trivago beats by €0.01, misses on revs; affirms FY19 Adjusted EBITDA guidance (4.79)
- Reports Q1 (Mar) GAAP earnings of €0.02 per share, €0.01 better than the S&P Capital IQ GAAP Consensus of €0.01; revenues fell 19.5% year/year to €208.76 mln vs the €239.6 mln S&P Capital IQ Consensus.
- Adjusted EBITDA was €20.9 mln in the first quarter of 2019, compared to an Adjusted EBITDA loss of €21.9 mln in the first quarter of 2018, up €42.8 mln. Reflecting the performance in the first quarter of 2019, the co continues to expect Adjusted EBITDA for 2019 to be between €50 mln and €75 mln.
- The number of Qualified Referrals decreased to 129.3 mln in the first quarter of 2019, or by 32%, compared to 189.5 mln in the first quarter of 2018.
- Update on legal proceedings -- "On August 23, 2018, the Australian Competition and Consumer Commission, or ACCC, instituted proceedings in the Australian Federal Court against us. The ACCC alleged breaches of Australian consumer law relating to our advertisements in Australia concerning the hotel prices available on our Australian site and our strike-through pricing practice, which is the display adjacent to the price quote in the top position in our search results of a higher price that is crossed out. In March 2019, we completed the production of certain documents to the ACCC pursuant to the court's discovery order. The court has set trial date for September 9, 2019. Management has established a provision in respect of this matter.