioned in our earnings release, we expect to reduce our personnel and related costs by approximately EUR 20 million in 2021. So that gives you a good idea on the savings for the remainder of this year as well. Though for the transition period, in Q2 and Q3, the savings will be slightly lower than that. And just for clarity, I'm referring here to expenses between revenue and EBITDA, so not full GAAP expenses.

此外，我們還花了一些時間思考 2021 年的最佳設置。我們相信我們需要成為一家規模較小的公司。正如我們在收益發布中提到的那樣，我們預計到 2021 年將人員和相關成本減少約 2000 萬歐元。因此，這也讓您對今年剩餘時間的節省有了一個很好的了解。儘管在過渡期間，在第二季度和第三季度，節省的費用會略低於此。為了清楚起見，我在這裡指的是收入和 EBITDA 之間的費用，而不是全部 GAAP 費用。

And the next question comes from the line of Kevin Kopelman from Cowen.

下一個問題來自 Cowen 的 Kevin Kopelman。

I had a follow-up question on advertising expense. Can you give us more color on the latest trend there? Specifically, do you see advertising expense declining at a similar rate to revenue in the current environment? Or is it declining more or less than revenue?

我有一個關於廣告費用的後續問題。你能給我們更多關於那裡最新趨勢的顏色嗎？具體來說，您是否認為在當前環境下廣告費用的下降速度與收入的下降速度相似？或者它的下降幅度大於或小於收入？

Yes. Kevin, thanks for the question. As I said before, yes, on performance marketing, we pulled back immediately. And we said that our revenue was down more than 95% at end of March and that we stabilized at that level in April. So yes, there's hardly any spend. And on the brand marketing side, we also shifted our budget into the second half and into next year. So there's hardly any spend as well. So right now, I cannot really talk about trends because we are at a very low base. But obviously, we expect that to get back into the market as we see traffic picking up, and that should be highly correlated. But right now, we are not there yet.

是的。凱文，謝謝你的提問。正如我之前所說，是的，在績效營銷方面，我們立即撤回了。我們說我們的收入在 3 月底下降了 95% 以上，我們在 4 月份穩定在該水平。所以是的，幾乎沒有任何支出。在品牌營銷方面，我們也將預算轉移到下半年和明年。所以幾乎沒有任何支出。所以現在，我不能真正談論趨勢，因為我們的基數很低。但顯然，我們希望隨著流量的增加而重新進入市場，這應該是高度相關的。但現在，我們還沒有。

Okay. That's very helpful. And then one other quick follow-up. Could you talk a little bit more about the local travel trips, maybe some examples of what those trips might look like just because I think that's an important dynamic in the near term, as you mentioned.

好的。這很有幫助。然後是另一個快速跟進。你能多談談當地的旅行嗎，也許這些旅行可能是什麼樣子的一些例子，因為我認為這是近期的一個重要動態，正如你提到的那樣。

Absolutely. So the highest interest that we currently see, which is also intuitively clear, is short trips from metropolitan areas to more remote areas. And that obviously differs then a bit by metropolitan area. But if you take Germany as an example, you should see very, very strong interest in the coastal destinations and in the mountains. And you pretty much see no interest in the metropolitan area. So it's really from crowded areas to basically completely noncrowded, very remote areas. That is the first most obvious use case. With the overall situation and also the comfort level of travelers improving, the next use case is more, okay, it could actually be closer to a town or some activity that will restart at some point in time. But it should be driving distance, so that you don't have to worry about flight schedules. Will the flight be on? Will they be canceled? Is it too crowded on planes, et cetera? So that's then a second step in terms of what travelers do feel or perceive as safe travel. And then obviously, the ultimate step is returning to normal where you go anywhere you want, probably still with initially some focus on shorter destinations as there is still some uncertainty whether there will be a second wave that will make long-haul flights more complicated and cumbersome. So that's super roughly and simplifying the evolution of travel, how we see it in the months to come, and that's what we are preparing the product for.

絕對地。因此，我們目前看到的最受關注的是從大都市地區到更偏遠地區的短途旅行，這也很直觀。這顯然因大都市區而有所不同。但如果以德國為例，您應該會看到人們對沿海地區和山區的興趣非常非常濃厚。而且您幾乎看不到對大都市區的興趣。所以真的是從人多的地方到基本完全不人多的非常偏遠的地方。這是第一個最明顯的用例。隨著整體情況和旅行者舒適度的提高，下一個用例更多，好吧，它實際上可能更接近城鎮或某些活動，這些活動將在某個時間點重新開始。但應該是行駛距離，這樣你就不用擔心航班時刻表了。航班會起飛嗎？他們會被取消嗎？飛機上是否太擁擠，等等？因此，就旅行者的感受或感知為安全旅行而言，這是第二步。然後很明顯，最終的步驟是恢復正常，你可以去任何你想去的地方，最初可能仍然會關注較短的目的地，因為仍然不確定是否會有第二波浪潮使長途航班變得更加複雜和麻煩。所以這非常粗略並簡化了旅行的演變，我們在未來幾個月內如何看待它，這就是我們正在準備產品的目的。

And the next question comes from the line of Jason Bazinet from Citi.

下一個問題來自花旗銀行的 Jason Bazinet。

I just had a very basic question. For the travel industry overall, what portion of all hotel rooms or nights, if you will, were related to this local travel segment that didn't involve airfare? And what, if you know, what share of the OTA market did it represent prior to COVID?

我只是有一個非常基本的問題。對於整個旅遊業，如果您願意的話，所有酒店房間或住宿的哪一部分與不涉及機票的本地旅遊部分相關？如果您知道，在 COVID 之前它代表了多少 OTA 市場份額？

I mean to be perfectly honest, I don't know the exact answer to your question. What I do know is that the majority of the travel on our site, quite significant majority is domestic. And in Europe, domestic, I would classify as the Schengen area, so to make it comparable to the U.S. And the majority of the travel is within driving distance or possible to drive. But I don't have the exact answer to your question.

老實說，我不知道你問題的確切答案。我所知道的是，我們網站上的大部分旅行，相當多的大部分是國內旅行。而在歐洲，國內，我會歸類為申根區，以便與美國相媲美。而且大部分旅行都在駕車距離內或可以駕車。但我沒有你的問題的確切答案。

Okay. I'll give you our back of the envelope, and you tell me if you think this is wrong, that 65% of hotel room nights do not involve air travel globally. Does that seem plausible to you?

好的。我會給你我們的信封背面，如果你認為這是錯誤的，請告訴我，全球 65% 的酒店間夜不涉及航空旅行。你覺得這合理嗎？

That would looking at our data be plausible, but I don't know whether our data is representative.

這樣看我們的數據是有道理的，但我不知道我們的數據是否具有代表性。

And the next question comes from Brian Nowak from Morgan Stanley.

下一個問題來自摩根士丹利的布賴恩諾瓦克。

This is Alex Wang on for Brian. Just two, please. First, as you guys talked about sort of positioning the business for some trends that you might expect coming out of this crisis, specifically local, can you talk about perhaps the need to maybe diversify the portfolio and maybe add offerings, such as rental cars, a greater emphasis on alternative accommodations or more local attractions to really capitalize on this local trip trends? And then the second question really is, as we think about the top line of the business between the trend of QR and RPQR, is there a way to help us think about the composition of what you saw in March and April as you think about the coming months and quarters how those 2 metrics might trend?

我是 Alex Wang 代替 Brian。就兩個，請。首先，當你們談到針對您可能預期從這場危機中出現的某些趨勢（特別是本地趨勢）對業務進行定位時，您能否談談可能需要使投資組合多樣化並可能增加產品，例如租車，更加重視替代住宿或更多當地景點以真正利用這種當地旅行趨勢？然後第二個問題真的是，當我們考慮 QR 和 RPQR 趨勢之間的業務頂線時，有沒有一種方法可以幫助我們考慮您在 3 月和 4 月看到的內容的組成未來幾個月和幾個季度，這兩個指標可能會有怎樣的趨勢？

Absolutely. So on diversification, let me answer that a bit broader and not focus on specific ideas. I mean we have tested quite a few things already pre the crisis, and we do believe that it is important to permanently challenge your setup and your product offering. And that's why we actually started to work on display advertisement and sponsored listings already end of last year, which now proves to be actually quite beneficial. But in particular, in a situation like the one that we are currently facing, where the future market might look very different than the market that we've experienced for the last years, it is very important to be very open and really look at opportunities and see which opportunities are right for your own business. So what I can just say is we are very open. We are testing various different ideas. And we will make a fact-based decision which ones we do believe are accretive to our value proposition and which ones are more distraction to our organization.

絕對地。所以關於多元化，讓我回答得更廣泛一些，而不是專注於具體的想法。我的意思是我們已經在危機前測試了很多東西，我們確實相信永久挑戰您的設置和產品供應很重要。這就是為什麼我們實際上已經在去年年底開始致力於展示廣告和讚助列表，現在證明這實際上是非常有益的。但特別是在我們目前面臨的情況下，未來的市場可能看起來與我們過去幾年經歷的市場截然不同，非常重要的是要非常開放並真正尋找機會並查看哪些機會適合您自己的業務。所以我只能說我們非常開放。我們正在測試各種不同的想法。我們將做出基於事實的決定，我們認為哪些會增加我們的價值主張，哪些會分散我們組織的注意力。

Yes. And on your second question on trends in QR and RPQR. Obviously, that's a difficult one because it doesn't make a ton of sense at looking at that now. But how we think about it going forward, QR is basically our volume component, and that should correlate with travel volumes coming back. And RPQR is more the monetization piece. And there, we talked about before that we do expect pressure in the auction going forward, and we hope to mitigate that with the marketplace changes, but that would come later. So super high level, I would expect that we do see an improvement in QR year-over-year trends first, and then RPQR will probably lag that.

是的。關於 QR 和 RPQR 趨勢的第二個問題。顯然，這是一個困難的問題，因為現在看它沒有多大意義。但我們如何看待它的未來，QR 基本上是我們的流量組成部分，它應該與回來的旅行量相關。而 RPQR 更像是貨幣化的部分。在那裡，我們之前談到過我們確實預計未來的拍賣會面臨壓力，我們希望隨著市場的變化來減輕這種壓力，但這會在以後出現。如此高的水平，我希望我們首先看到 QR 同比趨勢有所改善，然後 RPQR 可能會落後於此。

But to be honest, right now, it's not really an auction. And for RPQR to make sense and look at the monetization, et cetera, you need certain volumes and certain level of activity. So again, it highly depends on how this shakes out. So yes, I think that's like my two cents on the 2 metrics, if that helps.

不過說實話，眼下，還算不上真正的拍賣會。為了使 RPQR 有意義並查看貨幣化等，您需要一定的數量和一定的活動水平。同樣，這在很大程度上取決於結果如何。所以是的，我認為這就像我在 2 個指標上的兩分錢，如果有幫助的話。

(Operator Instructions) And your next question comes from the line of James Lee from Mizuho Securities.

（操作員說明）你的下一個問題來自瑞穗證券的 James Lee。

Great. Can you guys maybe talk about some of the subsidies you're getting from the government and how they are giving you maybe some cushion on liquidity? And also maybe help us understand, have you done any stress test on your balance sheet? If the impact of COVID-19 is worse than your expectation, do you need to compare to market to raise capital? And also lastly, and maybe help us understand the search trends into the summer travel season a little bit. We'd love to see, would love to know what you're seeing out there in terms of destination. Any demographic shift or changes from the search results there?

偉大的。你們能談談你們從政府獲得的一些補貼，以及它們如何為你們提供一些流動性緩衝嗎？也可能幫助我們了解，您是否對資產負債表進行過壓力測試？如果 COVID-19 的影響比您的預期更糟，您是否需要與市場進行比較以籌集資金？最後，也許可以幫助我們了解夏季旅遊旺季的搜索趨勢。我們很想看到，很想知道你在目的地看到了什麼。那裡的搜索結果有任何人口變化或變化嗎？

Yes. Thanks, James. So on your first question on subsidies, we mentioned that we utilized a scheme called Kurzarbeit in Germany. So basically, you put people on reduced working hours. And we did that in April, but then moved everybody back to 100% in May when we announced the restructuring. So only a few employees were on 0 hours in April. And as we kept most people on at least 50%, this overall won't move the needle in the second quarter in terms of costs. Regarding your second question on the balance sheet, I mean, as of end of Q1, we had over EUR 200 million in cash equivalents and short-term investments with no debt on our balance sheet. We have adjusted our cost base to set up the company for lower travel volumes in 2021 compared to 2019. So even under scenarios with no recovery in travel in 2020 and subdued travel activity in 2021, we are confident that we have sufficient liquidity.

是的。謝謝，詹姆斯。所以關於你關於補貼的第一個問題，我們提到我們在德國使用了一個名為 Kurzarbeit 的計劃。所以基本上，你讓人們減少了工作時間。我們在 4 月份就這樣做了，但在 5 月份我們宣布重組時，每個人都回到了 100%。因此，4 月份只有少數員工的工作時間為 0。由於我們將大多數人保持在至少 50%，因此總體而言，第二季度的成本不會發生變化。關於資產負債表上的第二個問題，我的意思是，截至第一季度末，我們的資產負債表上有超過 2 億歐元的現金等價物和短期投資，沒有債務。我們已經調整了成本基礎，以使公司在 2021 年的旅行量低於 2019 年。因此，即使在 2020 年旅行沒有復蘇且 2021 年旅行活動低迷的情況下，我們也相信我們有足夠的流動性。

And lastly, on trends. Yes, as I said, it's very tricky to read anything into anything we're seeing right now on the platform. Obviously, we do see that local travel gained share versus international travel, but I guess that's clear. As I mentioned before, we also see that apartments are gaining versus hotel, but I would not read too much into that. It's no indication of what we will see once volume comes back to more normal levels. But for the short term, we anticipate, we expect that the people will look more locally and will rather, for example, in Germany, will look at the German coast and not Italy or Spain or Greece. But it also depends on how borders or when borders are opening et cetera, et cetera, and what the perceived safety is from our users. But that's all I can say at this point.

最後，關於趨勢。是的，正如我所說，將任何內容讀入我們現在在平台上看到的任何內容是非常棘手的。顯然，我們確實看到本地旅行比國際旅行增加了份額，但我想這是顯而易見的。正如我之前提到的，我們還看到公寓相對於酒店正在上漲，但我不會對此解讀太多。一旦交易量恢復到更正常的水平，我們將不會看到什麼跡象。但就短期而言，我們預計，我們預計人們將更多地關注本地，並且更願意，例如在德國，將關注德國海岸，而不是意大利、西班牙或希臘。但這也取決於邊界的開放方式或開放時間等等，以及我們的用戶認為安全的程度。但這就是我現在能說的。

And that was our last question for today. Please continue.

這是我們今天的最後一個問題。請繼續。

Yes. Thanks, everyone, for joining us today. Yes. The travel industry is facing an unprecedented challenge, but travel will come back. The slope of the recovery is uncertain, and it will be key to stay flexible and adapt quickly. The past months have not been easy for any of us at trivago. We had to take tough decisions, move to a fully remote setup and deal with a very difficult business environment. But it has been very comforting to see how well our team has responded to these challenges, adapting at an amazing pace with a positive forward-looking attitude. With our dynamic and entrepreneurial culture, our lean organization and our collaborative approach with our partners, we believe that we are well set up to navigate through the quarters to come.

是的。謝謝大家今天加入我們。是的。旅遊行業正面臨前所未有的挑戰，但旅遊終將捲土重來。復甦的斜率不確定，保持靈活性和迅速適應將是關鍵。過去幾個月對我們 trivago 的任何人來說都不容易。我們不得不做出艱難的決定，轉向完全遠程設置並應對非常困難的業務環境。但看到我們的團隊如何應對這些挑戰，以驚人的速度以積極的前瞻性態度進行調整，令人感到非常欣慰。憑藉我們充滿活力的創業文化、我們的精益組織以及我們與合作夥伴的協作方式，我們相信我們已經準備好迎接未來的幾個季度。

Last but not least, we are using the time of low travel activity to fundamentally improve our value proposition to both towards our users and our advertisers and leave the crisis stronger than we entered. Many thanks for your time and stay safe.

最後但並非最不重要的一點是，我們正在利用低旅行活動的時間從根本上改善我們對用戶和廣告商的價值主張，並讓危機比我們進入時更強大。非常感謝您的寶貴時間並保持安全。

Thank you, ladies and gentlemen. That does conclude our conference for today. Thank you for participating. You may all disconnect.

謝謝你們，女士們，先生們。我們今天的會議到此結束。感謝您的參與。你們都可以斷開連接。