Trivago NV (TRVG) 2023 Q2 法說會逐字稿

Good day, ladies and gentlemen. Thank you for standing by,and welcome to the trivago Q2 Earnings Call 2023. I must advise you the call is being recorded today, Wednesday, the 2nd of August 2023.

美好的一天，女士們先生們。感謝您的耐心等待，歡迎參加 trivago 2023 年第二季度收益電話會議。我必須告訴您，電話會議將於今天（2023 年 8 月 2 日星期三）進行錄音。

We are pleased to be We are pleased to be joined on the call today by Johannes Thomas, trivago's CEO and Managing Director; and Matthias Tillmann, trivago's CFO and Managing Director.

我們很高興今天邀請 Trivago 首席執行官兼董事總經理 Johannes Thomas 參加電話會議；以及 Trivago 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, Wednesday, the 2nd of August 2023 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 Q2 2023 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. 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. You are encouraged to periodically visit trivago's investor relations site for important content. Finally, unless otherwise stated, all comparisons on this call will be against results for the comparable period of 2022.

以下討論（包括對您的問題的答复）僅反映了截至今天（即 2023 年 8 月 2 日星期三）管理層的觀點。 trivago 不承擔更新或修改此信息的任何義務。與往常一樣，今天的電話會議中發表的一些聲明具有前瞻性，通常前面加上諸如我們期望、我們相信、我們預期等詞語；或類似的陳述。請參閱 2023 年第二季度運營和財務審查以及該公司向 SEC 提交的其他文件，了解可能導致 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。您可以在 trivago 的運營和財務審查中找到非 GAAP 衡量標準與今天討論的最具可比性 GAAP 衡量標準的調節表，該審查發佈在該公司的 IR 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。最後，除非另有說明，本次電話會議的所有比較都將針對 2022 年可比期間的結果。

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

現在，讓我把電話轉給約翰內斯。

Good morning, everyone, and thank you for joining our Q2 2023 Earnings Call. As this is my first call since returning to the company, I wanted to take this opportunity to share some of my initial observations and thoughts on our strategic direction. Firstly, I'm thrilled to be back at trivago and equally excited to be joined by our new Chief Marketing Officer, Jasmine; and our new Chief Product Officer, Andrej. I'm also excited to team up with Matthias again. We have been part of the leadership team that scaled trivago across the globe. With our deep understanding of the company and the relevant know-how in marketing, product and technology, we feel confident to guide the company's future. Our first months have confirmed our belief in the potential of the business and the capabilities of our teams. We have a massive brand in a massive industry. Travel is one of our biggest sectors and it has proven its robustness. The Hotel segment is very attractive and highly fragmented. As a matter such, we bring clarity to complexity. We [aggregate] content, reviews and rates for more than 5 million properties from hundreds of travel sites. Most importantly, we deliver a strong value proposition on price, the factor that travelers care about when considering a website to search or book a hotel.

大家早上好，感謝您參加我們的 2023 年第二季度財報電話會議。由於這是我回到公司後的第一次電話，我想藉此機會分享我對我們戰略方向的一些初步觀察和想法。首先，我很高興能回到 trivago，同樣也很高興能加入我們新任首席營銷官 Jasmine；以及我們新任首席產品官 Andrej。我也很高興再次與馬蒂亞斯合作。我們是在全球範圍內擴展 trivago 的領導團隊的一員。憑藉我們對公司的深入了解以及營銷、產品和技術方面的相關專業知識，我們有信心引領公司的未來。最初的幾個月證實了我們對業務潛力和團隊能力的信念。我們在一個龐大的行業中擁有一個龐大的品牌。旅遊業是我們最大的行業之一，並且已經證明了其穩健性。酒店細分市場非常有吸引力且高度分散。因此，我們將復雜性變得清晰。我們[匯總]來自數百家旅遊網站的超過 500 萬家酒店的內容、評論和價格。最重要的是，我們在價格方面提供了強有力的價值主張，這是旅行者在考慮通過網站搜索或預訂酒店時關心的因素。

Our strategic focus remains on hotel and accommodations. This focus on one vertical enabled to market trivago's tremendous growth in the past and carries considerable advantages for the future. It allows us to position our brand uniquely as the [mentor] go-to place for searching hotels. The claim, "hotel, trivago," speaks for itself and is well known across the globe. In many large markets, we are still among the most recognized travel brand, and every year, millions of travelers start their search on trivago with a product that is focused on hotels, we can deliver a search experience that surpasses all others in simplicity and seamlessness.

我們的戰略重點仍然是酒店和住宿。這種對某一垂直市場的關注使得 Trivago 過去取得了巨大的增長，並為未來帶來了相當大的優勢。它使我們能夠將我們的品牌獨特地定位為搜索酒店的[導師]首選地點。 “酒店，trivago”這一說法不言而喻，並且在全球範圍內廣為人知。在許多大型市場中，我們仍然是最受認可的旅行品牌之一，每年，數以百萬計的旅行者通過專注於酒店的產品開始在trivago 上進行搜索，我們可以提供超越所有其他產品的簡單性和無縫性的搜索體驗。

We understand the obstacle our business has faced in the wake of the pandemic. Keeping trivago at the forefront of travelers' minds through brand marketing has been a steeper challenge in the past few years. Simultaneously, trivago has cautiously cut back on marketing spend, in a push for higher profitability. We have rejoined trivago with a firm belief that we can return the business to a growth path. As the new management team, our core responsibility lies on striking an optimal balance between growth and profitability, aiming to maximize long-term shareholder value. To realize this, we will continue investing into our brand presence. Television remains an essential part of our marketing efforts due to its vast reach and effectiveness. We have already adjusted our media-buying tactics during our initial months and continue to optimize our media channel and market mix. We have also become more experimented in our television advertisement to understand how we can improve direct response and activate more travelers when they see our ads. Beyond brand, we see plenty of opportunity to enhance our core product, with a goal to further improve user experience and retention. We want to provide everything travelers need to confidently search, compare and choose their ideal hotel. We [believe] in price when it comes to loyalty. We will cement our position as a shortcut to find the best rates and will reinforce our capabilities as a deal-signing platform, yet the foundation of our ambitions is our people and the culture we foster. Our success has always leaned on the commitment and creativity of our team members, who have boldly turned their ideas into reality. We will revitalize our culture of micro innovation, continuous improvement and disciplined execution. It will make us take better decision, learn faster and create more value for our users and advertising partners.

我們了解我們的業務在大流行後面臨的障礙。在過去幾年中，通過品牌營銷讓 Trivago 保持在旅行者心目中的位置一直是一個嚴峻的挑戰。與此同時，Trivago 謹慎地削減了營銷支出，以提高盈利能力。我們重新加入 trivago，堅信我們能夠讓業務重回增長軌道。作為新的管理團隊，我們的核心責任在於在增長和盈利之間取得最佳平衡，旨在實現股東長期價值最大化。為了實現這一目標，我們將繼續投資於我們的品牌影響力。由於其廣泛的影響力和有效性，電視仍然是我們營銷工作的重要組成部分。我們在最初幾個月就已經調整了媒體購買策略，並繼續優化我們的媒體渠道和市場組合。我們還在電視廣告中進行了更多的實驗，以了解如何提高直接反應並在更多旅行者看到我們的廣告時激活他們。除了品牌之外，我們還看到了很多增強核心產品的機會，目標是進一步提高用戶體驗和保留率。我們希望為旅客提供自信地搜索、比較和選擇理想酒店所需的一切。當談到忠誠度時，我們[相信]價格。我們將鞏固我們作為尋找最優惠價格捷徑的地位，並將加強我們作為交易簽署平台的能力，但我們雄心勃勃的基礎是我們的員工和我們培育的文化。我們的成功始終依賴於我們團隊成員的承諾和創造力，他們大膽地將自己的想法變成了現實。我們將重振微創新、持續改進和嚴格執行的文化。它將使我們做出更好的決策，更快地學習，並為我們的用戶和廣告合作夥伴創造更多價值。

We are excited for what's ahead and are committed to leveraging our experience, our brand strengths and our value proposition to move trivago forward.

我們對未來感到興奮，並致力於利用我們的經驗、品牌優勢和價值主張來推動 trivago 向前發展。

With this, I'm handing over to Matthias.

至此，我將把工作交給馬蒂亞斯。

Thanks, Johannes, and welcome to your first earnings call with us. Good morning and good afternoon to everyone on the call as well.

謝謝約翰內斯，歡迎您參加我們的第一次財報電話會議。也祝所有參與通話的人早上好、下午好。

The second quarter proved to be challenging for us with a referral revenue decline of 13% year-over-year. While last year's Q2 results were positively impacted by pent-up travel demand driven by travel lockdowns and restrictions in the first quarter of 2022, in particular in Europe and Asia, we observed the normalization in seasonality this quarter. Last year, we also experienced higher monetization levels in our auction as our advertising partners aimed for growth during the reopening. In the first half of this year, the seasonal pattern and bidding dynamics in our auction normalized, which led to lower levels of monetization year-over-year. In addition, we observed that Google rolled out a sponsored ad format in their search engine result pages mid-May, and we believe that this initially captured a significant impression share from traditional Adwords. The combination of normalization in seasonality, lower levels of monetization and Google ad changes had a negative impact on our performance marketing volumes. As a result, the year-over-year referral revenue decline in the second quarter was higher than we anticipated at the beginning of May.

事實證明，第二季度對我們來說充滿挑戰，推薦收入同比下降 13%。雖然去年第二季度的業績受到 2022 年第一季度旅行封鎖和限制（特別是在歐洲和亞洲）所推動的被壓抑的旅行需求的積極影響，但我們觀察到本季度季節性正常化。去年，我們在拍賣中也經歷了更高的貨幣化水平，因為我們的廣告合作夥伴旨在重新開放期間實現增長。今年上半年，我們拍賣的季節性模式和競價動態正常化，導致貨幣化水平同比下降。此外，我們觀察到 Google 在 5 月中旬在其搜索引擎結果頁面中推出了贊助廣告格式，我們相信這最初從傳統 AdWords 中獲得了顯著的印象份額。季節性正常化、貨幣化水平較低以及 Google 廣告變化的結合對我們的效果營銷量產生了負面影響。因此，第二季度推薦收入同比下降幅度高於我們 5 月初的預期。

We continue to execute on our plan to ramp up brand marketing investments as we see positive results from our brand campaigns. We believe it will help us to rebuild our brand baseline traffic long term even though the investments lead to lower levels of return on advertising spend in the short term. Our consolidated ROAS declined to 144.6% in the second quarter, down from 165.9% in the same period last year. Our net income was EUR 5.8 million compared to a net loss of EUR 59.8 million last year. The increase was mainly driven by an impairment of intangible asset and goodwill of EUR 84.2 million recorded in 2022. The increase in brand marketing expenses and lower levels of monetization led to a decrease in our adjusted EBITDA to EUR 12.2 million in the second quarter of 2023 compared to EUR 30.3 million in the same period in 2022.

我們繼續執行增加品牌營銷投資的計劃，因為我們看到品牌活動取得了積極的成果。我們相信，儘管這些投資會導致短期內廣告支出回報率降低，但它將幫助我們長期重建品牌基線流量。第二季度我們的綜合 ROAS 下降至 144.6%，低於去年同期的 165.9%。我們的淨收入為 580 萬歐元，而去年的淨虧損為 5980 萬歐元。這一增長主要是由於 2022 年記錄的無形資產和商譽減值 8,420 萬歐元。品牌營銷費用的增加和貨幣化水平的降低導致我們的調整後 EBITDA 在 2023 年第二季度下降至 1,220 萬歐元相比之下，2022 年同期為3030 萬歐元。

Let me give you some color on the dynamics in the second quarter for the different regions, starting with our segment Americas. Our referral revenue declined by 23% year-over-year. The decline was largely driven by a loss in performance marketing volumes, as we did not observe the same uptick in monetization, our own auction as last year and Google ad changes that I mentioned before, which led to a reduction in impressions and ultimately traffic for us. Average booking values were roughly stable year-over-year, as the tailwind from higher ADRs was offset by a decrease in lengths of stay and negative foreign exchange effects.

讓我從我們的美洲部分開始，向您介紹第二季度不同地區的動態。我們的推薦收入同比下降 23%。下降的主要原因是效果營銷量的損失，因為我們沒有觀察到貨幣化、我們自己的拍賣與去年一樣的上升以及我之前提到的谷歌廣告變化，這導致了展示次數和最終流量的減少。我們。平均預訂價值同比大致穩定，因為平均預訂價格上漲帶來的推動力被入住時間的減少和外彙的負面影響所抵消。

In Developed Europe, the year-over-year referral revenue decline was less pronounced than in Americas, as the headwind from lower levels of monetization was partly offset by an increase in booking conversion. ADRs increased year-over-year by mid- to high single digit. However, the increase was offset by a similar decline in lengths of stay. As a result, our average booking value was roughly flat compared to the same period in 2022.

在歐洲發達地區，推薦收入的同比下降不如美洲那麼明顯，因為貨幣化水平較低帶來的阻力被預訂轉化率的增加部分抵消了。 ADR 同比增長中位數至高個位數。然而，這一增長被停留時間的類似下降所抵消。因此，我們的平均預訂價值與 2022 年同期大致持平。

Referral revenue in our segment Rest of World increased by 21% year-over-year, as the recovery in many Asian markets continued, most notably in Japan and Hong Kong. While overall length of stay was also shorter in Rest of World compared to the same period in 2022, this was more than offset by an increase in ADRs of over 20%. In addition, we saw an increase in booking conversion as many Asian countries continued to recover post COVID. Foreign exchange rates had a negative impact of around 10% in that segment for us.

隨著許多亞洲市場（尤其是日本和香港）的持續復甦，我們世界其他地區的推薦收入同比增長 21%。儘管與 2022 年同期相比，世界其他地區的總體停留時間也較短，但這被 ADR 超過 20% 的增長所抵消。此外，隨著許多亞洲國家在新冠疫情后繼續復甦，我們看到預訂轉化率有所增加。外匯匯率對該領域的負面影響約為 10%。

Moving on to our operational expenses. Excluding advertising expenses and the impairment of intangible assets and goodwill from last year, we saw a decline of 11% in our operational expenses in the second quarter compared to the same period in 2022. Compensation expenses, including share-based compensation, decreased mainly as a result of head count reductions compared to the second quarter in 2022. Further, we recorded lower commission fees for acquiring traffic, as our white label product is fading out.

繼續我們的運營費用。剔除去年的廣告費用以及無形資產和商譽減值，我們第二季度的運營費用與 2022 年同期相比下降了 11%。薪酬費用（包括股權激勵）下降的主要原因是與2022 年第二季度相比，員工人數減少。此外，由於我們的白標產品正在淡出，我們獲得流量的佣金較低。

We remain well capitalized with approximately EUR 298 million in cash, cash equivalents, restricted cash and short-term investments, and we continue to be debt free.

我們的資本充足，擁有約 2.98 億歐元的現金、現金等價物、限制性現金和短期投資，並且我們仍然沒有債務。

Let me close with an outlook on third quarter. As expected, we saw a significant increase in referral revenue month-over-month in July in line with general travel seasonality as we enter the peak summer period. The year-over-year referral revenue decline in July improved significantly compared to June as we were able to regain performance marketing traffic volumes. The main travel trends remain stable. We continue to see elevated average booking values in all regions. In Americas and Europe, average booking values are roughly flat compared to last year, as the further increase in ADRs is largely offset by shorter lengths of stay. In our segment Rest of World, average booking values are still higher compared to a year ago, as the increase in ADRs is still strong and only partly offset by shorter lengths of stay. Overall travel demand continues to be robust and our auction dynamics improved slightly in July, however, still at monetization levels that are lower compared to last year. Despite those monetization headwinds, we plan to invest into brand marketing at similar levels to last year in the third quarter and therefore expect a decrease in ROAS and contribution compared to the same period last year.

最後讓我對第三季度進行展望。正如預期的那樣，隨著進入夏季高峰期，我們看到 7 月份的推薦收入環比大幅增長，這與總體旅行季節性相一致。與 6 月份相比，7 月份的推薦收入同比下降情況顯著改善，因為我們能夠重新獲得效果營銷流量。主要旅遊趨勢保持穩定。我們繼續看到所有地區的平均預訂價值都在上升。在美洲和歐洲，平均預訂價值與去年相比大致持平，因為 ADR 的進一步增長在很大程度上被較短的住宿時間所抵消。在世界其他地區，平均預訂價值仍高於一年前，因為 ADR 的增長仍然強勁，且僅被較短的住宿時間所部分抵消。總體旅遊需求依然強勁，我們的拍賣動態在 7 月份略有改善，但貨幣化水平仍低於去年。儘管存在這些貨幣化阻力，但我們計劃在第三季度以與去年類似的水平投資於品牌營銷，因此預計廣告支出回報率和貢獻與去年同期相比會有所下降。

For the full year 2023, we continue to expect to exceed our 2019 adjusted EBITDA of EUR 70 million.

對於 2023 年全年，我們繼續預計 2019 年調整後 EBITDA 將超過 7000 萬歐元。

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

接下來，讓我們打開提問熱線。

(Operator Instructions) Our first question comes from Naved Khan from B. Riley.

（操作員說明）我們的第一個問題來自 B. Riley 的 Naved Khan。

Congrats, Johannes, on your return. Just a couple of questions. So maybe one on the Google ad changes that you saw. What is the extent of that? Is that mostly in the U.S., or are you seeing that across all the geos? And then secondly, you spoke about maybe increased focus on brand advertising. I'm just trying to figure out what's the lag that you expect there in terms of that translating into better performance in your core business.

恭喜你，約翰內斯，你回來了。只是幾個問題。也許您看到的 Google 廣告發生了一項變化。其程度如何？這主要發生在美國，還是您在所有地區都看到了這種情況？其次，您談到可能會增加對品牌廣告的關注。我只是想弄清楚，在轉化為核心業務的更好績效方面，您期望的滯後是多少。

Yes, thank you, Naved. On your first question, it was really across all geos, so it's not U.S. specific, but it includes the U.S., yes. So we -- obviously it's always a bit different market by market and there are different dynamics. It's not only the roll-off -- rollout of the ad but also how competitors react, how people participate in that format and how the normal dynamic is in ads work. And so there can be slight differences market by market, but it's not that we observed that this was rolled out in one geo or one market and not in others. It was really global. And then on brand advertisement, I think our general philosophy has not changed. And Johannes can add to this and share his thoughts, but we already said last year that we believe that brand marketing investment into brand has been a key secret sauce for the company for many, many years; and that's how we build a global brand in many countries. And obviously it was difficult to run that playbook through the pandemic. And in particular, when we saw first countries and regions recovering, it was difficult to navigate because TV -- and that's the main channel for us still today in brand, is really a mass channel and you cannot selectively target certain audiences. And that's why, in the ramp-up or start of the recovery, it can be quite expensive to advertise there. And that's what we tried to balance over the last couple of years, in particular in 2020 and '21; and then last year, we started to ramp up. As you surely recall, the first quarter was still difficult, in particular in Europe and in Rest of World. And that's why we, in [hindsight], probably were a bit too cautious going into the summer period; and that's what we said where we want to change this year. And that's why we started earlier to invest into brand and that's what you can partly see in the numbers as well with a robust decline as we have started to advertise earlier than last year into brand. Having said that, and that's my last comment, obviously everything we do in brand is -- has a long-term impact, so we don't aim to have a positive return on investment in the short term. So it comes as -- at negative contribution. And we -- I mean, from the learnings we had pre COVID and also when we ramped up last year, we know that it takes a bit longer to see the positive effect on the brand baseline and then on revenue and contribution, but we are convinced that we will see those effects in the future. And that's why we keep investing.

是的，謝謝你，納維德。關於你的第一個問題，它確實跨越了所有地理區域，所以它不是美國特有的，但它包括美國，是的。所以我們——顯然，每個市場總是有點不同，而且有不同的動態。這不僅涉及廣告的推出，還涉及競爭對手的反應、人們如何參與這種形式以及廣告中的正常動態如何運作。因此，每個市場可能會存在細微的差異，但這並不是說我們觀察到這是在一個地區或一個市場推出的，而不是在其他地區推出的。這確實是全球性的。然後在品牌廣告上，我認為我們的總體理念沒有改變。約翰內斯可以補充這一點並分享他的想法，但我們去年已經說過，我們相信對品牌的品牌營銷投資多年來一直是公司的關鍵秘密武器；這就是我們在許多國家打造全球品牌的方式。顯然，在大流行期間執行該策略很困難。特別是，當我們看到第一個國家和地區正在復蘇時，很難導航，因為電視——這仍然是我們品牌的主要渠道，實際上是一個大眾渠道，你不能有選擇地針對某些受眾。這就是為什麼在復甦的加速或開始階段，在那裡做廣告可能會非常昂貴。這就是我們在過去幾年中試圖平衡的，特別是在 2020 年和 21 年；然後去年，我們開始加速。您肯定還記得，第一季度仍然很困難，特別是在歐洲和世界其他地區。這就是為什麼我們（事後看來）在進入夏季時可能有點過於謹慎；這就是我們今年想要改變的地方。這就是為什麼我們更早開始對品牌進行投資，這就是你可以在數字中部分看到的，以及強勁的下降，因為我們比去年更早開始對品牌進行廣告宣傳。話雖如此，這是我最後的評論，顯然我們在品牌方面所做的一切都會產生長期影響，因此我們的目標不是在短期內獲得積極的投資回報。所以它的貢獻是負的。我的意思是，根據我們在新冠疫情爆發前以及去年加大力度時的經驗，我們知道需要更長的時間才能看到對品牌基線、然後對收入和貢獻的積極影響，但我們正在相信我們將來會看到這些影響。這就是我們持續投資的原因。

Okay, a quick follow-up, if I may. So your prepared remarks talk about improvement in booking conversion. I am curious what drove that.

好的，如果可以的話，快速跟進一下。因此，您準備好的評論談到了預訂轉化率的提高。我很好奇是什麼推動了這一點。

Yes. So it's -- I mentioned that we saw an improvement in booking conversion in Europe and Rest of World. Starting with Rest of World, I think that is primarily driven by the recovery. In Europe, it can be a mix effect; for example, a channel mix effect. It can -- which makes sense if you combine that with the other commentary we made because we lost performance, traffic volume. And brand conversion tend to be higher, so there's nothing to call out in terms of significant changes we did on the product side. As Johannes mentioned in his remarks, the philosophy is more to invest into the product and try to improve it incrementally, so by building different -- smaller features and continuous improvement, but it's not that we aim for this one big change that gives you a step change in the conversion, which is difficult to achieve, to start with. So I think it's more from a mix, channel mix and maybe country mix, side as well than any bigger changes on the product side.

是的。所以，我提到我們看到歐洲和世界其他地區的預訂轉化率有所提高。從世界其他地區開始，我認為這主要是由複蘇推動的。在歐洲，這可能是一種混合效應；例如，通道混合效果。它可以——如果你把它與我們所做的其他評論結合起來，這是有道理的，因為我們失去了性能、流量。而且品牌轉化率往往更高，因此我們在產品方面所做的重大改變沒有什麼值得稱讚的。正如約翰內斯在他的講話中提到的，我們的理念是更多地投資於產品並嘗試逐步改進它，因此通過構建不同的——更小的功能和持續改進，但這並不是說我們的目標是這一重大改變給你帶來一開始就很難實現轉換的階躍變化。所以我認為這更多的是來自組合、渠道組合，也許還有國家組合，以及產品方面的任何更大的變化。

Our next question comes from James Lee from Mizuho.

我們的下一個問題來自瑞穗銀行的 James Lee。

Congratulations, Johannes, for coming back to trivago. Basically I have 2 questions here. I was wondering. Can you give the -- give us your long-term view about the meta-search business given the continued Google headwinds we're seeing here? And also can you talk about the strategy for the company going forward? How is that different than the prior CEO?

恭喜約翰內斯回到 trivago。基本上我有兩個問題。我想知道。考慮到我們在這裡看到的持續的谷歌逆風，您能否告訴我們您對元搜索業務的長期看法？您還能談談公司未來的戰略嗎？這與前任首席執行官有何不同？

Yes. If I look at the space, I think most important, when I look at it is, are we solving a problem? Is there an added value that we are creating? And I think that's what I outlined. We see that there's still a very strong price disparity. There's a lot of different advertisers with different prices, so there is a reason to exist. As a meta-search, we simplify the world for users; and that's why they're coming to us. And this has not changed in our research in -- and the feedback we are collecting from users. There is certainly a segment that goes for convenience, regular travelers that certainly have a good reason not to use a meta-search, but overall, I think the proposition is as strong as it always was. And then it's a question do you get this across to the users. As spending much less on marketing now, we need to be smart and more efficient to do that. And I think that's a differentiation to Google. Google cannot capture the mental space that they are about to tell. They're a search engine, much broader. Yes, people start there, but I think, with our brand marketing approach, it has always been trivago as the starting point and you check in with trivago when you're in your research and plannings phase. And this fundamentally doesn't change. And I think it's then up to us. Do we build a better product? Do I believe we have a better product? Yes. And we need to continue to innovate and improve our core product. And that's why I believe last year -- and coming to your strategic question, Last year, the shift has gone back to core product, and that is what I would sign 100%. I think the market is huge. The brand is very strong. Capturing space in that market at our size should be very reasonable, and that is what excites us to be here. And fundamentally it's about rebuilding our brand and being efficient in marketing and converting them into our products. And then -- yes. You had a second question...

是的。如果我看這個空間，我認為最重要的是，當我看它時，我們是否正在解決問題？我們正在創造附加值嗎？我想這就是我所概述的。我們看到價格差距仍然很大。有很多不同的廣告商有不同的價格，所以有一個存在的理由。作為元搜索，我們為用戶簡化了世界；這就是他們來找我們的原因。我們的研究以及我們從用戶那裡收集的反饋都沒有改變這一點。當然，有一個部分是為了方便，經常旅行者當然有充分的理由不使用元搜索，但總的來說，我認為這個主張一如既往地強烈。然後問題是你能否將這一點傳達給用戶。由於現在營銷支出大大減少，我們需要更聰明、更高效地做到這一點。我認為這是與穀歌的區別。谷歌無法捕捉到他們即將講述的心理空間。它們是一個範圍更廣的搜索引擎。是的，人們從那裡開始，但我認為，通過我們的品牌營銷方法，它始終以 trivago 作為起點，當您處於研究和規劃階段時，您會與 trivago 進行檢查。這從根本上沒有改變。我認為這取決於我們。我們是否打造了更好的產品？我相信我們有更好的產品嗎？是的。我們需要不斷創新和改進我們的核心產品。這就是為什麼我相信去年 - 談到你的戰略問題，去年，轉變已經回到了核心產品，這就是我 100% 同意的。我認為市場很大。該品牌非常強大。以我們的規模在該市場佔據空間應該是非常合理的，這就是我們來到這裡的興奮之處。從根本上說，這是關於重建我們的品牌、高效的營銷並將其轉化為我們的產品。然後——是的。你還有第二個問題...

Yes. Go ahead, please.

是的。請繼續。

No. You had a second question. Or...

不，你還有第二個問題。或者...

No, no, no. The second question is for Matthias. Johannes, if you maybe go ahead and finish your commentary about strategy, that will be great.

不不不。第二個問題是問馬蒂亞斯的。約翰內斯，如果您可以繼續完成有關策略的評論，那就太好了。

No. I think that was my points on strategy and how I look at the space, big market, big brands and a product that solves a problem.

不，我認為這是我的戰略觀點，以及我如何看待空間、大市場、大品牌和解決問題的產品。

Awesome. And for Matthias, a couple of housekeeping question here. I think on the press release you said length of stay is a little bit shorter, continue to be shorter. I was wondering. Can you give us more color? Last quarter, you said, was down low single- digits. And also you say you continue seeing trade-downs. And can you give us a little bit more color? Is that across the board? You're seeing all region. Or in specific regions, you're seeing a little bit more trade-down activities.

驚人的。對於馬蒂亞斯來說，這裡有幾個家務問題。我想你在新聞稿中說停留時間有點短，繼續更短。我想知道。你能給我們更多的顏色嗎？您說，上個季度出現低個位數下降。而且你還說你繼續看到交易下降。你能給我們多一點色彩嗎？這是全面的嗎？您看到的是所有地區。或者在特定地區，您會看到更多的折價活動。

Yes, sure. Thanks, James. So first of all, we see a reduction in lengths of stay across all regions. Last quarter, we said it's low single-digit. It's a bit higher than that now. And I think that makes sense given that -- approaching the summer season with an average length of stay that is longer, it makes sense that the decrease is increasing as well. It's very similar to what we saw last year, in the third quarter, already in Europe. And I mean, to give you an idea, it's when it was low single-digit in the first quarter, then it's now high single-digit kind of. And it's very, very similar in the different regions; a little lower in Rest of World, but there you need to be careful given that there are lots of mix effects in that segment. That segment consists of 30 markets for us. There's also some noise in the year-over-year comparisons as last year. We didn't see all markets fully recovering. Now it's a bit different, which leads to a country mix shift this year as well but overall same story and similar trends. What is different in Rest of World, and I called that out, is that the ADRs in the year-over-year comparison are increasing stronger. And what you should also reflect is that there -- in the numbers we report in euros, that there are negative currency effects in there. And that is a bit bigger in Rest of World. I think I mentioned the number was a headwind of around 10% for us. In Americas, there was also a currency effect of around 5%; and in Europe, not so much. It's only the pound sterling, but that wasn't as big.

是的，當然。謝謝，詹姆斯。首先，我們看到所有地區的停留時間都在減少。上個季度，我們稱其為低個位數。比現在高一點。我認為這是有道理的，因為臨近夏季，平均停留時間更長，減少的時間也在增加也是有道理的。這與我們去年第三季度在歐洲看到的情況非常相似。我的意思是，給你一個想法，第一季度是低個位數的時候，然後現在是高個位數的。不同地區的情況非常非常相似；世界其他地區的情況要低一些，但考慮到該部分有很多混合效果，您需要小心。該細分市場由我們的 30 個市場組成。與去年相比，同比也存在一些噪音。我們並沒有看到所有市場都完全復甦。現在情況有點不同，這也導致了今年國家組合的轉變，但總體上是相同的故事和相似的趨勢。我指出，世界其他地區的不同之處在於，與去年同期相比，美國存託憑證越來越強勁。您還應該反映的是，在我們以歐元報告的數字中，存在負面的貨幣影響。世界其他地區的情況更大一些。我想我提到過這個數字對我們來說是 10% 左右的阻力。在美洲，貨幣效應也約為 5%；而在歐洲，情況則不然。這只是英鎊，但沒有那麼大。

In terms of trading down, it's really lengths of stay is the one that stands out and where we see an impact that is quantifiable. It's not that we see a significant shift in search behavior or travel behavior that I would call out.

就降價交易而言，真正突出的是停留時間，我們看到了可量化的影響。我並不是說我們看到搜索行為或旅行行為發生了重大轉變。

Our next question comes from Ron Josey from Citi.

我們的下一個問題來自花旗集團的羅恩·喬西。

I got a few, please, one on just -- maybe we'll start with the Google changes intra-quarter. I think you said the impacts were mostly in May, but July, we did see some increases in referral revenues. Johannes, Matthias, can you just help us understand a little bit more on where we are in recovering from these Google changes from back in May and sort of how you feel going forward? I wasn't quite clear. And then Matthias, the cash balance continues to be pretty strong. Can you just talk to me or talk to us a little bit more about your plans with trivago's cash overall?

我有一些，拜託，一個 - 也許我們會從谷歌季度內的變化開始。我想你說影響主要是在五月份，但是七月份，我們確實看到了推薦收入的一些增長。 Johannes、Matthias，你們能否幫助我們更多地了解我們從 5 月份以來的這些 Google 變化中恢復的情況以及你們對未來的感受如何？我不太清楚。然後馬蒂亞斯，現金餘額仍然相當強勁。你能和我談談或者和我們多談談你對 trivago 現金的總體計劃嗎？

Yes. Thank you, Ron. Let me try to clarify a bit the cadence of revenue maybe in the quarter and what we saw in July and link that to the Google ad changes as well. So if I start with the -- with our referral revenue development on a global level. We said last time that our referral revenue declined by a low single-digit in April. And then in -- for the second quarter, we reported a decline of 13%. So May and June was down more than the 13%. In July, the decline improved from June to be more in-line with the decline we saw for the second quarter overall. So that gives you an idea roughly of the improvement in July versus June. And I think it's a combination of factors that led to, first, higher-than-expected year-over-year declines in May and June. I called them out, just to summarize again, a normalization in seasonality and travel demand and our levels of monetization. I guess that's clear. Last year, we saw strong pent-up demand going into summer. And our advertising partners leaned in, so we observed strong auction dynamics as well. And both are leading to difficult comps now. And now that we see a normalization in seasonality. And then the other one is the Google ad changes that we started to observe mid-May. Again it's a bit harder to quantify that given everything that's going on and that it always depends on bidding dynamics by other partners as well, but I think what's important to take away here for us is that in July, some of these factors improved. And as a result, we saw an improvement in our performance marketing volumes. So I think that gives you an idea of the level of improvement in July versus June. And again it's driven by a slight improvement in monetization, which is still down year-over-year; and also by the Google dynamics, as we saw that we captured more volumes again. Does that answer your question on the revenue cadence?

是的。謝謝你，羅恩。讓我嘗試澄清一下本季度的收入節奏以及我們在 7 月份看到的情況，並將其與穀歌廣告變化聯繫起來。因此，如果我從我們在全球範圍內的推薦收入發展開始。我們上次說過，四月份我們的推薦收入下降了個位數。然後在第二季度，我們報告下降了 13%。所以5月和6月下降了13%以上。 7 月份的降幅較 6 月份有所改善，與我們看到的第二季度整體降幅更加一致。這樣您就可以大致了解 7 月與 6 月相比的改善情況。我認為這是多種因素共同導致的，首先是 5 月和 6 月的同比降幅高於預期。我把它們指出來，只是為了再次總結，季節性和旅行需求以及我們的貨幣化水平的正常化。我想這很清楚。去年，我們看到夏季被壓抑的需求強勁。我們的廣告合作夥伴也加入了進來，因此我們也觀察到了強勁的拍賣動態。現在兩者都導致了困難的比較。現在我們看到季節性正常化。另一個是我們從五月中旬開始觀察到的谷歌廣告變化。考慮到正在發生的一切，而且它總是取決於其他合作夥伴的投標動態，量化起來有點困難，但我認為對我們來說重要的是，在 7 月份，其中一些因素有所改善。結果，我們看到效果營銷量有所改善。因此，我認為這可以讓您了解 7 月與 6 月相比的改進程度。這同樣是由貨幣化略有改善推動的，但貨幣化仍同比下降；還有谷歌的動態，我們看到我們再次獲得了更多的銷量。這是否回答了您關於收入節奏的問題？

Yes. That makes sense. And any insights on the use of cash or just plans for capital?

是的。這就說得通了。對現金使用或資本計劃有什麼見解嗎？

Yes, sure. So I think we acknowledged that -- in the past that our current capital structure is not optimal. We have quite some cash on the balance sheet. It gives us some flexibility, though. And the new management team just started a few months ago. And they will also evaluate unorganic growth options, though that is not the primary focus for us right now, but what that means is that we are not in a rush but we will continue to look at ways to optimize our capital structure and might do something in the next couple of months.

是的，當然。所以我認為我們過去承認我們目前的資本結構並不是最佳的。我們的資產負債表上有相當多的現金。不過，它給了我們一些靈活性。新的管理團隊幾個月前才剛剛上任。他們還將評估非有機增長選擇，儘管這不是我們現在的主要關注點，但這意味著我們並不著急，但我們將繼續尋找優化資本結構的方法，並可能採取一些措施在接下來的幾個月裡。

Our next question comes from Lloyd Walmsley from UBS.

我們的下一個問題來自瑞銀集團的勞埃德·沃爾姆斯利。

Great. So last quarter, you guys commented on customers increasing ROAS threshold targets. You've talked about commercialization being a little bit weaker. Can you just help us bridge? Is some of these customers still looking for higher ROAS marginally? I think, what other feedback are you hearing from some of your bigger customers on that side?

偉大的。上個季度，你們對客戶提高 ROAS 閾值目標進行了評論。您談到商業化有點弱。你能幫我們架橋嗎？其中一些客戶是否仍在尋求更高的 ROAS？我想，您還從這方面的一些大客戶那裡聽到了哪些其他反饋？

So yes. I mean we call it out as a normalization. And I think that is what I would also answer here, that we think it's at good levels and we don't have any signals that this would be changing. I think overall it's important to stay relevant to build a brand, so we deliver great-value customers to them. And as long as we deliver on that, I wouldn't have major concerns.

所以是的。我的意思是我們稱其為正常化。我想這也是我在這裡要回答的，我們認為它處於良好的水平，我們沒有任何信號表明這種情況會發生變化。我認為總的來說，保持相關性對於建立品牌很重要，因此我們為他們提供了高價值的客戶。只要我們能夠實現這一目標，我就不會有太大的擔憂。

Okay. And then, I guess, just following up on some of the geographical changes, can you elaborate a bit on what you're seeing in the Americas? Obviously, like, it sounds like the Google changes are global, but the conversion divergence in the U.S., what would you -- anything more you can share there?

好的。然後，我想，只是跟進一些地理變化，您能詳細說明一下您在美洲看到的情況嗎？顯然，聽起來谷歌的變化是全球性的，但美國的轉換差異，你還有什麼可以分享的嗎？

Yes. Thanks, Lloyd. I think there is not much to add, to be honest here. So I mean I said that how to think about July is looking at the second quarter overall in terms of revenue decline. And that is true by region, so it's not that one region performed significantly better or worse than others relative to the second quarter in July. So that makes it quite simple. And in terms of conversion, there is not really much to add, yes. So it's relatively stable in Americas. We don't see a big change there. We saw an improvement in Europe again which is mostly driven by mix effects. And then in Rest of World, it's I would say it's partly that, mix effects, as well, and partly due to the recovery as the booking conversion overall is increasing in that segment but catching up to pre-COVID levels. And that's all I could -- I would mention here on the conversion side.

是的。謝謝，勞埃德。老實說，我認為這裡沒有什麼可補充的。所以我的意思是，我說如何看待 7 月份是從收入下降的角度來看待第二季度的整體情況。從地區來看也是如此，因此並不是說某個地區相對於 7 月份第二季度的表現明顯好於或差於其他地區。所以這使得事情變得非常簡單。就轉換而言，確實沒有太多可添加的，是的。所以在美洲相對穩定。我們沒有看到那裡有什麼大的變化。我們再次看到歐洲的改善，這主要是由混合效應推動的。然後在世界其他地區，我想說，部分原因是混合效應，部分原因是複蘇，因為該細分市場的預訂轉化率總體在增加，但已趕上新冠疫情前的水平。這就是我所能做的——我想在這裡提到轉換方面。

Yes. And then, I guess, just if you could explain in maybe a little bit more simple terms what exactly the [sort of] changes are at Google that you're seeing and kind of how that's playing out.

是的。然後，我想，如果你能用更簡單的術語解釋一下你所看到的谷歌到底發生了什麼變化，以及這種變化是如何發生的。

Yes, sure. So Google rolled out a so-called property promotion ad format in their search engine result pages, yes. So the list -- when you type in hotel New York, then that page that shows up, there you see now a property promotion ad. And that was not there before. And we did not participate in this ad format prior to this rollout, and when this got more visibility at the expense of traditional advert placements, we lost traffic volumes. And in July, we launched first campaign to test this unit; and we will see how that will develop. I guess those advertisers who participated gained now insights into conversion of that ad unit and how that compares to traditional adverts; and then maybe results that come underneath, in [GHA], for example, as well. And based on that, we expect that bidding dynamics might change as well; and with that, visibility of that unit, but we were -- I mean obviously we can't predict that. We are participating in that format now and we will get our own learnings on conversion and returns, and based on that, we -- yes, we will decide how to proceed with that further.

是的，當然。因此，谷歌在其搜索引擎結果頁面中推出了一種所謂的房地產促銷廣告格式，是的。因此，當您輸入“紐約酒店”時，就會出現該列表，然後顯示該頁面，您現在會看到一個房地產促銷廣告。而這在以前是不存在的。在此推出之前，我們沒有參與這種廣告格式，當這種廣告格式以犧牲傳統廣告投放為代價獲得更多知名度時，我們損失了流量。 7 月份，我們發起了第一個活動來測試這個單元；我們將看看這將如何發展。我想那些參與的廣告商現在已經深入了解了該廣告單元的轉化以及它與傳統廣告的比較；然後也許還有下面的結果，例如在[GHA]中。基於此，我們預計競價動態也可能會發生變化；有了這個，該單位的可見性，但我們 - 我的意思是顯然我們無法預測這一點。我們現在正在參與這種形式，我們將在轉換和回報方面獲得自己的經驗，並在此基礎上，我們 - 是的，我們將決定如何進一步進行。

And it's basically to have a -- maybe a visual impression about it: It's basically a list of hotels that is horizontally on top of the hotel -- and on top of the Adwords, text ads; and that leads directly to the advertiser. And I think the important thing -- we haven't been part of it because it was part of the Google hotel ads product, and it's still. And we haven't been a part of this sponsored ad basically in Google Hotel Ads because we tested it and didn't perform well. That's why we were not part of it now, and now we are getting into it basically.

它基本上是一個——也許是一個視覺印象：它基本上是一個水平位於酒店頂部的酒店列表——以及 AdWords 和文字廣告的頂部；這直接通向廣告商。我認為重要的是——我們還沒有參與其中，因為它是谷歌酒店廣告產品的一部分，但現在仍然如此。我們還沒有參與穀歌酒店廣告中的讚助廣告，因為我們對其進行了測試，但效果不佳。這就是為什麼我們現在沒有參與其中，而現在我們基本上正在參與其中。

Our next question comes from Kevin Kopelman from TD Cowen.

我們的下一個問題來自 TD Cowen 的 Kevin Kopelman。

Great. I was wondering. Could you give some more color on the response you're seeing for the ramp-up in advertising? Maybe, anything you could share in terms of traffic levels or engagement responding initially to the ramp-up in the second quarter of ad spend, how that's compared to maybe how users have responded before the pandemic and if that can give you an indication of how it's going to perform going forward?

偉大的。我想知道。您能否進一步說明您所看到的廣告增長的反應？也許，您可以分享流量水平或參與度方面的任何內容，這些內容最初對第二季度廣告支出的增加做出了反應，與大流行之前用戶的反應相比如何，以及這是否可以讓您了解如何做到這一點它會繼續表現嗎？

Sure. Thanks, Kevin. So as I said, we are happy with the results. That's why we continue to invest and stick to our plan to ramp up brand investment despite lower monetization levels. And what does that mean? I mean, short term, what we try to measure is direct response. So with our ads, how effectively can we bring people to our website? And obviously what is relevant is that incremental traffic, and that's what we are trying to measure. So if I compare what I see right now to pre COVID, then Obviously there are some differences by market. And in some markets, it's better. In some markets, it's slightly worse. On average, I would say pretty similar, which is good because we ramped up. And we still, compared to last year, for example, see the same respond at a higher scale. And that's why we'll continue to invest and yes. In terms of engagement, I think that there's not a big change to call out, which is also positive. So it's not that you bring traffic to the website and that traffic doesn't engage or you see lower conversion or anything. It's pretty good, from what we see, and again not materially different from what we have experienced maybe in 2019 or pre COVID.

當然。謝謝，凱文。正如我所說，我們對結果感到滿意。這就是為什麼儘管貨幣化水平較低，我們仍繼續投資並堅持增加品牌投資的計劃。這意味著什麼？我的意思是，短期而言，我們試圖衡量的是直接反應。那麼，通過我們的廣告，我們如何有效地將人們吸引到我們的網站呢？顯然，相關的是增量流量，這就是我們試圖衡量的。因此，如果我將現在所看到的情況與新冠疫情之前的情況進行比較，那麼顯然，各個市場之間存在一些差異。在某些市場，情況更好。在某些市場，情況稍差一些。平均而言，我想說非常相似，這很好，因為我們提高了。例如，與去年相比，我們仍然看到同樣的反應規模更大。這就是為什麼我們將繼續投資，是的。在參與度方面，我認為沒有什麼大的變化值得稱讚，這也是積極的。因此，這並不是說您為網站帶來了流量，但流量沒有吸引人，或者您看到轉化率較低或其他任何情況。從我們的觀察來看，這非常好，並且與我們在 2019 年或新冠疫情之前所經歷的情況沒有太大不同。

Okay, great. And then just a separate one. There was a European low-cost airline -- mentioned that they had seen some softening in closed-in bookings in Europe in June and July. I'm just wondering if you had seen anything similar.

好的，太好了。然後只是一個單獨的。有一家歐洲低成本航空公司提到，他們發現 6 月和 7 月歐洲的封閉預訂量有所下降。我只是想知道你是否見過類似的東西。

I could not call that out. I mean, as I said, for us, in July, dynamics improved relative to June, but this could also be because vast majority of our traffic is not related to airline traffic. It could be one reason. It could be our mix. And obviously there's a lot of noise with all these changes in performance marketing channels, so maybe there was some change and we could just -- we just couldn't see it because of all that noise, but looking at Johannes as well, I don't think there's anything we can call out.

我無法說出這一點。我的意思是，正如我所說，對於我們來說，7 月份的動態相對於 6 月份有所改善，但這也可能是因為我們的絕大多數流量與航空流量無關。這可能是原因之一。這可能是我們的組合。顯然，效果營銷渠道的所有這些變化帶來了很多噪音，所以也許有一些變化，我們可以——因為所有這些噪音，我們只是看不到它，但看看約翰內斯，我也不知道我想我們沒有什麼可以喊出來的。

No. [ABVs] are stable high. And you don't see a dip. And I think that's what we are hearing from airlines and car rentals, I think, as well. That's not what we are seeing at the moment.

不會。[ABV] 穩定較高。而且你沒有看到下降。我認為這也是我們從航空公司和汽車租賃公司那裡聽到的。這不是我們目前看到的情況。

(Operator Instructions) Our next question comes from Brian Fitzgerald from Wells Fargo.

（操作員說明）我們的下一個問題來自富國銀行的 Brian Fitzgerald。

This is Stan Velikov for Brian. First, I guess, when you look at the factors that contributed to the softer revenue in Q2, you mentioned Google ads changes, lower traffic, lower monetization, shorter (inaudible), how would you rank these with respect to their level of impacts on revenue? And then second, if you could exclude the brand advertising portion from total advertising spend, just looking at the performance marketing, I guess, how would ROAS look like on a year-over-year and quarter-over-quarter basis?

我是斯坦·維利科夫（Stan Velikov），代表布萊恩（Brian）。首先，我想，當您查看導致第二季度收入疲軟的因素時，您提到了Google 廣告的變化、流量減少、貨幣化程度降低、時間較短（聽不清），您如何對這些因素的影響程度進行排名收入？其次，如果你可以從總廣告支出中排除品牌廣告部分，只看效果營銷，我想，同比和環比的 ROAS 會是什麼樣子？

Yes, thanks for the 2 questions. Both are good questions, I think, difficult to answer, though, to be honest. The impact of revenue is difficult to quantify because obviously there are dependencies. Like when you experience a lower level of monetization, then yes, you can measure the direct impact, but what is harder to measure is the secondary -- second-order impact. And in particular, when there is something else going on in the auction like we saw with the Google ad changes -- and then on top of that, obviously you operate in a dynamic marketplace where there are the advertisers and they might change their ROI targets as well, so that's why we look at the aggregation, I think, and the aggregated impact. And obviously we only call out drivers if we think they are significant enough and contributed to the overall dynamic that we are seeing. And I can tell you it's 50% normalization in seasonality and 50 -- or 30% in monetization. And then the rest is Adword changes, yes. It's just that those are key drivers and they all contributed to it. On the brand with performance split, I mean, we don't provide that split. What I mentioned is that we continue to be disciplined with our ROI performance targets on performance marketing channels. Obviously there is some volatility always given changes in monetization, given the competitive dynamics we see in the auction, but overall our philosophy has not changed. We'll continue to run the auction and our performance channels at ROI targets that are similar to what we have seen in the past.

是的，謝謝你的兩個問題。我認為這兩個問題都很好，但老實說很難回答。收入的影響很難量化，因為顯然存在依賴性。就像當你經歷較低水平的貨幣化時，那麼是的，你可以衡量直接影響，但更難衡量的是次要影響。特別是，當拍賣中發生其他事情時，就像我們在谷歌廣告變化中看到的那樣，最重要的是，顯然你在一個充滿活力的市場中運營，那裡有廣告商，他們可能會改變他們的投資回報率目標我認為這也是我們關注聚合和聚合影響的原因。顯然，只有當我們認為驅動因素足夠重要並對我們所看到的整體動態做出貢獻時，我們才會提及它們。我可以告訴你，季節性標準化為 50%，貨幣化標準化為 50%，即 30%。然後剩下的就是 Adword 的變化，是的。只是這些都是關鍵驅動因素，而且他們都對此做出了貢獻。對於具有績效劃分的品牌，我的意思是，我們不提供這種劃分。我提到的是，我們將繼續嚴格遵守績效營銷渠道的投資回報率績效目標。顯然，考慮到我們在拍賣中看到的競爭動態，貨幣化的變化總是會出現一些波動，但總的來說，我們的理念沒有改變。我們將繼續以與我們過去看到的類似的投資回報率目標來運行拍賣和我們的績效渠道。

On the brand side, that -- obviously, I mean, what I said is the incremental ROAS is obviously below 100%. So the more you spend in the ramp-up, the more negative the impact is. Again I can't give you a specific number on how much that contributed, but I think the general direction is, the moment you ramp up your brand spend, that is a short-term headwind to your ROAS number.

在品牌方面，顯然，我的意思是，我所說的是增量 ROAS 明顯低於 100%。因此，您在啟動過程中投入的資金越多，產生的負面影響就越大。同樣，我無法給你具體的數字，說明其貢獻有多大，但我認為總體方向是，當你增加品牌支出時，這對你的 ROAS 數字來說是一個短期阻力。

Our next question comes from Doug Anmuth from JPMorgan.

我們的下一個問題來自摩根大通的 Doug Anmuth。

Great. This is Dae on for Doug. I have 2. So the first one, could you elaborate a little bit more on your comments on overall travel demand? I know you talked about it being robust, but it feels like your advertisers aren't changing their ROI targets on your platform, so curious to hear if you think that's driven more by consumer demand shifting a little bit. Or do you feel like the demand level is still very strong and they're just upgrading ROI targets and it's just taking up of our comp? And then second question is where are you guys on your ramp-up in brand investment. Do you expect to continue to ramp up brand spend going forward? And related to that is when do you expect ROAS to start expanding again.

偉大的。這是道格的戴昂。我有2個。第一個問題，您能否詳細說明一下您對總體旅行需求的評論？我知道你說過它很強大，但感覺你的廣告商並沒有改變你平台上的投資回報率目標，所以很想知道你是否認為這更多是由消費者需求的一點變化推動的。或者您是否覺得需求水平仍然非常強勁，他們只是提高了投資回報率目標，而這只是佔用了我們的補償？第二個問題是你們在品牌投資方面的進展如何。您預計未來會繼續增加品牌支出嗎？與此相關的是，您預計 ROAS 何時會再次開始擴大。

Yes, thanks, Dae. So on your first question: I mean the change in ROI targets of our advertisers, that's something we called out already in -- for the first quarter, yes. So it's not that it happened now. And to be honest, it's also not that surprising. We mentioned last year that we think that we benefit from a strong auction. We saw that with markets in Europe and in Americas coming back, rebounding strongly from COVID, that advertisers were leaning in. And the mindset was more let's participate in the recovery. Let's make sure we gain market share and grow. And there was not a strong focus on profitability. I think, towards the end of last year, that started to change. The overall mindset started to change not only in travel but in general. Market seemed to favor more profitability over growth, and with that, we started to see a change in our monetization as well or ROAS targets of our advertisers on our platform. And as Johannes said, it's not that we think it's low right now. That's why we talk about a normalization. We think the auction is good. It's healthy but not as strong as last year. And I don't think that is related to any changes in demand. Demand, as I said, we don't see big changes. It continues to be robust. I mean that was a question we got a lot in the last 6 months or so and where people wanted to know, with the continued high ADRs, will that lead to lower demand at some point. That is not what we are seeing. So we are seeing that both [ABBs] are at high levels. And the only thing we called out is shorter lengths of stay, but we haven't seen a dip in demand, at least not that we can measure that on our platform.

是的，謝謝，戴。所以關於你的第一個問題：我的意思是我們廣告商的投資回報率目標的變化，這是我們在第一季度已經呼籲的事情，是的。所以事情並不是現在發生的。老實說，這也並不奇怪。我們去年提到，我們認為我們受益於強勁的拍賣。我們看到，隨著歐洲和美洲市場的複蘇，從新冠肺炎疫情中強勁反彈，廣告商開始介入。人們的心態是讓我們更多地參與到復蘇中。讓我們確保獲得市場份額並實現增長。而且並沒有特別關注盈利能力。我認為，到去年年底，情況開始發生變化。不僅在旅行方面，而且在一般情況下，整體心態都開始發生變化。市場似乎更看重盈利而不是增長，因此，我們開始看到我們的貨幣化以及我們平台上廣告商的 ROAS 目標發生了變化。正如約翰內斯所說，並不是我們認為現在的水平很低。這就是我們談論正常化的原因。我們認為這次拍賣很好。它很健康，但不如去年那麼強。我認為這與需求的任何變化無關。正如我所說，需求方面我們沒有看到大的變化。它仍然保持強勁。我的意思是，這是我們在過去 6 個月左右的時間裡收到的很多問題，人們想知道，隨著 ADR 持續走高，這是否會在某個時候導致需求下降。這不是我們所看到的。所以我們看到 [ABB] 都處於高水平。我們唯一指出的是停留時間縮短，但我們沒有看到需求下降，至少我們可以在我們的平台上衡量這一點。

On your second question, where we are with our brand investments. I think it's still early, yes. So it takes time. It's not that you ramp up in 1 year and then, next year, you have all the effect. It's a long-term investment. And what is also important to understand, you can't go from 0 to 100 in one go, but you have to build it up over time. And then you create this flywheel and it compounds year by year. And I think it's still early given that we haven't invested in -- really invested in 2020 and in 2021 and only started last year selectively. Now this year is more broadly, and in some markets, we are ramping up, so the way to think about it is that we create -- or rebuild our brand base and traffic over the next couple of years. And then probably -- I mean, every year, you will see a slight improvement, at least from the inside. And then we will comment on that, but normally how it work is you see that improvement and then you use that to invest further and grow it further. And at some point, you will also see it from the outside. Obviously, being now at the end of July, what we always do every year once the peak season is over for us, so mid- to end September, we will look at the overall summer campaign and evaluate how it went and what went well and what we can improve. And based on that, we then make a decision on the plan for next year, and yes, we will update you on that next time.

關於你的第二個問題，我們的品牌投資進展如何。我認為現在還早，是的。所以這需要時間。這並不是說你在一年內取得了進步，然後在明年，你就獲得了所有的效果。這是一項長期投資。同樣重要的是要理解，你不可能一下子從 0 到 100，但你必須隨著時間的推移不斷積累。然後你創造了這個飛輪，它逐年復合。我認為現在還為時過早，因為我們還沒有在 2020 年和 2021 年進行真正的投資，並且只是在去年有選擇地開始投資。現在，今年的情況更廣泛，在某些市場，我們正在加速發展，因此思考的方法是，我們在未來幾年內創建或重建我們的品牌基礎和流量。然後可能 - 我的意思是，每年，你都會看到輕微的進步，至少從內部來看。然後我們會對此發表評論，但通常情況下，它是如何運作的，你會看到這種改進，然後你用它來進一步投資並進一步發展。在某些時候，你也會從外面看到它。顯然，現在是七月底，我們每年旺季結束後都會做的事情，所以九月中下旬，我們將審視整個夏季活動並評估它的進展情況以及哪些進展順利，以及我們可以改進什麼。在此基礎上，我們就明年的計劃做出決定，是的，我們下次會向您通報最新情況。

Thank you. There are no further questions on the line, so I'll now hand back to Johannes for any closing comments.

謝謝。現在沒有其他問題了，所以我現在將把最後的評論交還給約翰內斯。

Thank you for joining the call. We appreciate your continued support and confidence in us, and we look forward to sharing our progress in the quarters to come. Stay safe. And remember: When you think hotel, think trivago. Thank you.

感謝您加入通話。我們感謝您對我們的持續支持和信任，我們期待在未來幾個季度分享我們的進展。注意安全。請記住：當您想到酒店時，請想到 trivago。謝謝。

That concludes today's conference call. Thank you very much (inaudible).

今天的電話會議到此結束。非常感謝（聽不清）。