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SEC Filings

20-F
TRIVAGO N.V. filed this Form 20-F on 03/06/2018
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with a growing share of mobile visits and a growing customer base as users become more familiar with the platform.
Referral Revenue in the Americas in the year ended December 31, 2016 increased by €114.5 million, or 66.6%, compared to the year ended December 31, 2015. This growth was primarily due to an increase by 71.2% in the number of qualified referrals in the year ended December 31, 2016 compared to the year ended December 31, 2015. This growth was significantly driven by growth in the United States, where we focused our marketing activities to further develop our visibility with advertisers and travelers. During the same period, RPQR in the Americas decreased by €0.05, or 2.5%, compared to 2015 even though RPR for the period increased by 7.7%. This was due to a decrease in the click-out rate of the period of 9.7%, a consequence of our product optimization, which typically leads to fewer referrals per Qualified Referral, and an increasing share of Qualified Referrals from maturing markets in Latin America with a lower RPQR lowering the segment average.
Referral Revenue for Developed Europe in the year ended December 31, 2017 increased by €76.1 million, or 21.8%, compared to the year ended December 31, 2016. This growth was primarily due to an increase of 15.7% in the number of Qualified Referrals in the year ended December 31, 2017 compared to 2016. The increase in Referral Revenue was driven by the positive impacts of the relevance assessment in the first half of 2017. In the second half of 2017, we experienced a significant slowdown in Referral Revenue growth as a result of the negative revenue effects described above relating to our advertisers’ response to the introduction of the relevance assessment. In Developed Europe, the impact of lower levels of commercialization and testing activities of our largest advertisers in the second half of 2017 was more pronounced, negatively affecting Referral Revenue in that period. In 2017, RPQR in Developed Europe increased by €0.07, or 5.1%, even though RPR increased by 19.1% for the period, which was partly offset by a reduction in the click-out rate for the period by 11.1%, reflecting the impacts of platform optimization measures and the new attribution model, which have led to fewer referrals per Qualified Referral.
Referral Revenue for Developed Europe in the year ended December 31, 2016 increased by €89.3 million, or 34.4%, compared to the year ended December 31, 2015. This growth was primarily due to an increase by 39.0% in the number of Qualified Referrals in the year ended December 31, 2016 compared to 2015. During the same period, RPQR in Developed Europe decreased by €0.04, or 2.8%, even though RPR increased by 6.8% for the period due to a reduction in the click-out rate for the period of 11.1%.
Referral Revenue for the Rest of World in the year ended December 31, 2017 increased by €93.1 million, or 84.3%, compared to the year ended December 31, 2016. This growth was primarily due to the 74.6% increase in the number of Qualified Referrals in the year ended December 31, 2017 compared to the year ended December 31, 2016. The increase in Referral Revenue was primarily driven by the positive impacts of the relevance assessment in the first half of 2017. In the second half of 2017, we experienced a significant slowdown in Referral Revenue growth as a result of the negative revenue effects described above relating to our advertisers’ response to the introduction of the relevance assessment and lower levels of commercialization and increased advertiser testing activities. We also faced significant headwinds towards the end of 2017 as a result of the relative weakening of the U.S. dollar against certain currencies in the Asia Pacific region. During the same period, RPQR in Rest of World increased by €0.04, or 4.7% even though RPR even increased by 10.3% for the period due to a reduction in the click-out rate for the period of 5.8%. The decline in the click-out rate reflected the impacts of platform optimization measures and the attribution model, which have led to fewer referrals per Qualified Referral.
Referral Revenue for Rest of World in the year ended December 31, 2016 increased by €51.8 million, or 88.2%, compared to the year ended December 31, 2015. This growth was primarily due to an increase by 104.9% in the number of Qualified Referrals in the year ended December 31, 2016 compared to 2015. During the same period, RPQR in Rest of World decreased by €0.07, or 7.6%, even though RPR increased by 3.6% for the period due to a reduction in the click-out rate for the period by 11.0%. Increased marketing in newer regions in our Rest of World segment, particularly in Japan, had a significant impact on our Referral Revenue growth in the segment for the year ended December 31, 2016 as compared to the year ended December 31, 2015.

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