trivago N.V. | |||||||||||||||||
Date: November 1, 2021 | By: | /s/ Matthias Tillmann | |||||||||||||||
Matthias Tillmann | |||||||||||||||||
Chief Financial Officer | |||||||||||||||||
Exhibit No. | Description | |||||||
99.1 | ||||||||
99.2 | ||||||||
99.3 |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||||||||||||||
2021 | 2020 | Δ Y/Y | 2021 | 2020 | Δ Y/Y | ||||||||||||||||||||||||||||||
Total revenue | 138.6 | 60.6 | 129% | 272.3 | 216.6 | 26% | |||||||||||||||||||||||||||||
Qualified Referrals (in millions) | 104.1 | 82.5 | 26% | 219.9 | 200.0 | 10% | |||||||||||||||||||||||||||||
Revenue per Qualified Referral (in €) | 1.31 | 0.71 | 85% | 1.21 | 1.04 | 16% | |||||||||||||||||||||||||||||
Operating income/(loss) | 8.6 | (1.4) | n.m. | (3.1) | (243.3) | (99)% | |||||||||||||||||||||||||||||
Net income/(loss) | 5.5 | (2.3) | n.m. | (4.5) | (236.7) | (98)% | |||||||||||||||||||||||||||||
Return on Advertising Spend | 138.7% | 190.3% | (51.6) ppts | 146.5% | 150.6% | (4.1) ppts | |||||||||||||||||||||||||||||
Adjusted EBITDA(1) | 15.5 | 6.1 | 154% | 15.1 | (8.9) | n.m. |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | Δ € | Δ % | 2021 | 2020 | Δ € | Δ % Y/Y | ||||||||||||||||||||||||||||||||||||||||
Americas | € | 48.1 | € | 15.2 | 32.9 | 216% | € | 104.0 | € | 76.4 | 27.6 | 36% | |||||||||||||||||||||||||||||||||||
Developed Europe | 74.7 | 32.5 | 42.2 | 130% | 128.0 | 94.7 | 33.3 | 35% | |||||||||||||||||||||||||||||||||||||||
Rest of World | 13.2 | 10.6 | 2.6 | 25% | 33.7 | 37.8 | (4.1) | (11)% | |||||||||||||||||||||||||||||||||||||||
Total Referral Revenue | € | 136.1 | € | 58.3 | 77.8 | 133% | € | 265.7 | € | 208.9 | 56.8 | 27% | |||||||||||||||||||||||||||||||||||
Other revenue | 2.6 | 2.4 | 0.2 | 8% | 6.6 | 7.7 | (1.1) | (14)% | |||||||||||||||||||||||||||||||||||||||
Total revenue | € | 138.6 | € | 60.6 | 78.0 | 129% | € | 272.3 | € | 216.6 | 55.7 | 26% |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||||||||||||||||||||||||||
2021 | 2020 | Δ | Δ % | 2021 | 2020 | Δ | Δ % Y/Y | ||||||||||||||||||||||||||||||||||||||||
Americas | 24.8 | 15.2 | 9.6 | 63% | 62.2 | 54.9 | 7.3 | 13% | |||||||||||||||||||||||||||||||||||||||
Developed Europe | 53.6 | 40.0 | 13.6 | 34% | 96.3 | 81.2 | 15.1 | 19% | |||||||||||||||||||||||||||||||||||||||
Rest of World | 25.7 | 27.3 | (1.6) | (6)% | 61.4 | 63.9 | (2.5) | (4)% | |||||||||||||||||||||||||||||||||||||||
Total | 104.1 | 82.5 | 21.6 | 26% | 219.9 | 200.0 | 19.9 | 10% |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||||||||||||||
2021 | 2020 | Δ % | 2021 | 2020 | Δ % Y/Y | ||||||||||||||||||||||||||||||
Americas | € | 1.94 | € | 1.00 | 94% | € | 1.67 | € | 1.39 | 20% | |||||||||||||||||||||||||
Developed Europe | 1.39 | 0.81 | 72% | 1.33 | 1.17 | 14% | |||||||||||||||||||||||||||||
Rest of World | 0.51 | 0.39 | 31% | 0.55 | 0.59 | (7)% | |||||||||||||||||||||||||||||
Consolidated RPQR | € | 1.31 | € | 0.71 | 85% | € | 1.21 | € | 1.04 | 16% |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||||||||||||||
2021 | 2020 | Δ ppts | 2021 | 2020 | Δ ppts | ||||||||||||||||||||||||||||||
ROAS | |||||||||||||||||||||||||||||||||||
Americas | 125.7% | 251.3% | (125.6) ppts | 135.3% | 146.7% | (11.4) ppts | |||||||||||||||||||||||||||||
Developed Europe | 141.4% | 163.1% | (21.7) ppts | 146.2% | 164.6% | (18.4) ppts | |||||||||||||||||||||||||||||
Rest of World | 189.6% | 227.0% | (37.4) ppts | 198.2% | 130.1% | 68.1 ppts | |||||||||||||||||||||||||||||
Consolidated ROAS | 138.7% | 190.3% | (51.6) ppts | 146.5% | 150.6% | (4.1) ppts |
Costs and expenses | As a % of revenue | ||||||||||||||||||||||||||||||||||
Three months ended September 30, | Three months ended September 30, | ||||||||||||||||||||||||||||||||||
2021 | 2020 | Δ % | 2021 | 2020 | Δ in ppts | ||||||||||||||||||||||||||||||
Cost of revenue | € | 3.1 | € | 2.6 | 19% | 2 | % | 4 | % | (2) | % | ||||||||||||||||||||||||
of which share-based compensation | 0.1 | 0.1 | —% | ||||||||||||||||||||||||||||||||
Selling and marketing | 104.4 | 36.6 | 185% | 75 | % | 60 | % | 15 | % | ||||||||||||||||||||||||||
of which share-based compensation | 0.3 | 0.2 | 50% | ||||||||||||||||||||||||||||||||
Technology and content | 12.7 | 14.8 | (14)% | 9 | % | 24 | % | (15) | % | ||||||||||||||||||||||||||
of which share-based compensation | 1.1 | 0.9 | 22% | ||||||||||||||||||||||||||||||||
General and administrative | 9.8 | 8.0 | 23% | 7 | % | 13 | % | (6) | % | ||||||||||||||||||||||||||
of which share-based compensation | 3.6 | 2.5 | 44% | ||||||||||||||||||||||||||||||||
Amortization of intangible assets | 0.0 | 0.0 | 100% | 0 | % | 0 | % | — | % | ||||||||||||||||||||||||||
Total costs and expenses | € | 130.0 | € | 62.0 | 110% | 94% | 102 | % | (8) | % |
Costs and Expenses | As a % of Revenue | ||||||||||||||||||||||||||||||||||
Nine months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||||||||||||||
2021 | 2020 | Δ % Y/Y | 2021 | 2020 | Δ in ppts | ||||||||||||||||||||||||||||||
Cost of revenue | € | 8.7 | € | 8.1 | 7% | 3 | % | 4 | % | (1) | % | ||||||||||||||||||||||||
of which share-based compensation | 0.2 | 0.2 | —% | ||||||||||||||||||||||||||||||||
Selling and marketing | 199.1 | 160.8 | 24% | 73 | % | 74 | % | (1) | % | ||||||||||||||||||||||||||
of which share-based compensation | 0.8 | 0.9 | (11)% | ||||||||||||||||||||||||||||||||
Technology and content | 39.1 | 50.7 | (23)% | 14 | % | 23 | % | (9) | % | ||||||||||||||||||||||||||
of which share-based compensation | 2.9 | 3.1 | (6)% | ||||||||||||||||||||||||||||||||
General and administrative | 28.5 | 32.3 | (12)% | 10 | % | 15 | % | (5) | % | ||||||||||||||||||||||||||
of which share-based compensation | 9.2 | 7.2 | 28% | ||||||||||||||||||||||||||||||||
Amortization of intangible assets | 0.1 | 0.4 | (75)% | 0 | % | 0 | % | — | % | ||||||||||||||||||||||||||
Impairment of goodwill | — | 207.6 | 100% | —% | 96 | % | (96) | % | |||||||||||||||||||||||||||
Total costs and expenses | € | 275.5 | € | 459.9 | (40)% | 101% | 212 | % | (111) | % | |||||||||||||||||||||||||
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||||||||||||||
2021 | 2020 | Δ € | 2021 | 2020 | Δ € | ||||||||||||||||||||||||||||||
Operating income/(loss) | € | 8.6 | € | (1.4) | 10.0 | € | (3.1) | € | (243.3) | 240.2 | |||||||||||||||||||||||||
Other income/(expense) | |||||||||||||||||||||||||||||||||||
Interest expense | (0.1) | (0.0) | (0.1) | (0.3) | (0.2) | (0.1) | |||||||||||||||||||||||||||||
Other, net | 0.4 | (0.4) | 0.8 | 1.0 | (1.0) | 2.0 | |||||||||||||||||||||||||||||
Total other income/(expense), net | € | 0.2 | € | (0.5) | 0.7 | € | 0.7 | € | (1.2) | 1.9 | |||||||||||||||||||||||||
Income/(loss) before income taxes | 8.8 | (1.8) | 10.6 | (2.5) | (244.5) | 242.0 | |||||||||||||||||||||||||||||
Expense/(benefit) for income taxes | 3.3 | 0.6 | 2.7 | 2.0 | (7.4) | 9.4 | |||||||||||||||||||||||||||||
Income/(loss) before equity method investment | € | 5.5 | € | (2.4) | 7.9 | € | (4.5) | € | (237.1) | 232.6 | |||||||||||||||||||||||||
Income from equity method investment | — | 0.1 | (0.1) | — | 0.3 | (0.3) | |||||||||||||||||||||||||||||
Net income/(loss) | € | 5.5 | € | (2.3) | 7.8 | € | (4.5) | € | (236.7) | 232.2 | |||||||||||||||||||||||||
Adjusted EBITDA(1) | € | 15.5 | € | 6.1 | 9.4 | € | 15.1 | € | (8.9) | 24.0 |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
ROAS by segment | |||||||||||||||||||||||
Americas | 125.7% | 251.3% | 135.3% | 146.7% | |||||||||||||||||||
Developed Europe | 141.4% | 163.1% | 146.2% | 164.6% | |||||||||||||||||||
Rest of World | 189.6% | 227.0% | 198.2% | 130.1% | |||||||||||||||||||
Consolidated ROAS | 138.7% | 190.3% | 146.5% | 150.6% | |||||||||||||||||||
Qualified Referrals by segment (in millions) | |||||||||||||||||||||||
Americas | 24.8 | 15.2 | 62.2 | 54.9 | |||||||||||||||||||
Developed Europe | 53.6 | 40.0 | 96.3 | 81.2 | |||||||||||||||||||
Rest of World | 25.7 | 27.3 | 61.4 | 63.9 | |||||||||||||||||||
Consolidated Qualified Referrals | 104.1 | 82.5 | 219.9 | 200.0 | |||||||||||||||||||
RPQR by segment | |||||||||||||||||||||||
Americas | €1.94 | €1.00 | €1.67 | €1.39 | |||||||||||||||||||
Developed Europe | 1.39 | 0.81 | 1.33 | 1.17 | |||||||||||||||||||
Rest of World | 0.51 | 0.39 | 0.55 | 0.59 | |||||||||||||||||||
Consolidated RPQR | €1.31 | €0.71 | €1.21 | €1.04 |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Net income/(loss) | € | 5.5 | € | (2.3) | € | (4.5) | € | (236.7) | |||||||||||||||
Income from equity method investment | — | 0.1 | — | 0.3 | |||||||||||||||||||
Income/(loss) before equity method investment | € | 5.5 | € | (2.4) | € | (4.5) | € | (237.1) | |||||||||||||||
Expense/(benefit) for income taxes | 3.3 | 0.6 | 2.0 | (7.4) | |||||||||||||||||||
Income/(loss) before income taxes | € | 8.8 | € | (1.8) | € | (2.5) | € | (244.5) | |||||||||||||||
Add/(less): | |||||||||||||||||||||||
Interest expense | 0.1 | 0.0 | 0.3 | 0.2 | |||||||||||||||||||
Other, net | (0.4) | 0.4 | (1.0) | 1.0 | |||||||||||||||||||
Operating income/(loss) | € | 8.6 | € | (1.4) | € | (3.1) | € | (243.3) | |||||||||||||||
Depreciation of property and equipment and amortization of intangible assets | 2.0 | 2.7 | 6.5 | 8.7 | |||||||||||||||||||
Impairment of, and gains and losses on disposals of, property and equipment | (0.1) | 0.5 | (0.0) | 0.6 | |||||||||||||||||||
Impairment of intangible assets and goodwill | — | — | — | 207.6 | |||||||||||||||||||
Share-based compensation | 5.0 | 3.7 | 13.0 | 11.4 | |||||||||||||||||||
Certain other items, including restructuring | 0.0 | 0.6 | (1.3) | 6.3 | |||||||||||||||||||
Adjusted EBITDA | € | 15.5 | € | 6.1 | € | 15.1 | € | (8.9) |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Revenue | € | 102,801 | € | 47,399 | € | 208,747 | € | 154,279 | |||||||||||||||
Revenue from related party | 35,838 | 13,243 | 63,592 | 62,298 | |||||||||||||||||||
Total revenue | 138,639 | 60,642 | 272,339 | 216,577 | |||||||||||||||||||
Costs and expenses: | |||||||||||||||||||||||
Cost of revenue, including related party, excluding amortization (1) | 3,136 | 2,644 | 8,683 | 8,112 | |||||||||||||||||||
Selling and marketing, including related party (1)(2)(3) | 104,374 | 36,553 | 199,077 | 160,777 | |||||||||||||||||||
Technology and content, including related party (1)(2)(3) | 12,746 | 14,786 | 39,139 | 50,695 | |||||||||||||||||||
General and administrative, including related party (1)(2)(3) | 9,765 | 7,992 | 28,469 | 32,316 | |||||||||||||||||||
Amortization of intangible assets (2) | 34 | 12 | 102 | 373 | |||||||||||||||||||
Impairment of goodwill | — | — | — | 207,618 | |||||||||||||||||||
Operating income/(loss) | 8,584 | (1,345) | (3,131) | (243,314) | |||||||||||||||||||
Other income/(expense) | |||||||||||||||||||||||
Interest expense | (106) | (45) | (308) | (150) | |||||||||||||||||||
Other, net | 353 | (417) | 985 | (1,015) | |||||||||||||||||||
Total other income/(expense), net | 247 | (462) | 677 | (1,165) | |||||||||||||||||||
Income/(loss) before income taxes | 8,831 | (1,807) | (2,454) | (244,479) | |||||||||||||||||||
Expense/(benefit) for income taxes | 3,303 | 626 | 2,047 | (7,409) | |||||||||||||||||||
Income/(loss) before equity method investment | 5,528 | (2,433) | (4,501) | (237,070) | |||||||||||||||||||
Income from equity method investment | — | 120 | — | 333 | |||||||||||||||||||
Net income/(loss) | € | 5,528 | € | (2,313) | € | (4,501) | € | (236,737) | |||||||||||||||
Earnings per share available to common stockholders: | |||||||||||||||||||||||
Basic | € | 0.02 | € | (0.01) | € | (0.01) | € | (0.67) | |||||||||||||||
Diluted | 0.02 | (0.01) | (0.01) | (0.67) | |||||||||||||||||||
Shares used in computing earnings per share: | |||||||||||||||||||||||
Basic | 358,076 | 353,543 | 357,181 | 353,151 | |||||||||||||||||||
Diluted | 368,322 | 353,543 | 357,181 | 353,151 |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
(1) Includes share-based compensation as follows: | |||||||||||||||||||||||
Cost of revenue | € | 68 | € | 70 | € | 189 | € | 190 | |||||||||||||||
Selling and marketing | 259 | 231 | 784 | 908 | |||||||||||||||||||
Technology and content | 1,135 | 904 | 2,864 | 3,085 | |||||||||||||||||||
General and administrative | 3,566 | 2,490 | 9,206 | 7,199 | |||||||||||||||||||
(2) Includes amortization as follows: | |||||||||||||||||||||||
Amortization of internal use software costs included in selling and marketing | € | 19 | € | 41 | € | 82 | € | 141 | |||||||||||||||
Amortization of internal use software and website development costs included in technology and content | 1,159 | 997 | 3,479 | 2,919 | |||||||||||||||||||
Amortization of internal use software costs included in general and administrative | 75 | 82 | 246 | 407 | |||||||||||||||||||
Amortization of acquired technology included in amortization of intangible assets | 34 | 12 | 102 | 84 | |||||||||||||||||||
(3) Includes related party expense as follows: | |||||||||||||||||||||||
Cost of revenue | € | — | € | (32) | € | — | € | (32) | |||||||||||||||
Selling and marketing | € | 28 | € | 38 | € | 101 | € | 126 | |||||||||||||||
Technology and content | 13 | 19 | 40 | 104 | |||||||||||||||||||
General and administrative | — | 9 | — | 31 |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Net income/(loss) | € | 5,528 | € | (2,313) | € | (4,501) | € | (236,737) | |||||||||||||||
Other comprehensive income/(loss): | |||||||||||||||||||||||
Currency translation adjustments | 12 | (49) | 4 | (20) | |||||||||||||||||||
Total other comprehensive income/(loss) | 12 | (49) | 4 | (20) | |||||||||||||||||||
Comprehensive income/(loss) | € | 5,540 | € | (2,362) | € | (4,497) | € | (236,757) |
ASSETS | As of September 30, 2021 | As of December 31, 2020 | |||||||||
Current assets: | |||||||||||
Cash and cash equivalents | € | 194,438 | € | 208,353 | |||||||
Restricted cash | — | 103 | |||||||||
Accounts receivable, net of allowance for credit losses of €573 and €348 at September 30, 2021 and December 31, 2020, respectively | 55,252 | 11,642 | |||||||||
Accounts receivable, related party | 20,680 | 2,969 | |||||||||
Short-term investments | — | 19,448 | |||||||||
Tax receivable | 3,642 | 7,839 | |||||||||
Prepaid expenses and other current assets | 10,496 | 10,438 | |||||||||
Total current assets | 284,508 | 260,792 | |||||||||
Property and equipment, net | 17,121 | 26,682 | |||||||||
Operating lease right-of-use assets | 49,139 | 86,810 | |||||||||
Deferred income taxes | 1 | 1 | |||||||||
Other long-term assets | 3,313 | 4,399 | |||||||||
Intangible assets, net | 170,119 | 169,550 | |||||||||
Goodwill | 287,751 | 282,664 | |||||||||
TOTAL ASSETS | € | 811,952 | € | 830,898 | |||||||
LIABILITIES AND STOCKHOLDERS' EQUITY | |||||||||||
Current liabilities: | |||||||||||
Accounts payable | € | 19,921 | € | 6,755 | |||||||
Income taxes payable | 1,013 | 102 | |||||||||
Deferred revenue | 1,762 | 2,750 | |||||||||
Payroll liabilities | 3,269 | 2,983 | |||||||||
Accrued expenses and other current liabilities | 16,104 | 14,934 | |||||||||
Operating lease liability | 2,258 | 7,188 | |||||||||
Total current liabilities | 44,327 | 34,712 | |||||||||
Operating lease liability | 45,837 | 85,979 | |||||||||
Deferred income taxes | 44,264 | 42,176 | |||||||||
Other long-term liabilities | 3,210 | 3,514 | |||||||||
Stockholders’ equity: | |||||||||||
Class A common stock, €0.06 par value - 700,000,000 shares authorized, 95,317,292 and 55,967,976 shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively | 5,719 | 3,358 | |||||||||
Class B common stock, €0.60 par value - 320,000,000 shares authorized, 262,934,762 and 298,187,967 shares issued and outstanding as of September 30, 2021 and December 31, 2020, respectively | 157,761 | 178,913 | |||||||||
Reserves | 831,102 | 798,017 | |||||||||
Contribution from Parent | 122,307 | 122,307 | |||||||||
Accumulated other comprehensive income/(loss) | 8 | 4 | |||||||||
Accumulated deficit | (442,583) | (438,082) | |||||||||
Total stockholders' equity | 674,314 | 664,517 | |||||||||
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY | € | 811,952 | € | 830,898 |
Three Months Ended September 30, 2021 | Class A common stock | Class B common stock | Reserves | Retained earnings (accumulated deficit) | Accumulated other comprehensive income/(loss) | Contribution from Parent | Total stockholders' equity | ||||||||||||||||||||||||||||||||||
Balance at July 1, 2021 | € | 4,155 | € | 173,138 | € | 812,240 | € | (448,111) | € | (4) | € | 122,307 | € | 663,725 | |||||||||||||||||||||||||||
Net income | 5,528 | 5,528 | |||||||||||||||||||||||||||||||||||||||
Other comprehensive income (net of tax) | 12 | 12 | |||||||||||||||||||||||||||||||||||||||
Share-based compensation expense | 5,028 | 5,028 | |||||||||||||||||||||||||||||||||||||||
Conversion of Class B shares | 1,538 | (15,377) | 13,839 | — | |||||||||||||||||||||||||||||||||||||
Issued capital, options exercised | 26 | (5) | 21 | ||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2021 | € | 5,719 | € | 157,761 | € | 831,102 | € | (442,583) | € | 8 | € | 122,307 | € | 674,314 |
Nine months ended September 30, 2021 | Class A common stock | Class B common stock | Reserves | Retained earnings (accumulated deficit) | Accumulated other comprehensive income/(loss) | Contribution from Parent | Total stockholders' equity | ||||||||||||||||||||||||||||||||||
Balance at January 1, 2021 | € | 3,358 | € | 178,913 | € | 798,017 | € | (438,082) | € | 4 | € | 122,307 | € | 664,517 | |||||||||||||||||||||||||||
Net loss | (4,501) | (4,501) | |||||||||||||||||||||||||||||||||||||||
Other comprehensive income (net of tax) | 4 | 4 | |||||||||||||||||||||||||||||||||||||||
Share-based compensation expense | 13,043 | 13,043 | |||||||||||||||||||||||||||||||||||||||
Conversion of Class B shares | 2,115 | (21,152) | 19,037 | — | |||||||||||||||||||||||||||||||||||||
Issued capital, options exercised | 246 | 1,005 | 1,251 | ||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2021 | € | 5,719 | € | 157,761 | € | 831,102 | € | (442,583) | € | 8 | € | 122,307 | € | 674,314 |
Three months ended September 30, 2020 | Class A common stock | Class B common stock | Reserves | Retained earnings (accumulated deficit) | Accumulated other comprehensive income/(loss) | Contribution from Parent | Total stockholders' equity | ||||||||||||||||||||||||||||||||||
Balance at July 1, 2020 | € | 3,307 | € | 178,913 | € | 790,629 | € | (427,128) | € | 91 | € | 122,307 | € | 668,119 | |||||||||||||||||||||||||||
Net loss | (2,313) | (2,313) | |||||||||||||||||||||||||||||||||||||||
Other comprehensive loss (net of tax) | (49) | (49) | |||||||||||||||||||||||||||||||||||||||
Share-based compensation expense | 3,695 | 3,695 | |||||||||||||||||||||||||||||||||||||||
Issued capital, options exercised | 22 | (3) | 19 | ||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2020 | € | 3,329 | € | 178,913 | € | 794,321 | € | (429,441) | € | 42 | € | 122,307 | € | 669,471 |
Nine months ended September 30, 2020 | Class A common stock | Class B common stock | Reserves | Retained earnings (accumulated deficit) | Accumulated other comprehensive income/(loss) | Contribution from Parent | Total stockholders' equity | ||||||||||||||||||||||||||||||||||
Balance at January 1, 2020 | € | 3,049 | € | 181,013 | € | 781,060 | € | (192,704) | € | 62 | € | 122,307 | € | 894,787 | |||||||||||||||||||||||||||
Net loss | (236,737) | (236,737) | |||||||||||||||||||||||||||||||||||||||
Other comprehensive loss (net of tax) | (20) | (20) | |||||||||||||||||||||||||||||||||||||||
Share-based compensation expense | 11,382 | 11,382 | |||||||||||||||||||||||||||||||||||||||
Conversion of Class B shares | 210 | (2,100) | 1,890 | — | |||||||||||||||||||||||||||||||||||||
Issued capital, options exercised | 70 | (11) | 59 | ||||||||||||||||||||||||||||||||||||||
Balance at September 30, 2020 | € | 3,329 | € | 178,913 | € | 794,321 | € | (429,441) | € | 42 | € | 122,307 | € | 669,471 |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Operating activities: | |||||||||||||||||||||||
Net income/(loss) | € | 5,528 | € | (2,313) | € | (4,501) | € | (236,737) | |||||||||||||||
Adjustments to reconcile net income/(loss) to net cash provided by/(used in): | |||||||||||||||||||||||
Depreciation (property and equipment and internal-use software and website development) | 1,958 | 2,653 | 6,366 | 8,279 | |||||||||||||||||||
Amortization of intangible assets | 34 | 12 | 102 | 373 | |||||||||||||||||||
Goodwill impairment loss | — | — | — | 207,618 | |||||||||||||||||||
Impairment of long-lived assets including internal-use software and website development | — | 549 | — | 549 | |||||||||||||||||||
Share-based compensation | 5,028 | 3,695 | 13,043 | 11,382 | |||||||||||||||||||
Deferred income taxes | 2,601 | 508 | 2,088 | (6,914) | |||||||||||||||||||
Foreign exchange loss/(gain) | (365) | 480 | (1,029) | 123 | |||||||||||||||||||
Expected credit (gains)/losses, net | 142 | (550) | 179 | 1,836 | |||||||||||||||||||
Loss on disposal of fixed assets | 118 | 60 | 222 | 144 | |||||||||||||||||||
Gain from settlement of asset retirement obligation | — | (102) | (5) | (137) | |||||||||||||||||||
(Gain)/loss from lease termination and modification, net | 4 | (21) | (1,307) | (56) | |||||||||||||||||||
Income from equity method investment | — | (120) | — | (333) | |||||||||||||||||||
Changes in operating assets and liabilities: | |||||||||||||||||||||||
Accounts receivable, including related party | (22,798) | (14,266) | (61,596) | 41,224 | |||||||||||||||||||
Prepaid expenses and other assets | 6,046 | 4,540 | (2,756) | (1,603) | |||||||||||||||||||
Accounts payable | (12,611) | 2,535 | 12,845 | (26,011) | |||||||||||||||||||
Payroll liabilities | 107 | (322) | 277 | (907) | |||||||||||||||||||
Accrued expenses and other liabilities | 99 | (2,151) | 2,452 | 2,881 | |||||||||||||||||||
Deferred revenue | (52) | (198) | (988) | (1,758) | |||||||||||||||||||
Taxes payable/receivable, net | 6,055 | (39) | 5,108 | 225 | |||||||||||||||||||
Net cash provided by/(used in) operating activities | € | (8,106) | € | (5,050) | € | (29,500) | € | 178 | |||||||||||||||
Investing activities: | |||||||||||||||||||||||
Purchase of investments | — | — | (1,351) | (8,850) | |||||||||||||||||||
Proceeds from sales of investments | 9,338 | — | 19,338 | — | |||||||||||||||||||
Proceeds from sale of business (net of cash sold) | — | 292 | — | 292 | |||||||||||||||||||
Business acquisition, net of cash acquired | — | — | (4,302) | — | |||||||||||||||||||
Capital expenditures, including internal-use software and website development | (1,103) | (1,454) | (2,901) | (4,629) | |||||||||||||||||||
Proceeds from sale of fixed assets | 38 | 587 | 110 | 624 | |||||||||||||||||||
Net cash provided by/(used in) investing activities | € | 8,273 | € | (575) | € | 10,894 | € | (12,563) | |||||||||||||||
Financing activities: | |||||||||||||||||||||||
Proceeds from exercise of option awards | 21 | 19 | 1,251 | 59 | |||||||||||||||||||
Repayment of other non-current liabilities | (42) | (67) | (174) | (202) | |||||||||||||||||||
Net cash provided by/(used in) financing activities | € | (21) | € | (48) | € | 1,077 | € | (143) | |||||||||||||||
Effect of exchange rate changes on cash | 633 | (523) | 1,538 | (532) | |||||||||||||||||||
Net increase/(decrease) in cash, cash equivalents and restricted cash | € | 779 | € | (6,196) | € | (15,991) | € | (13,060) | |||||||||||||||
Cash, cash equivalents and restricted cash at beginning of the period | 194,001 | 213,679 | 210,771 | 220,543 | |||||||||||||||||||
Cash, cash equivalents and restricted cash at end of the period | € | 194,780 | € | 207,483 | € | 194,780 | € | 207,483 |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
2021 | 2020 | 2021 | 2020 | ||||||||||||||||||||
Supplemental cash flow information: | |||||||||||||||||||||||
Cash paid for interest | € | 106 | € | 45 | € | 302 | € | 150 | |||||||||||||||
Cash paid for taxes, net of (refunds) | (5,340) | 152 | (5,180) | (737) | |||||||||||||||||||
(in thousands) | January 12, 2021 | ||||
Cash and cash equivalents | € | 85 | |||
Prepaid expenses and other current assets | 54 | ||||
Property and equipment, net | 1,662 | ||||
Goodwill | 5,085 | ||||
Intangible assets, net | 675 | ||||
Total Assets | 7,561 | ||||
Accounts payable | (121) | ||||
Other liabilities | (15) | ||||
Net assets acquired | € | 7,425 |
(in thousands, unaudited) | Three months ended September 30, 2020 | Nine months ended September 30, 2020 | |||||||||
Revenue | € | 60,671 | € | 216,934 | |||||||
Net loss | (2,753) | (238,093) | |||||||||
As of September 30, 2021 | Total | Level 1 | Level 2 | |||||||||||||||||
(in thousands) | ||||||||||||||||||||
Assets | ||||||||||||||||||||
Cash equivalents: | ||||||||||||||||||||
Money market funds | € | 19,966 | € | 19,966 | € | — | ||||||||||||||
Other long-term assets: | ||||||||||||||||||||
Term deposits | 1,351 | — | 1,351 | |||||||||||||||||
Total | € | 21,317 | € | 19,966 | € | 1,351 |
As of December 31, 2020 | Total | Level 1 | Level 2 | |||||||||||||||||
(in thousands) | ||||||||||||||||||||
Assets | ||||||||||||||||||||
Cash equivalents: | ||||||||||||||||||||
Money market funds | € | 65,111 | € | 65,111 | € | — | ||||||||||||||
Short-term investments: | ||||||||||||||||||||
Term deposits | 9,448 | — | 9,448 | |||||||||||||||||
Total | € | 74,559 | € | 65,111 | € | 9,448 |
(in thousands) | September 30, 2021 | December 31, 2020 | ||||||||||||
Prepaid advertising | € | 7,632 | € | 2,297 | ||||||||||
Other prepaid expenses | 2,399 | 4,132 | ||||||||||||
Other assets | 465 | 4,009 | ||||||||||||
Total | € | 10,496 | € | 10,438 |
September 30, 2021 | December 31, 2020 | |||||||||||||
(in thousands) | ||||||||||||||
Building and leasehold improvements | € | 6,964 | € | 15,295 | ||||||||||
Capitalized software and software development costs | 26,063 | 22,702 | ||||||||||||
Computer equipment | 17,156 | 17,248 | ||||||||||||
Furniture and fixtures | 3,701 | 5,480 | ||||||||||||
Subtotal | 53,884 | 60,725 | ||||||||||||
Less: accumulated depreciation | 37,739 | 34,352 | ||||||||||||
Construction in process | 976 | 309 | ||||||||||||
Property and equipment, net | € | 17,121 | € | 26,682 |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
(in thousands) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Cost of revenue | € | 68 | € | 70 | € | 189 | € | 190 | |||||||||||||||
Selling and marketing | 259 | 231 | 784 | 908 | |||||||||||||||||||
Technology and content | 1,135 | 904 | 2,864 | 3,085 | |||||||||||||||||||
General and administrative | 3,566 | 2,490 | 9,206 | 7,199 | |||||||||||||||||||
Total share-based compensation expense | € | 5,028 | € | 3,695 | € | 13,043 | € | 11,382 |
Options | Weighted average exercise price | Remaining contractual life | Aggregate intrinsic value | ||||||||||||||||||||
(in €) | (In years) | (€ in thousands) | |||||||||||||||||||||
Balance as of December 31, 2020 | 26,347,149 | 3.29 | 12 | 28,356 | |||||||||||||||||||
Granted | 5,962,197 | 0.06 | |||||||||||||||||||||
Exercised | 3,663,117 | 0.34 | |||||||||||||||||||||
Cancelled | 4,231,967 | 6.28 | |||||||||||||||||||||
Balance as of September 30, 2021 | 24,414,262 | 2.58 | 11 | 34,718 | |||||||||||||||||||
Exercisable as of September 30, 2021 | 12,484,343 | 4.60 | 16 | 11,624 | |||||||||||||||||||
Vested and expected to vest after September 30, 2021 | 24,414,262 | 2.58 | 11 | 34,718 |
RSUs | Weighted Average Grant Date Fair Value | Remaining contractual life | ||||||||||||||||||
(in €) | (in years) | |||||||||||||||||||
Balance as of December 31, 2020 | 1,624,461 | 1.39 | 5 | |||||||||||||||||
Granted | 1,033,015 | 3.81 | ||||||||||||||||||
Vested | 434,994 | 2.08 | ||||||||||||||||||
Cancelled | 39,639 | 2.87 | ||||||||||||||||||
Balance as of September 30, 2021 | 2,182,843 | 2.37 | 5 |
Three months ended September 30, | Nine months ended September 30, | ||||||||||||||||||||||
(€ thousands, except per share data) | 2021 | 2020 | 2021 | 2020 | |||||||||||||||||||
Numerator: | |||||||||||||||||||||||
Net income/(loss) | € | 5,528 | € | (2,313) | € | (4,501) | € | (236,737) | |||||||||||||||
Denominator: | |||||||||||||||||||||||
Weighted average shares of Class A and Class B common stock outstanding: | |||||||||||||||||||||||
Basic | 358,076 | 353,543 | 357,181 | 353,151 | |||||||||||||||||||
Diluted | 368,322 | 353,543 | 357,181 | 353,151 | |||||||||||||||||||
Net income/(loss) per share: | |||||||||||||||||||||||
Basic | € | 0.02 | € | (0.01) | € | (0.01) | € | (0.67) | |||||||||||||||
Diluted | € | 0.02 | € | (0.01) | € | (0.01) | € | (0.67) |
Three months ended September 30, 2021 | |||||||||||||||||||||||||||||
(€ thousands) | Developed Europe | Americas | Rest of World | Corporate & Eliminations | Total | ||||||||||||||||||||||||
Referral revenue | € | 74,744 | € | 48,102 | € | 13,241 | € | — | € | 136,087 | |||||||||||||||||||
Subscription revenue | — | — | — | 1,043 | 1,043 | ||||||||||||||||||||||||
Other revenue | — | — | — | 1,509 | 1,509 | ||||||||||||||||||||||||
Total revenue | € | 74,744 | € | 48,102 | € | 13,241 | € | 2,552 | € | 138,639 | |||||||||||||||||||
Advertising spend | 52,863 | 38,278 | 6,984 | — | 98,125 | ||||||||||||||||||||||||
ROAS contribution | € | 21,881 | € | 9,824 | € | 6,257 | € | 2,552 | € | 40,514 | |||||||||||||||||||
Costs and expenses: | |||||||||||||||||||||||||||||
Cost of revenue, including related party, excluding amortization | 3,136 | ||||||||||||||||||||||||||||
Other selling and marketing, including related party (1) | 6,249 | ||||||||||||||||||||||||||||
Technology and content, including related party | 12,746 | ||||||||||||||||||||||||||||
General and administrative, including related party | 9,765 | ||||||||||||||||||||||||||||
Amortization of intangible assets | 34 | ||||||||||||||||||||||||||||
Operating income | € | 8,584 | |||||||||||||||||||||||||||
Other income/(expense) | |||||||||||||||||||||||||||||
Interest expense | (106) | ||||||||||||||||||||||||||||
Other, net | 353 | ||||||||||||||||||||||||||||
Total other income/(expense), net | € | 247 | |||||||||||||||||||||||||||
Income before income taxes | € | 8,831 | |||||||||||||||||||||||||||
Expense for income taxes | 3,303 | ||||||||||||||||||||||||||||
Net income | € | 5,528 | |||||||||||||||||||||||||||
Three months ended September 30, 2020 | |||||||||||||||||||||||||||||
(€ thousands) | Developed Europe | Americas | Rest of World | Corporate & Eliminations | Total | ||||||||||||||||||||||||
Referral revenue | € | 32,519 | € | 15,187 | € | 10,585 | € | — | € | 58,291 | |||||||||||||||||||
Subscription revenue | — | — | — | 1,692 | 1,692 | ||||||||||||||||||||||||
Other revenue | — | — | — | 659 | 659 | ||||||||||||||||||||||||
Total revenue | € | 32,519 | € | 15,187 | € | 10,585 | € | 2,351 | € | 60,642 | |||||||||||||||||||
Advertising spend | 19,934 | 6,043 | 4,662 | — | 30,639 | ||||||||||||||||||||||||
ROAS contribution | € | 12,585 | € | 9,144 | € | 5,923 | € | 2,351 | € | 30,003 | |||||||||||||||||||
Costs and expenses: | |||||||||||||||||||||||||||||
Cost of revenue, including related party, excluding amortization | 2,644 | ||||||||||||||||||||||||||||
Other selling and marketing, including related party (1) | 5,914 | ||||||||||||||||||||||||||||
Technology and content, including related party | 14,786 | ||||||||||||||||||||||||||||
General and administrative, including related party | 7,992 | ||||||||||||||||||||||||||||
Amortization of intangible assets | 12 | ||||||||||||||||||||||||||||
Operating loss | € | (1,345) | |||||||||||||||||||||||||||
Other income/(expense) | |||||||||||||||||||||||||||||
Interest expense | (45) | ||||||||||||||||||||||||||||
Other, net | (417) | ||||||||||||||||||||||||||||
Total other income/(expense), net | € | (462) | |||||||||||||||||||||||||||
Loss before income taxes | € | (1,807) | |||||||||||||||||||||||||||
Expense for income taxes | 626 | ||||||||||||||||||||||||||||
Loss before equity method investment | € | (2,433) | |||||||||||||||||||||||||||
Income from equity method investment | 120 | ||||||||||||||||||||||||||||
Net Loss | € | (2,313) |
Nine months ended September 30, 2021 | |||||||||||||||||||||||||||||
(€ thousands) | Developed Europe | Americas | Rest of World | Corporate & Eliminations | Total | ||||||||||||||||||||||||
Referral revenue | € | 128,005 | € | 103,964 | € | 33,733 | € | — | € | 265,702 | |||||||||||||||||||
Subscription revenue | — | — | — | 3,606 | 3,606 | ||||||||||||||||||||||||
Other revenue | — | — | — | 3,031 | 3,031 | ||||||||||||||||||||||||
Total revenue | € | 128,005 | € | 103,964 | € | 33,733 | € | 6,637 | € | 272,339 | |||||||||||||||||||
Advertising spend | 87,528 | 76,831 | 17,020 | — | 181,379 | ||||||||||||||||||||||||
ROAS contribution | € | 40,477 | € | 27,133 | € | 16,713 | € | 6,637 | € | 90,960 | |||||||||||||||||||
Costs and expenses: | |||||||||||||||||||||||||||||
Cost of revenue, including related party, excluding amortization | 8,683 | ||||||||||||||||||||||||||||
Other selling and marketing, including related party (1) | 17,698 | ||||||||||||||||||||||||||||
Technology and content, including related party | 39,139 | ||||||||||||||||||||||||||||
General and administrative, including related party | 28,469 | ||||||||||||||||||||||||||||
Amortization of intangible assets | 102 | ||||||||||||||||||||||||||||
Operating loss | € | (3,131) | |||||||||||||||||||||||||||
Other income/(expense) | |||||||||||||||||||||||||||||
Interest expense | (308) | ||||||||||||||||||||||||||||
Other, net | 985 | ||||||||||||||||||||||||||||
Total other income/(expense), net | € | 677 | |||||||||||||||||||||||||||
Loss before income taxes | € | (2,454) | |||||||||||||||||||||||||||
Expense for income taxes | 2,047 | ||||||||||||||||||||||||||||
Net loss | € | (4,501) |
Nine months ended September 30, 2020 | |||||||||||||||||||||||||||||
(€ thousands) | Developed Europe | Americas | Rest of World | Corporate & Eliminations | Total | ||||||||||||||||||||||||
Referral revenue | € | 94,715 | € | 76,357 | € | 37,816 | € | — | € | 208,888 | |||||||||||||||||||
Subscription revenue | — | — | — | 6,062 | 6,062 | ||||||||||||||||||||||||
Other revenue | — | — | — | 1,627 | 1,627 | ||||||||||||||||||||||||
Total revenue | € | 94,715 | € | 76,357 | € | 37,816 | € | 7,689 | € | 216,577 | |||||||||||||||||||
Advertising spend | 57,554 | 52,037 | 29,067 | — | 138,658 | ||||||||||||||||||||||||
ROAS contribution | € | 37,161 | € | 24,320 | € | 8,749 | € | 7,689 | € | 77,919 | |||||||||||||||||||
Costs and expenses: | |||||||||||||||||||||||||||||
Cost of revenue, including related party, excluding amortization | 8,112 | ||||||||||||||||||||||||||||
Other selling and marketing, including related party (1) | 22,119 | ||||||||||||||||||||||||||||
Technology and content, including related party | 50,695 | ||||||||||||||||||||||||||||
General and administrative, including related party | 32,316 | ||||||||||||||||||||||||||||
Amortization of intangible assets | 373 | ||||||||||||||||||||||||||||
Impairment of goodwill | 207,618 | ||||||||||||||||||||||||||||
Operating loss | € | (243,314) | |||||||||||||||||||||||||||
Other income/(expense) | |||||||||||||||||||||||||||||
Interest expense | (150) | ||||||||||||||||||||||||||||
Other, net | (1,015) | ||||||||||||||||||||||||||||
Total other income/(expense), net | € | (1,165) | |||||||||||||||||||||||||||
Loss before income taxes | € | (244,479) | |||||||||||||||||||||||||||
Benefit for income taxes | (7,409) | ||||||||||||||||||||||||||||
Loss before equity method investment | € | (237,070) | |||||||||||||||||||||||||||
Income from equity method investment | 333 | ||||||||||||||||||||||||||||
Net loss | € | (236,737) |