Trivago NV (TRVG) 2023 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 2023. (Operator Instructions)

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 年第三季財報電話會議。（操作說明）

I must advise you that this call is being recorded today, Thursday, the 2nd of November 2023. We are pleased to be joined on the call today by Johannes Thomas, trivago's CEO and Managing Director; as well as Matthias Tillmann, trivagos' CFO and Managing Director. The following discussion, including responses to your questions, reflects management's reviews as of today, Thursday, November 2, 2023 only.

我必須告知您，本次電話會議將於今天（2023 年 11 月 2 日，星期四）進行錄音。我們很高興今天邀請 Trivago 首席執行官兼董事總經理 Johannes Thomas 參加此次電話會議；以及 trivagos 財務長兼董事總經理 Matthias Tillmann。以下討論（包括對您的問題的答案）僅反映截至今天（2023 年 11 月 2 日星期四）管理層的評論。

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 Q3 2023 operating and financial review on 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.

trivago 不承擔更新或修改此資訊的任何義務。像往常一樣，今天電話會議上發表的一些聲明具有前瞻性，通常前面有「我們期望」、「我們相信」、「我們預期」或類似的聲明。請參閱該公司向 SEC 提交的其他文件的 2023 年第三季度營運和財務審查，以了解可能導致 trivago 的實際結果與這些前瞻性陳述存在重大差異的因素的資訊。

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.

您可以在 trivago 的營運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 衡量標準的調整表，該審查發佈在該公司的 IR 網站 ir.trivago.com 上。我們鼓勵您定期造訪 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 2022.

最後，除非另有說明，本次電話會議的所有比較都將針對 2022 年可比較期間的結果。

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

現在，讓我把電話轉給約翰內斯。請繼續。

Good morning, everyone, and thank you for joining our Q3 2023 earnings call. Following our last conversation, I'm glad to provide you with updates on our journey towards reigniting trivago's growth and presence in the market.

大家早安，感謝您參加我們的 2023 年第三季財報電話會議。在我們上次談話之後，我很高興為您提供我們重振 trivago 的成長和市場影響力之旅的最新資訊。

Our mission is clear. When price-savvy travelers think about booking a hotel, we want them to think trivago. We simplify their planning, help them save and instill confidence in their booking decisions. The quarter unfolded largely as we anticipated. The continued negative effects of reduced brand marketing during the pandemic, our normalized monetization and volatility in Google search ads continue to impact us. However, with major uncertainties now behind us and robust travel outlook, we are encouraged by our TV campaign performance this summer.

我們的使命很明確。當對價格敏感的旅客考慮預訂酒店時，我們希望他們想到 trivago。我們簡化他們的計劃，幫助他們節省費用並增強他們對預訂決策的信心。本季的情況基本上符合我們的預期。疫情期間品牌行銷減少的持續負面影響、我們正常化的貨幣化以及Google搜尋廣告的波動性繼續影響著我們。然而，由於目前主要的不確定性已經過去，旅遊前景強勁，我們對今年夏天的電視廣告活動表現感到鼓舞。

This positive momentum has steered our decision to change course and prioritize growth in the upcoming years. As a result, we expect adjusted EBITDA to be close to flat in 2024. I will now detail 4 strategic priorities that we believe will propel our success.

這種積極的勢頭促使我們決定改變方向，並在未來幾年優先考慮成長。因此，我們預計 2024 年調整後 EBITDA 將接近持平。我現在將詳細介紹我們認為將推動我們成功的 4 項策略重點。

Our first strategic priority is to reignite our globally recognized brand. We are planning to revamp our brand marketing investments to get back to the forefront of travelers mine. Listing our branded visitor baseline will be key to return to growth, and we expect it to be a multiyear effort.

我們的首要策略重點是重振我們全球知名的品牌。我們計劃改進我們的品牌行銷投資，以重新回到旅行者的前沿。列出我們的品牌訪客基準將是恢復成長的關鍵，我們預計這將是一項多年的努力。

As we approach the launch of our winter campaign, we are optimistic that we can demonstrate initial results by the first quarter of 2024. It's essential to note that our brand marketing isn't just about campaigns. We treated as a performance marketing channel that can be optimized over time.

隨著冬季行銷活動即將啟動，我們樂觀地認為我們可以在 2024 年第一季之前展示初步成果。值得注意的是，我們的品牌行銷不僅僅是行銷活動。我們將其視為可以隨著時間的推移進行優化的績效行銷管道。

Growing from our summer learnings, there's a considerable scope of enhancement across multiple dimensions from media channel and country mix to stronger creatives. As we refine these elements, we plan to prioritize growth as long as we see the anticipated incremental returns.

根據我們夏季的學習，從媒體管道和國家組合到更強大的創意，多個維度都有相當大的增強範圍。當我們完善這些要素時，只要我們看到預期的增量回報，我們就計劃優先考慮成長。

Our second strategic priority is to provide a seamless hotel search experience. We're simplifying the search across hundreds of sites and millions of accommodations, saving traveler significant time. We are constantly enhancing the user journey by conducting experiments on all aspects of our product. In the past month, we have qualified a range of product tests with positive impact on our user experience and conversion. We are glad to share that we have completed our image migration to the Google Cloud. This step has improved the quality and selection of our images and will enable us to iterate faster on the visual experience for our users.

我們的第二個策略重點是提供無縫的飯店搜尋體驗。我們正在簡化數百個網站和數百萬個住宿的搜索，為旅行者節省大量時間。我們透過對產品的各個方面進行實驗來不斷增強用戶旅程。在過去的一個月裡，我們通過了一系列產品測試，對我們的用戶體驗和轉換產生了積極的影響。我們很高興地告訴大家，我們已經完成了向 Google Cloud 的映像遷移。此步驟提高了影像的品質和選擇，並使我們能夠更快地迭代使用者的視覺體驗。

Our third strategic priority is to deliver the best deal discovery experience. We want to be the short test for finding great hotel deals and better prices. This is where we can play our strength and differentiate uniquely. Many travelers are price conscious and due to inflation that become even more sensitive. Rate disparity has increased since the pandemic, which elevated the value of comparing prices, which introduced new ways of spotlighting savings and great deals in our search results.

我們的第三個策略重點是提供最佳的交易發現體驗。我們希望成為尋找優質酒店優惠和更優惠價格的簡短測試。這是我們可以發揮自己的優勢並實現獨特差異化的地方。許多旅行者對價格非常敏感，並且由於通貨膨脹而變得更加敏感。自大流行以來，費率差距不斷擴大，這提高了比較價格的價值，從而引入了在我們的搜尋結果中突出節省和超值優惠的新方法。

Getting price-savvy travelers to return to trivago will be important for our future success. Our fourth strategic priority is to empower partners to realize their full potential on trivago. We're enhancing our marketplace infrastructure with more bidding granularity and rolling out a second price auction test in 3 relevant markets this quarter. By co-creating and innovating with our advertising partners, we aim to unlock user value throughout our metasearch and their booking journey.

讓懂價格的旅客重返 Trivago 對於我們未來的成功非常重要。我們的第四個策略重點是幫助合作夥伴充分發揮 trivago 的潛力。我們正在透過更精細的競價來增強我們的市場基礎設施​​，並在本季在 3 個相關市場推出第二次價格拍賣測試。透過與廣告合作夥伴共同創造和創新，我們的目標是在元搜尋和預訂過程中釋放用戶價值。

We are deepening our key partnerships and are encouraged by the active engagements we observe. Our brand strategy supports our commitment to remain a relevant marketing channel for our advertisers, driving high-quality traffic to them. In addition to our strategic pillars, we are committed to accelerating our pace of execution and fostering a culture of rapid learning.

我們正在深化我們的重要合作夥伴關係，並對我們觀察到的積極參與感到鼓舞。我們的品牌策略支持我們的承諾，即繼續成為廣告商的相關行銷管道，為他們帶來高品質的流量。除了我們的策略支柱之外，我們還致力於加快執行速度並培養快速學習的文化。

With increased velocity in our product development and have doubled the number of experiments we run on our website. The positive momentum within the organization is very tangible. Now our operations are becoming more streamlined around the aforementioned strategic priorities.

隨著我們產品開發速度的加快，以及我們在網站上運行的實驗數量增加了一倍。組織內部的正向動能是非常明顯的。現在，我們的營運圍繞著上述策略重點變得更加精簡。

As we look ahead, we are confident of showcasing our enhancements and growth in 2024. As a last point, let me express my gratitude to Matthias for his outstanding service to trivago in the last 7 years. His leadership was instrumental in navigating the challenges of the pandemic and maintaining our financial stability. We are looking forward to Robin Harris, who will join as the new CFO next year. His expertise will emerge the leadership team in executing our new strategy.

展望未來，我們有信心在 2024 年展示我們的改進和成長。最後一點，讓我對 Matthias 在過去 7 年中為 trivago 提供的出色服務表示感謝。他的領導對於應對這場流行病的挑戰和維持我們的金融穩定發揮了重要作用。我們期待羅賓哈里斯 (Robin Harris) 明年加入，擔任新任財務長。他的專業知識將成為領導團隊執行我們新策略的一部分。

With that, I'd like to pass the floor to Matthias.

說到這裡，我想把發言權交給馬蒂亞斯。

Thank you, Johannes, and welcome, everyone, on the call. Before I walk you through our third quarter results, I would like to thank our leadership team, Supervisory Board and all employees for supporting me during the last 7 years. I've learned a lot and enjoyed working with amazing people. I will continue to support the company as a consultant during the first quarter to ensure a smooth transition to my successor, Robin Harris.

謝謝約翰內斯，歡迎大家來電。在向您介紹我們第三季的業績之前，我要感謝我們的領導團隊、監事會和所有員工在過去 7 年對我的支持。我學到了很多東西，也很享受與優秀的人一起工作。我將在第一季繼續以顧問的身份支持公司，以確保順利過渡到我的繼任者羅賓哈里斯。

Now turning to our results. I will review our results for the third quarter as well as our thoughts for the year. All comparisons for 2023 are on a year-over-year basis, unless otherwise indicated. Our revenue development in the third quarter was in line with our expectations. Revenue declined by 14% or at the same rate as in the second quarter, despite the loss of favorable tailwinds during the first half of 2023 from higher average booking values and foreign exchange headwinds, which negatively impacted our monetization levels.

現在轉向我們的結果。我將回顧我們第三季的業績以及我們今年的想法。除非另有說明，2023 年的所有比較均以同比為基礎。我們第三季的營收發展符合我們的預期。儘管 2023 年上半年由於平均預訂價值上升和外匯不利因素而失去了有利的順風，但收入仍下降了 14%，或與第二季度相同，這對我們的貨幣化水平產生了負面影響。

Bidding dynamics in our auction remained stable, albeit at lower monetization levels compared to the prior year, and we continue to observe ad format tests in Google. The combination led to volume losses on our platforms. However, the dynamic improved slightly compared to the second quarter.

我們的拍賣中的出價動態保持穩定，儘管與前一年相比貨幣化水平較低，並且我們繼續觀察 Google 中的廣告格式測試。這種組合導致我們平台上的銷售損失。不過，與第二季相比，動態略有改善。

The net loss of EUR 182.6 million in the third quarter is a result of a cumulative impairment charge of EUR 196.1 million in connection with our annual investment lift, intangible asset, and goodwill impairment analysis. The impairment was primarily driven by adjustments made to our profitability outlook arising from the announced strategy shift to long-term growth and our share price declined during the third quarter of 2023.

第三季淨虧損 1.826 億歐元，是由於我們的年度投資提升、無形資產和商譽減損分析中累計減損費用 1.961 億歐元造成的。減損主要是由於宣布的策略轉向長期成長而對我們的獲利前景進行了調整，以及我們的股價在 2023 年第三季下跌。

Adjusted EBITDA, which excludes the impairment of goodwill was EUR 16 million, down from EUR 33.5 million in the same period last year.

調整後 EBITDA（不含商譽減損）為 1,600 萬歐元，低於去年同期的 3,350 萬歐元。

Now on to the dynamics in the different regions. We saw referral revenue declines in Americas and Europe, while referral revenue increased in our segment Rest of World, as most countries in that segment continue to recover post COVID. Referral revenue declined by 21% and 17% in Americas and developed Europe, respectively. The decline was largely driven by a loss in performance marketing volumes as we continue to observe at former tests in Google, leading to fewer impressions of traditional text ads for us.

現在來看看不同地區的動態。我們看到美洲和歐洲的建議收入下降，而世界其他地區的推薦收入則有所增加，因為該地區的大多數國家/地區在新冠疫情後繼續復甦。美洲和歐洲發達地區的建議收入分別下降了 21% 和 17%。下降的主要原因是效果行銷量的損失，正如我們在Google之前的測試中繼續觀察到的那樣，導致我們對傳統文字廣告的印象減少。

We started testing the new ad format, however, it is still too early to conclude on its potential. The early indication is that the traffic quality seems to be lower compared to text ads and consequently, the new ad formats did not compensate for the loss in high-quality traffic from text ads.

我們開始測試新的廣告格式，但是，現在對其潛力下結論還為時過早。早期跡象表明，與文字廣告相比，流量品質似乎較低，因此，新的廣告格式無法彌補文字廣告高品質流量的損失。

Referral revenue in our segment Rest of World continue to grow driven by the recovery in markets like Japan, Turkey or Hong Kong. Overall, our referral revenue increased by 24%, driven by an increase in traffic volumes in all channels and higher average booking values. This was partly offset by negative foreign exchange effects.

在日本、土耳其或香港等市場復甦的推動下，世界其他地區的推薦收入持續成長。總體而言，由於所有管道流量的增加和平均預訂價值的提高，我們的推薦收入增加了 24%。這部分被外匯負面影響所抵銷。

Moving on to our operational expenses. Excluding advertising expenses and the impairment of intangible assets and goodwill our operational expenses decreased by 13%. Compensation expenses, including share-based compensation and commission and other fees related to non-core products that we stopped last year were the main driver for lower operational expenses.

繼續我們的營運支出。不計廣告費用以及無形資產和商譽減值，我們的營運費用下降了 13%。薪酬支出，包括基於股權的薪酬和佣金以及我們去年停止的與非核心產品相關的其他費用，是營運支出下降的主要推動力。

Our cash and cash equivalents balance at the end of the quarter was EUR 299 million. We have taken steps to improve our capital structure and reward our investors with a special onetime dividend of EUR 184.4 million, which reflects our confidence in the future. Our shareholders approved the distribution of the onetime dividend on November 1 and we anticipate the payment of the distribution to ADS holders to be made on November 13, 2023.

本季末我們的現金和現金等價物餘額為 2.99 億歐元。我們已採取措施改善資本結構，並以 1.844 億歐元的一次性特別股息回報投資者，這反映了我們對未來的信心。我們的股東於 11 月 1 日批准了一次性股息的分配，我們預計將於 2023 年 11 月 13 日向 ADS 持有人支付股息。

Let me close with an outlook on the fourth quarter. The main travel trends remained stable in October. We continue to see robust travel demand and elevated average booking values on our platforms in all regions. The dynamic in performance marketing channels remains volatile, while monetization levels in our own auction have normalized.

最後讓我對第四季進行展望。 10月份主要旅遊趨勢維持穩定。我們在所有地區的平台上繼續看到強勁的旅行需求和不斷上升的平均預訂價值。效果行銷管道的動態仍然不穩定，而我們自己的拍賣的貨幣化程度已經正常化。

As a result, the year-over-year referral revenue development in October was in line with our third quarter results for all regions. During the third quarter, we announced a shift in strategy, which aims to fuel long-term growth. We intend to start intensifying our brand marketing investments already in the second half of the fourth quarter. We expect the short-term effect on traffic volumes to be limited. However, we are confident that the investments will help us to increase our brand based on traffic over time and keep trivago on top of travelers minds, which is crucial to achieve our goal of sustained long-term growth. For the full year 2023, we expect our adjusted EBITDA to be around EUR 50 million.

因此，10 月的年比推薦收入發展與我們所有地區的第三季業績一致。在第三季度，我們宣布了策略轉變，旨在推動長期成長。我們打算在第四季下半年開始加強品牌行銷投資。我們預計對交通量的短期影響有限。然而，我們相信，隨著時間的推移，這些投資將幫助我們根據流量提升我們的品牌，並使 Trivago 始終佔據旅行者的心，這對於實現我們持續長期成長的目標至關重要。 2023 年全年，我們預計調整後 EBITDA 約為 5,000 萬歐元。

With that, let's open the line for questions. Operator, we are now ready to take the first question, please.

接下來，讓我們打開提問熱線。接線員，我們現在準備好回答第一個問題。

(Operator Instructions) Our first question today comes from the line of Naved Khan from B. Riley Securities.

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

Yes, I just had a couple of questions. Maybe the first one for you, Johannes. As you kind of start on your brand rising strategy, Johannes, you're also seeing some pressure on the per forma channels. And I'm wondering if you think you can offset the pressure and performance with the initiative that you're taking in the brand channels? Or do you think you can more than offset that? Just give us your thoughts there.

是的，我只是有幾個問題。也許第一個適合你，約翰內斯。約翰內斯，當您開始實施品牌崛起策略時，您也會看到績效管道面臨一些壓力。我想知道您是否認為可以透過在品牌管道中採取的舉措來抵消壓力和績效？或者您認為您可以抵消這一點嗎？請告訴我們您的想法。

Also, if I look back historically, marketing spend as a percentage of revenue has been as high as in the 18 percentage. Should we expect to kind of go back to those levers and then expect optimization from those levels? Or is that not necessarily the case? How should we think about that?

另外，如果回顧歷史，行銷支出佔收入的百分比高達 18%。我們是否應該期望回到這些槓桿，然後期望從這些水平進行優化？或者說情況不一定如此？我們該如何思考這個問題？

Yes. So thank you for your question. I can cover the first one. I think what we clearly see that we can offset the current drop, I think Google is volatile. It's unclear whether that is a long-term volume loss in Google. We are experimenting with the new format. So it's not that this will be gone forever. We're exploring it. And Google will do changes in their self preferencing in Europe. And that is also something that's hard to predict how this plays out, but this is until Q1 where we expect changes in volatility and then hopefully, things get a bit more clear.

是的。謝謝你的提問。我可以覆蓋第一個。我認為我們清楚地看到我們可以抵消當前的下跌，我認為谷歌是不穩定的。目前尚不清楚這是否是谷歌銷售的長期損失。我們正在嘗試新的格式。所以這並不是說它會永遠消失。我們正在探索它。谷歌將改變他們在歐洲的自我偏好。這也是很難預測結果如何，但直到第一季我們預期波動性會發生變化，然後希望情況會變得更加清晰。

From a brand marketing, we substantially invest into brands, and we do believe that we can turn to growth next year, so offsetting that also in the short term. Brand has compounding effects. So it's a multiyear effort of consistently investing into brand. And then you have people coming back in campaign in the first year and then also in the following years. And that's why it's a multiyear effort and brand where you consistently invest, build your branded visitor baseline over time. And you see the stronger impacts later down the line.

從品牌行銷來看，我們對品牌進行了大量投資，我們確實相信明年我們可以實現成長，因此在短期內也能抵消這種影響。品牌具有複合效應。因此，這是對品牌持續投資的多年努力。然後，人們會在第一年和接下來的幾年重返競選活動。這就是為什麼這是一個需要多年努力和持續投資的品牌，隨著時間的推移建立您的品牌訪客基準。稍後你會看到更強烈的影響。

Yes. And let me take your second question. So Johannes mentioned that for next year with the shift in strategy, how you should think about our profitability and adjusted EBITDA, is that it will -- we anticipate it to be positive, but we focus on growth. So as we have done in the past, as we've done pre-COVID. And when you look at that, if you look at our cost structure, you see that as a percentage of revenue, that's likely to be above -- just above 20% for 2023.

是的。讓我回答你的第二個問題。因此約翰內斯提到，明年隨著策略的轉變，你應該如何看待我們的獲利能力和調整後的 EBITDA，我們預計它將是積極的，但我們專注於成長。正如我們過去所做的那樣，就像我們在新冠疫情之前所做的那樣。當你看到這一點時，如果你看看我們的成本結構，你會發現，到 2023 年，它佔收入的百分比可能會略高於 20%。

In absolute terms, we believe it will be similar next year. And then, I mean, we indicated already that we expect to grow next year again. We will give more specific guidance at the beginning of the year when we report the fourth quarter. But let's assume we grow and at a stable operational expenses that brings that down to like 20%. And if you take that together, then you know that you need to achieve around 125% ROAS to be at adjusted EBITDA breakeven.

從絕對值來看，我們相信明年也會類似。然後，我的意思是，我們已經表示我們預計明年會再次成長。我們將在年初報告第四季時給予更具體的指導。但我們假設我們正在成長且營運費用穩定，從而將其降低至 20% 左右。如果綜合考慮，您就會知道需要實現 125% 左右的 ROAS 才能實現調整後 EBITDA 盈虧平衡。

And that is something -- I mean, that's how I can think of the lower bound. And when you do the math, then you see that's getting you close to the 80% that we had.

這就是——我的意思是，這就是我思考下限的方式。當你計算一下時，你會發現這已經接近我們的 80%。

One thing I would mention as well is, a, it's still early. I mean, that's the direction we want to take for next year. But obviously, it depends also on what we see. I mentioned that we will start ramping up brand towards the end of the year. We plan to invest early next year as well. And obviously, we take the learnings that we see, and that will inform what we continue to do throughout the year 2024. But I guess as -- yes, as a high level, how to think about the dynamics, that's probably a good starting point.

我還要提到的一件事是，現在還早。我的意思是，這就是我們明年想要採取的方向。但顯然，這也取決於我們所看到的。我提到我們將在今年年底開始提升品牌知名度。我們也計劃明年初進行投資。顯然，我們吸取了所看到的教訓，這將為我們在 2024 年繼續做的事情提供資訊。但我想——是的，作為一個高水平，如何思考動態，這可能是一個好的開始觀點。

And so just a quick clarification on the products on EBITDA there. So when you say flat stock in -- flat terms of just margin or just absolute dollar amount, how should I think about that?

簡單介紹一下 EBITDA 上的產品。因此，當你說持平庫存時——只是保證金或絕對美元金額的持平，我該如何考慮？

Exactly. In absolute dollar amount, we historically -- we used to discipline ourselves to not run EBITDA losses, and that is what -- how we think about it as well now. But you shouldn't expect us to deliver significant positive EBITDA.

確切地。從絕對金額來看，我們過去常常約束自己不要遭受 EBITDA 損失，這也是我們現在的看法。但您不應期望我們能夠實現顯著的正 EBITDA。

One quick follow-up. So just on the -- in terms of trends in October, I think your commentary suggests and is that trends were stable in October in terms of the demand. Is that a fair assumption or do you see any volatility or sign of weakness in terms of consumer demand?

一項快速跟進。因此，就 10 月的趨勢而言，我認為您的評論表明，就需求而言，10 月的趨勢是穩定的。這是一個合理的假設嗎？還是您認為消費者需求有波動或疲軟跡象？

I think we see stable demand and not -- no concerns that we have on Q4 impact or even long term.

我認為我們看到了穩定的需求，但我們並不擔心對第四季甚至長期的影響。

Yes. Just to add to that, so what I said is, on a regional level, when you look at volumes and also pricing, the dynamics were similar to what we reported for the third quarter. So no real change, and that was consistent across all 3 regions.

是的。除此之外，我所說的是，在區域層面上，當你查看銷售和定價時，動態與我們第三季報告的情況類似。所以沒有真正的變化，而且這在所有 3 個地區都是一致的。

The next question today comes from the line of James Lee from Mizuho.

今天的下一個問題來自瑞穗的 James Lee。

A couple of questions here. I think you guys have talked about in the past that you're seeing the length of stay by region and maybe slowing down, decreasing due to maybe consumer trading down. I was wondering maybe you can comment about that metric maybe by region? And also it would be helpful, maybe you can comment on the trends you're seeing and maybe quantify some of the increase or decrease you're seeing in ADR, especially in Europe and North America.

這裡有幾個問題。我想你們過去曾談過，你們看到各地區的停留時間可能會放緩，可能是由於消費者交易減少而減少。我想知道您是否可以按地區評論該指標？而且這也會很有幫助，也許您可以評論您所看到的趨勢，並可能量化您在 ADR 中看到的一些增加或減少，尤其是在歐洲和北美。

Yes. Thank you, James. On length of stay, let me go through that by region, starting with Europe. What we saw in the third quarter is that length of stay only slightly decreased compared to last year. But we were lapping the effect of the larger decrease during summer last year. So when you look at it relative to 2019 levels, length of stay was down by mid-teens in developed Europe.

是的。謝謝你，詹姆斯。關於停留時間，讓我按地區介紹一下，先從歐洲開始。我們在第三季看到的是，與去年相比，停留時間僅略有下降。但我們正在研究去年夏季大幅下降的影響。因此，與 2019 年的水準相比，歐洲已開發國家的停留時間減少了十幾歲。

In Americas, we didn't see the same decrease last year. And this year, we saw a slight decrease, but only slightly lower, so low single digit. And in Rest of World, we don't see a meaningful change. So that was roughly stable. So that was your first question. Can you remind me or repeat your second question was on ADRs, right?

在美洲，我們去年沒有看到同樣的下降。今年，我們看到了略有下降，但只是略低，所以是低個位數。在世界其他地區，我們沒有看到有意義的變化。所以這大致是穩定的。這是你的第一個問題。您能提醒我或重複您的第二個問題是關於 ADR 的嗎？

Yes, ADR, the puts and takes by region, Matthias.

是的，ADR，按地區劃分的看跌期權和賣出期權，Matthias。

Yes, sure. No. So starting with Europe, again, we saw slight increases throughout the quarter, like low single digits. And with the slight decrease in length of stay, that led to a stable average booking values. So the basket value was roughly flat in Europe and again, driven by slightly higher ADR, slightly lower length of stay.

是的，當然。不。所以從歐洲開始，我們再次看到整個季度略有成長，例如低個位數。隨著住宿時間的略有減少，平均預訂價值保持穩定。因此，在 ADR 略高、停留時間略短的推動下，歐洲的籃子價值大致持平。

In Americas, it's very similar with flattish ADRs and slightly lower length of stay. But then we had a negative foreign exchange effect as well. And that's why, overall, the average basket value for us was slightly down year-over-year. And then in Rest of World, dynamic is still very different as we saw a strong increase in ADR, let's call it, around 10%. Lengths of stay roughly flat, and there are also some foreign exchange headwinds leading to still higher average basket values, average booking values of around 10%. Does it help?

在美洲，情況非常相似，ADR 持平，停留時間略短。但隨後我們也產生了負面的外匯影響。這就是為什麼總體而言，我們的平均購物籃價值比去年同期略有下降。然後在世界其他地區，動態仍然非常不同，因為我們看到 ADR 強勁成長，我們稱之為 10% 左右。停留時間大致持平，還有一些外匯不利因素導致平均籃子價值更高，平均預訂價值約為 10%。有幫助嗎？

Yes, great. And last question here. Are you seeing any changes as you're looking at bookings into 4Q. Help us understand the booking window. Obviously, you saw a little bit elongated booking window in the first half of the year. Are you seeing like booking window kind of normalize? And just curious how much of visibility on bookings you're looking at into 2024?

對，很好。最後一個問題在這裡。當您查看第四季度的預訂時，您是否發現任何變化？幫助我們了解預訂窗口。顯然，今年上半年的預訂窗口有點拉長。您是否認為預訂窗口已正常化？只是想知道您預計 2024 年的預訂可見度有多少？

Yes. At this point, we don't have great visibility into 2024 because our booking venue tends to be between 30 and 60 days, depending on the region and time of the year. And at this time, I mean, what we do see is some bookings for the end of year holiday season. So there, we see no big change. So as I said, dynamics are fairly flat compared to the third quarter. And overall booking vendors have normalized for us. So there's no big difference to 2019.

是的。目前，我們對 2024 年的預測還不太清楚，因為我們的預訂地點往往在 30 到 60 天之間，具體取決於一年中的地區和時間。我的意思是，目前我們看到的是一些在年末假期的預訂。因此，我們沒有看到大的變化。正如我所說，與第三季相比，動態相當平穩。整體預訂供應商已經為我們正常化。所以和2019年沒有太大差別。

And I think they have always been rather consistent without big changes over the last year.

我認為去年他們一直相當穩定，沒有重大變化。

(Operator Instructions) The next question today comes from the line of Lloyd Walmsley from UBS.

（操作員說明）今天的下一個問題來自瑞銀集團 (UBS) 的勞埃德·沃姆斯利 (Lloyd Walmsley)。

Two, if I can. First, just -- can you help us understand the -- just the dynamic where you're seeing increased competition in performance channels on one hand, but reduced bidding dynamics on your platform on another? Is that all a function of changing ad formats in Google, and there's just more competition for fewer text ads there? Or do you feel like customers are leaning out of the metasearch more towards Google? Anything you can share there would be helpful.

兩個，如果可以的話。首先，您能否幫助我們理解這一動態，一方面您看到效果管道的競爭加劇，但另一方面您平台上的出價動態卻減少了？這是否都是Google改變廣告格式的結果，而那裡的文字廣告越來越少，競爭也越來越激烈？或者您覺得客戶正在從元搜尋中更傾向於谷歌？您可以在那裡分享的任何內容都會有幫助。

And then the second one, -- just do you all have a sense for what the changes are going to be? I think you mentioned in Q1 from Google and Europe around self preferencing and how that might impact you. Any sense of how that will impact things?

然後是第二個問題——你們都知道會發生什麼變化嗎？我認為您在谷歌和歐洲的第一季中提到了自我偏好以及這可能對您產生的影響。你知道這會如何影響事情嗎？

Lloyd, yes, let me take your first question, and then Johannes can comment on your second. So I think it's -- I mean, it's a good question. Like why are we seeing lower monetization levels in our own auction, but more competition or more competition in performance marketing standards.

勞埃德，是的，讓我回答你的第一個問題，然後約翰內斯可以評論你的第二個問題。所以我認為這是一個很好的問題。例如為什麼我們在自己的拍賣中看到貨幣化程度較低，但效果行銷標準的競爭卻更加激烈或更激烈。

Let me first comment on our auction. It's consistent with what we've seen in the second quarter already. So how we look at it is that monetization levels normalized. So we see that there is healthy competition in our auction. And what we are seeing in terms of bidding dynamics make sense. And I think it was rather last year that the auction was a bit hot, and we saw inflated levels. And that's why we're saying it's normalized now.

首先讓我評論一下我們的拍賣。這與我們在第二季看到的情況一致。所以我們的看法是貨幣化程度已經正常化。所以我們看到我們的拍賣有良性競爭。我們在競價動態方面看到的情況是有道理的。我認為去年的拍賣有點火爆，我們看到了高估的水平。這就是為什麼我們說它現在已經正常化了。

And yes, that's what we have seen in the third quarter as well. Why we see increased competition on performance marketing channels? I think it's more related to the ad test that we mentioned. Because what is happening there is that we see different formats being introduced at the expense of the traditional ad words. And because of that, you see fewer impressions.

是的，這也是我們在第三季看到的情況。為什麼我們會看到效果行銷管道的競爭加劇？我認為這與我們提到的廣告測試更相關。因為我們看到不同的格式被引入，而犧牲了傳統的廣告詞。因此，您看到的展示次數會減少。

And then if you have the same number of advertisers fighting for fewer slots, that's where you see more competition, not necessarily that people increase their bids because traffic quality change or something. But that is the dynamic there.

然後，如果您有相同數量的廣告商爭奪更少的廣告位，那麼您就會看到更多的競爭，而不一定是人們因為流量品質變化或其他原因而提高出價。但這就是那裡的動態。

And I don't think it's related to what you're alluding to that advertiser leaning out of meta and shifting to Google. I think it's really the volatility that we see there related to those tests and then optimizing their campaigns on our platform and other meta platforms. But again, I think what I see makes sense, and it's actually a healthy auction right now.

我不認為這與你所提到的廣告商從元轉向谷歌的情況無關。我認為這實際上是我們看到的與這些測試相關的波動性，然後在我們的平台和其他元平台上優化他們的活動。但我再次認為我所看到的是有道理的，而且現在實際上是一次健康的拍賣。

And let me maybe address the self preferencing. So we expect Google to do changes until Q1 next year in Europe. And what, in essence, our understanding is that there will be less entry points to Google Hotel Ads which means that basically the price comparison on Google is less visible, which in the long term should adapt the habit of users of comparing prices of Google and people more -- they search for hotel, they look for images and stuff and then they also compare price on Google natively and that is changing. The prices will be much less visible from what our interpretation is.

也許讓我談談自我偏好。因此，我們預計谷歌將在明年第一季之前在歐洲做出改變。本質上，我們的理解是，谷歌酒店廣告的入口點將會減少，這意味著谷歌上的價格比較基本上不那麼明顯，從長遠來看，這應該適應用戶比較谷歌和谷歌價格的習慣。人們更多了——他們搜尋酒店，他們尋找圖片和東西，然後他們還在谷歌上比較價格，這種情況正在改變。從我們的解釋來看，價格將不太明顯。

In the short term, it's difficult to understand where this is going. And I think it's hard to speculate. I think we will adapt and try to learn as much in how we can embrace the formats Google has. At the same time, we'll be curious to see how in the midterm this might be a tailwind for us.

從短期來看，很難理解事情的發展方向。我認為很難推測。我認為我們將適應並嘗試盡可能多地學習如何接受Google擁有的格式。同時，我們會很好奇，從中期來看，這對我們來說可能是個順風車。

(Operator Instructions) There are no additional questions waiting at this time. So I'd like to pass the call back over to the management team for any closing remarks.

（操作員說明） 目前沒有其他問題。因此，我想將電話轉回給管理團隊，讓他們發表結束語。

Thank you for your continued trust in trivago and joining us today. We are energized by the journey that we have had and are very focused on executing on our strategic priorities. So stay safe and remember, when you think hotel, it's trivago. Thank you.

感謝您對 trivago 的持續信任並今天加入我們。我們對我們所經歷的旅程充滿活力，並且非常專注於執行我們的策略重點。因此，請注意安全，記住，當您想到酒店時，那就是 trivago。謝謝。

This concludes today's conference call. Thank you all for your participation. You may now disconnect your lines.

今天的電話會議到此結束。感謝大家的參與。現在您可以斷開線路。