(TRVG) 2024 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 2024. (Operator Instructions) I must advise you the call is being recorded today, Wednesday, the 1st of May 2024. We are pleased to be joined on the call today by Johannes Thomas, trivago's CEO Managing Director; and Robin Harries, trivago's CFO and Managing Director; temporarily designated by trivago's Supervisory Board, pending shareholders' confirmation. The following discussion includes responses to your questions reflect management's views as of today, Wednesday, May 1, 2024, only.

美好的一天，女士們先生們。感謝您的耐心等待，歡迎參加trivago 2024 年第一季收益電話會議。高興參加今天的電話會議Johannes Thomas，trivago 執行長執行董事；以及 trivago 財務長兼董事總經理 Robin Harries；由 trivago 監事會暫時指定，有待股東確認。以下討論包括對您問題的答复，僅反映截至今天（2024 年 5 月 1 日星期三）管理層的觀點。

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 2024 operating and financial review and trivago'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 2024 年第一季營運和財務審查以及 Trivago 向 SEC 提交的其他文件，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 trivago's Investor Relations website at ir.trivago.com.

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 trivago 的投資者關係網站 ir.trivago.com 上。

You are encouraged to periodically visit trivago's Investor Relations website for important content. Finally, unless otherwise stated, all comparisons on this call will be against results for the comparable period of 2023. With that, let me turn the call over to Johannes.

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。最後，除非另有說明，本次電話會議的所有比較都將與 2023 年可比較期間的結果進行比較。

Good morning, everyone. Thank you for joining our Q1 2024 earnings call. To begin, I want to reflect on the journey with embarked on last year. In May 2023, the new leadership team and I took the helm. In the quarter, when we arrived at trivago, we have encountered a business that was declining at a double-digit pace year-over-year. We experienced the aftermath of several years of rather low brand investment, while simultaneously dealing with the substantial changes Google began making to their search results and ad formats.

大家，早安。感謝您參加我們的 2024 年第一季財報電話會議。首先，我想回顧一下去年踏上的旅程。 2023年5月，我和新領導班子上任。在本季度，當我們到達 trivago 時，我們遇到了一項業務同比以兩位數速度下滑的情況。我們經歷了幾年品牌投資相當低的後果，同時應對Google開始對其搜尋結果和廣告格式做出的重大改變。

At the same time, we were thrilled to observe the enduring appeal and relevance of our matter proposition. Our data indicated an increase in the rate disparity since the pandemic, which has increased the value of price comparison. In addition, our research shows that trivago retained a significant global footprint as 1 of the most recognized global travel brands. And notably, we saw the company's highly capable team and unique culture as a competitive edge in a rapidly changing environment that is being disrupted by technology and IR.

同時，我們很高興看到我們的議題主張具有持久的吸引力和相關性。我們的數據表明，自疫情爆發以來，費率差異有所擴大，這增加了價格比較的價值。此外，我們的研究表明，trivago 作為最受認可的全球旅遊品牌之一，在全球範圍內保持著重要的影響力。值得注意的是，我們認為該公司的高能力團隊和獨特的文化是在快速變化的環境中的競爭優勢，而該環境正在受到技術和投資者關係的干擾。

Our belief in these invaluable assets has only grown stronger since then. We are committed to learn and execute at an unrivaled pace. We have stated our intentions to revitalize our brand and improve our core products with the goal of returning to growth in the near future. We are making long-term oriented decisions to increase our branded visitor baseline, which we expect to yield long-term compounding effects. We have been diligently laying the foundation of our plans, and we believe these efforts will bear fruit throughout the remainder of 2024 and beyond.

從那時起，我們對這些無價資產的信念只會變得更加堅定。我們致力於以無與倫比的速度學習和執行。我們已表示打算振興我們的品牌並改進我們的核心產品，目標是在不久的將來恢復成長。我們正在做出面向長期的決策，以提高我們的品牌訪客基線，我們預計這將產生長期的複合效應。我們一直在努力為我們的計劃奠定基礎，我們相信這些努力將在 2024 年剩餘時間及以後取得成果。

The addition of Robin to our team as of April 1 is a key milestone. Robin's wealth of expertise and experience enhances our collect division. We're delighted to welcome him back to lead our financial organization and help us execute our growth strategy. Now let me provide you an update on our 4 strategic priorities. Our first strategic priority is branded growth. We are pleased with the results of our latest campaigns, which is tracking well against our expectations. We're already seeing branded traffic growing on the back of this investment, reaffirming our decisions and strategic direction.

自 4 月 1 日起，Robin 加入我們的團隊是一個重要的里程碑。羅賓豐富的專業知識和經驗增強了我們的收集部門。我們很高興歡迎他回來領導我們的金融組織並幫助我們執行我們的成長策略。現在讓我向您介紹我們的 4 個策略重點的最新情況。我們的首要策略重點是品牌成長。我們對最新活動的結果感到滿意，該活動的進展遠遠超出了我們的預期。我們已經看到在這項投資的支持下品牌流量不斷增長，並重申了我們的決策和策略方向。

Our renewed brand marketing team continues to press us with the ability to drive positive impact and new TV ads that are being tested in preparation for our summer campaigns. The importance of our brand has grown even further, as Google has become a less relevant and less appealing marketing channel for us. We are opportunistically participating in new ad formats, though expect the channel to remain volatile and a substantial headwind. Our second strategic priority is to improve our hotel search experience. We are here to help travelers find the ideal hotel. Our new AI-powered hotel highlights feature has been scaled significantly during the last quarter.

我們新的品牌行銷團隊繼續向我們施壓，要求我們有能力推動正面影響，並正在測試新的電視廣告，為我們的夏季活動做準備。我們品牌的重要性進一步增強，因為Google對我們來說已經成為一個不太相關、吸引力越來越小的行銷管道。我們正在機會主義地參與新的廣告格式，但預計該管道將保持波動並面臨巨大的阻力。我們的第二個策略重點是改善我們的飯店搜尋體驗。我們致力於幫助旅客找到理想的酒店。我們新的人工智慧酒店亮點功能在上個季度得到了顯著擴展。

It's now available in 7 languages across 25 markets and expanded to 120,000 hotels. Fully AI-generated, these hotel highlights are now visible in our search results and provide users with distinct aspects to know about hotel. Our test indicate an increase in user engagement and improved search experience. We will continue to invest in this differentiating feature of our platform. Our third priority is to offer the best deal discovery experience. We aim to help travelers find great deals and get better prices.

目前，它以 7 種語言在 25 個市場提供服務，並擴展到 120,000 家酒店。這些酒店亮點完全由人工智慧生成，現在可以在我們的搜尋結果中看到，並為用戶提供了解酒店的獨特方面。我們的測試顯示用戶參與度有所提高並改善了搜尋體驗。我們將繼續投資於我們平台的這項差異化功能。我們的第三個優先事項是提供最佳的交易發現體驗。我們的目標是幫助旅客找到超值優惠並獲得更優惠的價格。

Our recent consumer survey revealed that 71% of respondents in the U.S. compare prices for -- from different websites in order to find the best deals. To deliver on the needs of price-savvy travelers, we have increased the visibility of relevant deals on our platform and made our search results more price sensitive.

我們最近的消費者調查顯示，71% 的美國受訪者會比較不同網站的價格，以找到最優惠的價格。為了滿足對價格敏感的旅客的需求，我們提高了平台上相關優惠的可見度，並使我們的搜尋結果對價格更加敏感。

By providing more savings options to our users, we aim to create more and more memorable experience and increase the user retention. Our fourth priority is to create value for our advertising partners. An increased share of branded traffic and continuous product improvements have substantially increased our conversion rate and therefore, the quality of leads we send to our partners.

透過為用戶提供更多的節省選項，我們的目標是創造越來越令人難忘的體驗並提高用戶保留率。我們的第四個優先事項是為我們的廣告合作夥伴創造價值。品牌流量份額的增加和產品的持續改進大大提高了我們的轉換率，從而提高了我們發送給合作夥伴的潛在客戶的品質。

As a result, we believe that trivago's attractiveness as a marketing channel is growing. We expect this to be appreciated by our partners over time. We have also innovated our option model and further rolled out our second price auction test last quarter. This auction model simplifies bidding for our partners and reduces the economic risk. Based on the positive feedback and test results, we plan to introduce the second price auction in all markets before the summer.

因此，我們相信 trivago 作為行銷管道的吸引力正在成長。我們希望隨著時間的推移，我們的合作夥伴會對此表示讚賞。我們也創新了選擇權模型，並在上個季度進一步推出了第二次價格拍賣測試。這種拍賣模式為我們的合作夥伴簡化了競價並降低了經濟風險。根據正面的回饋和測試結果，我們計劃在夏季之前在所有市場推出第二次價格拍賣。

To summarize, we are seeing positive impact of our brand investment. We expect this to continuously increase our branded visitor baseline and improve monetization in the long run. Despite headwinds, we continue to be optimistic for the summer season and in our ability to return the business to double-digit top line growth in the medium term. With that, I want to say thank you to our teams for all your continued hard work and dedication. Now I'd like to hand over to Robin.

總而言之，我們看到了品牌投資的正面影響。從長遠來看，我們預計這將持續提高我們的品牌訪客基準並提高獲利能力。儘管存在阻力，我們仍然對夏季以及我們在中期內使業務恢復兩位數營收成長的能力持樂觀態度。在此，我想對我們的團隊一直以來的辛勤工作和奉獻精神表示感謝。現在我想把任務交給羅賓。

Thank you, Johannes. Good morning, everyone, and welcome to our first quarter earnings call. It feels very good to return to trivago after nearly 6 years. I would like to express my gratitude to our Interim CFO, Kevin Hu, and the entire team for their outstanding work during the transition and onboarding process as well as Johannes, Jasmine and Andrej who laid the foundation for strategic initiatives over the last couple of months. I can say that I joined a highly energized team that wants to win. My return alongside Johannes, Jasmine and Andrej underscores our belief in the tremendous opportunity we see to create value for our users, partners and shareholders.

謝謝你，約翰內斯。大家早安，歡迎參加我們的第一季財報電話會議。時隔近6年再次回歸trivago，感覺非常好。我要感謝我們的臨時財務長 Kevin Hu 和整個團隊在過渡和入職過程中所做的出色工作，以及 Johannes、Jasmine 和 Andrej，他們為過去幾個月的策略舉措奠定了基礎。我可以說我加入了一支充滿活力、渴望勝利的團隊。我與 Johannes、Jasmine 和 Andrej 一起回歸，突顯了我們對為用戶、合作夥伴和股東創造價值的巨大機會的信念。

Today, our market cap is below $200 million despite having over EUR 100 million in cash, generating EUR 485 million in revenues, and EUR 54 million in adjusted EBITDA in 2023. Our valuation today is significantly lower than in 2012 when I first joined trivago. We see tremendous upside potential. Trivago still stands as 1 of the world's foremost travel brands operating across 53 local websites and apps in key global markets. Our product value proposition remains highly relevant, scaling up brand marketing worked well for us in the past. And we already see successes from the initial campaign started at the end of 2023.

如今，儘管我們擁有超過1 億歐元的現金，產生4.85 億歐元的收入，2023 年調整後的EBITDA 為5,400 萬歐元，但我們的市值仍低於2 億美元。年我第一次加入trivago 時。我們看到了巨大的上升潛力。 Trivago 仍然是世界上最重要的旅遊品牌之一，在全球主要市場的 53 個本地網站和應用程式上運作。我們的產品價值主張仍然高度相關，過去擴大品牌行銷對我們來說效果很好。我們已經看到 2023 年底啟動的初始活動取得了成功。

We believe that our winning formula still works and remain confident in our ability to progress step by step towards renewed growth on the horizon. Now I would like to discuss our performance in Q1. I will start with a review of our results as well as provide an update on our outlook for the remainder of 2024. All comparisons for 2024 are on a year-over-year basis, unless otherwise stated. During the first quarter of 2024, we achieved total revenues of EUR 101.4 million, which was a 9% decline compared to prior year first quarter.

我們相信，我們的勝利法則仍然有效，並對我們一步步邁向新增長的能力充滿信心。現在我想討論一下我們第一季的表現。我將首先回顧我們的業績，並提供 2024 年剩餘時間的展望的最新資訊。 除非另有說明，2024 年的所有比較均以同比為基礎。 2024 年第一季度，我們實現總營收 1.014 億歐元，比去年第一季下降 9%。

The year-over-year decline was of a lower magnitude as to what was observed in the past 3 quarters. The year started with softer bidding dynamics that gradually improved over the course of the quarter to healthier levels in the Americas, whereas Developed Europe and Rest of World are below the previous year. Overall, profitability decreased as we incurred higher selling and marketing expenses. We invested into our brand marketing activities globally as part of our strategy shift to long-term growth. Let me share some additional insights into our brand marketing efforts.

與過去三個季度相比，年減幅度較小。今年開始，美洲的投標動態較為疲軟，在本季逐漸改善至更健康的水平，而歐洲已開發地區和世界其他地區的投標動態則低於去年。總體而言，由於我們的銷售和行銷費用增加，獲利能力下降。作為我們轉向長期成長策略的一部分，我們在全球範圍內投資了品牌行銷活動。讓我分享一些關於我們品牌行銷工作的其他見解。

We saw first successes from our renewed brand marketing campaign that featured our AI-driven creatives that we launched late last year. We observed a total global brand traffic increase during the first quarter of 2024 compared to the same prior year period. We have seen significant branded traffic growth in Developed Europe and Rest of World and mixed results in Americas.

我們在新的品牌行銷活動中取得了初步成功，該活動以我們去年年底推出的人工智慧驅動的創意為特色。我們觀察到，與去年同期相比，2024 年第一季全球品牌總流量增加。我們看到歐洲已開發國家和世界其他地區的品牌流量顯著成長，而美洲的結果好壞參半。

Our North American markets performed much better than Latin American markets. As we see positive branded traffic developments, our total traffic decreased due to higher performance marketing traffic losses as we continue to observe higher levels of competition on Google.

我們的北美市場表現比拉丁美洲市場好得多。當我們看到品牌流量的積極發展時，我們的總流量由於更高的績效行銷流量損失而減少，因為我們繼續觀察到Google上的競爭水平更高。

During the first quarter, we continued to observe Google ad changes which has made Google a less attractive marketing channel for us. We continue to invest opportunistically in performance marketing channels, though we plan to maintain or selectively increase our profitability targets. We are not planning to compensate volume losses stemming from performance marketing channels at a cost of long-term oriented brand investments. The overall volume losses in performance marketing channels were partly offset by our brand marketing gains. I would like to next discuss the results of our 3 reporting segments.

在第一季度，我們繼續觀察Google廣告的變化，這使得Google對我們來說不再是一個有吸引力的行銷管道。儘管我們計劃維持或選擇性地提高我們的獲利目標，但我們繼續機會主義地投資於績效行銷管道。我們不打算以長期品牌投資為代價來彌補績效行銷管道造成的銷售損失。效果行銷通路的整體銷售損失被我們的品牌行銷收益所部分抵銷。接下來我想討論我們 3 個報告部分的結果。

Referral revenues declined by 6% in Americas and by 15% in our Developed Europe segment, while it increased by 8% in our Rest of World segment. We invested across all 3 segments, advertising spend increasing by 45% in Americas, 12% in Developed Europe and 51% in our Rest of World segment. The increased brand investments made during the quarter resulted in our return on advertising spend, ROAS, our key ratio that compares referral revenue with advertising spend to decline across all 3 segments as a result of our marketing campaigns.

美洲的推薦收入下降了 6%，歐洲發達地區的推薦收入下降了 15%，而世界其他地區的推薦收入則增加了 8%。我們在所有 3 個細分市場進行了投資，美洲的廣告支出增加了 45%，歐洲發達地區的廣告支出增加了 12%，世界其他地區的廣告支出增加了 51%。本季品牌投資的增加導致我們的廣告支出回報率、ROAS（將推薦收入與廣告支出進行比較的關鍵比率）由於我們的行銷活動而在所有 3 個細分市場中下降。

The declines in our Americas and Developed Europe segments were largely driven by performance marketing volume losses as a result of continued higher levels of competition. And Developed Europe, the losses were further driven by softer bidding dynamics on our platform compared to the same period in 2023. In our Rest of World segment, we continue to see referral revenue growth primarily driven by higher traffic volumes as a result of increased brand investments and better booking conversion, which was partly offset by softer bidding dynamics.

我們美洲和已開發歐洲市場的下滑主要是因為競爭水準持續升高導致績效行銷量損失。在歐洲已開發國家，與2023 年同期相比，我們平台上的競價動態更加疲軟，進一步推動了損失。的投資和更好的預訂轉換率，但部分被疲軟的競價動態所抵消。

Moving on to our operational expenses. We incurred EUR 16.7 million, higher operating expenses, totaling EUR 113 million during the first quarter of 2024. The increase was primarily driven by EUR 19.1 million, higher advertising spend, which was partly offset by EUR 1.4 million lower share-based compensation costs. Overall, we had a net loss of EUR 8.4 million and an adjusted EBITDA loss of EUR 9.2 million during the first quarter. Looking ahead, the main travel trends remain solid, and we continue to see strong demand for hotels as we head into summer.

繼續我們的營運支出。 2024 年第一季度，我們的營運費用增加了 1,670 萬歐元，總計 1.13 億歐元。整體而言，第一季我們的淨虧損為 840 萬歐元，調整後 EBITDA 虧損為 920 萬歐元。展望未來，主要旅遊趨勢仍然穩固，隨著夏季的到來，我們繼續看到對酒店的強勁需求。

We have continued to observe improved booking conversion levels on our platform, providing our partners with high quality and better converting traffic. We expect advertiser to react to this over time. We plan to maintain our profitability targets and do not plan to compensate for performance marketing volume losses, as we continue to focus on our brand marketing campaign to drive long-term growth. We continue to expect revenues year-over-year to decline in the second quarter and to reverse the trend in the second half of the year.

我們不斷觀察到平台上的預訂轉換水準有所提高，為我們的合作夥伴提供了高品質和更好的轉換流量。我們預計廣告商會隨著時間的推移對此做出反應。我們計劃維持獲利目標，並且不打算補償績效行銷量損失，因為我們將繼續專注於品牌行銷活動以推動長期成長。我們仍預期第二季營收將年減，並在下半年扭轉這一趨勢。

We continue to guide our adjusted EBITDA for full year to be at around breakeven levels. The initial results of our brand marketing campaigns are overall in line with our expectations, and we remain confident that our brand investments will help us to further increase our branded traffic over time to fill long-term growth and profitability. With that, let's open the line for questions. Operator, we are now ready to take the first question, please.

我們繼續指導全年調整後的 EBITDA 保持在盈虧平衡水平左右。我們的品牌行銷活動的初步結果總體上符合我們的預期，我們仍然相信，我們的品牌投資將幫助我們隨著時間的推移進一步增加品牌流量，以實現長期增長和盈利。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) Your first question comes from the line of Naved Khan of B. Riley Securities.

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

A couple of questions from me. Maybe just from the -- on the weakness in the performance channel. I mean we have seen some weakness even in the prior quarters. Did any changes related to the implementation of DMA, have any additional impact in March? And can you maybe just talk about the travel demand broadly across different regions? Did you see any changes on that front?

我有幾個問題。也許只是來自於性能管道的弱點。我的意思是，即使在前幾個季度，我們也看到了一些疲軟的情況。與 DMA 實施相關的任何變更是否對 3 月產生了任何額外影響？您能否大致談談不同地區的旅遊需求？您看到這方面有什麼改變嗎？

Thank you for the question, Naved. This is Johannes. I think on the first quarter in terms of performance marketing, there was weakness starting second half of the year already where Google gradually did changes to their search results and tested new ad formats and that has gradually increased over time in Q1 from what we observed the visibility of the new ad formats, PPA, especially in Europe. In the U.S., our observation is PPA and GHA being more visible, has increased in Q1, which we think is probably part of the DMA adjustments.

謝謝你的提問，納維德。這是約翰內斯.我認為，在第一季的效果行銷方面，從下半年開始就出現了疲軟，谷歌逐漸改變了他們的搜尋結果並測試了新的廣告格式，並且從我們觀察到的情況來看，隨著第一季度的時間的推移，這種疲軟已經逐漸增加新廣告格式 PPA 的知名度，尤其是在歐洲。在美國，我們觀察到 PPA 和 GHA 更加明顯，第一季有所增加，我們認為這可能是 DMA 調整的一部分。

So it basically has increased in visibility. We are participating in these formats, though we are very focused on brands we see opportunistically where we are joining and what makes sense for us. We are seeing not the performance we would appreciate from a conversion perspective and also we lack in optimization levers that would help us optimize these ads effectively. And I think that's the performance marketing perspective. Robin, can you comment on demand?

所以它的知名度基本上已經提高了。我們正在參與這些形式，儘管我們非常關注我們機會主義地看到我們加入的品牌以及對我們有意義的品牌。從轉換的角度來看，我們沒有看到我們想要的效果，而且我們缺乏可以幫助我們有效優化這些廣告的優化手段。我認為這就是效果行銷的角度。羅賓，你能評論一下需求嗎？

Yes. Thanks for the question. Regarding demand. So we see a robust demand, so it remains strong. It's rather increasing. So on that side, it looks quite good.

是的。謝謝你的提問。關於需求。因此，我們看到需求強勁，因此仍然強勁。是比較增加的。所以從這一方面來說，看起來相當不錯。

Okay. Great. Maybe just a related follow-up on your answer to the headwinds and performance. So what gives you the confidence that you can see positive growth in the back half, given these headwinds are continuing in the third channel?

好的。偉大的。也許只是對你對逆風和表現的回答的相關後續行動。那麼，鑑於第三通道中的這些逆風仍在持續，是什麼讓您有信心在後半段看到積極的增長？

We are seeing a strong response of our branded campaigns. And branded campaigns have a compounding effect over time. So it's a matter of doing the right things and brand consistently. And that means optimizing markets, optimizing our creatives. We see room for improvement. And whenever we do improvements, we see further impact. So it's a matter of doing this consistently throughout the year, and we see a very good chance to offset losses in performance marketing.

我們看到我們的品牌活動反應強烈。隨著時間的推移，品牌活動會產生複合效應。因此，關鍵在於始終如一地做正確的事情並建立品牌。這意味著優化市場，優化我們的創意。我們看到了改進的空間。每當我們進行改進時，我們都會看到進一步的影響。因此，這是一個全年持續這樣做的問題，我們看到了抵消效果行銷損失的一個很好的機會。

And we certainly are learning on how to adapting and participating in the new ad formats, which we're trying to optimize over time as well.

我們當然正在學習如何適應和參與新的廣告格式，我們也在努力隨著時間的推移進行最佳化。

Your next question comes from the line of Stephen Ju of UBS.

你的下一個問題來自瑞銀集團的Stephen Ju。

This is Jeremy on the Stephen. I got 2 questions. First, on brand marketing, can you talk broadly about how the ROAS and the payback period may be different from performance? And then second, as a follow-up on the demand side, the softer bidding activity you're calling out for Europe and Rest of World, is this largely a consequence of local currency devaluing relative to global, for example, with the yen and making it more expensive for travelers in APAC? Or is there something underlying you're seeing in terms of consumer demand?

這是史蒂芬號上的傑瑞米。我有 2 個問題。首先，關於品牌行銷，您能否概括地談談 ROAS 和投資回收期與績效有何不同？其次，作為需求方面的後續行動，您所呼籲的歐洲和世界其他地區的招標活動較為疲軟，這在很大程度上是當地貨幣相對於全球貨幣貶值的結果，例如日元和日元貶值。亞太地區的旅行者變得更昂貴？或者您在消費者需求方面看到了一些潛在的東西？

So let me comment on the first part on the ROAS. The difference in performance marketing is that you have a good level of ROAS with the acquisition of the users. And that is basically in performance marketing, the beauty, you invest in quick and quickly get a return with brand is just a little bit of a longer horizon that we put on the perspective. But we see short-term impact, and we know what the short-term impact are as proxies for long-term impact.

那麼讓我來評論一下關於 ROAS 的第一部分。效果行銷的不同之處在於，隨著用戶的獲取，您可以獲得良好的 ROAS 等級。這基本上是在績效行銷中，你快速投資並快速獲得品牌回報的美感只是我們的視角有點長遠。但我們看到了短期影響，我們知道短期影響是什麼，可以作為長期影響的替代。

That's where we have a ton of data about and good assumptions on how the branded visitor baseline would evolve over time, and that's translating into a long-term return.

在這裡，我們擁有大量關於品牌訪客基準如何隨時間演變的數據和良好假設，這將轉化為長期回報。

So regarding travel trends, what we see across the 3 segments is that ADRs are slightly down in the segment, so in our trivago internal data. And we see that length of stay is slightly down in Americas and Rest of the World, slightly up in Europe. So -- and this leads to slightly lower ABVs in Americas and Rest of the World and stable ABVs in Europe. So when we look at the star hotels, so we see a share of 4- to 5-star hotels continues -- that is continuously going down, yes, so in all 3 segments.

因此，就旅遊趨勢而言，我們在這 3 個細分市場中看到的是，該細分市場的 ADR 略有下降，在我們的 trivago 內部數據中也是如此。我們發現美洲和世界其他地區的停留時間略有下降，歐洲則略有上升。因此，這導緻美洲和世界其他地區的 ABV 略有下降，而歐洲的 ABV 則保持穩定。因此，當我們觀察星級飯店時，我們看到 4 至 5 星級飯店的份額仍在持續下降，是的，在所有 3 個細分市場中都是如此。

And, yes, so this indicates that people are more price sensitive. And we also see this in Rest of the World. So especially when you look into Japan, we see ADRs going down there as well, also on local...

是的，這表明人們對價格更加敏感。我們在世界其他地區也看到了這一點。因此，特別是當你觀察日本時，我們發現日本的 ADR 也在下降，當地的…

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

下一個問題來自瑞穗銀行的詹姆斯李（James Lee）。

Great. My question is on AI investments. And Can you help us understand what you're doing there specifically. Are you developing apps on top of the foundational model? If so, can you give a sense what you're working with and what use cases you're developing that could differentiate your product versus your peers?

偉大的。我的問題是關於人工智慧投資。您能幫助我們了解您在那裡具體做些什麼嗎？您是否在基礎模型之上開發應用程式？如果是這樣，您能否介紹一下您正在使用的內容以及您正在開發的用例可以使您的產品與同行區分開來？

Yes. Thank you for asking the question. I think it's pretty central to our efforts. On the 1 side, there's a ton of things we do internally to improve operations and be more efficient. And we create a lot of awareness, and it's on everybody's strategic priority internally to think about it. If you see our TV ads, we mentioned how we are leveraging AI to localize our ads in the past. We had a lot of different speakers per market, which was quite expensive.

是的。感謝您提出問題。我認為這對我們的努力非常重要。一方面，我們在內部做了很多事情來改善營運並提高效率。我們創造了很多意識，每個人的內部策略優先事項都需要考慮這一點。如果您看到我們的電視廣告，我們提到我們過去如何利用人工智慧來在地化我們的廣告。每個市場我們都有許多不同的揚聲器，價格相當昂貴。

Production was a very long period. We now use AI to localize our TV ads. So that's something you see teams innovating and leveraging AI like at the edge of what's actually possible, and that's what we expect from every team in the company. When it comes to our product, I've mentioned the AI highlights. So you can go to New York look at the Mandarin Oriental. And you will see snippets that says unbeatable use (inaudible) and then we give context around it, breathtaking, Panoramas of Manhattan. So very distinct things use piece hotel can offer.

生產是一個很長的時期。我們現在使用人工智慧來在地化我們的電視廣告。因此，你會看到團隊在實際可能的邊緣進行創新和利用人工智慧，這也是我們對公司每個團隊的期望。說到我們的產品，我提到了AI的亮點。所以你可以去紐約看看文華東方酒店。您會看到一些片段，上面寫著無與倫比的使用（聽不清楚），然後我們提供圍繞它的背景，令人驚嘆的曼哈頓全景圖。酒店可以提供非常獨特的東西。

These are not human generated. They are AI generated. And to be able to do this at scale for 120,000 hotels, we have built the infrastructure. We have used a range of models, tested different models where we are experimenting with. We have a solid setup that works for us now that is using -- that is operational and effective, and we continue doing that. We're not sharing, who we work with and this changes over time as well, as we don't want to be locked in into 1 model, but continue to run on what we're -- we see biggest impact.

這些不是人類產生的。它們是人工智慧生成的。為了能夠在 12 萬家酒店中大規模實現這一目標，我們建造了基礎設施。我們使用了一系列模型，測試了我們正在試驗的不同模型。我們現在有一個適合我們的可靠設置，正在使用中——這是可操作且有效的，我們將繼續這樣做。我們不會分享我們與誰合作，這也會隨著時間的推移而改變，因為我們不想被鎖定在一種模式中，而是繼續按照我們的方式運作——我們看到了最大的影響。

And then the last thing, so it's about content aggregating, bringing what's really relevant for users into their mind when it's relevant. And then the last 1 where we're excited about, where we have put a team on, is natural language search. Everybody that is in the search field certainly is thinking about conversational search and how you create a different experience for the user.

最後一件事是關於內容聚合，在相關時將與用戶真正相關的內容帶入他們的腦海中。最後一個讓我們感到興奮的領域是自然語言搜索，我們已經組建了一個團隊。搜尋領域的每個人肯定都在考慮對話式搜尋以及如何為用戶創造不同的體驗。

And that's why we have built core models on. How do we not use city plus date and region and like aesthetic data infrastructure, but rather research environment that gives you a list of hotels. And we call this a natural language search that we're exploring, but it's super early in our space.

這就是我們建立核心模型的原因。我們如何不使用城市加日期和地區以及美學資料基礎設施，而是使用為您提供飯店清單的研究環境。我們稱之為我們正在探索的自然語言搜索，但它在我們的領域還處於非常早期的階段。

But I think we can expect everybody in search space, including us, will find ways of use cases where we make the search results more relevant through that. And machine learning and AI were used for a long time in showing more relevant search results already, but improving our search, showing more relevant content, leveraging it in marketing, that's a focus for us.

但我認為我們可以期望搜尋空間中的每個人，包括我們，都會找到用例的方法，透過這種方法使搜尋結果更加相關。機器學習和人工智慧長期以來一直用於顯示更相關的搜尋結果，但改進我們的搜索，顯示更相關的內容，在行銷中利用它，這是我們的重點。

Your next question comes from the line of Ron Josey of Citi.

你的下一個問題來自花旗銀行的羅恩喬西。

I wanted to ask Johannes you talked a little -- you talked about trivago's second-price auction test and plans to launch here shortly. Talk to us a little more about the results that you're seeing from the testing there and what makes you feel confident about moving forward here in launching that? And can you just provide some additional thoughts on just the DMA and the DSA and some of the newer rules and regulations regarding the gatekeepers and maybe how trivago is positioned here?

我想問約翰內斯，你談了一點——你談到了 trivago 的第二價格拍賣測試，併計劃很快在這裡推出。與我們詳細談談您從那裡的測試中看到的結果，以及是什麼讓您對在這裡推進該專案充滿信心？您能否就 DMA 和 DSA 以及一些有關守門人的新規則和規定以及 trivago 在這裡的定位提供一些額外的想法？

Thank you for your question. Maybe the SBA part, I think it has been a very big project for us. We have been working on this now for about 9 months, great effort. And this is work with our partners internally, quite complex infrastructure change. And we have rolled this out in record speeds and very consistently.

謝謝你的問題。也許 SBA 部分，我認為這對我們來說是一個非常大的專案。我們已經為此工作了大約 9 個月，付出了巨大的努力。這是與我們內部合作夥伴合作的、相當複雜的基礎設施變革。我們以創紀錄的速度和非常一致地推出了這項服務。

And we are seeing the intentions were twofold. On the 1 hand, we want to improve our search results. In the first price auction, you have the problem when advertisers bid up, the hotel gets pushed up in the ranking very fast.

我們看到其意圖是雙重的。一方面，我們希望改善我們的搜尋結果。在第一次價格拍賣中，當廣告商出價較高時，就會遇到問題，飯店的排名會很快上升。

And that means you can pay hotels up the ranking and then that means that not the best hotels are in front of users' minds. And as a second price auction, this is milder. We have a more stable search results. That's the expectation over time with indication that we get there.

這意味著您可以向排名較高的飯店付費，但這意味著用戶心目中的飯店並不是最好的。作為第二次價格拍賣，這種情況比較溫和。我們有更穩定的搜尋結果。這是隨著時間的推移的預期，表明我們已經達到了目標。

And that has been an important qualification, are we improving the user experience and that's what we want to see. And the second part, our partners are working on Google, on other marketing channels in the second price auction. So we simplify the world so they all need to think about first and second price, and we make it more simple for them.

這是一個重要的條件，我們是否改善了使用者體驗，這就是我們希望看到的。第二部分，我們的合作夥伴正在Google以及第二次價格拍賣的其他行銷管道上開展工作。所以我們簡化了世界，這樣他們都需要考慮第一和第二價格，我們讓他們變得更簡單。

Also when you bid in a second price auction, you don't have risk of overbidding, and don't need to bid down to understand, who's the next highest bidder so you may be overpaying in the auction. That risk is gone, which means the marketplace overall becomes more efficient and also medium-sized players can be more aggressive without huge economic risk. So that is, I think, on the expectations. We see both signals on the user side and the feedback we get from our partners that they are satisfied with how things are going with how they are steering our auction.

此外，當您在第二次價格拍賣中出價時，您不會有出價過高的風險，也不需要降低出價來了解誰是下一個最高出價者，因此您可能在拍賣中出價過高。這種風險消失了，這意味著市場整體變得更有效率，中型企業也可以更積極進取，而無需承擔巨大的經濟風險。我認為這就是期望。我們既看到了用戶方面的訊號，也看到了我們從合作夥伴那裡得到的回饋，顯示他們對拍賣的進展和他們對拍賣的指導感到滿意。

And then when you get to the tipping point, where partners are excited, we see the results on our user end, that's where we want to push the pedal. We want to be done by end of the month, ideally, but complexity is there. So there's a little bit of room. Before summer, we want to be out on auctions normalize and partners. And we have a new normal that we all feel good in and can optimize with forward. And that's it on the SBA. The DMA, I commented on it, and that is something where you have seen now a new reality in Google where this is now being assessed by the commission. And we will find out what the commission is happy with and what's not.

然後，當到達臨界點時，合作夥伴會感到興奮，我們會在用戶端看到結果，這就是我們想要推動的地方。理想情況下，我們希望在月底之前完成，但複雜性是存在的。所以還有一點空間。在夏季之前，我們希望拍賣正常化並與合作夥伴合作。我們已經進入了一種新常態，我們都感覺良好，並且可以繼續優化。 SBA 就是這樣。 DMA，我對此發表了評論，這是你現在在谷歌看到的一個新現實，委員會現在正在評估這一點。我們將了解委員會對哪些內容滿意，哪些不滿意。

Overall, we see less entry points in Europe into GHA. So their hotel product, from our perspective, has been weakened. And that's good for us in the long term. In the short term, it's still a headwind that they put PPAs more visible and PPAs for us not converting as well as text ads did. And that, I think, would be interesting. We look at it as hard to predict where this is going. And we know they are experimenting further. They have other types of formats that they will be testing.

總體而言，我們認為歐洲進入 GHA 的切入點較少。所以他們的酒店產品，從我們的角度來看，已經被削弱了。從長遠來看，這對我們有好處。從短期來看，他們讓購電協議變得更加明顯，而我們的購電協議轉換效果不如文字廣告，這仍然是一個阻力。我認為這會很有趣。我們認為很難預測事態的發展。我們知道他們正在進一步進行實驗。他們還有其他類型的格式需要測試。

So it's volatile and hard to predict where this normalizes. And we are learning fast than how to find our sweet spot in this game. I think given we focus on brand and it's less relevant for us already because it hasn't happened for a while, and we now see the traction and brand. We aim this to offset. And then it will rather be an opportunity that we can dive into if we are excited about the dynamics in that space.

因此，它是不穩定的，很難預測這種情況會在什麼情況下正常化。我們學習的速度比如何在這個遊戲中找到最佳位置更快。我認為，鑑於我們專注於品牌，它對我們來說已經不太相關了，因為它已經有一段時間沒有發生了，而我們現在看到了吸引力和品牌。我們的目的是抵消這一影響。如果我們對該領域的動態感到興奮，那麼這將是一個我們可以深入研究的機會。

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

你的下一個問題來自富國銀行的布萊恩·菲茨傑拉德。

In the prepared remarks, you mentioned that branded traffic volumes are growing nicely and Developed Europe, Rest of the World, but not so much in Latin America. To what extent is that a function of you running material different campaigns? Or is it just the timing in the markets there? Anything different with respect to Latin America with regard to branded campaigns.

在準備好的發言中，您提到品牌流量在歐洲已開發國家和世界其他地區成長良好，但在拉丁美洲則不然。這在多大程度上取決於您開展不同的行銷活動？或者只是那裡市場的時機？在品牌活動方面與拉丁美洲有什麼不同。

That is -- I think we -- in Latin America, we have strategically not focused on at the beginning of the year. And the reason was that the levels of optimization and the focus we put there were not at the levels we liked. So you're trying to find out where you have the best dynamics across the globe and where you want to invest your money. And that was not the place where we have seen the returns we wanted to, and we quickly stopped investing in those markets, to be able to invest into markets with more elasticity.

我認為，在拉丁美洲，我們在年初並未在策略上重點關注。原因是我們的最佳化程度和重點沒有達到我們喜歡的程度。因此，您正在努力找出全球範圍內最有活力的地方以及您想將資金投資到哪裡。那不是我們看到我們想要的回報的地方，我們很快就停止了對這些市場的投資，以便能夠投資更具彈性的市場。

(Operator Instructions)

（操作員說明）

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

你的下一個問題來自摩根大通的Doug Anmuth。

This is Dae on for Doug. I have 2. So the first one, I'm curious to hear your thoughts on why you're seeing softer bidding dynamics and if that's properties across all advertisers and why specifically Developed Europe and Rest of the World and what makes Americas different? And I have a follow-up.

這是道格的戴昂。我有2個。 所以第一個，我很想聽聽您的想法，為什麼您會看到較軟的出價動態，如果這是所有廣告商的財產，為什麼特別是發達的歐洲和世界其他地區，以及是什麼讓美洲與眾不同？我有一個後續行動。

Thanks for the question. So we saw that a big advertisers a bit softer at the beginning of Q1, yes so -- but went back to more healthy levels in Americas and remain softer in Developed Europe and Rest of the World. So the reasons, yes -- so I think we -- I mean we expect what branded traffic and higher conversions will be appreciated by our partners over time. We see at the moment in Americas, there might be more heated competition on our platforms so which leads better bidding dynamics.

謝謝你的提問。因此，我們看到大型廣告商在第一季初有點疲軟，是的，但在美洲回到了更健康的水平，在發達的歐洲和世界其他地區保持疲軟。所以原因是，是的——所以我認為我們——我的意思是，我們期望隨著時間的推移，我們的合作夥伴會欣賞品牌流量和更高的轉換率。我們目前在美洲看到，我們的平台上的競爭可能會更加激烈，從而帶來更好的競價動力。

And, yes, so this is, at the moment, on a healthy level in Americas, and it's increasing in Developed Europe and the Rest of the World so -- but it's still softer compared to last year.

是的，目前美洲的數字處於健康水平，歐洲已開發地區和世界其他地區的數字正在增加，但與去年相比仍然疲軟。

So I guess related to that, you kind of briefly touched on that already, but what do you think is needed for advertisers to react or appreciate the higher quality and better converting traffic that you're sending right now?

所以我想與此相關的是，您已經簡單地談到了這一點，但是您認為廣告商需要什麼才能做出反應或欣賞您現在發送的更高品質和更好的轉換流量？

I think here, the most important or 1 of the important factors in our engagement with advertisers, and they are very engaged, big ones, small ones, medium-sized suppliers. There's very active discussions. What they certainly want is traffic that's incremental. So if we compete in Google and buy the same traffic, and it's not incremental for them, it's not that attractive.

我認為在這裡，我們與廣告商互動的最重要的或最重要的因素之一，他們非常參與，大的、小的、中型的供應商。討論非常活躍。他們當然想要的是增量流量。因此，如果我們在谷歌競爭併購買相同的流量，而這對他們來說不是增量，那麼就沒有那麼有吸引力。

And if we look at the recent years, our share of performance marketing has been bigger and now leaning back into brand. They -- we expect them to see more incrementality. If that comes -- and we are showing that by much higher conversion rates already. Our branded traffic converts much better.

如果我們回顧一下最近幾年，我們的效果行銷份額已經更大，現在又重新轉向品牌。他們——我們希望他們看到更多的增量。如果這種情況發生——我們已經透過更高的轉換率證明了這一點。我們的品牌流量轉換得更好。

So along with both product improvements, conversion rates are up, and I think that is an aspect that in the next review, they will hopefully see that our traffic is more incremental. And then on a relative basis to other channels, you become more attractive. And that's a matter of how quickly does this materialize.

因此，隨著產品的改進，轉換率也隨之提高，我認為這是在下一次審查中的一個方面，他們希望看到我們的流量更加增量。然後相對於其他管道，你會變得更具吸引力。這取決於實現的速度有多快。

We have seen the year started much softer, and over the course of the quarter, numbers have normalized. And as Robin said in Americas, very healthy; in Europe and Rest of the World a bit softer but, overall, at good levels.

我們看到今年的開局更加疲軟，並且在本季度中，數字已經正常化。正如羅賓在美洲所說的那樣，非常健康；歐洲和世界其他地區的情況稍微疲軟，但總體而言處於良好水平。

With no further questions, this concludes our Q&A session. I will now turn the conference back over to Johannes for closing remarks.

沒有其他問題，我們的問答環節就結束了。現在我將把會議轉回約翰內斯作閉幕詞。

We are committed to delivering sustainable growth and creating long-term value for our shareholders. The success of the company will be driven by our continuous transformation in marketing and innovation in our core product. I'd like to thank everyone for participating in our earnings call. We appreciate your time and your ongoing interest in our company. We look forward to updating you on our progress and results on the next call. Thank you, and have a great day.

我們致力於實現永續成長並為股東創造長期價值。公司的成功將由我們在行銷方面的持續轉型和核心產品的創新所驅動。我要感謝大家參加我們的財報電話會議。我們感謝您的寶貴時間以及您對我們公司的持續關注。我們期待在下次電話會議上向您通報我們的最新進展和結果。謝謝您，祝您有美好的一天。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線。