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SEC Filings

6-K
TRIVAGO N.V. filed this Form 6-K on 02/06/2019
Entire Document
 

Net income/(loss) attributable to trivago N.V. and Adjusted EBITDA(1) (€ millions)
 
Three months ended December 31,
 
Twelve months ended December 31,
2018
 
2017
 
Δ €
 
2018
 
2017
 
Δ €
Operating income/(loss)
19.8

 
(15.6
)
 
35.4
 
(18.2
)
 
(20.4
)
 
2.2
Other income/(expense)
 
 
 
 
 
 
 
 
 
 
 
Interest expense
(0.8
)
 
(0.0)
 
(0.8)
 
(1.8
)
 
(0.0)
 
(1.8)
Gain on deconsolidation of entity

 
2.0

 
(2.0)
 

 
2.0

 
(2.0)
Other, net
0.9

 
0.5

 
0.4
 
0.5

 
0.6

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

 
2.5

 
(2.4)
 
(1.3
)
 
2.6

 
(3.9)
 
 
 
 
 
 
 
 
 
 
 
 
Income/(loss) before income taxes
19.9

 
(13.1
)
 
33.0
 
(19.5
)
 
(17.8
)
 
(1.7)
Expense/(benefit) for income taxes
8.2

 
(3.5
)
 
11.7
 
1.4

 
(4.8
)
 
6.2
Income/(loss) before equity method investment
11.6

 
(9.6
)
 
21.2
 
(20.9
)
 
(13.0
)
 
(7.9)
Income from equity method investment
0.0

 

 
0.0
 
0.1

 

 
0.1
Net income/(loss)
11.7

 
(9.6
)
 
21.3
 
(20.8
)
 
(13.0
)
 
(7.8)
 
 
 
 
 
 
 
 
 
 
 
 
Net (income)/loss attributable to noncontrolling interests

 
0.0

 
0.0
 

 
0.6

 
(0.6)
Net income/(loss) attributable to trivago N.V.
11.7

 
(9.6
)
 
21.3
 
(20.8
)
 
(12.5
)
 
(8.3)
 
 
 
 
 
 
 
 
 
 
 
 
Adjusted EBITDA
28.6

 
(8.7
)
 
37.3
 
15.6

 
6.7

 
8.9
Note: Some figures may not add due to rounding.
(1) “Adjusted EBITDA” (Adjusted Earnings Before Interest, Taxes, Depreciation, Amortization, and Share Based Compensation) is a non-GAAP measure. Please see “Definitions of Non-GAAP Measures” and “Tabular Reconciliations for Non-GAAP Measures” on pages 24 to 25 herein for explanations and reconciliations of non-GAAP measures used throughout this release.

Net income attributable to trivago N.V. was €11.7 million in the fourth quarter of 2018, reflecting a substantial increase in our profitability as we reduced our Advertising Spend to adapt to the changing dynamics on our marketplace. Adjusted EBITDA increased to €28.6 million in the fourth quarter of 2018, compared to a loss of €8.7 million in the fourth quarter of 2017. The increase in Adjusted EBITDA to €15.6 million in the twelve months ended December 31, 2018 compared to €6.7 million in the same period in 2017 was primarily driven by the increased profitability in the second half of 2018.

Income taxes
Income tax expense was €8.2 million in the fourth quarter of 2018 compared to an income tax benefit of €3.5 million in the same period in 2017. The total weighted average tax rate was 30%, which was mainly driven by the German statutory rate of approximately 31%. Our effective tax rate was 41.4% largely due to the effect of share-based compensation expenses, which are non-deductible for tax purposes, compared to 26.7% in the fourth quarter in 2017.

In the twelve months ended December 31, 2018, income tax expense was €1.4 million compared to an income tax benefit of €4.8 million in the same period in 2017. Our effective tax rate was (7.1)% compared to 26.7% in the same period in 2017. The effective tax rates for the twelve months ended December 31, 2018 and 2017 were mainly due to the effect of share-based compensation expenses.


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