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Name | Symbol | Market | Type |
---|---|---|---|
Criteo SA | NASDAQ:CRTO | NASDAQ | Depository Receipt |
Price Change | % Change | Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.49 | 1.33% | 37.34 | 32.00 | 38.00 | 37.38 | 36.4005 | 36.50 | 406,903 | 01:00:00 |
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x
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
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¨
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
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France
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Not Applicable
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(State or other jurisdiction of incorporation or organization)
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(I.R.S. Employer Identification Number)
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32, rue Blanche, Paris-France
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75009
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(Address of principal executive offices)
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(Zip Code)
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Large Accelerated Filer
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x
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Accelerated Filer
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¨
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Non-accelerated Filer
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¨
(Do not check if a smaller reporting company)
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Smaller reporting company
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¨
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Emerging growth company
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¨
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•
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the ability of the Criteo Engine to accurately predict engagement by a user;
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•
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our ability to predict and adapt to changes in widely adopted industry platforms and other new technologies;
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•
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our ability to continue to collect and utilize data about user behavior and interaction with advertisers;
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•
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our ability to acquire an adequate supply of advertising inventory from publishers on terms that are favorable to us;
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•
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our ability to meet the challenges of a growing and international company in a rapidly developing and changing industry, including our ability to forecast accurately;
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•
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our ability to maintain an adequate rate of revenue growth and sustain profitability;
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•
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our ability to manage our international operations and expansion and the integration of our acquisitions;
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•
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the effects of increased competition in our market;
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•
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our ability to adapt to regulatory, legislative or self-regulatory developments regarding internet privacy matters;
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•
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our ability to protect users’ information and adequately address privacy concerns;
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•
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our ability to enhance our brand;
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•
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our ability to enter new marketing channels and to effectively scale our technology platform in new industry verticals;
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•
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our ability to attract and retain qualified employees and key personnel;
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•
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our ability to maintain, protect and enhance our brand and intellectual property; and
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•
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failures in our systems or infrastructure.
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Notes
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December 31, 2016
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September 30, 2017
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||
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||||
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(in thousands)
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||||||
Assets
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||||
Current assets:
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||||
Cash and cash equivalents
|
3
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$
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270,317
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357,983
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Trade receivables, net of allowances
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4
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397,244
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373,922
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||
Income taxes
|
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2,741
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5,295
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Other taxes
|
|
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52,942
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46,095
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||
Other current assets
|
5
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|
19,340
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|
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26,945
|
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||
Total current assets
|
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742,584
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810,240
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||
Property, plant and equipment, net
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108,581
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134,885
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Intangible assets, net
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6
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102,944
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99,714
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Goodwill
|
7
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209,418
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236,363
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Non-current financial assets
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3
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17,029
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19,350
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Deferred tax assets
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30,630
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57,642
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Total non-current assets
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468,602
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547,954
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Total assets
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$
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1,211,186
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$
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1,358,194
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Liabilities and shareholders' equity
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||||
Current liabilities:
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||||
Trade payables
|
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$
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365,788
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$
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350,690
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Contingencies
|
14
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|
654
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1,553
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Income taxes
|
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14,454
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|
16,341
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|
||
Financial liabilities - current portion
|
9
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|
7,969
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7,943
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||
Other taxes
|
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|
44,831
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42,713
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Employee - related payables
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55,874
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59,661
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Other current liabilities
|
8
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|
30,221
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|
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26,802
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||
Total current liabilities
|
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519,791
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505,703
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Deferred tax liabilities
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|
686
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28,719
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Retirement benefit obligation
|
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3,221
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3,690
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Financial liabilities - non current portion
|
9
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|
77,611
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2,525
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Other non-current liabilities
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—
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4,290
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Total non-current liabilities
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81,518
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39,224
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Total liabilities
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601,309
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544,927
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Commitments and contingencies
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Shareholders' equity:
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Common shares, €0.025 par value, 63,978,204 and
65,551,174
shares authorized, issued and outstanding at December 31, 2016 and September 30, 2017, respectively.
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2,093
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2,137
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Additional paid-in capital
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488,277
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568,171
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Accumulated other comprehensive (loss)
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(88,593
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)
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(21,386
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)
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Retained earnings
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198,355
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247,821
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Equity-attributable to shareholders of Criteo S.A.
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600,132
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796,743
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Non-controlling interests
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9,745
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16,524
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Total equity
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609,877
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813,267
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Total equity and liabilities
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$
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1,211,186
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$
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1,358,194
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Three Months Ended
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Nine Months Ended
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||||||||||||
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Notes
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September 30, 2016
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September 30, 2017
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September 30, 2016
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September 30, 2017
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||||
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(in thousands, except share per data)
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|||||||||||||||
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||||||||
Revenue
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$
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423,867
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$
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563,973
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$
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1,232,321
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$
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1,622,661
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||||||||
Cost of revenue:
|
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||||||||
Traffic acquisition costs
|
|
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(247,310
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)
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(329,576
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)
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(727,034
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)
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(958,469
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)
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Other cost of revenue
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(22,332
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)
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(29,951
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)
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(60,950
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)
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(89,914
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)
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||||||||
Gross profit
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154,225
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204,446
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444,337
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574,278
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||||
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||||||||
Operating expenses:
|
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||||||||
Research and development expenses
|
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(30,701
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)
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(43,860
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)
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(88,097
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)
|
|
(126,992
|
)
|
||||
Sales and operations expenses
|
|
|
(68,164
|
)
|
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(95,184
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)
|
|
(201,862
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)
|
|
(283,815
|
)
|
||||
General and administrative expenses
|
|
|
(32,492
|
)
|
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(32,389
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)
|
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(85,839
|
)
|
|
(96,143
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)
|
||||
Total operating expenses
|
|
|
(131,357
|
)
|
|
(171,433
|
)
|
|
(375,798
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)
|
|
(506,950
|
)
|
||||
Income from operations
|
|
|
22,868
|
|
|
33,013
|
|
|
68,539
|
|
|
67,328
|
|
||||
Financial (expense)
|
11
|
|
(570
|
)
|
|
(2,886
|
)
|
|
(1,982
|
)
|
|
(7,313
|
)
|
||||
Income before taxes
|
|
|
22,298
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|
|
30,127
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|
|
66,557
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|
|
60,015
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|
||||
Provision for income taxes
|
12
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|
(7,574
|
)
|
|
(7,858
|
)
|
|
(19,968
|
)
|
|
(15,724
|
)
|
||||
Net income
|
|
|
$
|
14,724
|
|
|
$
|
22,269
|
|
|
$
|
46,589
|
|
|
$
|
44,291
|
|
|
|
|
|
|
|
|
|
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||||||||
Net income available to shareholders of Criteo S.A.
|
|
|
$
|
13,539
|
|
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$
|
19,774
|
|
|
$
|
42,869
|
|
|
$
|
38,185
|
|
Net income available to non-controlling interests
|
|
|
$
|
1,185
|
|
|
$
|
2,495
|
|
|
$
|
3,720
|
|
|
$
|
6,106
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Net income allocated to shareholders of Criteo S.A. per share:
|
|
|
|
|
|
|
|
|
|
||||||||
Basic
|
13
|
|
$
|
0.21
|
|
|
$
|
0.30
|
|
|
$
|
0.68
|
|
|
$
|
0.59
|
|
Diluted
|
13
|
|
$
|
0.21
|
|
|
$
|
0.29
|
|
|
$
|
0.66
|
|
|
$
|
0.56
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Weighted average shares outstanding used in computing per share amounts:
|
|
|
|
|
|
|
|
|
|
||||||||
Basic
|
13
|
|
63,628,351
|
|
|
65,412,326
|
|
|
63,163,922
|
|
|
64,881,751
|
|
||||
Diluted
|
13
|
|
65,816,422
|
|
|
68,200,343
|
|
|
65,429,757
|
|
|
67,876,791
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
|
September 30, 2016
|
|
|
September 30, 2017
|
|
|
September 30, 2016
|
|
|
September 30, 2017
|
|
||||
|
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(in thousands)
|
||||||||||||||
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|
|
|
|
|
|
|
|
||||||||
Net income
|
|
$
|
14,724
|
|
|
$
|
22,269
|
|
|
$
|
46,589
|
|
|
$
|
44,291
|
|
Foreign currency translation differences, net of taxes
|
|
2,649
|
|
|
20,972
|
|
|
12,677
|
|
|
66,826
|
|
||||
Foreign currency translation differences
|
|
2,649
|
|
|
20,972
|
|
|
12,677
|
|
|
66,826
|
|
||||
Income tax effect
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
||||
Actuarial (losses) gains on employee benefits, net of taxes
|
|
(73
|
)
|
|
155
|
|
|
(282
|
)
|
|
745
|
|
||||
Actuarial losses on employee benefits
|
|
(90
|
)
|
|
184
|
|
|
(341
|
)
|
|
882
|
|
||||
Income tax effect
|
|
17
|
|
|
(29
|
)
|
|
59
|
|
|
(137
|
)
|
||||
Comprehensive income (loss)
|
|
$
|
17,300
|
|
|
$
|
43,396
|
|
|
$
|
58,984
|
|
|
$
|
111,862
|
|
Attributable to shareholders of Criteo S.A.
|
|
$
|
15,991
|
|
|
$
|
41,002
|
|
|
$
|
54,113
|
|
|
$
|
105,391
|
|
Attributable to non-controlling interests
|
|
$
|
1,309
|
|
|
$
|
2,394
|
|
|
$
|
4,871
|
|
|
$
|
6,471
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
|||||||||||||
|
September 30, 2016
|
|
|
September 30, 2017
|
|
|
September 30, 2016
|
|
|
September 30, 2017
|
|
|||||
|
(in thousands)
|
|||||||||||||||
Net income
|
$
|
14,724
|
|
|
$
|
22,269
|
|
|
$
|
46,589
|
|
|
$
|
44,291
|
|
|
Non-cash and non-operating items
|
36,609
|
|
|
61,995
|
|
|
96,235
|
|
|
146,443
|
|
|||||
- Amortization and provisions
|
16,030
|
|
|
25,990
|
|
|
45,555
|
|
|
72,681
|
|
|||||
- Equity awards compensation expense
(1)
|
13,965
|
|
|
22,028
|
|
|
30,030
|
|
|
51,887
|
|
|||||
- Interest accrued and non-cash financial income and
expenses
|
(960
|
)
|
|
(25
|
)
|
|
638
|
|
|
7
|
|
|||||
- Change in deferred taxes
|
(3,121
|
)
|
|
(8,164
|
)
|
|
(7,545
|
)
|
|
(20,569
|
)
|
|||||
- Income tax for the period
|
10,695
|
|
|
16,022
|
|
|
27,557
|
|
|
36,293
|
|
|||||
- Other
|
—
|
|
|
6,144
|
|
|
—
|
|
|
6,144
|
|
|||||
Changes in working capital related to operating activities
|
4,576
|
|
|
(12,372
|
)
|
|
(22,860
|
)
|
|
13,418
|
|
|||||
- (Increase)/decrease in trade receivables
|
(2,160
|
)
|
|
(991
|
)
|
|
(4,528
|
)
|
|
35,220
|
|
|||||
- Increase/(decrease) in trade payables
|
11,218
|
|
|
(5,031
|
)
|
|
(3,931
|
)
|
|
(31,284
|
)
|
|||||
- (Increase)/decrease in other current assets
|
(2,856
|
)
|
|
4,001
|
|
|
(18,633
|
)
|
|
6,581
|
|
|||||
- Increase/(decrease) in other current liabilities
|
(1,626
|
)
|
|
(10,351
|
)
|
|
4,232
|
|
|
2,901
|
|
|||||
Income taxes paid
|
(12,278
|
)
|
|
(10,165
|
)
|
|
(38,152
|
)
|
|
(37,696
|
)
|
|||||
CASH FROM OPERATING ACTIVITIES
|
43,631
|
|
|
61,727
|
|
|
81,812
|
|
|
166,456
|
|
|||||
Acquisition of intangible assets, property, plant and equipment
|
(15,792
|
)
|
|
(20,999
|
)
|
|
(54,970
|
)
|
|
(74,275
|
)
|
|||||
Change in accounts payable related to intangible assets, property, plant and equipment
|
(4,115
|
)
|
|
(6,774
|
)
|
|
570
|
|
|
(8,760
|
)
|
|||||
Payments for acquired business, net of cash acquired
|
—
|
|
|
73
|
|
|
(5,074
|
)
|
|
1,125
|
|
|||||
Change in other non-current financial assets
|
(377
|
)
|
|
(157
|
)
|
|
197
|
|
|
1,117
|
|
|||||
CASH USED FOR INVESTING ACTIVITIES
|
(20,284
|
)
|
|
(27,857
|
)
|
|
(59,277
|
)
|
|
(80,793
|
)
|
|||||
Issuance of long-term borrowings
|
739
|
|
|
2,220
|
|
|
3,798
|
|
|
3,674
|
|
|||||
Repayment of borrowings
|
32
|
|
|
(4,672
|
)
|
|
(5,416
|
)
|
|
(83,893
|
)
|
|||||
Proceeds from capital increase
|
1,600
|
|
|
5,164
|
|
|
17,182
|
|
|
29,619
|
|
|||||
Change in other financial liabilities
|
(25
|
)
|
|
15,082
|
|
2
|
|
(196
|
)
|
|
15,346
|
|
||||
CASH FROM (USED FOR) FINANCING ACTIVITIES
|
2,346
|
|
|
17,794
|
|
|
15,368
|
|
|
(35,254
|
)
|
|||||
|
|
|
|
|
|
|
|
|||||||||
CHANGE IN NET CASH AND CASH EQUIVALENTS
|
25,693
|
|
|
51,664
|
|
|
37,903
|
|
|
50,409
|
|
|||||
Net cash and cash equivalents at beginning of period
|
377,407
|
|
|
308,185
|
|
|
353,537
|
|
|
270,317
|
|
|||||
Effect of exchange rates changes on cash and cash equivalents
|
4,058
|
|
|
(1,866
|
)
|
2
|
|
15,718
|
|
|
37,257
|
|
||||
Net cash and cash equivalents at end of period
|
$
|
407,158
|
|
|
$
|
357,983
|
|
|
$
|
407,158
|
|
|
$
|
357,983
|
|
|
Nine Months Ended
|
||
|
September 30, 2017
|
||
|
(in thousands)
|
||
Severance costs
|
$
|
802
|
|
Facility Exit Costs
|
2,265
|
|
|
Other
|
232
|
|
|
Total restructuring costs
|
$
|
3,299
|
|
|
Nine Months Ended
|
||
|
September 30, 2017
|
||
|
(in thousands)
|
||
Restructuring liability - January 1, 2017
|
$
|
—
|
|
Restructuring charges
|
3,299
|
|
|
Amounts paid
|
$
|
(1,200
|
)
|
Other
|
(231
|
)
|
|
Restructuring liability - September 30, 2017
|
$
|
1,868
|
|
|
December 31, 2016
|
|
|
September 30, 2017
|
|
||
|
|
|
|
||||
Cash and cash equivalents
|
$
|
270,317
|
|
|
$
|
357,983
|
|
Trade receivables, net of allowance
|
397,244
|
|
|
373,922
|
|
||
Other taxes
|
52,942
|
|
|
46,095
|
|
||
Other current assets
|
19,340
|
|
|
26,945
|
|
||
Non-current financial assets
|
17,029
|
|
|
19,350
|
|
||
Total
|
$
|
756,872
|
|
|
$
|
824,295
|
|
|
December 31, 2016
|
|
September 30, 2017
|
||||||||||||||||||||||||
|
Gross value
|
|
%
|
|
Allowance
|
|
%
|
|
Gross value
|
|
%
|
|
Allowance
|
|
%
|
||||||||||||
|
(in thousands)
|
|
|
|
(in thousands)
|
|
|
|
(in thousands)
|
|
|
|
(in thousands)
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Not yet due
|
$
|
265,600
|
|
|
65.0
|
%
|
|
$
|
—
|
|
|
—
|
%
|
|
$
|
318,476
|
|
|
81.6
|
%
|
|
$
|
(8
|
)
|
|
—
|
%
|
0 - 30 days
|
92,163
|
|
|
22.5
|
%
|
|
(49
|
)
|
|
0.4
|
%
|
|
11,370
|
|
|
2.9
|
%
|
|
—
|
|
|
—
|
%
|
||||
31 - 60 days
|
19,747
|
|
|
4.8
|
%
|
|
(182
|
)
|
|
1.6
|
%
|
|
20,100
|
|
|
5.1
|
%
|
|
(534
|
)
|
|
3.2
|
%
|
||||
61 - 90 days
|
6,055
|
|
|
1.5
|
%
|
|
(191
|
)
|
|
1.6
|
%
|
|
8,136
|
|
|
2.1
|
%
|
|
(100
|
)
|
|
0.6
|
%
|
||||
> 90 days
|
25,277
|
|
|
6.2
|
%
|
|
(11,176
|
)
|
|
96.4
|
%
|
|
32,560
|
|
|
8.3
|
%
|
|
(16,078
|
)
|
|
96.2
|
%
|
||||
Total
|
$
|
408,842
|
|
|
100.0
|
%
|
|
$
|
(11,598
|
)
|
|
100.0
|
%
|
|
$
|
390,642
|
|
|
100.0
|
%
|
|
$
|
(16,720
|
)
|
|
100.0
|
%
|
|
December 31, 2016
|
||||||
|
Carrying Value
|
|
Fair value
|
||||
|
|
|
|
||||
|
(in thousands)
|
||||||
Trade payables
|
$
|
365,788
|
|
|
$
|
365,788
|
|
Other taxes
|
44,831
|
|
|
44,831
|
|
||
Employee-related payables
|
55,874
|
|
|
55,874
|
|
||
Other current liabilities
|
30,221
|
|
|
30,221
|
|
||
Financial liabilities
|
85,580
|
|
|
85,580
|
|
||
Total
|
$
|
582,294
|
|
|
$
|
582,294
|
|
|
September 30, 2017
|
||||||
|
Carrying Value
|
|
|
Fair value
|
|
||
|
|
|
|
||||
|
(in thousands)
|
||||||
Trade payables
|
$
|
350,690
|
|
|
$
|
350,690
|
|
Other taxes
|
42,713
|
|
|
42,713
|
|
||
Employee-related payables
|
59,661
|
|
|
59,661
|
|
||
Other current liabilities
|
26,802
|
|
|
26,802
|
|
||
Financial liabilities
|
10,468
|
|
|
10,468
|
|
||
Total
|
$
|
490,334
|
|
|
$
|
490,334
|
|
|
December 31, 2016
|
||||||
|
Carrying Value
|
|
|
Fair value
|
|
||
|
|
|
|
||||
|
(in thousands)
|
||||||
Derivative Assets:
|
|
|
|
||||
Included in other current assets
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
|
||||
Derivative Liabilities:
|
|
|
|
||||
Included in financial liabilities - current portion
|
$
|
1,968
|
|
|
$
|
1,968
|
|
|
September 30, 2017
|
||||||
|
Carrying Value
|
|
|
Fair value
|
|
||
|
|
|
|
||||
|
(in thousands)
|
||||||
Derivative Assets:
|
|
|
|
||||
Included in other current assets
|
$
|
—
|
|
|
$
|
—
|
|
|
|
|
|
||||
Derivative Liabilities:
|
|
|
|
||||
Included in financial liabilities - current portion
|
$
|
2,106
|
|
|
$
|
2,106
|
|
|
December 31, 2016
|
||||||
|
Carrying Value
|
|
|
Fair value
|
|
||
|
|
|
|
||||
|
(in thousands)
|
||||||
Cash
|
$
|
31,688
|
|
|
$
|
31,688
|
|
Money market funds
|
88,091
|
|
|
88,091
|
|
||
Interest-bearing bank deposits
|
150,538
|
|
|
150,538
|
|
||
Total cash and cash equivalents
|
$
|
270,317
|
|
|
$
|
270,317
|
|
|
September 30, 2017
|
||||||
|
Carrying Value
|
|
|
Fair value
|
|
||
|
|
|
|
||||
|
(in thousands)
|
||||||
Cash
|
$
|
243,895
|
|
|
$
|
243,895
|
|
Money market funds
|
—
|
|
|
—
|
|
||
Interest-bearing bank deposits
|
114,088
|
|
|
114,088
|
|
||
Total cash and cash equivalents
|
$
|
357,983
|
|
|
$
|
357,983
|
|
|
December 31, 2016
|
|
|
September 30, 2017
|
|
||
|
|
|
|
||||
|
(in thousands)
|
||||||
Trade accounts receivables
|
$
|
408,842
|
|
|
$
|
390,642
|
|
(Less) Allowance for doubtful accounts
|
(11,598
|
)
|
|
(16,720
|
)
|
||
Net book value at end of period
|
$
|
397,244
|
|
|
$
|
373,922
|
|
|
2016
|
|
|
2017
|
|
||
|
|
|
|
||||
|
(in thousands)
|
||||||
Balance at January 1
|
$
|
(6,264
|
)
|
|
$
|
(11,598
|
)
|
Allowance for doubtful accounts
|
(7,733
|
)
|
|
(7,849
|
)
|
||
Reversal of provision
|
2,760
|
|
|
3,378
|
|
||
Currency translation adjustment
|
(10
|
)
|
|
(651
|
)
|
||
Balance at September 30
|
$
|
(11,247
|
)
|
|
$
|
(16,720
|
)
|
|
December 31, 2016
|
|
|
September 30, 2017
|
|
||
|
|
|
|
||||
|
(in thousands)
|
||||||
Prepayments to suppliers
|
$
|
2,439
|
|
|
$
|
6,056
|
|
Other debtors
|
3,263
|
|
|
4,491
|
|
||
Prepaid expenses
|
13,638
|
|
|
16,398
|
|
||
Gross book value at end of period
|
19,340
|
|
|
26,945
|
|
||
Net book value at end of period
|
$
|
19,340
|
|
|
$
|
26,945
|
|
|
December 31, 2016
|
|
September 30, 2017
|
||||||||
|
|
|
|
|
|
|
|
||||
|
Useful Lives
(Years)
|
|
Amounts recognized as of Acquisition Date
(in millions)
|
|
Useful Lives
(Years)
|
|
Amounts recognized as of Acquisition Date
(in millions)
|
||||
Technology
|
3-5 years
|
|
$
|
34.1
|
|
|
3-5 years
|
|
$
|
30.3
|
|
Customer relationships
|
5-9 years
|
|
65.5
|
|
|
5-9 years
|
|
84.5
|
|
||
Total identifiable intangible assets acquired
|
|
|
$
|
99.6
|
|
|
|
|
$
|
114.8
|
|
|
Software
|
|
|
Technology and customer relationships
|
|
|
Total
|
|
|||
From October 1 to December 31, 2017
|
$
|
1,883
|
|
|
$
|
3,961
|
|
|
$
|
5,844
|
|
2018
|
6,546
|
|
|
15,678
|
|
|
22,224
|
|
|||
2019
|
3,960
|
|
|
13,972
|
|
|
17,932
|
|
|||
2020
|
1,577
|
|
|
8,628
|
|
|
10,205
|
|
|||
2021
|
430
|
|
|
8,628
|
|
|
9,058
|
|
|||
Thereafter
|
715
|
|
|
33,736
|
|
|
34,451
|
|
|||
Total
|
$
|
15,111
|
|
|
$
|
84,603
|
|
|
$
|
99,714
|
|
|
Goodwill
|
||
|
(in thousands)
|
||
Balance at January 1, 2017
|
$
|
209,418
|
|
Additions to goodwill
|
23,738
|
|
|
Currency translation adjustment
|
3,207
|
|
|
Balance at September 30, 2017
|
$
|
236,363
|
|
|
December 31,
2016
|
|
|
September 30,
2017 |
|
||
|
|
|
|
||||
|
(in thousands)
|
||||||
Clients' prepayments
|
$
|
9,176
|
|
|
$
|
17,407
|
|
Accounts payable relating to capital expenditures
|
15,484
|
|
|
7,198
|
|
||
Other creditors
|
2,440
|
|
|
1,749
|
|
||
Deferred revenue
|
3,121
|
|
|
448
|
|
||
Total
|
$
|
30,221
|
|
|
$
|
26,802
|
|
|
As of January 1, 2017
|
|
|
New borrowings
|
|
|
Repayments
|
|
|
Change in scope
|
|
|
Other
(1)
|
|
|
Currency translation adjustment
|
|
|
As of September 30, 2017
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
(in thousands)
|
||||||||||||||||||||||||||
Borrowings
|
$
|
5,524
|
|
|
$
|
3,867
|
|
|
$
|
(84,086
|
)
|
|
$
|
—
|
|
|
$
|
79,880
|
|
|
$
|
310
|
|
|
$
|
5,495
|
|
Other financial liabilities
|
477
|
|
|
3
|
|
|
(241
|
)
|
|
—
|
|
|
69
|
|
|
34
|
|
|
342
|
|
|||||||
Derivative instruments
|
1,968
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(92
|
)
|
|
230
|
|
|
2,106
|
|
|||||||
Current portion
|
7,969
|
|
|
3,870
|
|
|
(84,327
|
)
|
|
—
|
|
|
79,857
|
|
|
574
|
|
|
7,943
|
|
|||||||
Borrowings
|
77,397
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(79,880
|
)
|
|
4,482
|
|
|
1,999
|
|
|||||||
Other financial liabilities
|
214
|
|
|
360
|
|
|
—
|
|
|
—
|
|
|
(69
|
)
|
|
21
|
|
|
526
|
|
|||||||
Non current portion
|
77,611
|
|
|
360
|
|
|
—
|
|
|
—
|
|
|
(79,949
|
)
|
|
4,503
|
|
|
2,525
|
|
|||||||
Borrowings
|
82,921
|
|
|
3,867
|
|
|
(84,086
|
)
|
|
—
|
|
|
—
|
|
|
4,792
|
|
|
7,494
|
|
|||||||
Other financial liabilities
|
691
|
|
|
363
|
|
|
(241
|
)
|
|
—
|
|
|
—
|
|
|
55
|
|
|
868
|
|
|||||||
Derivative instruments
|
1,968
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(92
|
)
|
|
230
|
|
|
2,106
|
|
|||||||
Total
|
$
|
85,580
|
|
|
$
|
4,230
|
|
|
$
|
(84,327
|
)
|
|
$
|
—
|
|
|
$
|
(92
|
)
|
|
$
|
5,077
|
|
|
$
|
10,468
|
|
•
|
On March 1, 2017,
231,460
RSUs were granted to Criteo employees subject to continued employment and
10,825
BSAs were granted to a board member subject to continued engagement on the board of directors.
|
•
|
On April 27, 2017,
139,386
RSUs were granted to Criteo employees subject to continued employment.
|
•
|
On June 27, 2017,
135,500
RSUs were granted to senior management subject to achievement of internal performance objectives and continued employment. Based on the assumptions known as of June 30, 2016, we determined share-based compensation expense by applying the probability of performance objectives completion. In addition, on June 27, 2017,
896,586
RSUs and
355,010
OSAs were granted to Criteo employees subject to continued employment.
|
|
OSA/BSPCE
|
|
|
RSU
|
|
|
BSA
|
|
|
Total
|
|
Balance at January 1, 2017
|
4,960,092
|
|
|
3,243,279
|
|
|
188,125
|
|
|
8,391,496
|
|
Granted
|
355,010
|
|
|
1,630,612
|
|
|
20,615
|
|
|
2,006,237
|
|
Exercised
|
(1,515,081
|
)
|
|
—
|
|
|
(57,889
|
)
|
|
(1,572,970
|
)
|
Forfeited
|
(288,854
|
)
|
|
(347,411
|
)
|
|
—
|
|
|
(636,265
|
)
|
Expired
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Balance at September 30, 2017
|
3,511,167
|
|
|
4,526,480
|
|
|
150,851
|
|
|
8,188,498
|
|
|
OSA/BSPCE
|
|
|
RSU
|
|
|
BSA
|
|
||
Number outstanding
|
3,511,167
|
|
|
4,526,480
|
|
|
150,851
|
|
||
Weighted-average exercise price
|
€
|
27.66
|
|
|
NA
|
|
|
€
|
25.87
|
|
Number vested
|
2,111,897
|
|
|
NA
|
|
|
75,247
|
|
||
Weighted-average exercise price
|
€
|
22.06
|
|
|
NA
|
|
|
€
|
14.04
|
|
Weighted-average remaining contractual life of options outstanding, in years
|
7.13
|
|
|
NA
|
|
|
7.26
|
|
|
Three Months Ended
|
||||||||||||||||||||||||||||||
|
September 30, 2016
|
|
September 30, 2017
|
||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
(in thousands)
|
||||||||||||||||||||||||||||||
|
R&D
|
|
|
S&O
|
|
|
G&A
|
|
|
Total
|
|
|
R&D
|
|
|
S&O
|
|
|
G&A
|
|
|
Total
|
|
||||||||
RSUs
|
$
|
(3,295
|
)
|
|
$
|
(4,154
|
)
|
|
$
|
(2,471
|
)
|
|
$
|
(9,920
|
)
|
|
$
|
(5,929
|
)
|
|
$
|
(9,896
|
)
|
|
$
|
(3,956
|
)
|
|
$
|
(19,781
|
)
|
Share options / BSPCE
|
(986
|
)
|
|
(720
|
)
|
|
(1,505
|
)
|
|
(3,211
|
)
|
|
(432
|
)
|
|
(1
|
)
|
|
(1,169
|
)
|
|
(1,602
|
)
|
||||||||
Total share-based compensation
|
(4,281
|
)
|
|
(4,874
|
)
|
|
(3,976
|
)
|
|
(13,131
|
)
|
|
(6,361
|
)
|
|
(9,897
|
)
|
|
(5,125
|
)
|
|
(21,383
|
)
|
||||||||
BSAs
|
—
|
|
|
—
|
|
|
(834
|
)
|
|
(834
|
)
|
|
—
|
|
|
—
|
|
|
(645
|
)
|
|
(645
|
)
|
||||||||
Total equity awards compensation expense
|
$
|
(4,281
|
)
|
|
$
|
(4,874
|
)
|
|
$
|
(4,810
|
)
|
|
$
|
(13,965
|
)
|
|
$
|
(6,361
|
)
|
|
$
|
(9,897
|
)
|
|
$
|
(5,770
|
)
|
|
$
|
(22,028
|
)
|
|
Nine Months Ended
|
||||||||||||||||||||||||||||||
|
September 30, 2016
|
|
September 30, 2017
|
||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
(in thousands)
|
||||||||||||||||||||||||||||||
|
R&D
|
|
|
S&O
|
|
|
G&A
|
|
|
Total
|
|
|
R&D
|
|
|
S&O
|
|
|
G&A
|
|
|
Total
|
|
||||||||
RSUs
|
$
|
(6,010
|
)
|
|
$
|
(7,638
|
)
|
|
$
|
(4,755
|
)
|
|
$
|
(18,403
|
)
|
|
$
|
(13,443
|
)
|
|
$
|
(23,028
|
)
|
|
$
|
(9,354
|
)
|
|
$
|
(45,825
|
)
|
Share options / BSPCE
|
(2,852
|
)
|
|
(3,114
|
)
|
|
(4,276
|
)
|
|
(10,242
|
)
|
|
(1,295
|
)
|
|
19
|
|
|
(3,570
|
)
|
|
(4,846
|
)
|
||||||||
Total share-based compensation
|
(8,862
|
)
|
|
(10,752
|
)
|
|
(9,031
|
)
|
|
(28,645
|
)
|
|
(14,738
|
)
|
|
(23,009
|
)
|
|
(12,924
|
)
|
|
(50,671
|
)
|
||||||||
BSA
|
—
|
|
|
—
|
|
|
(1,385
|
)
|
|
(1,385
|
)
|
|
—
|
|
|
—
|
|
|
(1,216
|
)
|
|
(1,216
|
)
|
||||||||
Total equity awards compensation expense
|
$
|
(8,862
|
)
|
|
$
|
(10,752
|
)
|
|
$
|
(10,416
|
)
|
|
$
|
(30,030
|
)
|
|
$
|
(14,738
|
)
|
|
$
|
(23,009
|
)
|
|
$
|
(14,140
|
)
|
|
$
|
(51,887
|
)
|
|
Three Months Ended
|
||||||
|
September 30,
2016 |
|
|
September 30,
2017 |
|
||
|
(in thousands)
|
||||||
|
|
|
|
||||
Financial income from cash equivalents
|
$
|
295
|
|
|
$
|
189
|
|
Interest and fees
|
(555
|
)
|
|
(830
|
)
|
||
Interest on debt
|
(372
|
)
|
|
(635
|
)
|
||
Fees
|
(183
|
)
|
|
(195
|
)
|
||
Foreign exchange gain (loss)
|
(301
|
)
|
|
(2,227
|
)
|
||
Other financial expense
|
(9
|
)
|
|
(18
|
)
|
||
Total financial income (expense)
|
$
|
(570
|
)
|
|
$
|
(2,886
|
)
|
|
Nine Months Ended
|
||||||
|
September 30,
2016 |
|
|
September 30,
2017 |
|
||
|
(in thousands)
|
||||||
|
|
|
|
||||
Financial income from cash equivalents
|
$
|
1,165
|
|
|
$
|
639
|
|
Interest and fees
|
(1,643
|
)
|
|
(2,242
|
)
|
||
Interest on debt
|
(1,155
|
)
|
|
(1,853
|
)
|
||
Fees
|
(488
|
)
|
|
(389
|
)
|
||
Foreign exchange gain (loss)
|
(1,476
|
)
|
|
(5,660
|
)
|
||
Other financial expense
|
(28
|
)
|
|
(50
|
)
|
||
Total financial income (expense)
|
$
|
(1,982
|
)
|
|
$
|
(7,313
|
)
|
|
Nine Months Ended
|
||||||
|
September 30,
2016 |
|
|
September 30,
2017 |
|
||
|
(in thousands)
|
||||||
Current income tax
|
$
|
(27,513
|
)
|
|
$
|
(36,293
|
)
|
France
|
(12,511
|
)
|
|
(14,164
|
)
|
||
International
|
(15,002
|
)
|
|
(22,129
|
)
|
||
Net change in deferred taxes
|
7,545
|
|
|
20,569
|
|
||
France
|
7,087
|
|
|
271
|
|
||
International
|
458
|
|
|
20,298
|
|
||
Provision for income taxes
|
$
|
(19,968
|
)
|
|
$
|
(15,724
|
)
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
|
September 30,
2016
|
|
|
September 30,
2017
|
|
|
September 30,
2016
|
|
|
September 30,
2017
|
|
||||
|
|
(in thousands, except share and per share data)
|
||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
Net income attributable to shareholders of Criteo S.A.
|
|
$
|
13,539
|
|
|
$
|
19,774
|
|
|
$
|
42,869
|
|
|
$
|
38,185
|
|
Weighted average number of shares outstanding
|
|
63,628,351
|
|
|
65,412,326
|
|
|
63,163,922
|
|
|
64,881,751
|
|
||||
Basic earnings per share
|
|
$
|
0.21
|
|
|
$
|
0.30
|
|
|
$
|
0.68
|
|
|
$
|
0.59
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
|
September 30,
2016
|
|
|
September 30,
2017
|
|
|
September 30,
2016
|
|
|
September 30,
2017
|
|
||||
|
|
(in thousands, except share and per share data)
|
||||||||||||||
|
|
|
|
|
|
|
|
|
||||||||
Net income attributable to shareholders of Criteo S.A.
|
|
$
|
13,539
|
|
|
$
|
19,774
|
|
|
$
|
42,869
|
|
|
$
|
38,185
|
|
Weighted average number of shares outstanding of Criteo S.A.
|
|
63,628,351
|
|
|
65,412,326
|
|
|
63,163,922
|
|
|
64,881,751
|
|
||||
Dilutive effect of :
|
|
|
|
|
|
|
|
|
||||||||
Restricted share awards ("RSUs")
|
|
266,970
|
|
|
1,615,344
|
|
|
152,317
|
|
|
1,497,121
|
|
||||
Share options and BSPCE
|
|
1,841,080
|
|
|
1,116,117
|
|
|
2,030,088
|
|
|
1,421,857
|
|
||||
Share warrants
|
|
80,021
|
|
|
56,556
|
|
|
83,430
|
|
|
76,062
|
|
||||
Weighted average number of shares outstanding used to determine diluted earnings per share
|
|
65,816,422
|
|
|
68,200,343
|
|
|
65,429,757
|
|
|
67,876,791
|
|
||||
Diluted earnings per share
|
|
$
|
0.21
|
|
|
$
|
0.29
|
|
|
$
|
0.66
|
|
|
$
|
0.56
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||
|
|
September 30,
2016
|
|
|
September 30,
2017
|
|
|
September 30,
2016
|
|
|
September 30,
2017
|
|
|
|
|
|
|
|
|
|
|
||||
Restricted share awards
|
|
32,176
|
|
|
1,168,812
|
|
|
345,732
|
|
|
470,125
|
|
Share options and BSPCE
|
|
455,474
|
|
|
516,668
|
|
|
426,777
|
|
|
362,861
|
|
Share warrants
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Weighted average number of anti-dilutive securities excluded from diluted earnings per share
|
|
487,650
|
|
|
1,685,480
|
|
|
772,509
|
|
|
832,986
|
|
|
Provision for employee-related litigation
|
|
|
Other provisions
|
|
|
Total
|
|
|||
|
(in thousands)
|
||||||||||
Balance at January 1, 2017
|
$
|
485
|
|
|
$
|
169
|
|
|
$
|
654
|
|
Increase
|
275
|
|
|
964
|
|
|
1,239
|
|
|||
Provision used
|
(250
|
)
|
|
—
|
|
|
(250
|
)
|
|||
Provision released not used
|
(100
|
)
|
|
(58
|
)
|
|
(158
|
)
|
|||
Currency translation adjustments
|
36
|
|
|
32
|
|
|
68
|
|
|||
Balance at September 30, 2017
|
$
|
446
|
|
|
$
|
1,107
|
|
|
$
|
1,553
|
|
- of which current
|
446
|
|
|
1,107
|
|
|
1,553
|
|
•
|
Americas (North and South America);
|
•
|
EMEA (Europe, Middle-East and Africa); and
|
•
|
Asia-Pacific.
|
|
Americas
|
|
|
EMEA
|
|
|
Asia-Pacific
|
|
|
Total
|
|
||||
For the three months ended:
|
(in thousands)
|
||||||||||||||
|
|
|
|
|
|
|
|
||||||||
September 30, 2016
|
$
|
160,739
|
|
|
$
|
157,921
|
|
|
$
|
105,207
|
|
|
$
|
423,867
|
|
September 30, 2017
|
$
|
228,326
|
|
|
$
|
207,168
|
|
|
$
|
128,479
|
|
|
$
|
563,973
|
|
|
Americas
|
|
|
EMEA
|
|
|
Asia-Pacific
|
|
|
Total
|
|
||||
For the nine months ended:
|
(in thousands)
|
||||||||||||||
|
|
|
|
|
|
|
|
||||||||
September 30, 2016
|
$
|
464,435
|
|
|
$
|
471,226
|
|
|
$
|
296,660
|
|
|
$
|
1,232,321
|
|
September 30, 2017
|
$
|
665,731
|
|
|
$
|
587,942
|
|
|
$
|
368,988
|
|
|
$
|
1,622,661
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 30,
2016 |
|
|
September 30,
2017 |
|
|
September 30,
2016 |
|
|
September 30,
2017 |
|
||||
|
(in thousands)
|
||||||||||||||
|
|
|
|
|
|
|
|
||||||||
Americas
|
|
|
|
|
|
|
|
||||||||
United States
|
$
|
134,504
|
|
|
$
|
198,342
|
|
|
$
|
395,769
|
|
|
$
|
578,806
|
|
EMEA
|
|
|
|
|
|
|
|
||||||||
Germany
|
$
|
33,692
|
|
|
$
|
48,318
|
|
|
$
|
98,278
|
|
|
$
|
132,814
|
|
United Kingdom
|
$
|
24,285
|
|
|
$
|
28,352
|
|
|
$
|
80,024
|
|
|
$
|
82,971
|
|
Asia-Pacific
|
|
|
|
|
|
|
|
||||||||
Japan
|
$
|
76,841
|
|
|
$
|
94,103
|
|
|
$
|
209,404
|
|
|
$
|
266,813
|
|
|
|
|
|
|
Of which
|
|
|
|
|
|
|
Of which
|
|
Of which
|
|
|
|
|||||||||||||
|
Holding
|
|
|
Americas
|
|
|
United States
|
|
|
EMEA
|
|
|
Asia-Pacific
|
|
|
Singapore
|
|
Japan
|
|
|
Total
|
|
||||||||
(in thousands)
|
||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
December 31, 2016
|
$
|
55,052
|
|
|
$
|
123,308
|
|
|
$
|
122,474
|
|
|
$
|
7,132
|
|
|
$
|
26,033
|
|
|
$
|
11,574
|
|
$
|
8,965
|
|
|
$
|
211,525
|
|
September 30, 2017
|
$
|
68,176
|
|
|
$
|
131,611
|
|
|
$
|
131,197
|
|
|
$
|
8,319
|
|
|
$
|
26,493
|
|
|
$
|
11,388
|
|
$
|
10,499
|
|
|
$
|
234,599
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 30, 2016
|
|
|
September 30, 2017
|
|
|
September 30, 2016
|
|
|
September 30, 2017
|
|
||||
|
(in thousands, except share and per share data)
|
||||||||||||||
|
|
|
|
|
|
|
|
||||||||
Revenue
|
$
|
423,867
|
|
|
$
|
563,973
|
|
|
$
|
1,232,321
|
|
|
$
|
1,622,661
|
|
|
|
|
|
|
|
|
|
||||||||
Cost of revenue
(2)
:
|
|
|
|
|
|
|
|
||||||||
Traffic acquisition costs
|
(247,310
|
)
|
|
(329,576
|
)
|
|
(727,034
|
)
|
|
(958,469
|
)
|
||||
Other cost of revenue
|
(22,332
|
)
|
|
(29,951
|
)
|
|
(60,950
|
)
|
|
(89,914
|
)
|
||||
Gross profit
|
154,225
|
|
|
204,446
|
|
|
444,337
|
|
|
574,278
|
|
||||
|
|
|
|
|
|
|
|
||||||||
Operating expenses
|
|
|
|
|
|
|
|
||||||||
Research and development expenses
(2)
|
(30,701
|
)
|
|
(43,860
|
)
|
|
(88,097
|
)
|
|
(126,992
|
)
|
||||
Sales and operations expenses
(2)
|
(68,164
|
)
|
|
(95,184
|
)
|
|
(201,862
|
)
|
|
(283,815
|
)
|
||||
General and administrative expenses
(2)
|
(32,492
|
)
|
|
(32,389
|
)
|
|
(85,839
|
)
|
|
(96,143
|
)
|
||||
Total operating expenses
|
(131,357
|
)
|
|
(171,433
|
)
|
|
(375,798
|
)
|
|
(506,950
|
)
|
||||
Income from operations
|
22,868
|
|
|
33,013
|
|
|
68,539
|
|
|
67,328
|
|
||||
Financial income (expense)
|
(570
|
)
|
|
(2,886
|
)
|
|
(1,982
|
)
|
|
(7,313
|
)
|
||||
Income before taxes
|
22,298
|
|
|
30,127
|
|
|
66,557
|
|
|
60,015
|
|
||||
Provision for income taxes
|
(7,574
|
)
|
|
(7,858
|
)
|
|
(19,968
|
)
|
|
(15,724
|
)
|
||||
Net income
|
$
|
14,724
|
|
|
$
|
22,269
|
|
|
$
|
46,589
|
|
|
$
|
44,291
|
|
Net income available to shareholders of Criteo S.A.
(1)
|
$
|
13,539
|
|
|
$
|
19,774
|
|
|
$
|
42,869
|
|
|
$
|
38,185
|
|
Net income available to shareholders of Criteo S.A. per share:
|
|
|
|
|
|
|
|
||||||||
Basic
|
$
|
0.21
|
|
|
$
|
0.30
|
|
|
$
|
0.68
|
|
|
$
|
0.59
|
|
Diluted
|
$
|
0.21
|
|
|
$
|
0.29
|
|
|
$
|
0.66
|
|
|
$
|
0.56
|
|
|
|
|
|
|
|
|
|
||||||||
Weighted average shares outstanding used in computing per share amounts:
|
|
|
|
|
|
|
|
||||||||
Basic
|
63,628,351
|
|
|
65,412,326
|
|
|
63,163,922
|
|
|
64,881,751
|
|
||||
Diluted
|
65,816,422
|
|
|
68,200,343
|
|
|
65,429,757
|
|
|
67,876,791
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
|
September 30, 2016
|
|
|
September 30, 2017
|
|
|
September 30, 2016
|
|
|
September 30, 2017
|
|
||||
|
(in thousands)
|
|||||||||||||||
Equity awards compensation expense
|
|
|
|
|
|
|
|
|
||||||||
Research and development expenses
|
|
$
|
4,667
|
|
|
$
|
6,361
|
|
|
$
|
9,248
|
|
|
$
|
14,738
|
|
Sales and operations expenses
|
|
5,143
|
|
|
9,897
|
|
|
11,021
|
|
|
23,009
|
|
||||
General and administrative expenses
|
|
4,155
|
|
|
5,770
|
|
|
9,761
|
|
|
14,140
|
|
||||
Total equity awards compensation expense
|
|
$
|
13,965
|
|
|
$
|
22,028
|
|
|
$
|
30,030
|
|
|
$
|
51,887
|
|
|
|
|
|
|
|
|
|
|
||||||||
Pension service costs
|
|
|
|
|
|
|
|
|
||||||||
Research and development expenses
|
|
55
|
|
|
161
|
|
|
160
|
|
|
459
|
|
||||
Sales and operations expenses
|
|
38
|
|
|
65
|
|
|
107
|
|
|
184
|
|
||||
General and administrative expenses
|
|
39
|
|
|
94
|
|
|
125
|
|
|
267
|
|
||||
Total pension service costs
(a)
|
|
$
|
132
|
|
|
$
|
320
|
|
|
$
|
392
|
|
|
$
|
910
|
|
|
|
|
|
|
|
|
|
|
||||||||
Depreciation and amortization expense
|
|
|
|
|
|
|
|
|
||||||||
Cost of revenue
|
|
10,406
|
|
|
14,320
|
|
|
27,846
|
|
|
38,419
|
|
||||
Research and development expenses
(b)
|
|
1,640
|
|
|
2,822
|
|
|
5,105
|
|
|
8,857
|
|
||||
Sales and operations expenses
(c)
|
|
1,813
|
|
|
5,102
|
|
|
5,604
|
|
|
14,988
|
|
||||
General and administrative expenses
|
|
912
|
|
|
1,511
|
|
|
2,033
|
|
|
3,968
|
|
||||
Total depreciation and amortization expense
|
|
$
|
14,771
|
|
|
$
|
23,755
|
|
|
$
|
40,588
|
|
|
$
|
66,232
|
|
|
|
|
|
|
|
|
|
|
||||||||
Acquisition-related costs
|
|
|
|
|
|
|
|
|
||||||||
General and administrative expenses
|
|
1,793
|
|
|
—
|
|
|
1,941
|
|
|
—
|
|
||||
Total acquisition-related costs
|
|
$
|
1,793
|
|
|
$
|
—
|
|
|
$
|
1,941
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
||||||||
Acquisition-related deferred price consideration
|
|
|
|
|
|
|
|
|
||||||||
Research and development expenses
|
|
3
|
|
|
—
|
|
|
88
|
|
|
—
|
|
||||
Total acquisition-related deferred price consideration
|
|
$
|
3
|
|
|
$
|
—
|
|
|
$
|
88
|
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
||||||||
Restructuring
|
|
|
|
|
|
|
|
|
||||||||
Cost of revenue
|
|
—
|
|
|
—
|
|
|
—
|
|
|
2,497
|
|
||||
Sales and operations expenses
|
|
—
|
|
|
—
|
|
|
—
|
|
|
690
|
|
||||
General and administrative expenses
|
|
—
|
|
|
—
|
|
|
—
|
|
|
112
|
|
||||
Total Restructuring
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
—
|
|
|
$
|
3,299
|
|
|
December 31,
2016 |
|
|
September 30,
2017 |
|
||
|
|
|
|
||||
|
(in thousands)
|
||||||
Cash and cash equivalents
|
$
|
270,317
|
|
|
$
|
357,983
|
|
Total assets
|
1,211,186
|
|
|
1,358,194
|
|
||
Trade receivables, net of allowances for doubtful accounts
|
397,244
|
|
|
373,922
|
|
||
Total financial liabilities
|
85,580
|
|
|
10,468
|
|
||
Total liabilities
|
601,309
|
|
|
544,927
|
|
||
Total equity
|
$
|
609,877
|
|
|
$
|
813,267
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 30,
2016 |
|
|
September 30,
2017 |
|
|
September 30,
2016 |
|
|
September 30,
2017 |
|
||||
|
|
|
|
|
|
|
|
||||||||
|
(in thousands)
|
||||||||||||||
Number of clients
|
12,882
|
|
|
17,299
|
|
|
12,882
|
|
|
17,299
|
|
||||
Revenue ex-TAC
(3)
|
$
|
176,557
|
|
|
$
|
234,397
|
|
|
$
|
505,287
|
|
|
$
|
664,192
|
|
Adjusted Net Income
(4)
|
$
|
31,299
|
|
|
$
|
44,416
|
|
|
$
|
81,277
|
|
|
$
|
101,476
|
|
Adjusted EBITDA
(5)
|
$
|
53,532
|
|
|
$
|
79,116
|
|
|
$
|
141,578
|
|
|
$
|
189,656
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
September 30,
2016 |
|
|
September 30,
2017 |
|
|
September 30,
2016 |
|
|
September 30,
2017 |
|
||||
|
|
|
|
|
|
|
|
||||||||
|
(in thousands)
|
||||||||||||||
Revenue
|
$
|
423,867
|
|
|
$
|
563,973
|
|
|
$
|
1,232,321
|
|
|
$
|
1,622,661
|
|
Adjustment:
|
|
|
|
|
|
|
|
||||||||
Traffic acquisition costs
|
(247,310
|
)
|
|
(329,576
|
)
|
|
(727,034
|
)
|
|
(958,469
|
)
|
||||
Revenue ex-TAC
|
$
|
176,557
|
|
|
$
|
234,397
|
|
|
$
|
505,287
|
|
|
$
|
664,192
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
|
September 30, 2016
|
|
|
September 30, 2017
|
|
|
September 30, 2016
|
|
|
September 30, 2017
|
|
||||
|
|
|
|
|
|
|
|
|
||||||||
|
|
(in thousands)
|
||||||||||||||
Net income
|
|
$
|
14,724
|
|
|
$
|
22,269
|
|
|
$
|
46,589
|
|
|
$
|
44,291
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
||||||||
Equity awards compensation expense
|
|
13,965
|
|
|
22,028
|
|
|
30,030
|
|
|
51,887
|
|
||||
Amortization of acquisition-related intangible assets
|
|
943
|
|
|
4,428
|
|
|
3,145
|
|
|
13,879
|
|
||||
Acquisition-related costs
|
|
1,793
|
|
|
—
|
|
|
1,941
|
|
|
—
|
|
||||
Acquisition-related deferred price consideration
|
|
3
|
|
|
—
|
|
|
88
|
|
|
—
|
|
||||
Restructuring
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,299
|
|
||||
Tax impact of the above adjustments
|
|
(129
|
)
|
|
(4,309
|
)
|
|
(516
|
)
|
|
(11,880
|
)
|
||||
Adjusted Net Income
|
|
$
|
31,299
|
|
|
$
|
44,416
|
|
|
$
|
81,277
|
|
|
$
|
101,476
|
|
|
|
Three Months Ended
|
|
Nine Months Ended
|
||||||||||||
|
|
September 30,
2016 |
|
|
September 30,
2017 |
|
|
September 30,
2016 |
|
|
September 30,
2017 |
|
||||
|
|
(in thousands)
|
||||||||||||||
Net income
|
|
$
|
14,724
|
|
|
$
|
22,269
|
|
|
$
|
46,589
|
|
|
$
|
44,291
|
|
Adjustments:
|
|
|
|
|
|
|
|
|
||||||||
Financial expense (income)
|
|
570
|
|
|
2,886
|
|
|
1,982
|
|
|
7,313
|
|
||||
Provision for income taxes
|
|
7,574
|
|
|
7,858
|
|
|
19,968
|
|
|
15,724
|
|
||||
Equity awards compensation expense
|
|
13,965
|
|
|
22,028
|
|
|
30,030
|
|
|
51,887
|
|
||||
Pension service costs
|
|
132
|
|
|
320
|
|
|
392
|
|
|
910
|
|
||||
Depreciation and amortization expense
|
|
14,771
|
|
|
23,755
|
|
|
40,588
|
|
|
66,232
|
|
||||
Acquisition-related costs
|
|
1,793
|
|
|
—
|
|
|
1,941
|
|
|
—
|
|
||||
Acquisition-related deferred price consideration
|
|
3
|
|
|
—
|
|
|
88
|
|
|
—
|
|
||||
Restructuring
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,299
|
|
||||
Total net adjustments
|
|
38,808
|
|
|
56,847
|
|
|
94,989
|
|
|
145,365
|
|
||||
Adjusted EBITDA
|
|
$
|
53,532
|
|
|
$
|
79,116
|
|
|
$
|
141,578
|
|
|
$
|
189,656
|
|
|
Three Months Ended
|
|
|
|||||||
|
September 30, 2016
|
|
|
September 30, 2017
|
|
|
2017 vs 2016
|
|||
|
|
|
|
|
|
|||||
|
(in thousands)
|
|
|
|||||||
Revenue as reported
|
$
|
423,867
|
|
|
$
|
563,973
|
|
|
33.1
|
%
|
Conversion impact U.S dollar/other currencies
|
|
|
(2,509
|
)
|
|
|
||||
Revenue at constant currency
(1)
|
423,867
|
|
|
561,464
|
|
|
32.5
|
%
|
||
Americas
|
|
|
|
|
|
|||||
Revenue as reported
|
160,739
|
|
|
228,326
|
|
|
42.0
|
%
|
||
Conversion impact U.S dollar/other currencies
|
|
|
(1,021
|
)
|
|
|
||||
Revenue at constant currency
(1)
|
160,739
|
|
|
227,305
|
|
|
41.4
|
%
|
||
EMEA
|
|
|
|
|
|
|||||
Revenue as reported
|
157,921
|
|
|
207,168
|
|
|
31.2
|
%
|
||
Conversion impact U.S dollar/other currencies
|
|
|
(8,226
|
)
|
|
|
||||
Revenue at constant currency
(1)
|
157,921
|
|
|
198,942
|
|
|
26.0
|
%
|
||
Asia-Pacific
|
|
|
|
|
|
|||||
Revenue as reported
|
105,207
|
|
|
128,479
|
|
|
22.1
|
%
|
||
Conversion impact U.S dollar/other currencies
|
|
|
6,738
|
|
|
|
||||
Revenue at constant currency
(1)
|
$
|
105,207
|
|
|
$
|
135,217
|
|
|
28.5
|
%
|
|
Nine Months Ended
|
|
|
|||||||
|
September 30, 2016
|
|
|
September 30, 2017
|
|
|
2017 vs 2016
|
|||
|
|
|
|
|
|
|||||
|
(in thousands)
|
|
|
|||||||
Revenue as reported
|
$
|
1,232,321
|
|
|
$
|
1,622,661
|
|
|
31.7
|
%
|
Conversion impact U.S dollar/other currencies
|
|
|
10,107
|
|
|
|
||||
Revenue at constant currency
(1)
|
1,232,321
|
|
|
1,632,768
|
|
|
32.5
|
%
|
||
Americas
|
|
|
|
|
|
|||||
Revenue as reported
|
464,435
|
|
|
665,731
|
|
|
43.3
|
%
|
||
Conversion impact U.S dollar/other currencies
|
|
|
(5,739
|
)
|
|
|
||||
Revenue at constant currency
(1)
|
464,435
|
|
|
659,992
|
|
|
42.1
|
%
|
||
EMEA
|
|
|
|
|
|
|||||
Revenue as reported
|
471,226
|
|
|
587,942
|
|
|
24.8
|
%
|
||
Conversion impact U.S dollar/other currencies
|
|
|
8,507
|
|
|
|
||||
Revenue at constant currency
(1)
|
471,226
|
|
|
596,449
|
|
|
26.6
|
%
|
||
Asia-Pacific
|
|
|
|
|
|
|||||
Revenue as reported
|
296,660
|
|
|
368,988
|
|
|
24.4
|
%
|
||
Conversion impact U.S dollar/other currencies
|
|
|
7,339
|
|
|
|
||||
Revenue at constant currency
(1)
|
$
|
296,660
|
|
|
$
|
376,327
|
|
|
26.9
|
%
|
|
Three Months Ended
|
|
% change
|
||||||
|
September 30, 2016
|
|
|
September 30, 2017
|
|
|
2017 vs 2016
|
||
|
|
|
|
|
|
||||
|
(in thousands, except percentages)
|
|
|
||||||
Traffic acquisition costs
|
$
|
(247,310
|
)
|
|
$
|
(329,576
|
)
|
|
33.3%
|
Other cost of revenue
|
$
|
(22,332
|
)
|
|
$
|
(29,951
|
)
|
|
34.1%
|
% of revenue
|
(63.6
|
)%
|
|
(63.7
|
)%
|
|
|
||
Gross profit %
|
36.4
|
%
|
|
36.3
|
%
|
|
|
|
Nine Months Ended
|
|
% change
|
||||||
|
September 30, 2016
|
|
|
September 30, 2017
|
|
|
2017 vs 2016
|
||
|
|
|
|
|
|
||||
|
(in thousands, except percentages)
|
|
|
||||||
Traffic acquisition costs
|
$
|
(727,034
|
)
|
|
$
|
(958,469
|
)
|
|
31.8%
|
Other cost of revenue
|
$
|
(60,950
|
)
|
|
$
|
(89,914
|
)
|
|
47.5%
|
% of revenue
|
(63.9
|
)%
|
|
(64.6
|
)%
|
|
|
||
Gross profit %
|
36.1
|
%
|
|
35.4
|
%
|
|
|
|
Three Months Ended
|
|
% change
|
||||||
|
September 30, 2016
|
|
|
September 30, 2017
|
|
|
2017 vs 2016
|
||
|
|
|
|
|
|
||||
|
(in thousands,
except percentages) |
|
|
||||||
Research and development expenses
|
$
|
(30,701
|
)
|
|
$
|
(43,860
|
)
|
|
42.9%
|
% of revenue
|
(7.2
|
)%
|
|
(7.8
|
)%
|
|
|
|
Nine Months Ended
|
|
% change
|
||||||
|
September 30, 2016
|
|
|
September 30, 2017
|
|
|
2017 vs 2016
|
||
|
|
|
|
|
|
||||
|
(in thousands,
except percentages) |
|
|
||||||
Research and development expenses
|
$
|
(88,097
|
)
|
|
$
|
(126,992
|
)
|
|
44.2%
|
% of revenue
|
(7.1
|
)%
|
|
(7.8
|
)%
|
|
|
|
Three Months Ended
|
|
% change
|
||||||
|
September 30, 2016
|
|
|
September 30, 2017
|
|
|
2016 vs 2017
|
||
|
|
|
|
|
|
||||
|
(in thousands,
except percentages) |
|
|
||||||
Sales and operations expenses
|
$
|
(68,164
|
)
|
|
$
|
(95,184
|
)
|
|
39.6%
|
% of revenue
|
(16.1
|
)%
|
|
(16.9
|
)%
|
|
|
|
Nine Months Ended
|
|
% change
|
||||||
|
September 30, 2016
|
|
|
September 30, 2017
|
|
|
2017 vs 2016
|
||
|
|
|
|
|
|
||||
|
(in thousands,
except percentages) |
|
|
||||||
Sales and operations expenses
|
$
|
(201,862
|
)
|
|
$
|
(283,815
|
)
|
|
40.6%
|
% of revenue
|
(16.4
|
)%
|
|
(17.5
|
)%
|
|
|
|
Three Months Ended
|
|
% change
|
||||||
|
September 30, 2016
|
|
|
September 30, 2017
|
|
|
2016 vs 2017
|
||
|
|
|
|
|
|
||||
|
(in thousands,
except percentages) |
|
|
||||||
General and administrative expenses
|
$
|
(32,492
|
)
|
|
$
|
(32,389
|
)
|
|
(0.3)%
|
% of revenue
|
(7.7
|
)%
|
|
(5.7
|
)%
|
|
|
|
Nine Months Ended
|
|
% change
|
||||||
|
September 30, 2016
|
|
|
September 30, 2017
|
|
|
2017 vs 2016
|
||
|
|
|
|
|
|
||||
|
(in thousands,
except percentages) |
|
|
||||||
General and administrative expenses
|
$
|
(85,839
|
)
|
|
$
|
(96,143
|
)
|
|
12.0%
|
% of revenue
|
(7.0
|
)%
|
|
(5.9
|
)%
|
|
|
|
Three Months Ended
|
|
% change
|
||||||
|
September 30, 2016
|
|
|
September 30, 2017
|
|
|
2017 vs 2016
|
||
|
|
|
|
|
|
||||
|
(in thousands,
except percentages)
|
|
|
||||||
Financial income (expense)
|
$
|
(570
|
)
|
|
$
|
(2,886
|
)
|
|
406.3%
|
% of revenue
|
(0.1
|
)%
|
|
(0.5
|
)%
|
|
|
|
Nine Months Ended
|
|
% change
|
||||||
|
September 30, 2016
|
|
|
September 30, 2017
|
|
|
2017 vs 2016
|
||
|
|
|
|
|
|
||||
|
(in thousands,
except percentages)
|
|
|
||||||
Financial income (expense)
|
$
|
(1,982
|
)
|
|
$
|
(7,313
|
)
|
|
269.0%
|
% of revenue
|
(0.2
|
)%
|
|
(0.5
|
)%
|
|
|
|
Nine Months Ended
|
|
% change
|
||||||
|
September 30, 2016
|
|
|
September 30, 2017
|
|
|
2017 vs 2016
|
||
|
|
|
|
|
|
||||
|
(in thousands,
except percentages) |
|
|
||||||
Provision for income taxes
|
$
|
(19,968
|
)
|
|
$
|
(15,724
|
)
|
|
(21.3)%
|
% of revenue
|
(1.6
|
)%
|
|
(1.0
|
)%
|
|
|
||
Effective tax rate
|
30.0
|
%
|
|
26.2
|
%
|
|
|
|
Three Months Ended
|
|
% change
|
|||||
|
September 30, 2016
|
|
|
September 30, 2017
|
|
|
2017 vs 2016
|
|
|
|
|
|
|
|
|||
|
(in thousands,
except percentages)
|
|
|
|||||
Net income
|
$
|
14,724
|
|
|
22,269
|
|
|
51.2%
|
% of revenue
|
3.5
|
%
|
|
3.9
|
%
|
|
|
|
Nine Months Ended
|
|
% change
|
||||||
|
September 30, 2016
|
|
|
September 30, 2017
|
|
|
2017 vs 2016
|
||
|
|
|
|
|
|
||||
|
(in thousands,
except percentages)
|
|
|
||||||
Net income
|
$
|
46,589
|
|
|
$
|
44,291
|
|
|
(4.9)%
|
% of revenue
|
3.8
|
%
|
|
2.7
|
%
|
|
|
|
|
|
Three Months Ended
|
|
|
|
Nine Months Ended
|
|
|
||||||||||||||
|
Region
|
|
September 30, 2016
|
|
|
September 30, 2017
|
|
|
Year over Year Change
|
|
September 30, 2016
|
|
|
September 30, 2017
|
|
|
Year over Year Change
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Revenue:
|
|
(amounts in thousands, except percentages)
|
|||||||||||||||||||||
|
Americas
|
|
$
|
160,739
|
|
|
$
|
228,326
|
|
|
42
|
%
|
|
$
|
464,435
|
|
|
$
|
665,731
|
|
|
43
|
%
|
|
EMEA
|
|
157,921
|
|
|
207,168
|
|
|
31
|
%
|
|
471,226
|
|
|
587,942
|
|
|
25
|
%
|
||||
|
Asia-Pacific
|
|
105,207
|
|
|
128,479
|
|
|
22
|
%
|
|
296,660
|
|
|
368,988
|
|
|
24
|
%
|
||||
|
Total
|
|
423,867
|
|
|
563,973
|
|
|
33
|
%
|
|
1,232,321
|
|
|
1,622,661
|
|
|
32
|
%
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Traffic acquisition costs:
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
Americas
|
|
(97,239
|
)
|
|
(141,869
|
)
|
|
46
|
%
|
|
(284,728
|
)
|
|
(416,025
|
)
|
|
46
|
%
|
||||
|
EMEA
|
|
(87,092
|
)
|
|
(115,446
|
)
|
|
33
|
%
|
|
(265,097
|
)
|
|
(329,635
|
)
|
|
24
|
%
|
||||
|
Asia-Pacific
|
|
(62,979
|
)
|
|
(72,261
|
)
|
|
15
|
%
|
|
(177,209
|
)
|
|
(212,809
|
)
|
|
20
|
%
|
||||
|
Total
|
|
(247,310
|
)
|
|
(329,576
|
)
|
|
33
|
%
|
|
(727,034
|
)
|
|
(958,469
|
)
|
|
32
|
%
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Revenue ex-TAC
(1)
:
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Americas
|
|
63,500
|
|
|
86,457
|
|
|
36
|
%
|
|
179,707
|
|
|
249,706
|
|
|
39
|
%
|
||||
|
EMEA
|
|
70,829
|
|
|
91,722
|
|
|
29
|
%
|
|
206,129
|
|
|
258,307
|
|
|
25
|
%
|
||||
|
Asia-Pacific
|
|
42,228
|
|
|
56,218
|
|
|
33
|
%
|
|
119,451
|
|
|
156,179
|
|
|
31
|
%
|
||||
|
Total
|
|
$
|
176,557
|
|
|
$
|
234,397
|
|
|
33
|
%
|
|
$
|
505,287
|
|
|
$
|
664,192
|
|
|
31
|
%
|
|
|
Three Months Ended
|
|
|
|
Nine Months Ended
|
|
|
||||||||||||||
|
|
September 30, 2016
|
|
|
September 30, 2017
|
|
|
YoY Change
|
|
|
September 30, 2016
|
|
|
September 30, 2017
|
|
|
YoY Change
|
|
||||
|
|
(amounts in thousands, except percentages)
|
||||||||||||||||||||
|
|
|||||||||||||||||||||
Revenue as reported
|
|
$
|
423,867
|
|
|
$
|
563,973
|
|
|
33
|
%
|
|
$
|
1,232,321
|
|
|
$
|
1,622,661
|
|
|
32
|
%
|
Conversion impact U.S. dollar/other currencies
|
|
|
|
(2,509
|
)
|
|
|
|
|
|
10,107
|
|
|
|
||||||||
Revenue at constant currency
|
|
$
|
423,867
|
|
|
$
|
561,464
|
|
|
32
|
%
|
|
$
|
1,232,321
|
|
|
$
|
1,632,768
|
|
|
32
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Traffic acquisition costs as reported
|
|
$
|
(247,310
|
)
|
|
$
|
(329,576
|
)
|
|
33
|
%
|
|
$
|
(727,034
|
)
|
|
$
|
(958,469
|
)
|
|
32
|
%
|
Conversion impact U.S. dollar/other currencies
|
|
|
|
1,299
|
|
|
|
|
|
|
(6,074
|
)
|
|
|
||||||||
Traffic Acquisition Costs at constant currency
|
|
$
|
(247,310
|
)
|
|
$
|
(328,277
|
)
|
|
33
|
%
|
|
$
|
(727,034
|
)
|
|
$
|
(964,543
|
)
|
|
33
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Revenue ex-TAC as reported
|
|
$
|
176,557
|
|
|
$
|
234,397
|
|
|
33
|
%
|
|
$
|
505,287
|
|
|
$
|
664,192
|
|
|
31
|
%
|
Conversion impact U.S. dollar/other currencies
|
|
|
|
(1,210
|
)
|
|
|
|
|
|
4,033
|
|
|
|
||||||||
Revenue ex-TAC at constant currency
|
|
$
|
176,557
|
|
|
$
|
233,187
|
|
|
32
|
%
|
|
$
|
505,287
|
|
|
$
|
668,225
|
|
|
32
|
%
|
Revenue ex-TAC/Revenue as reported
|
|
42
|
%
|
|
42
|
%
|
|
|
|
41
|
%
|
|
41
|
%
|
|
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Other cost of revenue as reported
|
|
$
|
(22,332
|
)
|
|
$
|
(29,951
|
)
|
|
34
|
%
|
|
$
|
(60,950
|
)
|
|
$
|
(89,914
|
)
|
|
48
|
%
|
Conversion impact U.S. dollar/other currencies
|
|
|
|
(146
|
)
|
|
|
|
|
|
(973
|
)
|
|
|
||||||||
Other cost of revenue at constant currency
|
|
$
|
(22,332
|
)
|
|
$
|
(30,097
|
)
|
|
35
|
%
|
|
$
|
(60,950
|
)
|
|
$
|
(90,887
|
)
|
|
49
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Adjusted EBITDA as reported
|
|
$
|
53,532
|
|
|
$
|
79,116
|
|
|
48
|
%
|
|
$
|
141,578
|
|
|
$
|
189,656
|
|
|
34
|
%
|
Conversion impact U.S. dollar/other currencies
|
|
|
|
(1,414
|
)
|
|
|
|
|
|
1,189
|
|
|
|
||||||||
Adjusted EBITDA at constant currency
|
|
$
|
53,532
|
|
|
$
|
77,702
|
|
|
45
|
%
|
|
$
|
141,578
|
|
|
$
|
190,845
|
|
|
35
|
%
|
|
Nine Months Ended
|
||||||
|
September 30,
2016 |
|
|
September 30,
2017 |
|
||
|
|
|
|
||||
|
(in thousands)
|
||||||
Cash from operating activities
|
$
|
81,812
|
|
|
$
|
166,456
|
|
Cash used in investing activities
|
$
|
(59,277
|
)
|
|
$
|
(80,793
|
)
|
Cash from (used for) financing activities
|
$
|
15,368
|
|
|
$
|
(35,254
|
)
|
|
Nine Months Ended
|
||||||||||||||
|
September 30, 2016
|
|
September 30, 2017
|
||||||||||||
|
|
|
|
|
|
|
|
||||||||
|
(in thousands)
|
||||||||||||||
GBP/USD
|
+10%
|
|
|
-10%
|
|
|
+10%
|
|
|
-10%
|
|
||||
Net income impact
|
$
|
(138
|
)
|
|
$
|
138
|
|
|
$
|
(192
|
)
|
|
$
|
192
|
|
|
Nine Months Ended
|
||||||||||||||
|
September 30, 2016
|
|
September 30, 2017
|
||||||||||||
|
|
|
|
|
|
|
|
||||||||
|
(in thousands)
|
||||||||||||||
BRL/USD
|
+10%
|
|
|
-10%
|
|
|
+10%
|
|
|
-10%
|
|
||||
Net income impact
|
$
|
429
|
|
|
$
|
(429
|
)
|
|
$
|
(52
|
)
|
|
$
|
52
|
|
|
Nine Months Ended
|
||||||||||||||
|
September 30, 2016
|
|
September 30, 2017
|
||||||||||||
|
|
|
|
|
|
|
|
||||||||
|
(in thousands)
|
||||||||||||||
JPY/USD
|
+10%
|
|
|
-10%
|
|
|
+10%
|
|
|
-10%
|
|
||||
Net income impact
|
$
|
722
|
|
|
$
|
(722
|
)
|
|
$
|
1,061
|
|
|
$
|
(1,061
|
)
|
|
Nine Months Ended
|
||||||||||||||
|
September 30, 2016
|
|
September 30, 2017
|
||||||||||||
|
|
|
|
|
|
|
|
||||||||
|
(in thousands)
|
||||||||||||||
EUR/USD
|
+10%
|
|
|
-10%
|
|
|
+10%
|
|
|
-10%
|
|
||||
Net income impact
|
$
|
4,397
|
|
|
$
|
(4,397
|
)
|
|
$
|
6,800
|
|
|
$
|
(6,800
|
)
|
|
|
|
|
Incorporated by Reference
|
||||||
Exhibit
|
|
Description
|
|
Schedule/ Form
|
|
File
Number
|
|
Exhibit
|
|
File
Date
|
31.1#
|
|
|
|
|
|
|
|
|
|
|
31.2#
|
|
|
|
|
|
|
|
|
|
|
32.1*
|
|
|
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101.INS
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XBRL Instance Document
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101.SCH
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XBRL Taxonomy Extension Schema Document
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101.CAL
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XBRL Taxonomy Extension Calculation Linkbase Document
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101.DEF
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XBRL Taxonomy Extension Definition Linkbase Document
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101.LAB
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XBRL Taxonomy Extension Labels Linkbase Document
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101.PRE
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XBRL Taxonomy Extension Presentation Linkbase Document
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CRITEO S.A.
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(Registrant)
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By:
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/s/ Benoit Fouilland
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Date: November 13, 2017
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Name:
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Benoit Fouilland
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Title:
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Chief Financial Officer
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(Principal financial officer and duly authorized signatory)
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1 Year Criteo Chart |
1 Month Criteo Chart |
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