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SEC Filings

20-F
TRIVAGO N.V. filed this Form 20-F on 03/06/2018
Entire Document
 




B.
Liquidity and capital resources
On September 5, 2014, we entered into an uncommitted credit facility with Bank of America Merrill Lynch International Ltd. with a maximum principal amount of €10.0 million. Advances under this facility bear interest a rate of LIBOR, floored at zero, plus 1.0% per annum. This facility may be terminated at any time by the lender. Our obligations under this facility are guaranteed by Expedia. On December 19, 2014, we entered into an amendment to this facility pursuant to which the maximum principal amount was increased to €50.0 million. We utilized €20.0 million of our €50.0 million credit facility to fund capital requirements in 2015. During the year ended December 31, 2016, we utilized €20.0 million under our credit facility and subsequently repaid all obligations outstanding. We did not utilize the credit facility during the year ended December 31, 2017.
For the year ended December 31, 2017, cash and cash equivalent decreased by €37.1 million to €190.2 million. The decrease was mainly driven by a negative cash flow from investing activities notably due to an increase in capital expenditures, and a negative cash flow from operating activities mainly resulting from accounts receivables increasing more than accounts payables as discussed in more detail below.
Our known material liquidity needs for periods beyond the next twelve months are described below in “Item 5 F. Tabular disclosure of contractual obligations.” We believe that our cash from operations, together with our credit facility and cash balance are sufficient to meet our ongoing capital expenditures, working capital requirements and other capital needs for at least the next twelve months.
 The following table summarizes our cash flows for the years ended December 31, 2015, 2016 and 2017:
 
Year Ended December 31,
 (in millions)
2015
 
 
2016
 
 
2017
 
Cash flows provided by/(used in) operating activities
 
(1.0
)
 
 
31.1

 
 
(10.3
)
Cash flows used in investing activities
 
(6.5
)
 
 
(9.0
)
 
 
(18.3
)
Cash flows provided by/(used in) financing activities
 
19.0

 
 
187.6

 
 
(7.2
)
Cash Flows Provided by/(Used in) Operating Activities
For the year ended December 31, 2017, net cash used in operating activities increased by €41.5 million to €(10.3) million. This negative cash flow from operating activities was primarily driven by a change from a working capital benefit in 2016 into a working capital deficit in 2017 and decreased share-based compensation, due to a one-time call option exercised by Expedia in 2016. The working capital deficit was mainly driven by a standardization of related party payment terms, which delayed our receipt of related party revenue until after month-end close, resulting in increased accounts receivables.
For the year ended December 31, 2016, net cash provided by operating activities increased by €32.1 million to €31.1 million of cash provided. This was primarily due to an increase in operating income (after adjusting for impacts of depreciation and amortization of €13.7 million) from 2015 to 2016 and a change from a working capital deficit in 2015 to a working capital benefit in 2016.
For the year ended December 31, 2015, net cash used in operating activities increased by €1.6 million, from €0.6 million for the year ended December 31, 2014 to €(1.0) million for the year ended December 31, 2015, primarily due to decreased benefits from working capital changes. 

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