Trivago NV (TRVG) 2024 Q3 法說會逐字稿

Good day, ladies and gentlemen. Thank you for standing by and welcome to the Trivago's Q3 earnings call 2024. (Operator Instructions). I must advise you that the call is being recorded today, Wednesday, Novemebr 06, 2024.

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 年第三季財報電話會議。我必須通知您，通話錄音將於今天（2024 年 11 月 6 日星期三）進行。

We are pleased to be joined on the call today by Johannes Thomas, Trivago's CEO and Managing Director and Robin Harries, Trivago's CFO and Managing Director.

我們很高興今天邀請 Trivago 執行長兼董事總經理 Johannes Thomas 和 Trivago 財務長兼董事總經理 Robin Harries 參加電話會議。

The following discussion including responses to your questions reflects management's views as of today, Wednesday, November 06, 2024 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.

以下討論（包括對您的問題的答案）僅反映了截至今天（2024 年 11 月 6 日星期三）管理層的觀點。 Trivago 不承擔更新或修改此資訊的任何義務。像往常一樣，今天的電話會議中發表的一些聲明具有前瞻性，通常前面有「我們期望」、「我們相信」、「我們預期」或類似的聲明。

Please refer to the Q3 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. 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.

請參閱 2024 年第三季營運和財務回顧以及 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。您可以在 Trivago 的營運和財務評論中找到今天討論的非 GAAP 衡量標準與最具可比性 GAAP 衡量標準的調整表，該評論發佈在 Trivago 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 Johanna. Please go ahead.

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。請繼續。

Good morning, everyone. Thank you for joining our Q3 2024 earnings call. In the third quarter of 2024, we delivered solid brand revenue growth in our developed Europe and rest of the world segments, maintaining the positive trajectory.

大家早安。感謝您參加我們的 2024 年第三季財報電話會議。 2024 年第三季度，我們在發達的歐洲和世界其他地區的品牌收入實現了穩健的成長，並保持了積極的軌跡。

While the merit class segment faced temporary market headwinds including software demand early in the quarter and reduced TV reach due to shifted viewership from major sports and political events, In Americas, we just demonstrated our agility by adjusting our brand investments accordingly.

雖然精英階層市場面臨暫時的市場阻力，包括本季初的軟體需求以及由於主要體育和政治事件的收視率轉移而減少的電視覆蓋範圍，但在美洲，我們只是通過相應調整我們的品牌投資來展示我們的敏捷性。

This technical response contributed to a better than expected adjusted EBITDA. Google ad format changes continue to be a headwind which we expect to gradually normalize by Q1 2025. As we move into Q4, we are seeing a return to typical seasonality patterns and are excited to be approaching our turning point.

這項技術反應使得調整後的 EBITDA 比預期好。 Google 廣告格式的變化仍然是一個阻力，我們預計到 2025 年第一季將逐漸正常化。

We are well positioned for growth this quarter and aim for sustainable growth next year. Our disciplined approach keeps us on track to achieve breakeven on a full year basis in 2024. We remain confident in our ability to achieve double digit growth in the medium-term.

我們已做好本季成長的準備，並致力於明年的可持續成長。我們嚴格的方法使我們預計在 2024 年全年實現收支平衡。

Robin will share further insights on Q3 and our future expectations. Let me first give you an update on our strategic priorities. Our first strategic priority is branded growth. We strive to be top of mind for travelers booking hotels. We are encouraged by the positive returns on our brand marketing investments in 2024 and committed to advancing this trajectory. Further increase the effectiveness of our investments, we have secured a partnership with Jurgen Klopp as the face of our upcoming marketing campaign.

Robin 將分享有關第三季和我們未來預期的進一步見解。首先讓我向您介紹我們戰略重點的最新情況。我們的首要策略重點是品牌成長。我們努力成為旅客預訂酒店時的首要考慮因素。我們對 2024 年品牌行銷投資的正面回報感到鼓舞，並致力於推動這一發展軌跡。為了進一步提高我們投資的有效性，我們與尤爾根·克洛普建立了合作夥伴關係，作為我們即將到來的行銷活動的代言人。

As a globally recognized soccer coach, celebrated fourth remarkable leadership, Klopp guided Liverpool to triumph in both the Premier League and the Champions League. Renown as the normal one among a cycle of soccer legends, Klopp is celebrated worldwide for a smart personality and authentic character, qualities are perfectly aligned with what we stand for.

作為全球公認的足球教練，克洛普第四次獲得卓越的領導力，帶領利物浦在英超聯賽和歐洲冠軍聯賽中取得勝利。克洛普被譽為足球傳奇中的佼佼者，以其聰明的個性和真實的性格而聞名於世，這些品質與我們所代表的理念完全一致。

So has been carefully selected after comprehensive pre-testing. His resonance with Trivago's audience surpassed that of other potential candidates, making him an ideal ambassador for the brand. The campaign will kick off with the master spot recorded in English which will then be localized into various languages using advanced AI technology.

所以是經過全面的預測試後精心挑選的。他與 Trivago 受眾的共鳴超過了其他潛在候選人，使他成為該品牌的理想大使。活動將以英語錄製的主插播開始，然後使用先進的人工智慧技術將其本地化為多種語言。

This approach builds on Trivago's pioneering efforts in AI driven marketing first introduced in our brand marketing campaign at the end of last year.

這種方法建立在 Trivago 在人工智慧驅動行銷方面的開創性努力之上，去年年底我們首次在我們的品牌行銷活動中引入了這種方法。

Our second strategic priority is to improve our hotel search experience. We had aimed to help travelers find their ideal hotel. We've significantly expanded our AI powered hotel highlights, increasing our coverage from 120,000 hotels to 250,000 hotels across eight languages and 27 markets. In so doing, we are enhancing our user experience by providing more relevant information and put a particular focus on surfacing unique selling points of hotels.

我們的第二個策略重點是改善我們的飯店搜尋體驗。我們的目標是幫助旅客找到理想的酒店。我們顯著擴展了 AI 支援的酒店亮點，將覆蓋範圍從 120,000 家酒店增加到 250,000 家酒店，涵蓋 8 種語言和 27 個市場。在此過程中，我們透過提供更多相關資訊來增強使用者體驗，並特別注重展示飯店的獨特賣點。

We've also introduced new personalization algorithms improving the relevance of our hotel search results.

我們還引入了新的個人化演算法，提高了飯店搜尋結果的相關性。

Our third strategic priority is to offer the best deals covering experience. We strive to help travelers find great deals and better prices. We've enhanced the visibility with the expansion of super saving deals to our apps and the introduction of price drop deals which highlight recent price decreases of a hotel.

我們的第三個策略重點是提供涵蓋經驗的最佳交易。我們努力幫助旅行者找到超值優惠和更優惠的價格。我們透過將超級優惠交易擴展到我們的應用程序，並引入降價交易來突出酒店最近的降價，從而提高了知名度。

We have further improved rate accuracy on our platform by incorporating out our partners full booking funnels ensuring that deals we present are current and still available. This is an important initiative as we continue to surface more deals to our users.

透過整合合作夥伴的完整預訂管道，我們進一步提高了平台上的價格準確性，確保我們提供的優惠是最新的且仍然可用。這是一項重要舉措，因為我們將繼續向用戶提供更多優惠。

Our fourth priority is to empower our partners on our platform. We continue to improve our conversion rate by optimizing our marketing mix and enhancing our product. As a result, we anticipate that our advertisers will recognize these advancements and find us increasingly attractive as a marketing channel.

我們的第四個優先事項是為我們平台上的合作夥伴提供支援。我們透過優化行銷組合和增強產品來持續提高轉換率。因此，我們預計我們的廣告商會認識到這些進步，並發現我們作為行銷管道越來越有吸引力。

This year, we successfully introduced a second price auction to mitigate economic risk and reduce complexity of our marketplace, particularly for small and medium sized advertisers. We will continue to support our advertising partners with optimizing their bids through our smart bidding solutions and aim to expand our Trivago branded book and go funnel to more advertisers in the course of 2025.

今年，我們成功推出了第二次價格拍賣，以降低經濟風險並降低市場的複雜性，特別是對於中小型廣告商而言。我們將繼續支持我們的廣告合作夥伴透過我們的智慧出價解決方案優化他們的出價，並計劃在 2025 年擴大我們的 Trivago 品牌圖書並吸引更多廣告商。

In summary, our Q3 2024 results reflect solid brand revenue growth in developed Europe and rest of the world demonstrating the effectiveness of our investments. At the same time, we demonstrated our adaptability and response to situation and market headwinds in the Americas. We are diligently focused on executing our strategic priorities and expect to deliver sustainable growth in the near term.

總而言之，我們 2024 年第三季的業績反映了歐洲已開發地區和世界其他地區品牌收入的穩健成長，證明了我們投資的有效性。同時，我們展示了我們對美洲形勢和市場逆風的適應能力和反應能力。我們努力專注於執行我們的策略重點，並期望在短期內實現永續成長。

A heartfelt thank you goes to all our employees whose commitment and hard work have been vital to our success. Your efforts are the driving force behind Trivago's progress. We look forward to continued success together. With this, I'll hand over to Robin.

衷心感謝我們所有的員工，他們的奉獻和辛勤工作對我們的成功至關重要。您的努力是Trivago前進的動力。我們期待共同持續取得成功。這樣，我就把任務交給羅賓了。

Thank you, Johannes and good morning, everyone. Q3 was an important quarter for us. We saw better than expected revenue growth in our rest of world segment and a notable improvement in developed Europe. In the Americas, temporary unfavorable market conditions impacted our revenue, and we made a tactical decision to adjust our marketing spend accordingly.

謝謝約翰內斯，大家早安。第三季對我們來說是一個重要的季度。我們看到世界其他地區的收入成長好於預期，歐洲已開發地區的收入成長顯著。在美洲，暫時不利的市場狀況影響了我們的收入，我們做出了相應調整行銷支出的戰術決定。

We have observed a positive start into our fourth quarter. So far, we see revenue growth in Q4 compared to prior year. We believe that after about 1.5 year of challenges, we are on the verge of a sustainable turnaround and are confident that we can return to growth in Q4. This turning point could represent a major milestone in our journey to restore Trivago's position in the market.

我們觀察到第四季度出現了積極的開局。到目前為止，我們看到第四季的營收與去年同期相比有所成長。我們相信，經過大約 1.5 年的挑戰，我們正處於可持續轉型的邊緣，並有信心在第四季度恢復成長。這個轉折點可能代表著我們恢復 Trivago 市場地位過程中的一個重要里程碑。

As of the end of Q3 2024, we had EUR108 million in cash and had a net working capital of around EUR140 million. Our current market cap is only roughly as high as our cash position, highlighting what we see as a tremendous opportunity in Trivago. We have a strong team of over 600 people. We see that our product is stronger than ever and the Trivago brand remains one of the most recognized global travel brands in a huge and growing market.

截至 2024 年第三季末，我們擁有 1.08 億歐元現金，淨營運資本約 1.4 億歐元。我們目前的市值僅與我們的現金狀況大致相同，這突顯了我們認為 Trivago 存在的巨大機會。我們擁有一支超過600人的強大團隊。我們看到我們的產品比以往任何時候都更強大，Trivago 品牌仍然是龐大且不斷成長的市場中最受認可的全球旅遊品牌之一。

We are financially healthy, and we believe that we will be able to outperform the market in the midterm. We are optimistic about the potential for our market cap to reflect our intrinsic value as our performance begins to demonstrate sustainable growth.

我們的財務狀況良好，我們相信我們能夠在中期跑贏大盤。隨著我們的業績開始表現出永續成長，我們對市值反映我們內在價值的潛力感到樂觀。

Our focus on branded revenue growth continues to be a fruit. Year over year, we have seen positive developments here which remains our top priority. Additionally, our efforts to enhance booking convergence and lead quality are making us an increasingly attractive marketing channel for our partners.

我們對品牌收入成長的關注持續取得成果。年復一年，我們在這裡看到了積極的發展，這仍然是我們的首要任務。此外，我們在提高預訂整合和領先品質方面所做的努力使我們成為對合作夥伴越來越有吸引力的行銷管道。

Let's now delve into our Q3 results and our outlook for the remainder of 2024 and into 2025. Unless I state otherwise, all comparisons for 2024 are on a year over year basis. In the third quarter, our total revenue was EUR146.1 million representing a 7% decline compared to the same period in 2023.

現在讓我們深入研究第三季的業績以及我們對 2024 年剩餘時間和 2025 年的展望。第三季度，我們的總營收為 1.461 億歐元，較 2023 年同期下降 7%。

And our rest of world segment referral revenues increased by 9% while developed Europe showed an 8% decline which also negative as an improvement from the previous quarter. The Americas experienced a 14% decrease.

我們世界其他地區的推薦收入成長了 9%，而發達的歐洲則下降了 8%，這也比上一季有所改善。美洲下降了 14%。

Our brand investment efforts are yielding positive results particularly in developed Europe and the rest of world segments where we achieve double digit revenue growth from branded channel traffic year over year. In the Americas, temporary unfavorable market conditions affected our return on advertising spend [growers] prompting a tactical reduction in brand marketing investments for this quarter.

我們的品牌投資努力正在取得積極成果，特別是在發達的歐洲和世界其他地區，我們的品牌管道流量比去年同期實現了兩位數的收入成長。在美洲，暫時不利的市場狀況影響了我們[種植者]廣告支出的回報，促使本季品牌行銷投資的戰術性減少。

It's important to note that our brand marketing investments are still at an early stage and relatively low compared to pre-COVID levels presenting significant upside potential in the coming years. Despite the positive branded revenue growth, we continue to face challenges in our performance marketing channels, primarily due to the changes in Google advertising formats.

值得注意的是，我們的品牌行銷投資仍處於早期階段，與新冠疫情之前的水平相比相對較低，在未來幾年呈現出巨大的上升潛力。儘管品牌收入出現正面成長，但我們的效果行銷管道仍面臨挑戰，這主要是由於Google廣告格式的變化。

These changes have introduced volatility and resulted in traffic volume losses. However, we have observed stabilization over the past few weeks which is encouraging. We remain committed to a disciplined opportunity driven investment strategy and will not compromise long term brand investments to offset performance marketing volume losses.

這些變化帶來了波動並導致交通量損失。然而，我們在過去幾週觀察到經濟趨於穩定，這是令人鼓舞的。我們仍致力於嚴格的機會驅動投資策略，不會為了抵銷業績行銷量損失而犧牲長期品牌投資。

While monetization was softer this quarter compared to the prior year, it remained healthy and stable in the Americas and rest of world segments.

儘管本季的貨幣化較去年同期已疲軟，但美洲和世界其他地區的貨幣化仍保持健康和穩定。

To summarize the America segment faced challenges due to lower branded revenue growth that happens in performance marketing. Developed Europe showed an 8% decline which is an improvement from the previous quarter. The rest of world segment delivered strong revenue growth driven by branded revenue and healthy monetization.

總而言之，美國市場面臨著由於績效行銷中品牌收入成長較低而面臨的挑戰。歐洲已開發地區下降 8%，較上一季改善。在品牌收入和健康的貨幣化推動下，世界其他地區的收入成長強勁。

During the third quarter, we reported a net loss of EUR15.4 million and achieved an adjusted EBITDA of EUR13.6 million moving us closer to our full year goal of breakeven adjusted EBITDA. This performance exceeded expectations primarily due to a conscious reduction in brand marketing spend in the Americas.

第三季度，我們報告淨虧損 1,540 萬歐元，調整後 EBITDA 達到 1,360 萬歐元，使我們更接近全年盈虧平衡調整後 EBITDA 目標。這一業績超出預期主要是由於有意識地減少了美洲的品牌行銷支出。

The net loss was largely driven by a EUR30 million impairment charge related to our annual and tangible asset impairment analysis. Operational expenses decreased by EUR176.5 million totaling EUR165.7 million for the third quarter, primarily due to the goodwill impairment of EUR196.1 million in Q3 2023, partially offset by the current trademark impairment of EUR30 million.

淨虧損主要是由與我們的年度和有形資產減損分析相關的 3000 萬歐元減損費用造成的。第三季營運費用減少 1.765 億歐元，總計 1.657 億歐元，主要是由於 2023 年第三季商譽減損 1.961 億歐元，部分被目前 3,000 萬歐元的商標減損所抵銷。

Additionally, we saw reductions in selling and marketing expenses, general and administrative expenses and a slight increase in technology and content expenses.

此外，我們還看到銷售和行銷費用、一般和管理費用減少，技術和內容費用略有增加。

Advertising spend decreased by 12% in the Americas and 15% in developed Europe while increasing by 28% in the rest of the world. Overall, we invested 7% less than the same period in 2023. This reduction was driven by Google ad format changes and consciously reduced brand marketing investments in the Americas. Brand marketing investments in developed Europe and rest of world were higher than in Q3 '23.

美洲的廣告支出下降了 12%，歐洲已開發地區的廣告支出下降了 15%，而世界其他地區的廣告支出則增加了 28%。總體而言，我們的投資比 2023 年同期減少了 7%。歐洲已開發國家和世界其他地區的品牌行銷投資高於 23 年第三季。

Globally, our return on ad spend, ROAS remained comparable to Q3 2023 with improvements in developed Europe due to efficient brand marketing and the decrease in rest of world due to optimistic high marketing investment. The ROAS in America was just slightly below Q3 '23.

在全球範圍內，我們的廣告支出回報率 ROAS 與 2023 年第三季相當，歐洲已開發國家由於高效的品牌行銷而有所改善，而世界其他地區則由於樂觀的高行銷投資而下降。美國的 ROAS 略低於 23 年第三季。

Looking ahead, the travel demand remains solid and healthy. We continue to provide high quality traffic to our partners, and we are optimistic about regaining advertiser appreciation over time. We remain confident in our ability to achieve year over year top line growth in Q4 while maintaining a disciplined result oriented approach to our marketing investments. For the full year 2024, we expect adjusted EBITDA to be close to breakeven levels.

展望未來，旅遊需求依然穩健和健康。我們繼續為合作夥伴提供高品質的流量，並且我們對隨著時間的推移重新獲得廣告商的讚賞持樂觀態度。我們對第四季度實現營收年增率的能力仍然充滿信心，同時保持嚴格的以結果為導向的行銷投資方法。對於 2024 年全年，我們預計調整後 EBITDA 將接近損益兩平水準。

Looking forward to 2025, we anticipate adjusted EBITDA level similar to this year as we remain dedicated to investing in our brand marketing efforts. We see substantial opportunities to scale our brand marketing activities enabling us to reach a larger audience and positively impact overall revenues long term. We anticipate achieving year over year revenue growth in 2025 with double digit revenue growth in the medium term.

展望 2025 年，我們預計調整後的 EBITDA 水準與今年相似，因為我們仍然致力於投資品牌行銷工作。我們看到了擴大品牌行銷活動的巨大機會，使我們能夠接觸到更多受眾，並對整體收入產生長期正面影響。我們預計 2025 年營收將實現年增，中期收入將實現兩位數成長。

I plan to attend the Morgan Stanley European Technology Conference in November, as well as the UBS Global Technology Conference and Wells Fargo Annual TMT Summit Conferences in December. I look forward to meeting you in person. So please feel free to reach out. With that, let's open the line for questions. Operator, we are now ready to take the first question.

我計劃參加11月份的摩根士丹利歐洲科技大會，以及12月份的瑞銀全球科技大會和富國銀行年度TMT高峰會。我期待著與您見面。因此，請隨時與我們聯繫。接下來，讓我們打開提問熱線。接線員，我們現在準備回答第一個問題。

Thank you for staying on the line. The operator is working on fixing technical problems. We will open Q&A very shortly. Thank you.

感謝您保持在線狀態。營運商正在努力解決技術問題。我們很快就會開放問答。謝謝。

(technical difficulty)

（技術難度）

Naved Khan, B. Riley Securities.

納韋德汗 (Naved Khan)，B. 萊利證券 (Riley Securities)。

Great. Thank you very much and good morning. Good afternoon, depending on where you are. My first question is just on the return to positive growth in the fourth quarter. If I just look at the different regions, should we expect Americas to turn positive? I understand there were some transitory issues in the third quarter. Just can we talk about that. And even Europe, you are seeing pretty nice, significant, you know, improvement sequentially. Should we also see Europe to be positive? Just give us a little bit color there.

偉大的。非常感謝，早安。下午好，取決於你在哪裡。我的第一個問題是關於第四季恢復正成長的情況。如果我只看不同地區，我們是否應該預期美洲會轉好？據我了解，第三季存在一些暫時性問題。我們可以談談這個嗎？甚至在歐洲，你也能看到相當不錯的、顯著的、連續的改善。我們是否也應該看到歐洲樂觀？只需給我們一點顏色即可。

The second question I have is just on your commentary around sources and the rest of the world that, not Google, but some other sources that you said kind of are helping drive traffic. Can you just give us some better sense of what kind of marketing channels these might be or the social marketing channels or something else? Thank you.

我的第二個問題是關於您對來源和世界其他地方的評論，不是谷歌，而是您所說的其他一些來源正在幫助推動流量。您能否讓我們更了解這些可能是什麼類型的行銷管道或社群行銷管道或其他管道？謝謝。

Hi, Navi. This is Robin, and thanks for your questions. Regarding Q4 so far, we see growth in in this quarter which is encouraging. We see that Americas is back; is positive. We see rest of world is positive. We see improvements in developed Europe still a little bit negative, but overall where we encouraging Q4 so far with positive growth.

嗨，納維。我是羅賓，感謝您的提問。到目前為止，我們看到第四季的成長令人鼓舞。我們看到美洲回來了；是積極的。我們看到世界其他地區都是正面的。我們看到歐洲已開發地區的改善仍然有點負面，但總體而言，我們鼓勵第四季迄今的正成長。

Regarding rest of world performance marketing, so Google still a headwind, still negative compared to previous year, the prior quarter. So the quarter prior year. And the non-Google performance marketing is positive. So that overall performance marketing is positive and non-Google marketing, you know, Japan is an important market for us and the Yahoo is pretty strong. And then of course, we also invest into social channels. But yeah, that's it.

就世界其他地區的效果行銷而言，Google仍然是一個逆風，與去年、上一季相比仍然是負面的。所以上一年度的季度。而非Google的效果行銷是正面的。因此，整體績效行銷是積極的，非谷歌行銷，你知道，日本對我們來說是一個重要的市場，雅虎也相當強大。當然，我們也投資社交管道。但是，是的，就是這樣。

Got it. Thank you, guys.

知道了。謝謝你們，夥計們。

Doug [N'move], JPMorgan.

道格[N'move]，摩根大通。

Great just to stay on for dock, thanks for taking the questions. I have two. Answer the first one. I think you just said, US, America is back to positive growth, but wondering what happened in the quarter that caused the temporary unfavorable market conditions and the Americas referring to growth means you moved beyond that condition. If you could explain that a little bit more at the [opponent] and I have a follow up.

很高興留在碼頭，感謝您提出問題。我有兩個。回答第一個問題。我想你剛才說，美國恢復了正成長，但想知道本季發生了什麼導致暫時不利的市場狀況，而美洲提到成長意味著你已經超越了這種狀況。如果你能向[對手]解釋一下，我會跟進。

Yes, thanks. I will do that. So we saw in Q3, we saw softer demand at the beginning of Q3 and we saw viewership shift in TV, advertising due to major sports event and political events. So and we are very performance focused. We look at the numbers and then we saw that it was not as good as expected. And then we reduced our spend so that we had a better adjusted EBITDA than expected. But this also led to the situation that revenues declined.

是的，謝謝。我會這麼做的。因此，我們在第三季度看到，第三季初的需求疲軟，由於重大體育賽事和政治事件，我們看到電視、廣告的收視率發生變化。因此，我們非常注重性能。我們查看了這些數字，然後我們發現它並不像預期的那麼好。然後我們減少了支出，以便調整後的 EBITDA 比預期更好。但這也導致了收入下降的情況。

And maybe to -- Johannes is here. So maybe to explain the dynamics a little bit. What you see with, what we mean with viewership shift is if there is more political events, and you had situations of the attacks of Trump and you had the Euro Cup, you had Copper Americana, you had the Olympics. All of these things basically move viewership from rather normal programs into political viewership, news and so on as well as sports program. And that shift basically means where we usually do TV, the effectiveness is lower. We see this rather quickly and we expect this effect to continue and therefore, technically adjusted to spend basically.

也許是－－約翰尼斯在這裡。所以也許需要稍微解釋一下動態。你所看到的，我們對收視率轉變的意思是，如果有更多的政治事件，你有川普的攻擊，你有歐洲盃，你有美洲銅牌，你有奧運。所有這些基本上將收視率從相當正常的節目轉移到政治收視、新聞等以及體育節目。這種轉變基本上意味著我們通常做電視的地方效率較低。我們很快就看到了這一點，我們預計這種影響將持續下去，因此，從技術上調整基本上是為了支出。

Got it. That makes sense. And then my follow up question is -- in the prepared remarks, you talk about brand intensity, now, you know, being close to where you guys were at a pre pandemic level. So we're looking at the Jurgen Klopp as your brand ambassador. Does this mean you plan to step up marketing investments in 4Q and going into 2025 as well?

知道了。這是有道理的。然後我的後續問題是——在準備好的演講中，您談到了品牌強度，現在，您知道，接近大流行前的水平。因此，我們正在尋找尤爾根·克洛普作為您的品牌大使。這是否意味著您計劃在第四季甚至 2025 年加大行銷投資？

Yes. So we are planning to similarly impactful campaign that we did this year. So leaning into brand into that year and the idea with Klopp and the only reason why we can do it is that we can leverage AI. We take one celebrity, localize this celebrity into different languages. And so we haven't done this in the past because if you have basically very-known people in every market, it would become very expensive.

是的。因此，我們計劃開展與今年類似的有影響力的活動。因此，在那一年專注於品牌和克洛普的想法，我們能夠做到這一點的唯一原因是我們可以利用人工智慧。我們選取一位名人，將這位名人在地化為不同的語言。所以我們過去沒有這樣做，因為如果每個市場基本上都有非常知名的人，那麼它會變得非常昂貴。

For the one person that we bring global, that is feasible in terms of investment we make there. And he built basically air in European markets, in American markets, we will test them in many different markets and depending on how good it works, we will roll them out to certain markets or not.

對於我們帶到全球的一個人來說，就我們在那裡進行的投資而言，這是可行的。他基本上是在歐洲市場和美國市場生產空氣，我們將在許多不同的市場進行測試，並根據其效果如何，我們是否會將其推廣到某些市場。

And we also have done pre-testing. So if we take a testimonial, if we take a speaker, we do very thorough testing whether it resonates with our audience. And we saw very good results with him. One, because he's known. And second, even if people don't know him, he resonates very well with the audience and that can have a very substantial effect of how efficient our TV spots are and how activating our TV spots are. So, that can -- we see this as an upside for the campaign and increasing the efficiency of our campaign.

我們也做了前期測試。因此，如果我們接受推薦，如果我們接受演講者，我們會進行非常徹底的測試它是否能引起觀眾的共鳴。我們在他身上看到了非常好的結果。一，因為他出名。其次，即使人們不認識他，他也能與觀眾產生很好的共鳴，這對我們的電視廣告的效率和活躍度有很大的影響。因此，我們認為這是該活動的一個好處，並提高了我們活動的效率。

Got it. Thank you.

知道了。謝謝。

Jeremy Yu, UBS.

傑瑞米餘，瑞銀。

Hey, good morning, everyone. This is Jeremy on for Steven. I have two questions. So the first is you called out increased booking conversion across all geos. What drove this and how much more room for improvement do you see here?

嘿，大家早安。這是傑里米替史蒂文發言。我有兩個問題。首先，您指出所有地理位置的預訂轉換率均有所提高。是什麼推動了這一點？

And second, the commentary regarding 2025 return to growth. What is underpinning that? And are you anticipating in improving backdrop? Are you starting to see more meaningful impact from brand advertising? Thank you.

第二，關於2025年恢復成長的評論。其基礎是什麼？您期待改善背景嗎？您是否開始看到品牌廣告產生更有意義的影響？謝謝。

Yeah. So let me take the first one, the conversion. So we do continuous improvement in the product and we do hundreds of tests every quarter and we see a ton of positive tests and we continue to see it. So there is continuous upside on the conversion rate from a product perspective. Also that we can carry into the future.

是的。讓我來談談第一個，即轉換。因此，我們不斷改進產品，每個季度都會進行數百次測試，我們會看到大量積極的測試，並且我們會繼續看到它。因此，從產品角度來看，轉換率持續上升。我們也可以將其帶入未來。

And one -- the conversion rate is a proxy for we send better quality of leads to our users, but also users have a better experience on Trivago and there's a higher likeliness to come back at a later point or talk about us. And that's why we also think there is a sustaining effect for a segment of the users.

其一，轉換率代表我們向用戶發送的潛在客戶品質更高，而且用戶在 Trivago 上獲得了更好的體驗，並且更有可能稍後回來或談論我們。這就是為什麼我們也認為這對一部分用戶有持續影響。

And then at the same time, we are more efficient in how we do marketing. And also if we look at brand marketing that drives conversion rate as well. So both product improvements as well as brand marketing improvements impacted. Given we want to see branded revenue growth, the share of branded business will increase and that can also further drive conversion rates basically.

同時，我們的行銷方式也更有效率。此外，如果我們看看品牌行銷也能提高轉換率。因此，產品改進和品牌行銷改進都受到影響。鑑於我們希望看到品牌收入成長，品牌業務的份額將會增加，這也可以從根本上進一步提高轉換率。

And to the second question regarding the outlook, we believe that we are reaching the turning point in Q4. We expect that there will be growth in '25, revenue growth will be closer to the 10% than to the 0%. So I think it is a growth and the drivers are branded revenue growth. So we see that the things that we do, they bear fruits. We are happy about the the development. We see huge room to further scale the investments.

關於關於前景的第二個問題，我們相信我們正在第四季度達到轉折點。我們預計 25 年將會成長，營收成長將更接近 10%，而不是 0%。所以我認為這是一種成長，驅動因素是品牌收入成長。所以我們看到我們所做的事情會結出果實。我們對事態的發展感到高興。我們看到進一步擴大投資的巨大空間。

And secondly, we have better comps next year because Q1 this year there, we had experienced a heavy Google drop. So the comps are better next year. So in a nutshell, it's positive brand revenue development and better performance marketing comps.

其次，我們明年會有更好的業績，因為今年第一季度，我們經歷了谷歌的大幅下滑。所以明年的比賽會更好。簡而言之，這是積極的品牌收入發展和更好的績效行銷比較。

And you can also look at how much we spend pre-pandemic. It was substantially higher than what we did today in brand. So there's quite an upside in how much brand investment we can do efficiently which is making us confident apart from comps becoming better.

你還可以看看我們在大流行前花了多少錢。它比我們今天在品牌方面所做的要高得多。因此，我們可以有效地進行多少品牌投資，這有很大的好處，這讓我們除了競爭變得更好之外充滿信心。

Great. Thank you.

偉大的。謝謝。

(Operator Instructions)

（操作員說明）

James Lee, Mizuho.

詹姆斯李，瑞穗。

Hello, this is Jack for James Lee. I have two questions. So first, what are you seeing in terms of the average booking value and any particular regions to call out? And the second question on the broader travel environment, how would you describe user trends into holiday bookings and how these trends translating to a bidding demand? Thank you.

大家好，我是詹姆斯李的傑克。我有兩個問題。首先，您對平均預訂價值有何看法以及需要指出的特定區域？關於更廣泛的旅行環境的第二個問題，您如何描述假期預訂的用戶趨勢以及這些趨勢如何轉化為出價需求？謝謝。

Thanks, Jack. I'm happy to take the question. This is Robin. So ABV Q3, we can describe what we see in our internal data, and this can be influenced by marketing mix and product changes and doesn't need to reflect necessarily travel trends. But on our internal data overall, ABV in Q3 was relatively stable versus prior year. In Americas, ABV was slightly down driven by a decline in ADRs and stable lengths of stay.

謝謝，傑克。我很高興回答這個問題。這是羅賓。因此，ABV Q3，我們可以描述我們在內部數據中看到的內容，這可能會受到行銷組合和產品變化的影響，並且不一定反映旅行趨勢。但從我們的內部數據來看，第三季的酒精度與去年相比相對穩定。在美洲，由於 ADR 下降和住院時間穩定，ABV 略有下降。

Developed Europe ABV was likely up driven by stable ADRS and higher length of stay. and the rest of world ABV was stable driven by higher ADRs and lower length of stay.

歐洲已開發國家的 ABV 可能會因穩定的 ADRS 和更長的停留時間而上漲。在較高的 ADR 和較短的住院時間的推動下，世界其他地區的 ABV 保持穩定。

Regarding an outlook of Q4, in terms of ABV. From our internal search request for Q4, we see solid ABV outlook and America's ABV might be slightly down. Our click prices, Q4 are slightly down and length of stay is slightly up.

關於第四季的展望，就 ABV 而言。從我們對第四季度的內部搜尋請求來看，我們看到酒精度前景良好，而美國的酒精度可能會略有下降。第四季我們的點擊價格略有下降，停留時間略有上升。

Rest of world ABV might be slightly down. Yeah, and developed Europe, AVB might be slightly up. Yeah, so there we see click prices and length of stay slightly up.

世界其他地區的酒精度可能略有下降。是的，在發達的歐洲，AVB 可能會略有上升。是的，我們看到點擊價格和停留時間略有上升。

So in terms of in terms of demand for Q4, we think Q4 will be solid. Travel trends, locality.

因此，就第四季的需求而言，我們認為第四季將是穩定的。旅遊趨勢、地點。

Oh, thank you.

哦，謝謝。

Ron Josey, Citi.

羅恩喬西，花旗銀行。

Great. Thanks for thanks for taking the question. So I wanted to talk a little bit more about this hotel coverage. I think you mentioned, Johannes of extending that to 250,000 hotels. So I just want to understand the progress there from where we're coming from, I think 125,000 so to that 250,000. So any insights on greater supply and how you plan to do, that would be great.

偉大的。感謝您提出問題。所以我想多談談這個飯店的報導。我想你提到過，Johannes 將其擴展到 250,000 家酒店。所以我只是想了解我們從 125,000 到 250,000 的進展。因此，任何關於增加供應以及您計劃如何做的見解都會很棒。

And then just a quick follow up. You know, we've talked about Google ad format changes, impacting results for the better part of a year or so. Comps get easier in the back half or -- sorry in 2025. Are you seeing things improve sequentially? I'm wondering where things are with these ad format changes? Thank you.

然後快速跟進。您知道，我們已經討論過 Google 廣告格式的變化，它會影響一年左右的大部分時間的結果。比賽在後半段會變得更容易，或者抱歉，到 2025 年。我想知道這些廣告格式的變化發生在哪裡？謝謝。

So, on the hotel initiative, I want to highlight. This is not a supplied topic; this is a content topic. So what we have been using is AI in order to identify what's the hotel really unique about. What are the highlights and things to know about the hotel. So instead of just skimming, what you can see in our search results list. We have now in our search results list 2, 3 sentences that summarize the key qualities of the hotel.

因此，關於飯店的舉措，我想強調一下。這不是提供的主題；這是一個內容主題。因此，我們一直在使用人工智慧來識別酒店的真正獨特之處。酒店有哪些亮點和需要了解的事情？因此，您不僅可以瀏覽，還可以在我們的搜尋結果清單中看到什麼。現在，我們的搜尋結果清單中有 2、3 句話總結了飯店的主要品質。

This is something we have rolled out I think beginning of the year and we have further rolled this out, extended it to more languages and platforms and the algorithms behind it have improved. So you're not seeing you know, has a nice location on all hotels, but really unique things that differentiate hotels. So that's really a [cont] initiative.

我認為這是我們在今年年初推出的，我們進一步推出了它，將其擴展到更多語言和平台，背後的演算法也得到了改進。所以你不會看到你知道，在所有酒店中都擁有一個很好的位置，但真正使酒店與眾不同的獨特之處。所以這確實是一個[續]倡議。

And I think this is what excites us here. We are the ones that are on the front line here. And it's really from what we see a great engagement from users to consume content, but you don't need to read tons of reviews. You really get the summary in a nutshell and that's a great way of differentiating and being as a matter, an aggregate of content as well and not just not prices.

我認為這就是讓我們興奮的地方。我們是這裡的前線人員。這確實是因為我們看到用戶消費內容的積極參與，但你不需要閱讀大量評論。簡而言之，您確實得到了摘要，這是區分和作為一個問題的好方法，也是內容的聚合，而不僅僅是價格。

And then your second question, can you repeat your second question, please?

然後你的第二個問題，你能重複一下你的第二個問題嗎？

Just if we're seeing improvements in performance marketing as we lap or get to lapping the Google performance changes.

就好像我們在關注或開始關注Google績效變化時看到績效行銷方面的改進一樣。

Yeah, we expect that the comps will normalize. We are embracing the new formats in Google. We have seen the new format stabilize and have reached an exposure level that's rather stable no. In these new formats, we're expanding our coverage, our participation with an opportunistic mindset. So we are not trying to regain shares through that format, but rather take opportunities that we see there, and we see that gradually our teams become more and more competitive in those formats as well.

是的，我們預計比賽將會正常化。我們正在接受 Google 的新格式。我們已經看到新格式穩定下來，並達到了相當穩定的曝光水平。在這些新的形式中，我們正在擴大我們的覆蓋範圍，我們以機會主義的心態參與。因此，我們並不是試圖透過這種形式重新獲得份額，而是抓住我們在那裡看到的機會，我們看到我們的團隊在這些形式中也逐漸變得越來越有競爭力。

And just real quick on a follow up to the content side and the aggregation or the summaries, just talk to us a little bit about the conversion rates as a result. It's been in market for the better part of this year. Thank you.

快速跟進內容方面以及聚合或摘要，只需與我們談談由此產生的轉換率。今年大部分時間它都在市場上。謝謝。

So we have overall, you know, -- it's an accumulation of many tests we are doing that have moved conversion rate substantially over the whole year. And so we gradually but substantially increase conversion rate over the year. And this has been one of the initiatives that we call out because we see relevant conversion improvements through this, which is an indicator for we help users to take better decisions basically.

因此，我們總體而言，您知道，這是我們正在進行的許多測試的積累，這些測試在全年中大幅提高了轉換率。因此，我們在這一年中逐漸但大幅提高了轉換率。這是我們呼籲的舉措之一，因為我們透過此看到了相關的轉換改進，這是我們幫助用戶基本上做出更好決策的指標。

So this is one specific activity that drove conversion and then there are others as well that are happening on a continuous basis.

因此，這是一項推動轉化的特定活動，還有其他持續發生的活動。

Thank you.

謝謝。

Tom White, D.A. Davidson.

湯姆懷特，D.A.戴維森。

Oh, great. Thanks for taking my questions. Just a couple on the branded channel commentary. You know, there's a few different things, I guess that go into that. Could you maybe just maybe sort of rank you know, which of the various kind of drivers of that you think is driving kind of the most success. Is it some of the investments and kind of app downloads? Is it SEO.

哦，太好了。感謝您回答我的問題。只是品牌頻道評論中的一些內容。你知道，有一些不同的事情，我想這就是其中的原因。您能否知道您所知道的排名，您認為哪種驅動因素​​最能取得成功。是一些投資和應用程式下載嗎？是搜尋引擎優化嗎？

And then you've made reference a couple times to the upside in terms of how much you can invest like relative to where this branded channel spend was kind of pre pandemic. Can you just sort of remind us like what the dollar amount of that spend or percentage of marketing spend that was pre pandemic?

然後，您多次提到了您可以投資多少資金的好處，例如相對於大流行前該品牌管道的支出。您能否提醒我們一下，大流行前的支出金額或行銷支出的百分比是多少？

Yes, this is Robin. Brand marketing. We do brand marketing in several channels. So this is TV advertising, this is connected TV, this is YouTube. We also do social campaigns. We don't disclose the breakout of it. So, we are testing all and yeah. So overall, the brand marketing investment is just a small portion of what it was in pre COVID level. And we started in the end of last year, we started in around 20 markets and we tested, we scaled investments in some markets, we test, we started new markets.

是的，這是羅賓。品牌行銷。我們透過多種管道進行品牌行銷。這就是電視廣告、連網電視、YouTube。我們也開展社交活動。我們不透露它的突破。所以，我們正在測試一切，是的。因此，整體而言，品牌行銷投資只是新冠疫情爆發前水準的一小部分。我們從去年年底開始，在大約 20 個市場開始，我們進行了測試，我們擴大了在一些市場的投資，我們進行了測試，我們啟動了新市場。

So in the past, we did a TV advertising, for example, in 50 countries at the same time, you know, so at the moment, we are just do TV advertising in a little bit more than 20 countries. And in those countries, there are still room to further scale investments. So there's several channels where we can scale investments. We test a lot and yeah, of course, besides the media buying itself, it's also the sports where we see opportunities to improve the sports.

所以過去我們做了電視廣告，比如說同時在50個國家做電視廣告，你知道，所以現在我們只是在20多個國家做電視廣告。在這些國家，仍有進一步擴大投資的空間。因此，我們可以透過多種管道擴大投資。我們進行了很多測試，是的，當然，除了媒體購買本身之外，我們還看到了改善體育運動的機會。

That's why we did the deal with Jurgen Klopp. We saw quite good results and the TV sports or the creatives for your marketing campaigns. They are super important. They can really uplift campaigns. And looking at all our opportunities there and the amount of investments or the amount, how much we can scale the investments. We are quite confident that we have enough room to grow for the next couple of years.

這就是我們與尤爾根·克洛普達成交易的原因。我們看到了相當好的結果以及電視體育賽事或行銷活動的創意。它們非常重要。他們確實可以提升競選活動。看看我們在那裡的所有機會以及投資金額或金額，我們可以擴大投資規模。我們非常有信心，未來幾年我們有足夠的成長空間。

Okay, thanks. And just a quick follow up and...

好的，謝謝。只需快速跟進...

You can -- at pre pandemic marketing investment. They are public, we're not breaking them out, but that gives you a feeling of how much room there is as well. So in markets, we optimize across channels and we are in markets where we are already investing, we are investing across different TV channels, shows. We are investing into between markets. So if America doesn't work for us, we take money and invest it in other markets as an example. And then adding new markets is something we are also exploring.

您可以在大流行前進行行銷投資。它們是公開的，我們不會將它們分解，但這也讓您感覺到還有多少空間。因此，在市場中，我們跨通路進行最佳化，並且在我們已經投資的市場中，我們正在跨不同的電視頻道、節目進行投資。我們正在投資不同市場。因此，如果美國不適合我們，我們就會把錢投資到其他市場。然後增加新的市場也是我們正在探索的。

Okay. That's very helpful. Thanks. And just, I just had a quick follow up on the answer to the 2025 that. Did I hear you correctly that kind of the hope of the target is closer to 10 than kind of low single digits. Thank you.

好的。這非常有幫助。謝謝。只是，我剛剛對 2025 年的答案進行了快速跟進。我沒聽錯吧，那種目標的希望比那種低個位數更接近 10。謝謝。

Yes, it's closer. I said it's closer to 10 than to zero.

是的，更接近了。我說它更接近10而不是0。

Thank you.

謝謝。

You're welcome.

不客氣。

Thank you. That concludes our Q&A session. I would like to turn the call over back to Johannes Thomas for final closing comments.

謝謝。我們的問答環節到此結束。我想將電話轉回給約翰內斯·托馬斯（Johannes Thomas）以徵求最後的總結意見。

We greatly appreciate your questions and continued interest. I want to reiterate our confidence in the past ahead. Our team remains committed to delivering value to our users, partners and shareholders. We are excited about the opportunities in the coming quarters and look forward to updating you on our progress. Thank you again for joining us and have a great day.

我們非常感謝您的提問和持續的關注。我想重申我們對過去的信心。我們的團隊仍然致力於為我們的用戶、合作夥伴和股東創造價值。我們對未來幾季的機會感到興奮，並期待向您通報我們的最新進展。再次感謝您加入我們並祝您有個愉快的一天。

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

這包括今天的電話會議。您現在可以斷開連線。