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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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.12 | 0.32% | 37.46 | 36.40 | 44.05 | 38.43 | 37.0956 | 37.50 | 226,789 | 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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Title of each class
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Trading Symbol(s)
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Name of each exchange on which registered
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American Depositary Shares, each representing one Ordinary Share, nominal value
€
0.025 per share
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CRTO
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Nasdaq Global Select Market
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Ordinary Shares, nominal value
€
0.025 per share*
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|
Nasdaq Global Select Market*
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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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¨
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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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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 new geographies;
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•
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our ability to effectively scale our technology platform;
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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
|
December 31, 2018
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|
|
March 31, 2019
|
|
||
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|
(in thousands)
|
||||||
Assets
|
|
|
|
|
||||
Current assets:
|
|
|
|
|
||||
Cash and cash equivalents
|
3
|
$
|
364,426
|
|
|
$
|
395,771
|
|
Trade receivables,
net of allowances of $25.9 million and $25.2 million at December 31, 2018 and March 31, 2019, respectively
|
4
|
473,901
|
|
|
386,792
|
|
||
Income taxes
|
|
19,370
|
|
|
8,182
|
|
||
Other taxes
|
|
53,338
|
|
|
56,828
|
|
||
Other current assets
|
5
|
22,816
|
|
|
24,737
|
|
||
Total current assets
|
|
933,851
|
|
|
872,310
|
|
||
Property, plant and equipment, net
|
2
|
184,013
|
|
|
180,377
|
|
||
Intangible assets, net
|
6
|
112,036
|
|
|
107,218
|
|
||
Goodwill
|
6
|
312,881
|
|
|
317,076
|
|
||
Right of use assets - operating lease
|
8
|
—
|
|
|
200,274
|
|
||
Non-current financial assets
|
|
20,460
|
|
|
20,331
|
|
||
Deferred tax assets
|
|
33,894
|
|
|
48,330
|
|
||
Total non-current assets
|
|
663,284
|
|
|
873,606
|
|
||
Total assets
|
|
$
|
1,597,135
|
|
|
$
|
1,745,916
|
|
Liabilities and shareholders' equity
|
|
|
|
|
||||
Current liabilities:
|
|
|
|
|
||||
Trade payables
|
|
$
|
425,376
|
|
|
$
|
345,923
|
|
Contingencies
|
14
|
2,640
|
|
|
3,215
|
|
||
Income taxes
|
|
7,725
|
|
|
5,794
|
|
||
Financial liabilities - current portion
|
3
|
1,018
|
|
|
1,599
|
|
||
Operating lease liabilities - current portion
|
8
|
—
|
|
|
49,459
|
|
||
Other taxes
|
|
55,592
|
|
|
58,192
|
|
||
Employee - related payables
|
|
65,878
|
|
|
63,459
|
|
||
Other current liabilities
|
7
|
47,115
|
|
|
37,256
|
|
||
Total current liabilities
|
|
605,344
|
|
|
564,897
|
|
||
Deferred tax liabilities
|
|
10,770
|
|
|
8,421
|
|
||
Retirement benefit obligation
|
|
5,537
|
|
|
6,893
|
|
||
Financial liabilities - non current portion
|
3
|
2,490
|
|
|
2,283
|
|
||
Operating lease liabilities - non current portion
|
8
|
—
|
|
|
166,920
|
|
||
Other non-current liabilities
|
|
5,103
|
|
|
4,706
|
|
||
Total non-current liabilities
|
|
23,900
|
|
|
189,223
|
|
||
Total liabilities
|
|
629,244
|
|
|
754,120
|
|
||
Commitments and contingencies
|
|
|
|
|
|
|
||
Shareholders' equity:
|
|
|
|
|
||||
Common shares, €0.025 par value, 67,708,203 and 66,142,511 shares authorized, issued and outstanding at December 31, 2018 and March 31, 2019, respectively.
|
2,201
|
|
|
2,157
|
|
|||
Treasury stock, 3,459,119 and 1,672,404 shares at cost as of December 31, 2018 and March 31, 2019, respectively.
|
|
(79,159
|
)
|
|
(39,079
|
)
|
||
Additional paid-in capital
|
|
663,281
|
|
|
641,094
|
|
||
Accumulated other comprehensive loss
|
|
(30,522
|
)
|
|
(41,869
|
)
|
||
Retained earnings
|
|
387,869
|
|
|
403,200
|
|
||
Equity-attributable to shareholders of Criteo S.A.
|
|
943,670
|
|
|
965,503
|
|
||
Non-controlling interests
|
|
24,221
|
|
|
26,293
|
|
||
Total equity
|
|
967,891
|
|
|
991,796
|
|
||
Total equity and liabilities
|
|
$
|
1,597,135
|
|
|
$
|
1,745,916
|
|
|
|
|
Three Months Ended
|
||||||
|
Notes
|
|
March 31, 2018
|
|
|
March 31, 2019
|
|
||
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|
(in thousands, except share per data)
|
|||||||
|
|
|
|
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|
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Revenue
|
9
|
|
$
|
564,164
|
|
|
$
|
558,123
|
|
|
|
|
|
|
|
||||
Cost of revenue:
|
|
|
|
|
|
||||
Traffic acquisition costs
|
|
|
(323,746
|
)
|
|
(322,429
|
)
|
||
Other cost of revenue
|
|
|
(30,059
|
)
|
|
(26,045
|
)
|
||
|
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|
|
|
|
||||
Gross profit
|
|
|
210,359
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|
209,649
|
|
||
|
|
|
|
|
|
||||
Operating expenses:
|
|
|
|
|
|
||||
Research and development expenses
|
|
|
(45,318
|
)
|
|
(46,577
|
)
|
||
Sales and operations expenses
|
|
|
(95,649
|
)
|
|
(95,909
|
)
|
||
General and administrative expenses
|
|
|
(34,591
|
)
|
|
(33,770
|
)
|
||
Total operating expenses
|
|
|
(175,558
|
)
|
|
(176,256
|
)
|
||
Income from operations
|
|
|
34,801
|
|
|
33,393
|
|
||
Financial income (expense)
|
11
|
|
(1,325
|
)
|
|
(1,974
|
)
|
||
Income before taxes
|
|
|
33,476
|
|
|
31,419
|
|
||
Provision for income taxes
|
12
|
|
(12,386
|
)
|
|
(10,018
|
)
|
||
Net income
|
|
|
$
|
21,090
|
|
|
$
|
21,401
|
|
|
|
|
|
|
|
||||
Net income available to shareholders of Criteo S.A.
|
|
|
$
|
19,809
|
|
|
$
|
19,120
|
|
Net income available to non-controlling interests
|
|
|
$
|
1,281
|
|
|
$
|
2,281
|
|
|
|
|
|
|
|
||||
Net income allocated to shareholders of Criteo S.A. per share:
|
|
|
|
|
|
||||
Basic
|
13
|
|
$
|
0.30
|
|
|
$
|
0.30
|
|
Diluted
|
13
|
|
$
|
0.29
|
|
|
$
|
0.29
|
|
|
|
|
|
|
|
||||
Weighted average shares outstanding used in computing per share amounts:
|
|
|
|
|
|
||||
Basic
|
13
|
|
66,160,375
|
|
|
64,336,777
|
|
||
Diluted
|
13
|
|
67,469,738
|
|
|
66,041,296
|
|
|
|
Three Months Ended
|
||||||
|
|
March 31, 2018
|
|
|
March 31, 2019
|
|
||
|
|
(in thousands)
|
||||||
|
|
|
|
|
||||
Net income
|
|
$
|
21,090
|
|
|
$
|
21,401
|
|
Foreign currency translation differences, net of taxes
|
|
25,884
|
|
|
(10,492
|
)
|
||
Actuarial (losses) gains on employee benefits, net of taxes
|
|
—
|
|
|
(1,053
|
)
|
||
Other comprehensive income (loss)
|
|
$
|
25,884
|
|
|
$
|
(11,545
|
)
|
Total comprehensive income
|
|
$
|
46,974
|
|
|
$
|
9,856
|
|
Attributable to shareholders of Criteo S.A.
|
|
$
|
44,756
|
|
|
$
|
7,773
|
|
Attributable to non-controlling interests
|
|
$
|
2,218
|
|
|
$
|
2,083
|
|
|
Share capital
|
Treasury
Stock
|
Additional paid-in capital
|
Accumulated Other Comprehensive Income
|
Retained Earnings
|
Equity - attributable to shareholders of Criteo S.A.
|
Non controlling interest
|
Total equity
|
||
|
Common shares
|
Shares
|
|
|||||||
|
(in thousands, except share amounts )
|
|||||||||
Balance at December 31, 2017
|
66,085,097
|
$2,152
|
—
|
—
|
$591,404
|
$(12,241)
|
$300,210
|
$881,525
|
$16,173
|
$897,698
|
Net income
|
—
|
—
|
—
|
—
|
—
|
—
|
19,809
|
19,809
|
1,281
|
21,090
|
Other comprehensive income (loss)
|
—
|
—
|
—
|
—
|
—
|
24,947
|
—
|
24,947
|
937
|
25,884
|
Issuance of ordinary shares
|
163,254
|
1
|
—
|
—
|
597
|
—
|
—
|
598
|
—
|
598
|
Change in treasury stocks
|
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
—
|
Share-Based Compensation
|
—
|
—
|
—
|
—
|
18,284
|
—
|
—
|
18,284
|
112
|
18,396
|
Other changes in equity
|
—
|
4
|
—
|
—
|
(4)
|
4
|
1
|
5
|
—
|
5
|
Balance at March 31, 2018
|
66,248,351
|
$2,157
|
—
|
$—
|
$610,281
|
$12,710
|
$320,020
|
$945,168
|
$18,503
|
$963,671
|
|
|
|
|
|
|
|
|
|
|
|
Balance at December 31, 2018
|
67,708,203
|
$2,201
|
(3,459,119)
|
$(79,159)
|
$663,281
|
$(30,522)
|
$387,869
|
$943,670
|
$24,221
|
$967,891
|
Net income
|
—
|
—
|
—
|
—
|
—
|
—
|
19,120
|
19,120
|
2,281
|
21,401
|
Other comprehensive income (loss)
|
—
|
—
|
—
|
—
|
—
|
(11,347)
|
—
|
(11,347)
|
(198)
|
(11,545)
|
Issuance of ordinary shares
|
28,596
|
1
|
—
|
—
|
372
|
—
|
—
|
373
|
—
|
373
|
Change in treasury stocks
|
(1,594,288)
|
(45)
|
1,786,715
|
40,080
|
(36,091)
|
—
|
(3,944)
|
—
|
—
|
—
|
Share-Based Compensation
|
—
|
—
|
—
|
—
|
13,533
|
—
|
—
|
13,533
|
(11)
|
13,522
|
Other changes in equity
|
—
|
—
|
—
|
—
|
(1)
|
—
|
155
|
154
|
—
|
154
|
Balance at March 31, 2019
|
66,142,511
|
$2,157
|
(1,672,404)
|
$(39,079)
|
$641,094
|
$(41,869)
|
$403,200
|
$965,503
|
$26,293
|
$991,796
|
|
|
Three Months Ended
|
||||||
|
|
March 31, 2018
|
|
|
March 31, 2019
|
|
||
|
(in thousands)
|
|||||||
Net income
|
|
$
|
21,090
|
|
|
$
|
21,401
|
|
Non-cash and non-operating items
|
|
53,966
|
|
|
42,866
|
|
||
- Amortization and provisions
|
|
26,050
|
|
|
19,644
|
|
||
- Equity awards compensation expense
(1)
|
|
18,829
|
|
|
13,882
|
|
||
- Change in deferred taxes
|
|
(3,146
|
)
|
|
(5,916
|
)
|
||
- Income tax for the period
|
|
15,532
|
|
|
15,934
|
|
||
- Other
(2)
|
|
(3,299
|
)
|
|
(678
|
)
|
||
Changes in working capital related to operating activities
|
|
23,687
|
|
|
20,821
|
|
||
- Decrease in trade receivables
|
|
91,292
|
|
|
86,018
|
|
||
- Decrease in trade payables
|
|
(62,945
|
)
|
|
(58,485
|
)
|
||
- Decrease/(Increase) in other current assets
|
|
7,958
|
|
|
(5,992
|
)
|
||
- (Decrease)/Increase in other current liabilities
(2)
|
|
(12,618
|
)
|
|
2,436
|
|
||
- Change in operating lease liabilities and right of use assets
|
|
—
|
|
|
(3,156
|
)
|
||
Income taxes paid
|
|
(14,216
|
)
|
|
(17,868
|
)
|
||
CASH FROM OPERATING ACTIVITIES
|
|
84,527
|
|
|
67,220
|
|
||
Acquisition of intangible assets, property, plant and equipment
|
|
(7,413
|
)
|
|
(13,292
|
)
|
||
Change in accounts payable related to intangible assets, property, plant and equipment
|
|
(25,154
|
)
|
|
(10,392
|
)
|
||
Payment for (disposal of) a business, net of cash acquired (disposed)
|
|
(10,811
|
)
|
|
(5,325
|
)
|
||
Change in other non-current financial assets
|
|
(112
|
)
|
|
(32
|
)
|
||
CASH USED FOR INVESTING ACTIVITIES
|
|
(43,490
|
)
|
|
(29,041
|
)
|
||
Repayment of borrowings
|
|
(238
|
)
|
|
(172
|
)
|
||
Proceeds from capital increase
|
|
166
|
|
|
11
|
|
||
Change in other financial liabilities
(2)
|
|
16,845
|
|
|
(30
|
)
|
||
CASH FROM (USED FOR) FINANCING ACTIVITIES
|
|
16,773
|
|
|
(191
|
)
|
||
|
|
|
|
|
||||
CHANGE IN NET CASH AND CASH EQUIVALENTS
|
|
57,810
|
|
|
37,988
|
|
||
Net cash and cash equivalents at beginning of period
|
|
414,111
|
|
|
364,426
|
|
||
Effect of exchange rates changes on cash and cash equivalents
(2)
|
|
11,953
|
|
|
(6,643
|
)
|
||
Net cash and cash equivalents at end of period
|
|
$
|
483,874
|
|
|
$
|
395,771
|
|
|
Number of Treasury Shares
|
|
Amount
(in thousands of dollars)
|
|||
Balance at January 1, 2018
|
—
|
|
|
$
|
—
|
|
Treasury Shares Repurchased to potentially use for M&A
|
1,751,147
|
|
|
40,000
|
|
|
Treasury Shares Repurchased for RSU Vesting
|
1,748,111
|
|
|
40,000
|
|
|
Treasury Shares Issued for RSU Vesting
|
(40,139
|
)
|
|
(841
|
)
|
|
Balance at December 31, 2018
|
3,459,119
|
|
|
$
|
79,159
|
|
Treasury Shares Retired
|
(1,594,288
|
)
|
|
$
|
(36,137
|
)
|
Treasury Shares Issued for RSU Vesting
|
(192,427
|
)
|
|
(3,943
|
)
|
|
Balance at March 31, 2019
|
1,672,404
|
|
|
$
|
39,079
|
|
|
December 31, 2018
|
|
|
March 31, 2019
|
|
||
|
(in thousands)
|
||||||
Trade receivables, net of allowance
|
473,901
|
|
|
386,792
|
|
||
Other taxes
|
53,338
|
|
|
56,828
|
|
||
Other current assets
|
22,816
|
|
|
24,737
|
|
||
Non-current financial assets
|
20,460
|
|
|
20,331
|
|
||
Total
|
$
|
570,515
|
|
|
$
|
488,688
|
|
|
December 31, 2018
|
|
March 31, 2019
|
||||
|
|
|
|
||||
|
(in thousands)
|
||||||
Trade payables
|
$
|
425,376
|
|
|
$
|
345,923
|
|
Other taxes
|
55,592
|
|
|
58,192
|
|
||
Employee-related payables
|
65,878
|
|
|
63,459
|
|
||
Other current liabilities
|
47,115
|
|
|
37,256
|
|
||
Financial liabilities
|
3,508
|
|
|
3,882
|
|
||
Total
|
$
|
597,469
|
|
|
$
|
508,712
|
|
|
December 31, 2018
|
|
|
March 31, 2019
|
|
||
|
|
|
|
||||
|
(in thousands)
|
||||||
Derivative Assets:
|
|
|
|
||||
Included in other current assets
|
$
|
1,703
|
|
|
$
|
—
|
|
|
|
|
|
||||
Derivative Liabilities:
|
|
|
|
||||
Included in financial liabilities - current portion
|
$
|
—
|
|
|
$
|
603
|
|
|
December 31, 2018
|
|
|
March 31, 2019
|
|
||
|
|
|
|
||||
|
(in thousands)
|
||||||
Cash equivalents
|
$
|
125,442
|
|
|
$
|
141,260
|
|
Cash on hand
|
238,984
|
|
|
254,511
|
|
||
Total cash and cash equivalents
|
$
|
364,426
|
|
|
$
|
395,771
|
|
|
December 31, 2018
|
|
|
March 31, 2019
|
|
||
|
|
|
|
||||
|
(in thousands)
|
||||||
Trade accounts receivables
|
$
|
499,819
|
|
|
$
|
411,961
|
|
(Less) Allowance for doubtful accounts
|
(25,918
|
)
|
|
(25,169
|
)
|
||
Net book value at end of period
|
$
|
473,901
|
|
|
$
|
386,792
|
|
|
2018
|
|
|
2019
|
|
||
|
|
|
|
||||
|
(in thousands)
|
||||||
Balance at January 1
|
$
|
(20,818
|
)
|
|
$
|
(25,918
|
)
|
Allowance for doubtful accounts
|
(4,436
|
)
|
|
(5,282
|
)
|
||
Reversal of provision
|
1,460
|
|
|
5,931
|
|
||
Currency translation adjustment
|
(166
|
)
|
|
100
|
|
||
Balance at March 31
|
$
|
(23,960
|
)
|
|
$
|
(25,169
|
)
|
|
December 31, 2018
|
|
|
March 31, 2019
|
|
||
|
|
|
|
||||
|
(in thousands)
|
||||||
Prepayments to suppliers
|
$
|
4,056
|
|
|
$
|
9,126
|
|
Other debtors
|
4,762
|
|
|
4,562
|
|
||
Prepaid expenses
|
12,295
|
|
|
11,049
|
|
||
Derivative instruments
|
1,703
|
|
|
—
|
|
||
Gross book value at end of period
|
22,816
|
|
|
24,737
|
|
||
Net book value at end of period
|
$
|
22,816
|
|
|
$
|
24,737
|
|
|
Software
|
|
|
Technology and customer relationships
|
|
|
Total
|
|
|||
|
(in thousands)
|
||||||||||
From April 1 to December 31, 2019
|
$
|
5,069
|
|
|
$
|
16,373
|
|
|
$
|
21,442
|
|
2020
|
6,405
|
|
|
16,828
|
|
|
23,233
|
|
|||
2021
|
4,588
|
|
|
16,828
|
|
|
21,416
|
|
|||
2022
|
2,810
|
|
|
11,450
|
|
|
14,260
|
|
|||
2023
|
706
|
|
|
10,281
|
|
|
10,987
|
|
|||
Thereafter
|
16
|
|
|
15,864
|
|
|
15,880
|
|
|||
Total
|
$
|
19,594
|
|
|
$
|
87,624
|
|
|
$
|
107,218
|
|
|
December 31, 2018
|
|
|
March 31, 2019
|
|
||
|
|
|
|
||||
|
(in thousands)
|
||||||
Clients' prepayments
|
$
|
10,328
|
|
|
$
|
11,177
|
|
Credit notes
|
13,183
|
|
|
13,868
|
|
||
Accounts payable relating to capital expenditures
|
21,454
|
|
|
10,156
|
|
||
Other creditors
|
1,527
|
|
|
1,342
|
|
||
Deferred revenue
|
623
|
|
|
713
|
|
||
Total
|
$
|
47,115
|
|
|
$
|
37,256
|
|
•
|
We did not reassess whether any expired or existing contracts are or contain leases, the lease classification for any expired or existing leases, or the initial direct costs for any existing leases.
|
•
|
We do not recognize a lease liability or right of use asset for leases with a term of 12 months or less, and
|
•
|
We used hindsight in determining the lease term.
|
|
Three Months Ended
|
||||||||||
|
March 31,
2019 |
||||||||||
|
Offices
|
|
Data Centers
|
|
Total
|
||||||
|
(in thousands)
|
||||||||||
Lease expense
|
$
|
8,340
|
|
|
$
|
5,187
|
|
|
$
|
13,527
|
|
Short term lease expense
|
925
|
|
|
530
|
|
|
1,455
|
|
|||
Variable lease expense
|
—
|
|
|
114
|
|
|
114
|
|
|||
Sublease income
|
(1,076
|
)
|
|
—
|
|
|
(1,076
|
)
|
|||
Total operating lease expense
|
$
|
8,189
|
|
|
$
|
5,831
|
|
|
$
|
14,020
|
|
|
March 31,
2019 |
||||||||||
|
Offices
|
|
Data Centers
|
|
Total
|
||||||
|
(in thousands)
|
||||||||||
|
|
|
|
|
|
||||||
Remainder of 2019
|
$
|
22,220
|
|
|
$
|
17,103
|
|
|
$
|
39,323
|
|
2020
|
35,166
|
|
|
19,341
|
|
|
54,507
|
|
|||
2021
|
33,118
|
|
|
12,521
|
|
|
45,639
|
|
|||
2022
|
30,503
|
|
|
8,631
|
|
|
39,134
|
|
|||
2023
|
21,467
|
|
|
2,198
|
|
|
23,665
|
|
|||
Thereafter
|
29,550
|
|
|
—
|
|
|
29,550
|
|
|||
Total minimum lease payments
|
172,024
|
|
|
59,794
|
|
|
231,818
|
|
|||
Impact of Discount Rate
|
(13,608
|
)
|
|
(1,831
|
)
|
|
(15,439
|
)
|
|||
Total Lease Liability
|
$
|
158,416
|
|
|
$
|
57,963
|
|
|
$
|
216,379
|
|
|
Three Months Ended
|
||
|
March 31,
2019 |
||
|
(in thousands)
|
||
Cash paid for amounts included in the measurement of lease liabilities
|
|
||
Cash flow for operating activities
|
$
|
(13,964
|
)
|
Right of use assets obtained in exchange for new operating lease liabilities
|
$
|
10,926
|
|
•
|
Criteo Marketing Solutions
allow commerce companies to address multiple marketing goals by engaging their consumers with personalized ads across the web, mobile and offline store environments.
|
•
|
Criteo Retail Media
solutions allow retailers to generate advertising revenues from consumer brands, and/or to drive sales for themselves, by monetizing their data and audiences through personalized ads, either on their own digital property or on the open Internet, that address multiple marketing goals.
|
|
Americas
|
|
EMEA
|
|
Asia-Pacific
|
|
Total
|
||||||||
For the three months ended
|
(in thousands)
|
||||||||||||||
|
|
|
|
|
|
|
|
||||||||
March 31, 2018
|
$
|
212,695
|
|
|
$
|
222,611
|
|
|
$
|
128,858
|
|
|
$
|
564,164
|
|
March 31, 2019
|
$
|
217,993
|
|
|
$
|
209,643
|
|
|
$
|
130,487
|
|
|
$
|
558,123
|
|
•
|
On March 1, 2019,
202,180
RSUs were granted to Criteo employees subject to continued employment.
|
|
OSA/BSPCE
|
|
|
RSU
|
|
|
BSA
|
|
|
Total
|
|
Balance at January 1, 2019
|
3,187,465
|
|
|
4,780,137
|
|
|
291,670
|
|
|
8,259,272
|
|
Granted
|
—
|
|
|
202,180
|
|
|
—
|
|
|
202,180
|
|
Exercised (OSA/BSPCE/BSA)
|
(27,691
|
)
|
|
—
|
|
|
—
|
|
|
(27,691
|
)
|
Vested (RSU)
|
—
|
|
|
(203,720
|
)
|
|
—
|
|
|
(203,720
|
)
|
Forfeited
|
(22,023
|
)
|
|
(207,278
|
)
|
|
—
|
|
|
(229,301
|
)
|
Expired
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
Balance at March 31, 2019
|
3,137,751
|
|
|
4,571,319
|
|
|
291,670
|
|
|
8,000,740
|
|
|
OSA/BSPCE
|
|
|
RSU
|
|
|
BSA
|
|
||
Number outstanding
|
3,137,751
|
|
|
4,571,319
|
|
|
291,670
|
|
||
Weighted-average exercise price
|
€
|
27.05
|
|
|
NA
|
|
|
€
|
13.02
|
|
Number vested
|
2,393,803
|
|
|
NA
|
|
|
115,544
|
|
||
Weighted-average exercise price
|
€
|
26.12
|
|
|
NA
|
|
|
€
|
19.63
|
|
Weighted-average remaining contractual life of options outstanding, in years
|
6.32
|
|
|
NA
|
|
|
7.68
|
|
|
Three Months Ended
|
||||||||||||||||||||||||||||||
|
March 31, 2018
|
|
March 31, 2019
|
||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
(in thousands)
|
||||||||||||||||||||||||||||||
|
R&D
|
|
|
S&O
|
|
|
G&A
|
|
|
Total
|
|
|
R&D
|
|
|
S&O
|
|
|
G&A
|
|
|
Total
|
|
||||||||
RSUs
|
$
|
(4,617
|
)
|
|
$
|
(6,872
|
)
|
|
$
|
(5,147
|
)
|
|
$
|
(16,636
|
)
|
|
$
|
(3,846
|
)
|
|
$
|
(5,955
|
)
|
|
$
|
(2,516
|
)
|
|
$
|
(12,317
|
)
|
Share options / BSPCE
|
(65
|
)
|
|
(359
|
)
|
|
(1,336
|
)
|
|
(1,760
|
)
|
|
(179
|
)
|
|
(246
|
)
|
|
(780
|
)
|
|
(1,205
|
)
|
||||||||
Total share-based compensation
|
(4,682
|
)
|
|
(7,231
|
)
|
|
(6,483
|
)
|
|
(18,396
|
)
|
|
(4,025
|
)
|
|
(6,201
|
)
|
|
(3,296
|
)
|
|
(13,522
|
)
|
||||||||
BSAs
|
—
|
|
|
—
|
|
|
(433
|
)
|
|
(433
|
)
|
|
—
|
|
|
—
|
|
|
(360
|
)
|
|
(360
|
)
|
||||||||
Total equity awards compensation expense
|
$
|
(4,682
|
)
|
|
$
|
(7,231
|
)
|
|
$
|
(6,916
|
)
|
|
$
|
(18,829
|
)
|
|
$
|
(4,025
|
)
|
|
$
|
(6,201
|
)
|
|
$
|
(3,656
|
)
|
|
$
|
(13,882
|
)
|
|
Three Months Ended
|
||||||
|
March 31, 2018
|
|
|
March 31, 2019
|
|
||
|
(in thousands)
|
||||||
|
|
|
|
||||
Financial income from cash equivalents
|
$
|
225
|
|
|
$
|
177
|
|
Interest and fees
|
(556
|
)
|
|
(523
|
)
|
||
Interest on debt
|
(487
|
)
|
|
(430
|
)
|
||
Fees
|
(69
|
)
|
|
(93
|
)
|
||
Foreign exchange gain (loss)
|
(972
|
)
|
|
(1,598
|
)
|
||
Other financial expense
|
(22
|
)
|
|
(30
|
)
|
||
Total financial income (expense)
|
$
|
(1,325
|
)
|
|
$
|
(1,974
|
)
|
|
Three Months Ended
|
||||||
|
March 31, 2018
|
|
|
March 31, 2019
|
|
||
|
(in thousands)
|
||||||
Current income tax
|
$
|
(15,532
|
)
|
|
$
|
(15,934
|
)
|
Net change in deferred taxes
|
3,146
|
|
|
5,916
|
|
||
Provision for income taxes
|
$
|
(12,386
|
)
|
|
$
|
(10,018
|
)
|
|
|
Three Months Ended
|
||||||
|
|
March 31, 2018
|
|
|
March 31, 2019
|
|
||
Net income attributable to shareholders of Criteo S.A.
|
|
$
|
19,809
|
|
|
$
|
19,120
|
|
Weighted average number of shares outstanding
|
|
66,160,375
|
|
|
64,336,777
|
|
||
Basic earnings per share
|
|
$
|
0.30
|
|
|
$
|
0.30
|
|
|
|
Three Months Ended
|
||||||
|
|
March 31, 2018
|
|
|
March 31, 2019
|
|
||
Net income attributable to shareholders of Criteo S.A.
|
|
$
|
19,809
|
|
|
$
|
19,120
|
|
Weighted average number of shares outstanding of Criteo S.A.
|
|
66,160,375
|
|
|
64,336,777
|
|
||
Dilutive effect of :
|
|
|
|
|
||||
Restricted share awards ("RSUs")
|
|
865,039
|
|
|
1,317,350
|
|
||
Share options and BSPCE
|
|
407,806
|
|
|
336,647
|
|
||
Share warrants
|
|
36,518
|
|
|
50,522
|
|
||
Weighted average number of shares outstanding used to determine diluted earnings per share
|
|
67,469,738
|
|
|
66,041,296
|
|
||
Diluted earnings per share
|
|
$
|
0.29
|
|
|
$
|
0.29
|
|
|
|
Three Months Ended
|
||||
|
|
March 31, 2018
|
|
|
March 31, 2019
|
|
|
|
|
|
|
||
Restricted share awards
|
|
1,901,128
|
|
|
482,152
|
|
Share options and BSPCE
|
|
—
|
|
|
65,500
|
|
Weighted average number of anti-dilutive securities excluded from diluted earnings per share
|
|
1,901,128
|
|
|
547,652
|
|
|
Provision for employee-related litigation
|
|
|
Other provisions
|
|
|
Total
|
|
|||
|
(in thousands)
|
||||||||||
Balance at January 1, 2019
|
$
|
244
|
|
|
$
|
2,396
|
|
|
$
|
2,640
|
|
Increase
|
—
|
|
|
1,000
|
|
|
1,000
|
|
|||
Provision used
|
(32
|
)
|
|
—
|
|
|
(32
|
)
|
|||
Provision released not used
|
—
|
|
|
(365
|
)
|
|
(365
|
)
|
|||
Currency translation adjustments
|
(4
|
)
|
|
(24
|
)
|
|
(28
|
)
|
|||
Balance at March 31, 2019
|
$
|
208
|
|
|
$
|
3,007
|
|
|
$
|
3,215
|
|
- of which current
|
208
|
|
|
3,007
|
|
|
3,215
|
|
•
|
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)
|
||||||||||||||
March 31, 2018
|
$
|
212,695
|
|
|
$
|
222,611
|
|
|
$
|
128,858
|
|
|
$
|
564,164
|
|
March 31, 2019
|
$
|
217,993
|
|
|
$
|
209,643
|
|
|
$
|
130,487
|
|
|
$
|
558,123
|
|
|
|
|
|
|
Of which
|
|
|
|
|
|
|
Of which
|
|
|
Of which
|
|
|
|
|||||||||||||
|
Holding
|
|
|
Americas
|
|
|
United States
|
|
|
EMEA
|
|
|
Asia-Pacific
|
|
|
Japan
|
|
|
Singapore
|
|
|
Total
|
|
||||||||
(in thousands)
|
|||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
December 31, 2018
|
$
|
123,388
|
|
|
$
|
125,654
|
|
|
$
|
125,312
|
|
|
$
|
27,898
|
|
|
$
|
19,109
|
|
|
$
|
11,630
|
|
|
$
|
2,992
|
|
|
$
|
296,049
|
|
March 31, 2019
|
$
|
124,679
|
|
|
$
|
118,896
|
|
|
$
|
118,557
|
|
|
$
|
26,174
|
|
|
$
|
17,846
|
|
|
$
|
10,822
|
|
|
$
|
2,545
|
|
|
$
|
287,595
|
|
|
|
Three Months Ended
|
||||||
|
|
March 31, 2018
|
|
March 31, 2019
|
||||
|
(in thousands, except share and per share data)
|
|||||||
|
|
|
|
|
||||
Revenue
|
|
$
|
564,164
|
|
|
$
|
558,123
|
|
|
|
|
|
|
||||
Cost of revenue
(2)
:
|
|
|
|
|
||||
Traffic acquisition costs
|
|
(323,746
|
)
|
|
(322,429
|
)
|
||
Other cost of revenue
|
|
(30,059
|
)
|
|
(26,045
|
)
|
||
Gross profit
|
|
210,359
|
|
|
209,649
|
|
||
|
|
|
|
|
||||
Operating expenses
|
|
|
|
|
||||
Research and development expenses
(2)
|
|
(45,318
|
)
|
|
(46,577
|
)
|
||
Sales and operations expenses
(2)
|
|
(95,649
|
)
|
|
(95,909
|
)
|
||
General and administrative expenses
(2)
|
|
(34,591
|
)
|
|
(33,770
|
)
|
||
Total operating expenses
|
|
(175,558
|
)
|
|
(176,256
|
)
|
||
Income from operations
|
|
34,801
|
|
|
33,393
|
|
||
Financial income (expense)
|
|
(1,325
|
)
|
|
(1,974
|
)
|
||
Income before taxes
|
|
33,476
|
|
|
31,419
|
|
||
Provision for income taxes
|
|
(12,386
|
)
|
|
(10,018
|
)
|
||
Net income
|
|
$
|
21,090
|
|
|
$
|
21,401
|
|
Net income available to shareholders of Criteo S.A.
(1)
|
|
$
|
19,809
|
|
|
$
|
19,120
|
|
Net income available to shareholders of Criteo S.A. per share:
|
|
|
|
|
||||
Basic
|
|
$
|
0.30
|
|
|
$
|
0.30
|
|
Diluted
|
|
$
|
0.29
|
|
|
$
|
0.29
|
|
|
|
|
|
|
||||
Weighted average shares outstanding used in computing per share amounts:
|
|
|
|
|
||||
Basic
|
|
66,160,375
|
|
|
64,336,777
|
|
||
Diluted
|
|
67,469,738
|
|
|
66,041,296
|
|
|
|
Three Months Ended
|
||||||
|
|
March 31, 2018
|
|
March 31, 2019
|
||||
|
(in thousands)
|
|||||||
Equity awards compensation expense
|
|
|
|
|
||||
Research and development expenses
|
|
$
|
4,555
|
|
|
$
|
4,025
|
|
Sales and operations expenses
|
|
7,832
|
|
|
6,201
|
|
||
General and administrative expenses
|
|
6,916
|
|
|
3,656
|
|
||
Total equity awards compensation expense
|
|
$
|
19,303
|
|
|
$
|
13,882
|
|
|
|
|
|
|
||||
Pension service costs
|
|
|
|
|
||||
Research and development expenses
|
|
220
|
|
|
193
|
|
||
Sales and operations expenses
|
|
79
|
|
|
72
|
|
||
General and administrative expenses
|
|
135
|
|
|
129
|
|
||
Total pension service costs
(a)
|
|
$
|
434
|
|
|
$
|
394
|
|
|
|
|
|
|
||||
Depreciation and amortization expense
|
|
|
|
|
||||
Cost of revenue
|
|
15,249
|
|
|
9,135
|
|
||
Research and development expenses
(b)
|
|
2,221
|
|
|
3,477
|
|
||
Sales and operations expenses
(c)
|
|
4,454
|
|
|
4,864
|
|
||
General and administrative expenses
|
|
1,722
|
|
|
1,820
|
|
||
Total depreciation and amortization expense
|
|
$
|
23,646
|
|
|
$
|
19,296
|
|
|
|
|
|
|
||||
Restructuring
|
|
|
|
|
||||
Research and development expenses
|
|
(348
|
)
|
|
—
|
|
||
Sales and operations expenses
|
|
107
|
|
|
1,890
|
|
||
General and administrative expenses
|
|
(11
|
)
|
|
—
|
|
||
Total Restructuring
|
|
$
|
(252
|
)
|
|
$
|
1,890
|
|
|
December 31,
2018 |
|
|
March 31,
2019 |
|
||
|
|
|
|
||||
|
(in thousands)
|
||||||
Cash and cash equivalents
|
$
|
364,426
|
|
|
$
|
395,771
|
|
Total assets
|
1,597,135
|
|
|
1,745,916
|
|
||
Trade receivables, net of allowances for doubtful accounts
|
473,901
|
|
|
386,792
|
|
||
Total financial liabilities
|
3,508
|
|
|
3,882
|
|
||
Total liabilities
|
629,244
|
|
|
754,120
|
|
||
Total equity
|
$
|
967,891
|
|
|
$
|
991,796
|
|
|
|
Three Months Ended
|
||||||
|
|
March 31,
2018 |
|
|
March 31,
2019 |
|
||
|
(in thousands, except client data)
|
|||||||
Number of clients
|
|
18,528
|
|
|
19,373
|
|
||
Revenue ex-TAC
(3)
|
|
$
|
240,418
|
|
|
$
|
235,694
|
|
Adjusted Net Income
(4)
|
|
$
|
40,519
|
|
|
$
|
39,705
|
|
Adjusted EBITDA
(5)
|
|
$
|
77,932
|
|
|
$
|
68,855
|
|
|
|
Three Months Ended
|
||||||
|
|
March 31,
2018 |
|
|
March 31,
2019 |
|
||
|
|
|
|
|
||||
|
(in thousands)
|
|||||||
Revenue
|
|
$
|
564,164
|
|
|
$
|
558,123
|
|
Adjustment:
|
|
|
|
|
||||
Traffic acquisition costs
|
|
(323,746
|
)
|
|
(322,429
|
)
|
||
Revenue ex-TAC
|
|
$
|
240,418
|
|
|
$
|
235,694
|
|
|
|
Three Months Ended
|
||||||
|
|
March 31, 2018
|
|
|
March 31, 2019
|
|
||
|
|
|
|
|
||||
|
(in thousands)
|
|||||||
Net income
|
|
$
|
21,090
|
|
|
$
|
21,401
|
|
Adjustments:
|
|
|
|
|
||||
Equity awards compensation expense
|
|
19,303
|
|
|
13,882
|
|
||
Amortization of acquisition-related intangible assets
|
|
3,457
|
|
|
5,472
|
|
||
Acquisition-related costs
|
|
—
|
|
|
—
|
|
||
Restructuring
|
|
(252
|
)
|
|
1,890
|
|
||
Tax impact of the above adjustments
|
|
(3,079
|
)
|
|
(2,940
|
)
|
||
Adjusted Net Income
|
|
$
|
40,519
|
|
|
$
|
39,705
|
|
|
|
Three Months Ended
|
||||||
|
|
March 31,
2018 |
|
|
March 31,
2019 |
|
||
|
|
(in thousands)
|
||||||
Net income
|
|
$
|
21,090
|
|
|
$
|
21,401
|
|
Adjustments:
|
|
|
|
|
||||
Financial expense (income)
|
|
1,325
|
|
|
1,974
|
|
||
Provision for income taxes
|
|
12,386
|
|
|
10,018
|
|
||
Equity awards compensation expense
|
|
19,303
|
|
|
13,882
|
|
||
Pension service costs
|
|
434
|
|
|
394
|
|
||
Depreciation and amortization expense
|
|
23,646
|
|
|
19,296
|
|
||
Acquisition-related costs
|
|
—
|
|
|
—
|
|
||
Restructuring
|
|
(252
|
)
|
|
1,890
|
|
||
Total net adjustments
|
|
56,842
|
|
|
47,454
|
|
||
Adjusted EBITDA
|
|
$
|
77,932
|
|
|
$
|
68,855
|
|
|
Three Months Ended
|
|
|
|||||||
|
March 31, 2018
|
|
|
March 31, 2019
|
|
|
2018 vs 2019
|
|||
|
|
|
|
|
|
|||||
|
(in thousands)
|
|
|
|||||||
Revenue as reported
|
$
|
564,164
|
|
|
$
|
558,123
|
|
|
(1
|
)%
|
Conversion impact U.S dollar/other currencies
|
|
|
24,041
|
|
|
|
||||
Revenue at constant currency
(1)
|
564,164
|
|
|
582,164
|
|
|
3
|
%
|
||
Americas
|
|
|
|
|
|
|||||
Revenue as reported
|
212,695
|
|
|
217,993
|
|
|
2
|
%
|
||
Conversion impact U.S dollar/other currencies
|
|
|
2,207
|
|
|
|
||||
Revenue at constant currency
(1)
|
212,695
|
|
|
220,200
|
|
|
4
|
%
|
||
EMEA
|
|
|
|
|
|
|||||
Revenue as reported
|
222,611
|
|
|
209,643
|
|
|
(6
|
)%
|
||
Conversion impact U.S dollar/other currencies
|
|
|
18,542
|
|
|
|
||||
Revenue at constant currency
(1)
|
222,611
|
|
|
228,185
|
|
|
3
|
%
|
||
Asia-Pacific
|
|
|
|
|
|
|||||
Revenue as reported
|
128,858
|
|
|
130,487
|
|
|
1
|
%
|
||
Conversion impact U.S dollar/other currencies
|
|
|
3,292
|
|
|
|
||||
Revenue at constant currency
(1)
|
$
|
128,858
|
|
|
$
|
133,779
|
|
|
4
|
%
|
|
Three Months Ended
|
|
% change
|
||||||
|
March 31, 2018
|
|
|
March 31, 2019
|
|
|
2018 vs 2019
|
||
|
|
|
|
|
|
||||
|
(in thousands, except percentages)
|
|
|
||||||
Traffic acquisition costs
|
$
|
(323,746
|
)
|
|
$
|
(322,429
|
)
|
|
(0.4)%
|
Other cost of revenue
|
$
|
(30,059
|
)
|
|
$
|
(26,045
|
)
|
|
(13)%
|
Total Cost of Revenue
|
$
|
(353,805
|
)
|
|
$
|
(348,474
|
)
|
|
(2)%
|
% of revenue
|
(63
|
)%
|
|
(62
|
)%
|
|
|
||
Gross profit %
|
37
|
%
|
|
38
|
%
|
|
|
|
|
Three Months Ended
|
|
|
|||||||
|
|
March 31, 2018
|
|
|
March 31, 2019
|
|
|
YoY Change
|
|
||
|
|
(amounts in thousands, except percentages)
|
|||||||||
|
|
||||||||||
Revenue as reported
|
|
$
|
564,164
|
|
|
$
|
558,123
|
|
|
(1
|
)%
|
Conversion impact U.S. dollar/other currencies
|
|
|
|
|
24,041
|
|
|
|
|
||
Revenue at constant currency
|
|
$
|
564,164
|
|
|
$
|
582,164
|
|
|
3
|
%
|
|
|
|
|
|
|
|
|
|
|
||
Traffic acquisition costs as reported
|
|
$
|
(323,746
|
)
|
|
$
|
(322,429
|
)
|
|
(0.4
|
)%
|
Conversion impact U.S. dollar/other currencies
|
|
|
|
|
(13,470
|
)
|
|
|
|
||
Traffic Acquisition Costs at constant currency
|
|
$
|
(323,746
|
)
|
|
$
|
(335,899
|
)
|
|
4
|
%
|
|
|
|
|
|
|
|
|
|
|
||
Revenue ex-TAC as reported
|
|
$
|
240,418
|
|
|
$
|
235,694
|
|
|
(2
|
)%
|
Conversion impact U.S. dollar/other currencies
|
|
|
|
|
10,571
|
|
|
|
|
||
Revenue ex-TAC at constant currency
|
|
$
|
240,418
|
|
|
$
|
246,265
|
|
|
2
|
%
|
Revenue ex-TAC/Revenue as reported
|
|
43
|
%
|
|
42
|
%
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
||
Other cost of revenue as reported
|
|
$
|
(30,059
|
)
|
|
$
|
(26,045
|
)
|
|
(13
|
)%
|
Conversion impact U.S. dollar/other currencies
|
|
|
|
|
(750
|
)
|
|
|
|
||
Other cost of revenue at constant currency
|
|
$
|
(30,059
|
)
|
|
$
|
(26,795
|
)
|
|
(11
|
)%
|
|
|
|
|
|
|
|
|
|
|
||
Adjusted EBITDA as reported
|
|
$
|
77,932
|
|
|
$
|
68,855
|
|
|
(12
|
)%
|
Conversion impact U.S. dollar/other currencies
|
|
|
|
|
4,335
|
|
|
|
|
||
Adjusted EBITDA at constant currency
|
|
$
|
77,932
|
|
|
$
|
73,190
|
|
|
(6
|
)%
|
|
Three Months Ended
|
|
% change
|
||||||
|
March 31, 2018
|
|
|
March 31, 2019
|
|
|
2018 vs 2019
|
||
|
|
|
|
|
|
||||
|
(in thousands,
except percentages) |
|
|
||||||
Research and development expenses
|
$
|
(45,318
|
)
|
|
$
|
(46,577
|
)
|
|
3%
|
% of revenue
|
(8
|
)%
|
|
(8
|
)%
|
|
|
|
Three Months Ended
|
|
% change
|
||||||
|
March 31, 2018
|
|
|
March 31, 2019
|
|
|
2018 vs 2019
|
||
|
|
|
|
|
|
||||
|
(in thousands,
except percentages) |
|
|
||||||
Sales and operations expenses
|
$
|
(95,649
|
)
|
|
$
|
(95,909
|
)
|
|
0.3%
|
% of revenue
|
(17
|
)%
|
|
(17
|
)%
|
|
|
|
Three Months Ended
|
|
% change
|
||||||
|
March 31, 2018
|
|
|
March 31, 2019
|
|
|
2018 vs 2019
|
||
|
|
|
|
|
|
||||
|
(in thousands,
except percentages) |
|
|
||||||
General and administrative expenses
|
$
|
(34,591
|
)
|
|
$
|
(33,770
|
)
|
|
(2)%
|
% of revenue
|
(6
|
)%
|
|
(6
|
)%
|
|
|
|
Three Months Ended
|
|
% change
|
||||||
|
March 31, 2018
|
|
|
March 31, 2019
|
|
|
2018 vs 2019
|
||
|
|
|
|
|
|
||||
|
(in thousands,
except percentages)
|
|
|
||||||
Financial income (expense)
|
$
|
(1,325
|
)
|
|
$
|
(1,974
|
)
|
|
49%
|
% of revenue
|
(0.2
|
)%
|
|
(0.4
|
)%
|
|
|
|
Three Months Ended
|
|
% change
|
||||||
|
March 31, 2018
|
|
|
March 31, 2019
|
|
|
2018 vs 2019
|
||
|
|
|
|
|
|
||||
|
(in thousands,
except percentages) |
|
|
||||||
Provision for income taxes
|
$
|
(12,386
|
)
|
|
$
|
(10,018
|
)
|
|
(19)%
|
% of revenue
|
(2
|
)%
|
|
(2
|
)%
|
|
|
||
Effective tax rate
|
37
|
%
|
|
32
|
%
|
|
|
|
Three Months Ended
|
|
% change
|
|||||
|
March 31, 2018
|
|
|
March 31, 2019
|
|
|
2018 vs 2019
|
|
|
|
|
|
|
|
|||
|
(in thousands,
except percentages)
|
|
|
|||||
Net income
|
$
|
21,090
|
|
|
21,401
|
|
|
1%
|
% of revenue
|
4
|
%
|
|
4
|
%
|
|
|
|
Three Months Ended
|
||||||
|
March 31,
2018 |
|
|
March 31,
2019 |
|
||
|
|
|
|
||||
|
(in thousands)
|
||||||
Cash from operating activities
|
$
|
84,527
|
|
|
$
|
67,220
|
|
Cash used in investing activities
|
$
|
(43,490
|
)
|
|
$
|
(29,041
|
)
|
Cash from (used for) financing activities
|
$
|
16,773
|
|
|
$
|
(191
|
)
|
|
Three Months Ended
|
||||||||||||||
|
March 31, 2018
|
|
March 31, 2019
|
||||||||||||
|
|
|
|
|
|
|
|
||||||||
|
(in thousands)
|
||||||||||||||
GBP/USD
|
+10%
|
|
|
-10%
|
|
|
+10%
|
|
|
-10%
|
|
||||
Net income impact
|
$
|
(212
|
)
|
|
$
|
212
|
|
|
$
|
(496
|
)
|
|
$
|
496
|
|
|
Three Months Ended
|
||||||||||||||
|
March 31, 2018
|
|
March 31, 2019
|
||||||||||||
|
|
|
|
|
|
|
|
||||||||
|
(in thousands)
|
||||||||||||||
BRL/USD
|
+10%
|
|
|
-10%
|
|
|
+10%
|
|
|
-10%
|
|
||||
Net income impact
|
$
|
15
|
|
|
$
|
(15
|
)
|
|
$
|
(97
|
)
|
|
$
|
97
|
|
|
Three Months Ended
|
||||||||||||||
|
March 31, 2018
|
|
March 31, 2019
|
||||||||||||
|
|
|
|
|
|
|
|
||||||||
|
(in thousands)
|
||||||||||||||
JPY/USD
|
+10%
|
|
|
-10%
|
|
|
+10%
|
|
|
-10%
|
|
||||
Net income impact
|
$
|
249
|
|
|
$
|
(249
|
)
|
|
$
|
443
|
|
|
$
|
(443
|
)
|
|
Three Months Ended
|
||||||||||||||
|
March 31, 2018
|
|
March 31, 2019
|
||||||||||||
|
|
|
|
|
|
|
|
||||||||
|
(in thousands)
|
||||||||||||||
EUR/USD
|
+10%
|
|
|
-10%
|
|
|
+10%
|
|
|
-10%
|
|
||||
Net income impact
|
$
|
2,864
|
|
|
$
|
(2,864
|
)
|
|
$
|
2,736
|
|
|
$
|
(2,736
|
)
|
|
|
|
|
Incorporated by Reference
|
||||||
Exhibit
|
|
Description
|
|
Schedule/ Form
|
|
File
Number
|
|
Exhibit
|
|
File
Date
|
31.1#
|
|
|
|
|
|
|
|
|
|
|
31.2#
|
|
|
|
|
|
|
|
|
|
|
32.1*
|
|
|
|
|
|
|
|
|
|
|
101.INS
|
|
XBRL Instance Document
|
|
|
|
|
|
|
|
|
101.SCH
|
|
XBRL Taxonomy Extension Schema Document
|
|
|
|
|
|
|
|
|
101.CAL
|
|
XBRL Taxonomy Extension Calculation Linkbase Document
|
|
|
|
|
|
|
|
|
101.DEF
|
|
XBRL Taxonomy Extension Definition Linkbase Document
|
|
|
|
|
|
|
|
|
101.LAB
|
|
XBRL Taxonomy Extension Labels Linkbase Document
|
|
|
|
|
|
|
|
|
101.PRE
|
|
XBRL Taxonomy Extension Presentation Linkbase Document
|
|
|
|
|
|
|
|
|
|
|
CRITEO S.A.
|
|
|
(Registrant)
|
|
|
|
|
By:
|
/s/ Benoit Fouilland
|
Date: May 9, 2019
|
Name:
|
Benoit Fouilland
|
|
Title:
|
Chief Financial Officer
|
|
|
(Principal financial officer and duly authorized signatory)
|
1 Year Criteo Chart |
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