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Operating and Financial Review The following discussion should be considered together with our unaudited financial information included with this review and the periodic reports we file with the Securities and Exchange Commission , including the section contained in our Annual Report on Form 20 - F for the fiscal year ended December 31 , 2020 , " Item 5. Operating and Financial Review and Prospects . " Certain information and disclosures normally included in consolidated financial statements prepared in accordance with U.S. Generally Accepted Accounting Principles ( " U.S. GAAP " ) have been omitted from this review . Exhibit 99.1 As used herein , references to " we , " " us , " the " company , " or " trivago , " or similar terms shall mean trivago N.V. and , as the context requires , its subsidiaries . Overview trivago is a global hotel and accommodation search platform . We are focused on reshaping the way travelers search for and compare different types of accommodations , such as hotels , vacation rentals and apartments , while enabling our advertisers to grow their businesses by providing them with access to a broad audience of travelers via our websites and apps . Our platform allows travelers to make informed decisions by personalizing their search for accommodations and providing them with access to a deep supply of relevant information and prices . As of March 31 , 2021 , we offered access to more than 5.0 million hotels and other types of accommodation in over 190 countries , including over 3.8 million units of alternative accommodation , such as vacation rentals and apartments . Our search platform forms the core of our user experience and can be accessed globally via 54 localized websites and apps available in 32 languages . Our users initially search via a text - based search function , which supports searches across a broad range of criteria . This leads through to a listings page that displays search results and allows for further refinement based on more nuanced filters . Additionally , we enhance our users ' experience by giving them the option to display their search results in listing or map formats . Users can search our platform on desktop and mobile devices , and benefit from a familiar user interface , resulting in a consistent user experience . Financial Summary & Operating Metrics ( € millions , unless otherwise stated ) Total revenue Qualified Referrals ( in millions ) Revenue per Qualified Referral ( in € ) Operating loss Net loss Return on Advertising Spend Adjusted EBITDA ( ¹ ) 1 Three months ended March 31 , 2021 2020 38.2 139.8 42.4 93.9 0.85 1.46 ( 8.9 ) ( 215.3 ) ( 6.7 ) ( 214.3 ) 194.0 % 133.3 % ( 4.8 ) ( 0.6 ) AY / Y ( 73 ) % ( 55 ) % ( 42 ) % ( 96 ) % ( 97 ) % 60.7 ppts n.m. n.m. not meaningful ( 1 ) " Adjusted EBITDA " is a non - GAAP measure . Please see " Definitions of Non - GAAP Measures " and " Tabular Reconciliations for Non - GAAP Measures " on pages 11 to 12 herein for explanations and reconciliations of non - GAAP measures used throughout this review .