Print Page      Close Window     

SEC Filings

6-K
TRIVAGO N.V. filed this Form 6-K on 04/25/2018
Entire Document
 

Net income/(loss) attributable to trivago and Adjusted EBITDA(1) (€ millions)
 
Three months ended March 31,
2018
 
2017
 
Δ €
Operating income/(loss)
(29.2
)
 
12.5

 
(41.7)
Other income/(loss)
 
 
 
 
 
Interest expense
(0.0
)
 
0.0

 
0.0
Other, net
0.1

 
(0.1
)
 
0.2
Total other income/(expense), net
0.1

 
(0.1
)
 
0.2
 
 
 
 
 
 
Income/(loss) before income taxes
(29.1
)
 
12.4

 
(41.5)
Expense/(benefit) for income taxes
(7.4
)
 
4.7

 
(12.1)
Income/(loss) before equity method investment
(21.8
)
 
7.7

 
(29.5)
Income/(loss) from equity method investment
(0.0
)
 
0.0

 
0.0
Net income/(loss)
(21.8
)
 
7.7

 
(29.5)
 
 
 
 
 
 
Net (income)/loss attributable to noncontrolling interests
0.0

 
(2.4
)
 
2.4
Net income/(loss) attributable to trivago N.V.
(21.8
)
 
5.2

 
(27.0)
 
 
 
 
 
 
Adjusted EBITDA
(21.9
)
 
19.3

 
(41.2)
Note: Some figures may not add due to rounding.
(1) Adjusted EBITDA is a non-GAAP measure. See page 22 herein for a description and reconciliation to the corresponding GAAP measure.

Net loss attributable to trivago N.V. of €21.8 million in the first quarter of 2018 reflected an increase of our operating expenses relative to our revenues reflecting the negative impacts on our levels of commercialization and our decision to increase advertising spend. Adjusted EBITDA was €(21.9) million in the first quarter of 2018, compared to €19.3 million in the first quarter of 2017.

Income taxes
Income tax benefit was €7.4 million in the first quarter of 2018 compared to expense of €4.7 million in the first quarter 2017. The total weighted average tax rate was 30%, which is mainly driven by the German statutory rate of approximately 31%. Our effective tax rate was 25.2% largely due to the effect of share-based compensation expenses, which are non-deductible for tax purposes, compared to 38.0% in the first quarter in 2017.

Balance sheet, cash flows and capitalization
Cash, cash equivalents and restricted cash were €159.7 million as of March 31, 2018, of which €2.6 million are related to long term restricted cash for the new campus building, compared to €190.3 million as of December 31, 2017. The decrease was mainly driven by negative cash flow from operating activities of €27.1 million of which is primarily due to a net loss of €21.8 million. Changes in operating assets and liabilities further contributed to the decrease as accounts receivable increased more than accounts payable. Accounts receivable increased by €42.0 million, of which €27.6 million are related party receivables, as of March 31, 2018 compared to December 31, 2017. The increase reflects the seasonality in the revenue development of total referral revenue increasing from €177.2 million in the last quarter of 2017 to €255.9 million in the first three months of 2018. Accounts payable increased by €36.2 million as of March 31, 2018 compared to December 31, 2017 notably due to the ramp-up in advertising expenses, which increased from €149.7 million in the fourth quarter of 2017 to €237.4 million in the first quarter of 2018. Furthermore, prepaid expenses

11