Trivago NV (TRVG) 2024 Q3 法說會逐字稿

Good day, ladies and gentlemen.

美好的一天，女士們先生們。

Thank you for standing by and welcome to the trivago's Q3 earnings call 2024.

感謝您的耐心等待並歡迎參加 trivago 2024 年第三季財報電話會議。

(Operator Instructions).

（操作員說明）。

I must advise you that the call is being recorded today, Wednesday, November 06, 2024.

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.

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。

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.

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.

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。

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 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.

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 2023.

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

With that let me turn the call over to Johannes.

接下來，讓我把電話轉給約翰內斯。

Please go ahead.

請繼續。

Good morning, everyone.

大家早安。

Thank you for joining our Q3 2024 earnings call.

感謝您參加我們的 2024 年第三季財報電話會議。

In the third quarter of 2024, we delivered solid brand revenue growth in our developed Europe and Rest of the World segments, maintaining their positive trajectory.

2024 年第三季度，我們在歐洲已開發市場和世界其他地區實現了穩健的品牌收入成長，並保持了積極的發展軌跡。

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

儘管美洲業務面臨暫時的市場逆風，包括本季度早些時候的需求疲軟以及由於主要體育和政治事件的收視率轉移而導致電視覆蓋範圍減少，但在美洲，我們通過相應調整品牌投資來展示我們的敏捷性。

This tactical response contributed to a better than expected adjusted EBITDA.

這種戰術反應使得調整後的 EBITDA 比預期好。

Google ad format changes continue to be a headwind which we expect to gradually normalize by Q1 2025.

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。

As we move into Q4, we are seeing a return to typical seasonality patterns and are excited to be approaching our turning point.

當我們進入第四季度時，我們看到典型的季節性模式的回歸，並很高興接近我們的轉折點。

We are well positioned for growth this quarter and aim for sustainable growth next year.

我們已做好本季成長的準備，並致力於明年的可持續成長。

Our disciplined approach keeps us on track to achieve breakeven on a full year basis in 2024.

我們嚴格的方法使我們預計在 2024 年實現全年損益平衡。

We remain confident in our ability to achieve double digit growth in the medium-term.

我們對中期實現兩位數成長的能力仍然充滿信心。

Robin will share further insights on Q3 and our future expectations.

Robin 將分享有關第三季和我們未來預期的進一步見解。

Let me first give you an update on our strategic priorities.

首先讓我向您介紹我們戰略重點的最新情況。

Our first strategic priority is branded growth.

我們的首要策略重點是品牌成長。

We strive to be top of mind for travelers booking hotels.

我們努力成為旅客預訂酒店時的首要考慮因素。

We are encouraged by the positive returns on our brand marketing investments in 2024 and committed to advancing this trajectory.

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。

To further increase the effectiveness of our investments, we have secured a partnership with Jürgen Klopp as the face of our upcoming marketing campaign.

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.

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。

Renowned 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.

克洛普被譽為足球傳奇人物中的佼佼者，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。

Klopp has been carefully selected after comprehensive pre-testing.

克洛普是經過全面的預測試後精心挑選的。

His resonance with trivago's audience surpassed that of other potential candidates, making him an ideal ambassador for the brand.

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。

The campaign will kick off with a master spot recorded in English which will then be localized into various languages using advanced AI technology.

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的基礎上，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.

我們的第二個策略重點是改善我們的飯店搜尋體驗。

We aim to help travelers find their ideal hotel.

我們的目標是幫助旅客找到理想的酒店。

We've significantly expanded our AI powered hotel highlights, increasing our coverage from 120,000 hotels to 250,000 hotels across eight languages in 27 markets.

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 27 個市場的 8 種語言。

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.

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 deal discovery experience.

我們的第三個策略重點是提供最佳的交易發現體驗。

We strive to help travelers find great deals and better prices.

我們努力幫助旅行者找到超值優惠和更優惠的價格。

We've enhanced deal 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，從而提高了交易的可見性。

We have further improved rate accuracy on our platform by incorporating our partners full booking funnels ensuring that deals we present are current and still available.

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。

This is an important initiative as we continue to surface more deals to our users.

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.

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。

We continue to improve our conversion rate by optimizing our marketing mix and enhancing our product.

我們透過優化行銷組合和增強產品來持續提高轉換率。

As a result, we anticipate that our advertisers will recognize these advancements and find us increasingly attractive as a marketing channel.

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.

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。

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 & Go' funnel to more advertisers in the course of 2025.

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 年將我們的 trivago 品牌「Book & Go」管道擴展到更多廣告商。

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.

總而言之，我們 2024 年第三季的業績反映了歐洲已開發國家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。

At the same time, we demonstrated our adaptability and response to situational market headwinds in the Americas.

同時，我們展示了我們對美洲市場逆風情況的適應能力和反應能力。

We are diligently focused on executing our strategic priorities and expect to deliver sustainable growth in the near term.

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.

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。

Your efforts are the driving force behind trivago's progress.

您的努力是trivago前進的動力。

We look forward to continued success together.

我們期待共同持續取得成功。

With this, I'll hand over to Robin.

這樣，我就把任務交給羅賓了。

Thank you, Johannes and good morning, everyone.

謝謝約翰內斯，大家早安。

Q3 was an important quarter for us.

第三季對我們來說是一個重要的季度。

We saw better than expected revenue growth in our Rest of World segment and a notable improvement in Developed Europe.

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。

In the Americas, temporary unfavorable market conditions impacted our revenue, and we made a tactical decision to adjust our marketing spend accordingly.

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.

我們觀察到第四季度出現了積極的開局。

So far, we see revenue growth in Q4 compared to prior year.

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。

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.

我們相信，經過大約 1.5 年的挑戰，我們正處於可持續轉變的邊緣，並有信心在第四季度恢復成長。

This turning point could represent a major milestone in our journey to restore trivago's position in the market.

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.

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。

Our current market cap is only roughly as high as our cash position, highlighting what we see as a tremendous opportunity in trivago.

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。

We have a strong team of over 600 people.

我們擁有一支超過600人的強大團隊。

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.

我們看到我們的產品比以往任何時候都更強大，而 trivago 品牌仍然是這個巨大且不斷增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.

我們的財務狀況良好，我們相信我們能夠在中期跑贏大盤。

We are optimistic about the potential for our market cap to reflect our intrinsic value as our performance begins to demonstrate sustainable growth.

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 bear fruit.

我們對品牌收入成長的關注持續取得成果。

Year over year, we have seen positive developments here which remains our top priority.

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。

Additionally, our efforts to enhance booking conversions and lead quality are making us an increasingly attractive marketing channel for our partners.

此外，我們在提高預訂轉換率和潛在客戶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.

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。

Unless I state otherwise, all comparisons for 2024 are on a year over year basis.

除非我另有說明，否則 2024 年的所有比較都是與去年同期相比進行的。

In the third quarter, our total revenue was EUR146.1 million representing a 7% decline compared to the same period in 2023.

第三季度，我們的總營收為 1.461 億歐元，較 2023 年同期下降 7%。

In 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.

在我們的世界其他地區，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。

The Americas experienced a 14% decrease.

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.

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。

In the Americas, temporary unfavorable market conditions affected our return on advertising spend (ROAS) prompting a tactical reduction in brand marketing investments for this quarter.

在美洲，暫時不利的市場狀況影響了我們的廣告支出報酬率 (ROAS)，促使我們在本季戰術性減少品牌行銷投資。

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.

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。

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.

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.

這些變化帶來了波動並導致交通量損失。

However, we have observed stabilization over the past few weeks which is encouraging.

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。

We remain committed to a disciplined opportunity driven investment strategy and will not compromise long term brand investments to offset performance marketing volume losses.

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 Americas segment faced challenges due to lower branded revenue growth and headwinds in performance marketing.

總而言之，由於品牌收入成長較低和效果行銷的不利因素，美洲細分市場面臨挑戰。

Developed Europe showed an 8% decline which is an improvement from the previous quarter.

歐洲已開發地區下降 8%，較上一季改善。

The rest of world segment delivered strong revenue growth driven by branded revenue and healthy monetization.

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.

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。

This performance exceeded expectations primarily due to a conscious reduction in brand marketing spend in the Americas.

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 intangible asset impairment analysis.

淨虧損主要是由與我們年度無形資產減損分析相關的 3,000 萬歐元減損費用造成的。

Operational expenses decreased by EUR176.5 million totalling 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.

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.

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%。

Overall, we invested 7% less than the same period in 2023.

整體而言，我們的投資比 2023 年同期減少了 7%。

This reduction was driven by Google ad format changes and consciously reduced brand marketing investments in the Americas.

這一減少是由Google廣告格式的變化以及有意識地減少在美洲的品牌行銷投資所推動的。

Brand marketing investments in developed Europe and rest of world were higher than in Q3 '23.

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 opportunistic high marketing investment.

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機會主義的高行銷投資而下降。

The ROAS in Americas was just slightly below Q3 '23.

美洲的 ROAS 略低於 23 年第三季。

Looking ahead, the travel demand remains solid and healthy.

展望未來，旅遊需求依然穩健和健康。

We continue to provide high quality traffic to our partners, and we are optimistic about regaining advertiser appreciation over time.

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。

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.

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。

For the full year 2024, we expect adjusted EBITDA to be close to breakeven levels.

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 levels similar to this year as we remain dedicated to investing in our brand marketing efforts.

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。

We see substantial opportunities to scale our brand marketing activities enabling us to reach a larger audience and positively impact overall revenues long term.

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。

We anticipate achieving year over year revenue growth in 2025 with double digit revenue growth in the medium term.

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.

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。

I look forward to meeting you in person.

我期待著與您見面。

So please feel free to reach out.

因此，請隨時與我們聯繫。

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

接下來，讓我們打開提問熱線。

Operator, we are now ready to take the first question.

接線員，我們現在準備回答第一個問題。

Thank you for staying on the line.

感謝您保持在線狀態。

The operator is working on fixing technical problems.

營運商正在努力解決技術問題。

We will open Q&A very shortly.

我們很快就會開放問答。

Thank you.

謝謝。

(technical difficulty)

（技術難度）

Naved Khan, B. Riley Securities.

納維德汗 (Naved Khan)，B. 萊利證券 (Riley Securities)。

Great.

偉大的。

Thank you very much and good morning.

非常感謝，早安。

Good afternoon, depending on where you are.

下午好，取決於你在哪裡。

My first question is just on the return to positive growth in the fourth quarter.

我的第一個問題是關於第四季恢復正成長的情況。

If I just look at the different regions, should we expect Americas to turn positive?

如果我只看不同地區，我們是否應該預期美洲會轉好？

I understand there were some transitory issues in the third quarter.

據我了解，第三季存在一些暫時性問題。

Just can we talk about that.

我們可以談談這個嗎？

And even Europe, you are seeing pretty nice, significant, you know, improvement sequentially.

甚至在歐洲，你也能看到相當不錯的、顯著的、連續的改善。

Should we also see Europe to be positive?

我們是否也應該看到歐洲樂觀？

Just give us a little bit color there.

只需給我們一點顏色即可。

The second question I have is just on your commentary around sources in rest of the world that, not Google, but some other sources that you said kind of are helping drive traffic.

我的第二個問題是關於您對世界其他地方的來源的評論，這些來源不是谷歌，而是您所說的一些其他來源，這些來源正在幫助推動流量。

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?

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？

Thank you.

謝謝。

Hi, Naved.

嗨，納維德。

This is Robin, and thanks for your questions.

我是羅賓，感謝您的提問。

Regarding Q4 so far, we see growth in this quarter which is encouraging.

到目前為止，我們看到第四季的成長令人鼓舞。

We see that Americas is back; is positive.

我們看到美洲回來了；是積極的。

We see rest of world is positive.

我們看到世界其他地區都是正面的。

We see improvements in developed Europe still a little bit negative, but overall very encouraging Q4 so far with positive growth.

我們看到歐洲已開發地區的改善仍然有點負面，但總體而言第四季度到目前為止非常令人鼓舞，實現了正增長。

Regarding rest of world performance marketing, so Google still a headwind, still negative compared to the quarter prior year.

就世界其他地區的效果行銷而言，Google仍然是一個逆風，與去年同期相比仍然是負面的。

And the non-Google performance marketing is positive.

而非Google的效果行銷是正面的。

So that overall performance marketing is positive and non-Google marketing, you know, Japan is an important market for us and there Yahoo is pretty strong.

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，雅虎在那裡相當強大。

Then of course, we also invest into social channels.

當然，我們也投資社交管道。

But yeah, that's it.

但是，是的，就是這樣。

Got it.

知道了。

Thank you, guys.

謝謝你們，夥計們。

Doug Anmuth, JPMorgan.

道格·安姆斯，摩根大通。

Great this is Dae on for Doug, thanks for taking the questions.

太棒了，這是 Doug 的 Dae，感謝您提出問題。

I have two.

我有兩個。

On the first one.

關於第一個。

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.

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。

If you could explain that a little bit more [inaudible] and I have a follow up.

如果您能再解釋一下[聽不清楚]，我就會跟進。

Yes, thanks.

是的，謝謝。

I will do that.

我會這麼做的。

So we saw in Q3, we saw softer demand at the beginning of Q3 and we saw viewership shifts in TV advertising due to major sports event and political events.

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，電視廣告的收視率發生了變化。

So and we are very performance focused.

因此，我們非常注重性能。

We look at the numbers and then we saw that it was not as good as expected.

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。

And then we reduced our spend so that we had a better adjusted EBITDA than expected.

然後我們減少了支出，以便調整後的 EBITDA 比預期更好。

But this also led to the situation that revenues declined.

但這也導致了收入下降的情況。

And maybe to -- Johannes is here.

也許是－－約翰尼斯在這裡。

So maybe to explain the dynamics a little bit.

所以也許需要稍微解釋一下動態。

What you see with, what we mean with viewership shifts is if there is more political events, and you had situations of the attacks of Trump and you had the Euro Cup, you had Copa Americana, you had the Olympics.

你所看到的，我們對收視率變化的意思是，如果有更多的政治事件，你有川普的攻擊，你有歐洲盃，你有美洲盃，你有奧運。

All of these things basically move viewership from rather normal programs into political viewership, news and so on as well as sports programs.

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。

And that shift basically means where we usually do TV, the effectiveness is lower.

這種轉變基本上意味著我們通常做電視的地方效率較低。

We see this rather quickly and we expect this effect to continue and therefore, tactically adjusted the spend basically.

我們很快就看到了這一點，並且預計這種影響會持續下去，因此，基本上從戰術上調整了支出。

Got it.

知道了。

That makes sense.

這是有道理的。

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.

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。

So we're looking ahead and with Jürgen Klopp coming in as your brand ambassador.

因此，我們展望未來，並邀請尤爾根·克洛普 (Jürgen Klopp) 擔任您的品牌大使。

Does this mean you plan to step up marketing investments in 4Q and going into 2025 as well?

這是否意味著您計劃在第四季甚至 2025 年加大行銷投資？

Yes.

是的。

So we are planning to similarly impactful campaign that we did this year.

因此，我們計劃開展與今年類似的有影響力的活動。

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.

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。

We take one celebrity, localize this celebrity into different languages.

我們選取一位名人，將這位名人在地化為不同的語言。

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.

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.

對於我們帶到全球的一個人來說，就我們在那裡的投資而言，這是可行的。

And he will basically air in European markets, in American markets, we will test him in many different markets and depending on how good it works, we will roll him out to certain markets or not.

他基本上會在歐洲市場、美國市場播出，我們將在許多不同的市場對他進行測試，根據效果如何，我們將把他推廣到某些市場或不推廣。

And we also have done pre-testing.

我們也做了前期測試。

So if we take a testimonial, if we take a speaker, we do very thorough testing whether it resonates with our audience.

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。

And we saw very good results with him.

我們在他身上看到了非常好的結果。

One, because he's known.

一，因為他出名。

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.

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。

So, that can -- we see this as an upside for the campaign and increasing the efficiency of our campaign.

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.

知道了。

Thank you.

謝謝。

Jeremy Liu, UBS.

傑瑞米劉，瑞銀。

Hey, good morning, everyone.

嘿，大家早安。

This is Jeremy on for Steven.

這是傑里米替史蒂文發言。

I have two questions.

我有兩個問題。

So the first is you called out increased booking conversion across all geos.

首先，您指出所有地理位置的預訂轉換率均有所提高。

What drove this and how much more room for improvement do you see here?

是什麼推動了這一點？

And second, the commentary regarding 2025 return to growth.

第二，關於2025年恢復成長的評論。

What is underpinning that?

其基礎是什麼？

And are you anticipating in improving backdrop?

您期待改善背景嗎？

Are you starting to see more meaningful impact from brand advertising?

您是否開始看到品牌廣告產生更有意義的影響？

Thank you.

謝謝。

Yeah.

是的。

So let me take the first one, the conversion.

讓我來談談第一個，即轉換。

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.

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。

So there is continuous upside on the conversion rate from a product perspective.

因此，從產品角度來看，轉換率持續上升。

Also that we can carry into the future.

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.

其一，轉換率代表我們向用戶發送了更高品質的銷售線索，而且用戶在 trivago 上獲得了更好的體驗，並且更有可能在以後回來或談論我們。

And that's why we also think there is a sustaining effect for a segment of the users.

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.

同時，我們的行銷方式也更有效率。

And also if we look at brand marketing that drives conversion rate as well.

此外，如果我們看看品牌行銷也能提高轉換率。

So both product improvements as well as brand marketing improvements impacted.

因此，產品改進和品牌行銷改進都受到影響。

Given we want to see branded revenue growth, the share of branded business will increase and that can also further drive conversion rates basically.

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.

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。

We expect that there will be growth in '25, revenue growth will be closer to the 10% than to the 0%.

我們預計 25 年將會成長，營收成長將更接近 10%，而不是 0%。

So high single digit growth and the drivers are branded revenue growth.

如此高的個位數成長和驅動因素是品牌收入成長。

So we see that the things that we do, they bear fruits.

所以我們看到我們所做的事情會結出果實。

We are happy about the development.

我們對事態的發展感到高興。

We see huge room to further scale the investments.

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.

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。

So the comps are better next year.

所以明年的比賽會更好。

So in a nutshell, it's positive brand revenue development and better performance marketing comps.

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.

你還可以看看我們在大流行前花了多少錢。

It was substantially higher than what we did today in brand.

它比我們今天在品牌方面所做的要高得多。

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.

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.

偉大的。

Thank you.

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.

大家好，我是詹姆斯李的傑克。

I have two questions.

我有兩個問題。

So first, what are you seeing in terms of the average booking value and any particular regions to call out?

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？

And the second question on the broader travel environment, how would you describe user trends into holiday bookings and how these trends translating to auction bidding demand?

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拍賣競價需求？

Thank you.

謝謝。

Thanks, Jack.

謝謝，傑克。

I'm happy to take the question.

我很高興回答這個問題。

This is Robin.

這是羅賓。

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.

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。

But on our internal data overall, ABV in Q3 was relatively stable versus prior year.

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。

In Americas, ABV was slightly down driven by a decline in ADRs and stable length of stay.

在美洲，由於 ADR 下降和住院時間穩定，ABV 略有下降。

Developed Europe ABV was slightly up driven by stable ADRs and higher length of stay.

受穩定的 ADR 和更長的停留時間推動，歐洲已開發國家的 ABV 略有上升。

And in the Rest of World ABV was stable driven by higher ADRs and lower length of stay.

在世界其他地區，由於 ADR 較高和住院時間較短，ABV 保持穩定。

Regarding an outlook of Q4, in terms of ABV.

關於第四季的展望，就 ABV 而言。

From our internal search request for Q4, we see solid ABV outlook and Americas ABV might be slightly down.

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，美洲酒精度可能會略有下降。

Our clicked prices for Q4 are slightly down and length of stay is slightly up.

我們第四季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.

世界其他地區的酒精度可能略有下降。

Yeah, and developed Europe, ABV might be slightly up.

是的，在發達的歐洲，酒精度可能會略有上升。

Yeah, so there we see clicked prices and length of stay slightly up.

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.

因此，就第四季的需求而言，我們認為第四季將是穩定的。

Travel trends, look healthy.

旅行潮流，看起來健康。

Oh, thank you.

哦，謝謝。

Ron Josey, Citi.

羅恩喬西，花旗銀行。

Great.

偉大的。

Thanks for thanks for taking the question.

感謝您提出問題。

So I wanted to talk a little bit more about this hotel coverage.

所以我想多談談這個飯店的報導。

I think you mentioned, Johannes of extending that to 250,000 hotels.

我想你提到過，Johannes 將其擴展到 250,000 家酒店。

So I just want to understand the progress there from where we're coming from, I think 125,000 so to that 250,000.

所以我只是想了解我們從 125,000 到 250,000 的進展。

So any insights on greater supply and how you plan to do, that would be great.

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.

然後快速跟進。

You know, we've talked about Google ad format changes, impacting results for the better part of a year or so.

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。

Comps get easier in the back half or -- sorry in 2025.

比賽在後半段會變得更容易，或者——抱歉，到了 2025 年。

Are you seeing things improve sequentially?

您是否看到事情逐漸改善？

I'm wondering where things are with these ad format changes?

我想知道這些廣告格式的變化發生在哪裡？

Thank you.

謝謝。

So, on the hotel initiative, I want to highlight.

因此，關於飯店的舉措，我想強調一下。

This is not a supply topic; this is a content topic.

這不是一個供應主題；這是一個內容主題。

So what we have been using is AI in order to identify what's the hotel really unique about.

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。

What are the highlights and things to know about the hotel.

酒店有哪些亮點和需要了解的事情？

So instead of just skimming, what you can see in our search results list.

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。

We have now in our search results list 2, 3 sentences that summarize the key qualities of the hotel.

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.

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。

So you're not seeing you know, has a nice location on all hotels, but really unique things that differentiate hotels.

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。

So that's really a [cont] initiative.

所以這確實是一個[續]倡議。

And I think this is what excites us here.

我認為這就是讓我們興奮的地方。

We are the ones that are on the front line here.

我們是這裡的前線人員。

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.

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。

You really get the summary in a nutshell and that's a great way of differentiating and being as a Meta, an aggregator of content as well and not just not prices.

簡而言之，你確實得到了摘要，這是區分和成為元的好方法，也是內容的聚合器，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.

是的，我們預計比賽將會正常化。

We are embracing the new formats in Google.

我們正在接受 Google 的新格式。

We have seen the new format stabilize and have reached an exposure level that's rather stable no.

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。

In these new formats, we're expanding our coverage, our participation with an opportunistic mindset.

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。

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.

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 given it's been in markets for the better part of this year.

很快就內容方面和聚合或摘要進行跟進，只需與我們談談轉換率，因為它今年大部分時間都在市場上。

Thank you.

謝謝。

So we have overall, you know, -- it's an accumulation of many tests we are doing that have moved conversion rates substantially over the whole year.

總的來說，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。

So we gradually but substantially increase conversion rate over the year.

因此，我們在這一年中逐漸但大幅提高了轉換率。

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.

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.

哦，太好了。

Thanks for taking my questions.

感謝您回答我的問題。

Just a couple on the branded channel commentary.

只是品牌頻道評論中的一些內容。

You know, there's a few different things, I guess that go into that.

你知道，有一些不同的事情，我想這就是其中的原因。

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.

您能否知道您所知道的排名，您認為哪種驅動因素​​最能成功？

Is it some of the investments and kind of app downloads?

是一些投資和應用程式下載嗎？

Is it SEO.

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.

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。

Can you just sort of remind us like what the dollar amount of that spend or percentage of marketing spend that was pre pandemic?

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.

是的，這是羅賓。

Brand marketing.

品牌行銷。

We do brand marketing in several channels.

我們透過多種管道進行品牌行銷。

So this is TV advertising, this is connected TV, this is YouTube.

這就是電視廣告、連網電視、YouTube。

We also do social campaigns.

我們也開展社交活動。

We don't disclose the breakout of it.

我們不透露它的突破。

So, we are testing all and yeah.

所以，我們正在測試一切，是的。

So overall, the brand marketing investment is just a small portion of what it was in pre COVID levels.

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。

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.

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 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.

所以過去我們有做電視廣告，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。

And in those countries, there is still room to further scale investments.

在這些國家，仍有進一步擴大投資的空間。

So there are several channels where we can scale investments.

因此，我們可以透過多種管道來擴大投資。

We test a lot and yeah, of course, besides the media buying itself, it's also the spots where we see opportunities to improve the spots.

我們進行了很多測試，是的，當然，除了媒體購買本身之外，我們還看到了改進機會的地方。

That's why we did the deal with Jürgen Klopp.

這就是我們與尤爾根·克洛普達成交易的原因。

We saw quite good results and the TV spots or the creatives for our marketing campaigns.

我們看到了相當好的結果以及我們的行銷活動的電視廣告或創意。

They are super important.

它們非常重要。

They can really uplift campaigns.

他們確實可以提升競選活動。

And looking at all our opportunities there and the amount of investments or the amount, how much we can scale the investments.

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。

We are quite confident that we have enough room to grow for the next couple of years.

我們非常有信心，未來幾年我們有足夠的成長空間。

Okay, thanks.

好的，謝謝。

And just a quick follow up...

只需快速跟進...

You can look at pre pandemic marketing investments.

您可以查看大流行前的行銷投資。

They are public, we're not breaking them out, but that gives you a feeling of how much room there is as well.

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。

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.

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。

We are investing between markets.

我們在市場之間進行投資。

So if Americas doesn't work for us, we take money and invest it in other markets as an example.

因此，如果美洲不適合我們，我們就會拿錢投資其他市場。

And then adding new markets is something we are also exploring.

然後增加新的市場也是我們正在探索的。

Okay.

好的。

That's very helpful.

這非常有幫助。

Thanks.

謝謝。

And just, I just had a quick follow up on the answer to the 2025 that.

只是，我剛剛對 2025 年的答案進行了快速跟進。

Did I hear you correctly that kind of the hope of the target is closer to 10 than kind of low single digits.

我沒聽錯吧，那種目標的希望比那種低個位數更接近 10。

Thank you.

謝謝。

Yes, it's closer.

是的，更接近了。

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

我說它更接近10而不是0。

Thank you.

謝謝。

You're welcome.

不客氣。

Thank you.

謝謝。

That concludes our Q&A session.

我們的問答環節到此結束。

I would like to turn the call over back to Johannes Thomas for final closing comments.

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.

我們非常感謝您的提問和持續的關注。

I want to reiterate our confidence in the past ahead.

我想重申我們對過去的信心。

Our team remains committed to delivering value to our users, partners and shareholders.

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。

We are excited about the opportunities in the coming quarters and look forward to updating you on our progress.

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。

Thank you again for joining us and have a great day.

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.

這包括今天的電話會議。

You may now disconnect.

您現在可以斷開連線。