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SEC Filings

20-F
TRIVAGO N.V. filed this Form 20-F on 03/06/2018
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Other companies, including companies in our own industry, may calculate adjusted EBITDA differently than we do, limiting its usefulness as a comparative measure.
 
We have provided a reconciliation below of adjusted EBITDA to net loss, the most directly comparable GAAP financial measure.
 
 
Year ended December 31,
(in thousands) (unaudited)
2014
 
 
2015
 
 
2016
 
 
2017
 
Net loss
 
(23,096
)
 
 
(39,366
)
 
 
(51,391
)
 
 
(13,049
)
Expense (benefit) for income taxes
 
(8,644
)
 
 
(11,318
)
 
 
6,670

 
 
(4,764
)
Income (loss) before income taxes
 
(31,740
)
 
 
(50,684
)
 
 
(44,721
)
 
 
(17,813
)
Add/(less):
 
 
 
 
 
 
 
 
 
 
 
Interest expense
 
11

 
 
147

 
 
137

 
 
44

Gain on deconsolidation of entity
 

 
 

 
 

 
 
(2,007
)
Other, net(i)
 
1,435

 
 
2,667

 
 
139

 
 
(592
)
Operating income (loss)
 
(30,294
)
 
 
(47,870
)
 
 
(44,445
)
 
 
(20,368
)
Add:
 
 
 
 
 
 
 
 
 
 
 
Depreciation (property and equipment and internal-use software and website development)
 
1,400

 
 
2,649

 
 
5,083

 
 
7,802

Amortization of intangible assets
 
30,025

 
 
30,030

 
 
13,857

 
 
3,220

EBITDA
 
1,131

 
 
(15,191
)
 
 
(25,505
)
 
 
(9,346
)
Add:
 
 
 
 
 
 
 
 
 
 
 
Share-based compensation
 
2,382

 
 
14,129

 
 
53,722

 
 
16,025

Adjusted EBITDA
 
3,513

 
 
(1,062
)
 
 
28,217

 
 
6,679

(i)
Consists primarily of foreign exchange gain/loss in the years ended December 31, 2014, 2015, 2016 and 2017, the non-recurring reversal of a €1.6 million indemnification asset in 2015 related to the 2013 acquisition by Expedia, Inc., and income from ADR offset by custodial fees related to ADRs and government subsidies for research and development activities in 2017.
Balance sheet data
The following table sets forth selected consolidated statement of financial position data as of the dates indicated:
 
As of December 31,
(in thousands)
2014
 
 
2015
 
 
2016
 
 
2017
 
Cash
 
6,142

 
 
17,556

 
 
227,298

 
 
190,201

Total assets
 
750,798

 
 
760,255

 
 
1,007,246

 
 
1,078,454

Total current liabilities
 
15,975

 
 
72,009

 
 
61,103

 
 
78,387

Net assets
 
664,568

 
 
624,356

 
 
854,071

 
 
853,975

Retained earnings (accumulated deficit)
 
(90,029
)
 
 
(129,156
)
 
 
(179,837
)
 
 
(192,318
)
Total stockholders' equity
 
664,568

 
 
622,280

 
 
654,258

 
 
853,975

As of December 31, 2017, we had American Depositary Shares, or ADSs, representing 30,916,474 Class A shares outstanding and 319,799,968 Class B shares outstanding. Prior to our corporate reorganization in connection with our IPO, we operated as trivago GmbH, a limited liability company formed under the laws of the Federal Republic of Germany. The equity of a GmbH is not unitized into shares under German corporate law. However, pursuant to the company’s articles of association, we unitized members’ equity into trivago GmbH Class A units and Class B units, with each trivago GmbH Class B unit having 1/1,000 of the voting rights and economic rights of a trivago GmbH Class A unit. The subscribed capital of trivago GmbH as of

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