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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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.62 | 1.67% | 37.77 | 37.20 | 39.00 | 38.39 | 36.7449 | 38.09 | 209,207 | 22:30:00 |
☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 |
☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 |
France |
Not Applicable
|
||||||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification Number) | ||||||||||
32 Rue Blanche | Paris | France | 75009 | ||||||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
American Depositary Shares, each representing one Ordinary Share,
nominal value €0.025 per share |
CRTO | Nasdaq Global Select Market | ||||||||||||
Ordinary Shares, nominal value €0.025 per share | * | Nasdaq Global Select Market | * |
Large Accelerated Filer | ☒ |
Accelerated Filer
|
☐
|
||||||||
Non-accelerated Filer | ☐ |
Smaller reporting company
|
☐
|
||||||||
Emerging growth company
|
☐ |
Notes | December 31, 2019 | September 30, 2020 | ||||||||||||
(in thousands) | ||||||||||||||
Assets | ||||||||||||||
Current assets: | ||||||||||||||
Cash and cash equivalents | 3 | $ | 418,763 | $ | 626,744 | |||||||||
Trade receivables, net of allowances of $16.1 million and $38.3 million at December 31, 2019 and September 30, 2020, respectively
|
4 | 481,732 | 335,583 | |||||||||||
Income taxes | 21,817 | 11,422 | ||||||||||||
Other taxes | 60,924 | 58,123 | ||||||||||||
Other current assets | 5 | 17,225 | 19,278 | |||||||||||
Total current assets | 1,000,461 | 1,051,150 | ||||||||||||
Property, plant and equipment, net | 194,161 | 195,679 | ||||||||||||
Intangible assets, net | 6 | 86,886 | 78,340 | |||||||||||
Goodwill | 6 | 317,100 | 319,595 | |||||||||||
Right of use assets - operating lease | 8 | 142,044 | 120,283 | |||||||||||
Marketable securities | 3 | — | 23,416 | |||||||||||
Non-current financial assets | 21,747 | 20,174 | ||||||||||||
Deferred tax assets | 27,985 | 34,731 | ||||||||||||
Total non-current assets | 789,923 | 792,218 | ||||||||||||
Total assets | $ | 1,790,384 | $ | 1,843,368 | ||||||||||
Liabilities and shareholders' equity | ||||||||||||||
Current liabilities: | ||||||||||||||
Trade payables | $ | 390,277 | $ | 293,480 | ||||||||||
Contingencies | 14 | 6,385 | 960 | |||||||||||
Income taxes | 3,422 | 276 | ||||||||||||
Financial liabilities - current portion | 3 | 3,636 | 167,033 | |||||||||||
Operating lease liabilities - current portion | 8 | 45,853 | 48,691 | |||||||||||
Other taxes | 50,099 | 45,998 | ||||||||||||
Employee - related payables | 74,781 | 68,709 | ||||||||||||
Other current liabilities | 7 | 35,886 | 43,299 | |||||||||||
Total current liabilities | 610,339 | 668,446 | ||||||||||||
Deferred tax liabilities | 9,272 | 8,439 | ||||||||||||
Retirement benefit obligation | 8,485 | 10,634 | ||||||||||||
Financial liabilities - non-current portion | 3 | 769 | 44 | |||||||||||
Operating lease liabilities - non-current portion | 8 | 117,988 | 90,560 | |||||||||||
Other non-current liabilities | 5,543 | 3,333 | ||||||||||||
Total non-current liabilities | 142,057 | 113,010 | ||||||||||||
Total liabilities | 752,396 | 781,456 | ||||||||||||
Commitments and contingencies | ||||||||||||||
Shareholders' equity: | ||||||||||||||
Common shares, €0.025 par value, 66,197,181 and 66,083,172 shares authorized, issued and outstanding at December 31, 2019 and September 30, 2020, respectively.
|
2,158 | 2,155 | ||||||||||||
Treasury stock, 3,903,673 and 5,989,258 shares at cost as of December 31, 2019 and September 30, 2020, respectively.
|
(74,900) | (92,450) | ||||||||||||
Additional paid-in capital | 668,389 | 685,841 | ||||||||||||
Accumulated other comprehensive loss | (40,105) | (19,658) | ||||||||||||
Retained earnings | 451,725 | 452,932 | ||||||||||||
Equity-attributable to shareholders of Criteo S.A. | 1,007,267 | 1,028,820 | ||||||||||||
Non-controlling interests | 30,721 | 33,092 | ||||||||||||
Total equity | 1,037,988 | 1,061,912 | ||||||||||||
Total equity and liabilities | $ | 1,790,384 | $ | 1,843,368 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||
Notes |
September 30,
2019 |
September 30,
2020 |
September 30,
2019 |
September 30,
2020 |
|||||||||||||||||||||||||
(in thousands, except share per data) | |||||||||||||||||||||||||||||
Revenue | 9 | $ | 522,606 | $ | 470,345 | $ | 1,608,876 | $ | 1,411,335 | ||||||||||||||||||||
Cost of revenue: | |||||||||||||||||||||||||||||
Traffic acquisition costs | (301,901) | (284,401) | (928,559) | (839,463) | |||||||||||||||||||||||||
Other cost of revenue | (31,101) | (34,608) | (86,205) | (102,328) | |||||||||||||||||||||||||
Gross profit | 189,604 | 151,336 | 594,112 | 469,544 | |||||||||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||||||||
Research and development expenses | (41,414) | (30,954) | (132,006) | (99,716) | |||||||||||||||||||||||||
Sales and operations expenses | (85,985) | (83,659) | (277,397) | (244,414) | |||||||||||||||||||||||||
General and administrative expenses | (32,835) | (28,672) | (102,372) | (83,772) | |||||||||||||||||||||||||
Total operating expenses | (160,234) | (143,285) | (511,775) | (427,902) | |||||||||||||||||||||||||
Income from operations | 29,370 | 8,051 | 82,337 | 41,642 | |||||||||||||||||||||||||
Financial expense | 11 | (900) | (491) | (4,228) | (1,828) | ||||||||||||||||||||||||
Income before taxes | 28,470 | 7,560 | 78,109 | 39,814 | |||||||||||||||||||||||||
Provision for income taxes | 12 | (7,913) | (2,267) | (23,614) | (11,943) | ||||||||||||||||||||||||
Net income | $ | 20,557 | $ | 5,293 | $ | 54,495 | $ | 27,871 | |||||||||||||||||||||
Net income available to shareholders of Criteo S.A. | $ | 18,778 | $ | 5,227 | $ | 48,721 | $ | 26,402 | |||||||||||||||||||||
Net income available to non-controlling interests | $ | 1,779 | $ | 66 | $ | 5,774 | $ | 1,469 | |||||||||||||||||||||
Net income allocated to shareholders of Criteo S.A. per share: | |||||||||||||||||||||||||||||
Basic | 13 | $ | 0.29 | $ | 0.09 | $ | 0.75 | $ | 0.43 | ||||||||||||||||||||
Diluted | 13 | $ | 0.28 | $ | 0.09 | $ | 0.74 | $ | 0.43 | ||||||||||||||||||||
Weighted average shares outstanding used in computing per share amounts: | |||||||||||||||||||||||||||||
Basic | 13 | 64,868,545 | 60,080,598 | 64,600,869 | 61,059,345 | ||||||||||||||||||||||||
Diluted | 13 | 66,067,045 | 61,027,795 | 65,916,219 | 61,644,827 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, 2019 | September 30, 2020 | September 30, 2019 | September 30, 2020 | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Net income | $ | 20,557 | $ | 5,293 | $ | 54,495 | $ | 27,871 | |||||||||||||||
Foreign currency translation differences, net of taxes | (24,202) | 25,660 | (25,096) | 21,312 | |||||||||||||||||||
Actuarial (losses) gains on employee benefits, net of taxes | (689) | (377) | (2,327) | — | |||||||||||||||||||
Other comprehensive income (loss) | $ | (24,891) | $ | 25,283 | $ | (27,423) | $ | 21,312 | |||||||||||||||
Total comprehensive income (loss) | $ | (4,334) | $ | 30,576 | $ | 27,072 | $ | 49,183 | |||||||||||||||
Attributable to shareholders of Criteo S.A. | $ | (6,015) | $ | 29,866 | $ | 20,827 | $ | 46,849 | |||||||||||||||
Attributable to non-controlling interests | $ | 1,681 | $ | 710 | $ | 6,245 | $ | 2,334 |
Share capital |
Treasury
Stock |
Additional paid-in capital | Accumulated Other Comprehensive Income (Loss) | 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, 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 | ||||||||||||||||||||||
Net income | — | — | — | — | — | — | 10,823 | 10,823 | 1,714 | 12,537 | ||||||||||||||||||||||
Other comprehensive income (loss) | — | — | — | — | — | 8,246 | — | 8,246 | 767 | 9,013 | ||||||||||||||||||||||
Issuance of ordinary shares | 19,012 | — | — | — | 252 | — | — | 252 | — | 252 | ||||||||||||||||||||||
Change in treasury stocks | — | — | 553,435 | 12,515 | — | — | (12,515) | — | — | — | ||||||||||||||||||||||
Share-Based Compensation | — | — | — | — | 11,254 | — | — | 11,254 | 108 | 11,362 | ||||||||||||||||||||||
Other changes in equity | — | — | — | — | (28) | 330 | (299) | 3 | — | 3 | ||||||||||||||||||||||
Balance at June 30, 2019 | 66,161,523 | $2,157 | (1,118,969) | $(26,564) | $652,572 | $(33,293) | $401,209 | $996,081 | $28,882 | $1,024,963 | ||||||||||||||||||||||
Net income | — | — | — | — | — | — | 18,778 | 18,778 | 1,779 | 20,557 | ||||||||||||||||||||||
Other comprehensive income (loss) | — | — | — | — | — | (24,793) | — | (24,793) | (98) | (24,891) | ||||||||||||||||||||||
Issuance of ordinary shares | 12,460 | — | — | — | 132 | — | — | 132 | — | 132 | ||||||||||||||||||||||
Change in treasury stocks | — | — | (688,282) | (12,210) | — | (296) | (5,393) | (17,899) | — | (17,899) | ||||||||||||||||||||||
Share-Based Compensation | — | — | — | — | 10,735 | — | — | 10,735 | 81 | 10,816 | ||||||||||||||||||||||
Effect of changes in consolidation scope | — | — | — | — | — | — | — | — | 727 | 727 | ||||||||||||||||||||||
Other changes in equity | — | — | — | — | — | — | — | — | — | — | ||||||||||||||||||||||
Balance at September, 2019 | 66,173,983 | $2,157 | (1,807,251) | $(38,774) | $663,439 | $(58,382) | $414,594 | $983,034 | $31,371 | $1,014,405 | ||||||||||||||||||||||
Share capital | Treasury Stock | Additional paid-in capital | Accumulated Other Comprehensive Income (Loss) | 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, 2019 | 66,197,181 | $2,158 | (3,903,673) | $(74,900) | $668,389 | $(40,105) | $451,725 | $1,007,267 | $30,721 | $1,037,988 | ||||||||||||||||||||||
Net income | — | — | — | — | — | — | 15,459 | 15,459 | 969 | 16,428 | ||||||||||||||||||||||
Other comprehensive income (loss) | — | — | — | — | — | (14,178) | — | (14,178) | (20) | (14,198) | ||||||||||||||||||||||
Issuance of ordinary shares | 5,700 | — | — | — | 39 | — | — | 39 | — | 39 | ||||||||||||||||||||||
Change in treasury stocks | — | — | (629,977) | (4,934) | — | — | (13,305) | (18,239) | — | (18,239) | ||||||||||||||||||||||
Share-Based Compensation | — | — | — | — | 8,082 | — | — | 8,082 | 49 | 8,131 | ||||||||||||||||||||||
Other changes in equity (*) | — | — | — | — | — | — | (3,399) | (3,399) | (142) | (3,541) | ||||||||||||||||||||||
Balance at March 31, 2020 | 66,202,881 | $2,158 | (4,533,650) | $(79,834) | $676,510 | $(54,283) | $450,480 | $995,031 | $31,577 | $1,026,608 | ||||||||||||||||||||||
Net income | — | — | — | — | — | — | 5,716 | 5,716 | 434 | 6,150 | ||||||||||||||||||||||
Other comprehensive income (loss) | — | — | — | — | — | 9,986 | — | 9,986 | 241 | 10,227 | ||||||||||||||||||||||
Issuance of ordinary shares | 2,000 | — | — | — | 13 | — | — | 13 | — | 13 | ||||||||||||||||||||||
Change in treasury stocks | — | — | (1,055,758) | (10,880) | — | — | (3,981) | (14,861) | — | (14,861) | ||||||||||||||||||||||
Share-Based Compensation | — | — | — | — | 6,765 | — | — | 6,765 | 39 | 6,804 | ||||||||||||||||||||||
Other changes in equity | — | — | — | — | — | — | 32 | 32 | 24 | 56 | ||||||||||||||||||||||
Balance at June 30, 2020 | 66,204,881 | $2,158 | (5,589,408) | $(90,714) | $683,288 | $(44,297) | $452,247 | $1,002,682 | $32,315 | $1,034,997 | ||||||||||||||||||||||
Net income | — | — | — | — | — | — | 5,227 | 5,227 | 66 | 5,293 | ||||||||||||||||||||||
Other comprehensive income (loss) | — | — | — | — | — | 24,639 | — | 24,639 | 644 | 25,283 | ||||||||||||||||||||||
Issuance of ordinary shares | 35,150 | — | — | — | 167 | — | — | 167 | — | 167 | ||||||||||||||||||||||
Change in treasury stocks | — | — | (399,850) | (5,636) | — | — | (4,851) | (10,487) | — | (10,487) | ||||||||||||||||||||||
Share-Based Compensation | — | — | — | — | 6,391 | — | — | 6,391 | 67 | 6,458 | ||||||||||||||||||||||
Other changes in equity (**) | (156,859) | (3) | — | 3,900 | (4,005) | — | 309 | 201 | — | 201 | ||||||||||||||||||||||
Balance at September 30, 2020 | 66,083,172 | $2,155 | (5,989,258) | $(92,450) | $685,841 | $(19,658) | $452,932 | $1,028,820 | $33,092 | $1,061,912 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||
September 30, 2019 | September 30, 2020 | September 30, 2019 | September 30, 2020 | ||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||
Net income | $ | 20,557 | $ | 5,293 | $ | 54,495 | $ | 27,871 | |||||||||||||||||||||
Non-cash and non-operating items | 18,776 | 39,831 | 72,735 | 105,742 | |||||||||||||||||||||||||
- Amortization and provisions | 19,455 | 24,680 | 57,381 | 79,631 | |||||||||||||||||||||||||
- Net gain or loss on disposal of non-current assets | — | 591 | — | 2,734 | |||||||||||||||||||||||||
- Equity awards compensation expense (1)
|
11,165 | 6,803 | 36,760 | 22,465 | |||||||||||||||||||||||||
- Change in deferred taxes | (2,710) | (80) | (1,374) | (7,697) | |||||||||||||||||||||||||
- Change in income taxes | (9,309) | 6,684 | (19,939) | 7,411 | |||||||||||||||||||||||||
- Other | 175 | 1,153 | (93) | 1,198 | |||||||||||||||||||||||||
Changes in working capital related to operating activities | 3,956 | 6,032 | 36,243 | 7,663 | |||||||||||||||||||||||||
- (Increase) / Decrease in trade receivables | 14,821 | (4,177) | 120,164 | 122,529 | |||||||||||||||||||||||||
- Increase / (Decrease) in trade payables | (4,415) | 8,494 | (77,895) | (95,303) | |||||||||||||||||||||||||
- (Increase) / Decrease in other current assets | 638 | (2,762) | 2,150 | 2,288 | |||||||||||||||||||||||||
- Increase/ (Decrease) in other current liabilities | (10,177) | 6,303 | (4,726) | (20,145) | |||||||||||||||||||||||||
- Change in operating lease liabilities and right of use assets | 3,089 | (1,826) | (3,450) | (1,706) | |||||||||||||||||||||||||
Cash from operating activities | 43,289 | 51,156 | 163,473 | 141,276 | |||||||||||||||||||||||||
Acquisition of intangible assets, property, plant and equipment | (27,239) | (16,308) | (69,343) | (57,037) | |||||||||||||||||||||||||
Change in accounts payable related to intangible assets, property, plant and equipment | 3,295 | 3,410 | (11,077) | 13,870 | |||||||||||||||||||||||||
(Payment for) Disposal of a business, net of cash acquired (disposed) | 106 | (3) | (4,582) | (3) | |||||||||||||||||||||||||
Change in other non-current financial assets | (165) | (280) | (1,349) | (20,629) | |||||||||||||||||||||||||
Cash used for investing activities | (24,003) | (13,181) | (86,351) | (63,799) | |||||||||||||||||||||||||
Proceeds from borrowings under line-of-credit agreement | — | 3,193 | — | 157,503 | |||||||||||||||||||||||||
Repayment of borrowings | (167) | (12) | (506) | (181) | |||||||||||||||||||||||||
Proceeds from capital increase | 725 | 117 | 638 | 101 | |||||||||||||||||||||||||
Repurchase of treasury stocks | (17,603) | (10,554) | (17,603) | (43,655) | |||||||||||||||||||||||||
Change in other financial liabilities | (928) | (1,083) | (1,167) | (2,010) | |||||||||||||||||||||||||
Cash (used for) from financing activities | (17,973) | (8,339) | (18,638) | 111,758 | |||||||||||||||||||||||||
Effect of exchange rates changes on cash and cash equivalents | (14,188) | 18,927 | (13,732) | 18,746 | |||||||||||||||||||||||||
Net increase (decrease) in cash and cash equivalents | (12,875) | 48,563 | 44,752 | 207,981 | |||||||||||||||||||||||||
Net cash and cash equivalents at beginning of period | 422,053 | 578,181 | 364,426 | 418,763 | |||||||||||||||||||||||||
Net cash and cash equivalents at end of period | $ | 409,178 | $ | 626,744 | $ | 409,178 | $ | 626,744 | |||||||||||||||||||||
Supplemental disclosures of cash flow information | |||||||||||||||||||||||||||||
Cash paid for taxes, net of refunds | (19,932) | 4,337 | (44,927) | (12,229) | |||||||||||||||||||||||||
Cash paid for interest | (337) | (153) | (1,095) | (819) |
Number of Treasury Shares |
Amount
(in thousands of dollars) |
||||||||||
Balance at January 1, 2020 | 3,903,673 | $ | 74,900 | ||||||||
Treasury Shares Repurchased for RSU Vesting | 3,358,068 | 43,655 | |||||||||
Treasury Shares Issued for RSU Vesting | (1,272,483) | (26,105) | |||||||||
Balance at September 30, 2020 | 5,989,258 | $ | 92,450 |
Nine Months Ended | |||||||||||
September 30, 2020 | |||||||||||
(in thousands) | |||||||||||
Restructuring liability - January 1, 2020 | $ | 5,581 | |||||||||
Restructuring costs | 560 | ||||||||||
Restructuring costs - non cash items | — | ||||||||||
Amount paid | (5,108) | ||||||||||
Restructuring liability - September 30, 2020 | 1,033 |
Nine Months Ended | |||||||||||
September 30, 2020 | |||||||||||
(in thousands) | |||||||||||
Restructuring liability - January 1, 2020 | $ | 510 | |||||||||
Restructuring costs | 3,932 | ||||||||||
Amount paid | (2,159) | ||||||||||
Restructuring liability - September 30, 2020 | 2,283 |
December 31, 2019 | September 30, 2020 | ||||||||||
(in thousands) | |||||||||||
Trade receivables, net of allowance | 481,732 | 335,583 | |||||||||
Other taxes | 60,924 | 58,123 | |||||||||
Other current assets | 17,225 | 19,278 | |||||||||
Non-current financial assets | 21,747 | 20,174 | |||||||||
Marketable Securities | — | 23,416 | |||||||||
Total | $ | 581,628 | $ | 456,574 |
December 31, 2019 | September 30, 2020 | ||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Trade payables | $ | 390,277 | $ | 293,480 | |||||||||||||||||||
Other taxes | 50,099 | 45,998 | |||||||||||||||||||||
Employee-related payables | 74,781 | 68,709 | |||||||||||||||||||||
Other current liabilities | 35,886 | 43,299 | |||||||||||||||||||||
Financial liabilities | 4,405 | 167,077 | |||||||||||||||||||||
Total | $ | 555,448 | $ | 618,563 |
December 31, 2019 | September 30, 2020 | ||||||||||
Derivative Liabilities: | |||||||||||
Included in financial liabilities - current portion | $ | 1,284 | $ | 59 |
December 31, 2019 | September 30, 2020 | ||||||||||
(in thousands) | |||||||||||
Cash equivalents | $ | 189,119 | $ | 201,240 | |||||||
Cash on hand | 229,644 | 425,504 | |||||||||
Total cash and cash equivalents | $ | 418,763 | $ | 626,744 |
December 31, 2019 | September 30, 2020 | ||||||||||
(in thousands) | |||||||||||
Term Deposits | $ | — | $ | 23,416 | |||||||
Marketable Securities | — | $ | 23,416 |
September 30, 2020 | |||||
(in thousands) | |||||
Due in one year | $ | — | |||
Due in one to five years | $ | 23,416 | |||
Total | $ | 23,416 |
December 31, 2019 | September 30, 2020 | ||||||||||
(in thousands) | |||||||||||
Trade accounts receivables | $ | 497,800 | $ | 373,860 | |||||||
(Less) Allowance for credit losses | (16,068) | (38,277) | |||||||||
Net book value at end of period | $ | 481,732 | $ | 335,583 |
2019 | 2020 | ||||||||||
(in thousands) | |||||||||||
Balance at January 1 | $ | (25,918) | $ | (16,068) | |||||||
Allowance for credit losses through retained earnings (*) | — | (3,503) | |||||||||
Allowance for credit losses | (6,042) | (26,465) | |||||||||
Reversal of provision | 12,318 | 7,944 | |||||||||
Currency translation adjustment | 96 | (185) | |||||||||
Balance at September 30 | $ | (19,546) | $ | (38,277) |
December 31, 2019 | September 30, 2020 | ||||||||||
(in thousands) | |||||||||||
Prepayments to suppliers | $ | 5,109 | $ | 5,168 | |||||||
Other debtors | 4,225 | 4,538 | |||||||||
Prepaid expenses | 7,891 | 9,572 | |||||||||
Gross book value at end of period | 17,225 | 19,278 | |||||||||
Net book value at end of period | $ | 17,225 | $ | 19,278 |
Software | Technology and customer relationships | Total | |||||||||||||||
(in thousands) | |||||||||||||||||
From October 1 to December 31, 2020 | $ | 4,307 | $ | 2,892 | $ | 7,199 | |||||||||||
2021 | 10,161 | 11,566 | 21,727 | ||||||||||||||
2022 | 7,398 | 11,566 | 18,964 | ||||||||||||||
2023 | 2,692 | 11,046 | 13,738 | ||||||||||||||
2024 | 732 | 8,700 | 9,432 | ||||||||||||||
Thereafter | 67 | 7,213 | 7,280 | ||||||||||||||
Total | $ | 25,357 | $ | 52,983 | $ | 78,340 |
December 31, 2019 | September 30, 2020 | ||||||||||
(in thousands) | |||||||||||
Clients' prepayments | $ | 13,618 | $ | 11,609 | |||||||
Credit notes | 16,420 | 12,314 | |||||||||
Accounts payable relating to capital expenditures | 4,408 | 17,352 | |||||||||
Other creditors | 1,213 | 1,645 | |||||||||
Deferred revenue | 227 | 379 | |||||||||
Total | $ | 35,886 | $ | 43,299 |
Three Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2019 | September 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Offices | Data Centers | Total | Offices | Data Centers | Total | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lease expense | $ | 8,515 | $ | 6,086 | $ | 14,601 | $ | 6,969 | $ | 7,199 | $ | 14,168 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Short term lease expense | 496 | 518 | 1,014 | 115 | — | 115 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Variable lease expense | 406 | 605 | 1,011 | 307 | 22 | 329 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Sublease income | (769) | — | (769) | (338) | — | (338) | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Total operating lease expense | $ | 8,648 | $ | 7,209 | $ | 15,857 | $ | 7,053 | $ | 7,221 | $ | 14,274 |
Nine Months Ended | ||||||||||||||||||||||||||||||||
September 30, 2019 | September 30, 2020 | |||||||||||||||||||||||||||||||
Offices | Data Centers | Total | Offices | Data Centers | Total | |||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
Lease expense | $ | 27,077 | $ | 17,427 | $ | 44,504 | $ | 20,770 | $ | 20,519 | $ | 41,289 | ||||||||||||||||||||
Short term lease expense | 1,944 | 1,573 | 3,517 | 332 | — | 332 | ||||||||||||||||||||||||||
Variable lease expense | 458 | 958 | 1,416 | 320 | 110 | 430 | ||||||||||||||||||||||||||
Sublease income | (2,538) | — | (2,538) | (514) | — | (514) | ||||||||||||||||||||||||||
Total operating lease expense | $ | 26,941 | $ | 19,958 | $ | 46,899 | $ | 20,908 | $ | 20,629 | $ | 41,537 |
September 30, 2020 | |||||||||||||||||
Offices | Data Centers | Total | |||||||||||||||
(in thousands) | |||||||||||||||||
Remainder of 2020 | $ | 7,281 | $ | 6,369 | $ | 13,650 | |||||||||||
2021 | 28,738 | 20,914 | 49,652 | ||||||||||||||
2022 | 27,271 | 10,809 | 38,080 | ||||||||||||||
2023 | 17,463 | 4,411 | 21,874 | ||||||||||||||
2024 | 8,220 | 2,258 | 10,478 | ||||||||||||||
Thereafter | 9,556 | 378 | 9,934 | ||||||||||||||
Total minimum lease payments | 98,529 | 45,139 | 143,668 | ||||||||||||||
Impact of Discount Rate | (2,876) | (1,542) | (4,418) | ||||||||||||||
Total Lease Liability | $ | 95,653 | $ | 43,597 | $ | 139,250 |
September 30, 2019 | September 30, 2020 | |||||||
Weighted average remaining lease term (years) | ||||||||
Offices | 4.98 | 3.78 | ||||||
Data Centers | 2.64 | 2.46 | ||||||
Weighted average discount rate | ||||||||
Offices | 2.65 | % | 1.99 | % | ||||
Data Centers | 1.82 | % | 1.62 | % |
Three Months Ended | ||||||||||||||
September 30, 2019 | September 30, 2020 | |||||||||||||
(in thousands) | ||||||||||||||
Cash paid for amounts included in the measurement of lease liabilities | ||||||||||||||
Cash flow for operating activities | $ | (12,885) | $ | (20,070) | ||||||||||
Right of use assets obtained in exchange for new operating lease liabilities | $ | 4,194 | $ | 9,792 |
Nine Months Ended | ||||||||||||||
September 30, 2019 | September 30, 2020 | |||||||||||||
(in thousands) | ||||||||||||||
Cash paid for amounts included in the measurement of lease liabilities | ||||||||||||||
Cash flow for operating activities | $ | (40,816) | $ | (46,851) | ||||||||||
Right of use assets obtained in exchange for new operating lease liabilities | $ | 15,714 | $ | 9,792 |
Offices | Data Centers | |||||||||||||
(in thousands) | ||||||||||||||
Additional operating lease liabilities | $ | — | $ | 8,015 | ||||||||||
Additional right of use assets | $ | — | $ | 8,015 |
Americas | EMEA | Asia-Pacific | Total | ||||||||||||||||||||
For the three months ended | (in thousands) | ||||||||||||||||||||||
September 30, 2019 | $ | 213,937 | $ | 185,556 | $ | 123,113 | $ | 522,606 | |||||||||||||||
September 30, 2020 | $ | 204,618 | $ | 167,800 | $ | 97,927 | $ | 470,345 |
Americas | EMEA | Asia-Pacific | Total | ||||||||||||||||||||
For the nine months ended | (in thousands) | ||||||||||||||||||||||
September 30, 2019 | $ | 645,904 | $ | 589,558 | $ | 373,414 | $ | 1,608,876 | |||||||||||||||
September 30, 2020 | $ | 582,037 | $ | 517,535 | $ | 311,763 | $ | 1,411,335 |
OSA/BSPCE | RSU/PSU | BSA | Total | ||||||||||||||||||||
Balance at January 1, 2020 | 2,559,534 | 4,978,986 | 363,767 | 7,902,287 | |||||||||||||||||||
Granted | 140,513 | 1,869,415 | — | 2,009,928 | |||||||||||||||||||
Exercised (OSA/BSPCE/BSA) | (35,600) | — | (7,250) | (42,850) | |||||||||||||||||||
Vested (RSU) | (1,130,171) | — | (1,130,171) | ||||||||||||||||||||
Forfeited | (331,724) | (809,281) | (12,742) | (1,153,747) | |||||||||||||||||||
Expired | (3,600) | — | — | (3,600) | |||||||||||||||||||
Balance at September 30, 2020 | 2,329,123 | 4,908,949 | 343,775 | 7,581,847 |
OSA/BSPCE | RSU | BSA | |||||||||||||||
Number outstanding | 2,329,123 | 4,908,949 | 343,775 | ||||||||||||||
Weighted-average exercise price | € | 21.89 | NA | € | 15.12 | ||||||||||||
Number vested | 1,733,069 | — | 168,756 | ||||||||||||||
Weighted-average exercise price | € | 24.53 | NA | € | 17.58 | ||||||||||||
Weighted-average remaining contractual life of options outstanding, in years | 5.55 | NA | 7.04 |
Three Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2019 | September 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
R&D | S&O | G&A | Total | R&D | S&O | G&A | Total | ||||||||||||||||||||||||||||||||||||||||
RSUs | $ | (3,190) | $ | (3,741) | $ | (3,360) | $ | (10,291) | $ | (3,333) | $ | (2,957) | $ | (595) | $ | (6,885) | |||||||||||||||||||||||||||||||
Share options / BSPCE | (22) | (68) | (435) | (525) | — | (233) | 661 | 428 | |||||||||||||||||||||||||||||||||||||||
Total share-based compensation | (3,212) | (3,809) | (3,795) | (10,816) | (3,333) | (3,190) | 66 | (6,457) | |||||||||||||||||||||||||||||||||||||||
BSAs | — | — | (349) | (349) | — | — | (346) | (346) | |||||||||||||||||||||||||||||||||||||||
Total equity awards compensation expense | $ | (3,212) | $ | (3,809) | $ | (4,144) | $ | (11,165) | $ | (3,333) | $ | (3,190) | $ | (280) | $ | (6,803) |
Nine Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||
September 30, 2019 | September 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
R&D | S&O | G&A | Total | R&D | S&O | G&A | Total | ||||||||||||||||||||||||||||||||||||||||
RSUs | $ | (10,988) | $ | (14,365) | $ | (9,372) | $ | (34,725) | $ | (7,771) | $ | (8,092) | $ | (5,168) | $ | (21,031) | |||||||||||||||||||||||||||||||
Share options / BSPCE | 423 | 463 | (1,861) | (975) | (288) | (73) | (361) | ||||||||||||||||||||||||||||||||||||||||
Total share-based compensation | (10,565) | (13,902) | (11,233) | (35,700) | (7,771) | (8,380) | (5,241) | (21,392) | |||||||||||||||||||||||||||||||||||||||
BSAs | — | — | (1,060) | (1,060) | — | — | (1,073) | (1,073) | |||||||||||||||||||||||||||||||||||||||
Total equity awards compensation expense | $ | (10,565) | $ | (13,902) | $ | (12,293) | $ | (36,760) | $ | (7,771) | $ | (8,380) | $ | (6,314) | $ | (22,465) | |||||||||||||||||||||||||||||||
Three Months Ended | |||||||||||
September 30,
2019 |
September 30,
2020 |
||||||||||
(in thousands) | |||||||||||
Financial income from cash equivalents | $ | 442 | $ | 108 | |||||||
Interest and fees | (454) | (677) | |||||||||
Interest on debt | (421) | (437) | |||||||||
Fees | (33) | (240) | |||||||||
Foreign exchange gain (loss) | (869) | 107 | |||||||||
Other financial expense | (19) | (29) | |||||||||
Total financial expense | $ | (900) | $ | (491) |
Nine Months Ended | |||||||||||
September 30,
2019 |
September 30,
2020 |
||||||||||
(in thousands) | |||||||||||
Financial income from cash equivalents | $ | 1,227 | $ | 551 | |||||||
Interest and fees | (1,458) | (1,920) | |||||||||
Interest on debt | (1,294) | (1,455) | |||||||||
Fees | (164) | (465) | |||||||||
Foreign exchange gain (loss) | (3,556) | (389) | |||||||||
Other financial expense | (441) | (70) | |||||||||
Total financial expense | $ | (4,228) | $ | (1,828) |
Nine Months Ended | |||||||||||
September 30,
2019 |
September 30,
2020 |
||||||||||
(in thousands) | |||||||||||
Current income tax | $ | (24,988) | $ | (19,640) | |||||||
Net change in deferred taxes | 1,374 | 7,697 | |||||||||
Provision for income taxes | $ | (23,614) | $ | (11,943) |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, 2019 | September 30, 2020 | September 30, 2019 | September 30, 2020 | ||||||||||||||||||||
Net income attributable to shareholders of Criteo S.A. | $ | 18,778 | $ | 5,227 | $ | 48,721 | $ | 26,402 | |||||||||||||||
Weighted average number of shares outstanding | 64,868,545 | 60,080,598 | 64,600,869 | 61,059,345 | |||||||||||||||||||
Basic earnings per share | $ | 0.29 | $ | 0.09 | $ | 0.75 | $ | 0.43 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, 2019 | September 30, 2020 |
September 30,
2019 |
September 30,
2020 |
||||||||||||||||||||
Net income attributable to shareholders of Criteo S.A. | $ | 18,778 | $ | 5,227 | $ | 48,721 | $ | 26,402 | |||||||||||||||
Weighted average number of shares outstanding of Criteo S.A. | 64,868,545 | 60,080,598 | 64,600,869 | 61,059,345 | |||||||||||||||||||
Dilutive effect of : | |||||||||||||||||||||||
Restricted share awards ("RSUs") | 907,412 | 811,136 | 987,586 | 440,835 | |||||||||||||||||||
Share options and BSPCE | 261,324 | 128,291 | 290,756 | 133,865 | |||||||||||||||||||
Share warrants | 29,764 | 7,770 | 37,008 | 10,782 | |||||||||||||||||||
Weighted average number of shares outstanding used to determine diluted earnings per share | 66,067,045 | 61,027,795 | 65,916,219 | 61,644,827 | |||||||||||||||||||
Diluted earnings per share | $ | 0.28 | $ | 0.09 | $ | 0.74 | $ | 0.43 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, 2019 | September 30, 2020 | September 30, 2019 | September 30, 2020 | ||||||||||||||||||||
Restricted share awards | 2,218,465 | 428,949 | 1,335,496 | 2,284,562 | |||||||||||||||||||
Share options and BSPCE | 62,880 | 140,513 | 43,725 | 93,675 | |||||||||||||||||||
Weighted average number of anti-dilutive securities excluded from diluted earnings per share | 2,281,345 | 569,462 | 1,379,221 | 2,378,237 |
Provision for employee-related litigation | Other provisions | Total | |||||||||||||||
(in thousands) | |||||||||||||||||
Balance at January 1, 2020 | $ | 620 | $ | 5,765 | $ | 6,385 | |||||||||||
Increase | 228 | — | 228 | ||||||||||||||
Provision used | (5) | (823) | (828) | ||||||||||||||
Provision released not used* | — | (2,116) | (2,116) | ||||||||||||||
Currency translation adjustments | 32 | (112) | (80) | ||||||||||||||
Other** | $ | — | (2,629) | (2,629) | |||||||||||||
Balance at September 30, 2020 | $ | 875 | $ | 85 | $ | 960 | |||||||||||
- of which current | 875 | 85 | 960 |
Americas | EMEA | Asia-Pacific | Total | ||||||||||||||||||||
For the three months ended: | (in thousands) | ||||||||||||||||||||||
September 30, 2019 | $ | 213,937 | $ | 185,556 | $ | 123,113 | $ | 522,606 | |||||||||||||||
September 30, 2020 | $ | 204,618 | $ | 167,800 | $ | 97,927 | $ | 470,345 |
Americas | EMEA | Asia-Pacific | Total | ||||||||||||||||||||
For the nine months ended: | (in thousands) | ||||||||||||||||||||||
September 30, 2019 | $ | 645,904 | $ | 589,558 | $ | 373,414 | $ | 1,608,876 | |||||||||||||||
September 30, 2020 | $ | 582,037 | $ | 517,535 | $ | 311,763 | $ | 1,411,335 |
Three Months Ended | Nine Months Ended | |||||||||||||||||||
September 30,
2019 |
September 30,
2020 |
September 30,
2019 |
September 30,
2020 |
|||||||||||||||||
(in thousands) | ||||||||||||||||||||
Americas | ||||||||||||||||||||
United States | $ | 192,954 | $ | 185,547 | $ | 581,560 | $ | 528,453 | ||||||||||||
EMEA | ||||||||||||||||||||
Germany | $ | 45,972 | $ | 39,246 | $ | 146,565 | $ | 129,485 | ||||||||||||
United Kingdom | $ | 19,337 | $ | 21,597 | $ | 62,285 | $ | 63,274 | ||||||||||||
Asia-Pacific | ||||||||||||||||||||
Japan | $ | 83,174 | $ | 68,459 | $ | 285,605 | $ | 220,878 |
Of which | Of which | ||||||||||||||||||||||||||||||||||||||||||||||
Holding | Americas | United States | EMEA | Asia-Pacific | Japan | Singapore | Total | ||||||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2019 | $ | 136,621 | $ | 104,389 | $ | 100,107 | $ | 20,336 | $ | 19,701 | $ | 9,617 | $ | 5,970 | $ | 281,047 | |||||||||||||||||||||||||||||||
September 30, 2020 | $ | 137,004 | $ | 96,312 | $ | 96,123 | $ | 8,408 | $ | 32,295 | $ | 20,389 | $ | 7,952 | $ | 274,019 |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||
September 30, 2019 | September 30, 2020 | September 30, 2019 | September 30, 2020 | |||||||||||||||||||||||
(in thousands, except share and per share data) | ||||||||||||||||||||||||||
Revenue | $ | 522,606 | $ | 470,345 | $ | 1,608,876 | $ | 1,411,335 | ||||||||||||||||||
Cost of revenue (2)
|
||||||||||||||||||||||||||
Traffic acquisition costs | (301,901) | (284,401) | (928,559) | (839,463) | ||||||||||||||||||||||
Other cost of revenue | (31,101) | (34,608) | (86,205) | (102,328) | ||||||||||||||||||||||
Gross profit | 189,604 | 151,336 | 594,112 | 469,544 | ||||||||||||||||||||||
Operating expenses | ||||||||||||||||||||||||||
Research and development expenses (2)
|
(41,414) | (30,954) | (132,006) | (99,716) | ||||||||||||||||||||||
Sales and operations expenses (2)
|
(85,985) | (83,659) | (277,397) | (244,414) | ||||||||||||||||||||||
General and administrative expenses (2)
|
(32,835) | (28,672) | (102,372) | (83,772) | ||||||||||||||||||||||
Total operating expenses | (160,234) | (143,285) | (511,775) | (427,902) | ||||||||||||||||||||||
Income from operations | 29,370 | 8,051 | 82,337 | 41,642 | ||||||||||||||||||||||
Financial expense | (900) | (491) | (4,228) | (1,828) | ||||||||||||||||||||||
Income before taxes | 28,470 | 7,560 | 78,109 | 39,814 | ||||||||||||||||||||||
Provision for income taxes | (7,913) | (2,267) | (23,614) | (11,943) | ||||||||||||||||||||||
Net income | $ | 20,557 | $ | 5,293 | $ | 54,495 | $ | 27,871 | ||||||||||||||||||
Net income available to shareholders of Criteo S.A. (1)
|
$ | 18,778 | $ | 5,227 | $ | 48,721 | $ | 26,402 | ||||||||||||||||||
Net income available to shareholders of Criteo S.A. per share: | ||||||||||||||||||||||||||
Basic | $ | 0.29 | $ | 0.09 | $ | 0.75 | $ | 0.43 | ||||||||||||||||||
Diluted | $ | 0.28 | $ | 0.09 | $ | 0.74 | $ | 0.43 | ||||||||||||||||||
Weighted average shares outstanding used in computing per share amounts: | ||||||||||||||||||||||||||
Basic | 64,868,545 | 60,080,598 | 64,600,869 | 61,059,345 | ||||||||||||||||||||||
Diluted | 66,067,045 | 61,027,795 | 65,916,219 | 61,644,827 |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||
September 30, 2019 | September 30, 2020 | September 30, 2019 | September 30, 2020 | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
Equity awards compensation expense | ||||||||||||||||||||||||||
Research and development expenses | $ | 3,230 | $ | 3,333 | $ | 11,458 | $ | 7,771 | ||||||||||||||||||
Sales and operations expenses | 4,398 | 3,190 | 16,292 | 8,380 | ||||||||||||||||||||||
General and administrative expenses | 4,142 | 280 | 12,293 | 6,314 | ||||||||||||||||||||||
Total equity awards compensation expense | $ | 11,770 | $ | 6,803 | $ | 40,043 | $ | 22,465 | ||||||||||||||||||
Pension service costs | ||||||||||||||||||||||||||
Research and development expenses | 188 | 286 | 572 | 824 | ||||||||||||||||||||||
Sales and operations expenses | 71 | 101 | 214 | 291 | ||||||||||||||||||||||
General and administrative expenses | 129 | 185 | 387 | 534 | ||||||||||||||||||||||
Total pension service costs (a)
|
$ | 388 | $ | 572 | $ | 1,173 | $ | 1,649 | ||||||||||||||||||
Depreciation and amortization expense | ||||||||||||||||||||||||||
Cost of revenue | 12,193 | 14,712 | 32,175 | 40,581 | ||||||||||||||||||||||
Research and development expenses (b)
|
4,249 | 1,721 | 11,260 | 9,029 | ||||||||||||||||||||||
Sales and operations expenses (c)
|
4,178 | 4,176 | 14,151 | 12,737 | ||||||||||||||||||||||
General and administrative expenses | 1,768 | 1,143 | 5,413 | 3,751 | ||||||||||||||||||||||
Total depreciation and amortization expense | $ | 22,388 | $ | 21,752 | $ | 62,999 | $ | 66,098 | ||||||||||||||||||
Acquisition-related costs | ||||||||||||||||||||||||||
General and administrative expenses | 112 | 112 | ||||||||||||||||||||||||
Total acquisition-related costs | $ | — | $ | 112 | $ | — | $ | 112 | ||||||||||||||||||
Restructuring related and transformation costs (1)
|
||||||||||||||||||||||||||
Research and development expenses | 172 | 1,985 | 296 | 3,493 | ||||||||||||||||||||||
Sales and operations expenses | 131 | 5,357 | 2,196 | 6,793 | ||||||||||||||||||||||
General and administrative expenses | — | 4,839 | 429 | 5,320 | ||||||||||||||||||||||
Total Restructuring related and transformation costs (1)
|
$ | 303 | $ | 12,181 | $ | 2,921 | $ | 15,606 | ||||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||
September 30, 2019 | September 30, 2020 | September 30, 2019 | September 30, 2020 | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
(Gain) from forfeitures of share-based compensation awards | (606) | — | (3,284) | — | ||||||||||||||||||||||
Depreciation and amortization expense | — | — | 1,228 | — | ||||||||||||||||||||||
Facilities and impairment related costs | — | 7,023 | 1,647 | 8,817 | ||||||||||||||||||||||
Payroll related costs | 909 | 2,858 | 3,330 | 4,489 | ||||||||||||||||||||||
Consulting costs related to transformation | — | 2,300 | — | 2,300 | ||||||||||||||||||||||
Total restructuring related and transformation costs | 303 | 12,181 | 2,921 | 15,606 |
December 31, 2019 | September 30, 2020 | ||||||||||
(in thousands) | |||||||||||
Cash and cash equivalents | $ | 418,763 | $ | 626,744 | |||||||
Total assets | 1,790,384 | 1,843,368 | |||||||||
Trade receivables, net of credit losses
|
481,732 | 335,583 | |||||||||
Total financial liabilities | 4,405 | 167,077 | |||||||||
Total liabilities | 752,396 | 781,456 | |||||||||
Total equity | $ | 1,037,988 | $ | 1,061,912 |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||
September 30,
2019 |
September 30,
2020 |
September 30, 2019 | September 30, 2020 | |||||||||||||||||||||||
(in thousands, except client data) | ||||||||||||||||||||||||||
Number of clients | 19,971 | 20,565 | 19,971 | 20,565 | ||||||||||||||||||||||
Revenue ex-TAC (3)
|
$ | 220,705 | $ | 185,944 | $ | 680,317 | $ | 571,872 | ||||||||||||||||||
Adjusted Net Income (4)
|
$ | 35,446 | $ | 24,302 | $ | 105,881 | $ | 73,037 | ||||||||||||||||||
Adjusted EBITDA (5)
|
$ | 64,219 | $ | 49,471 | $ | 189,473 | $ | 147,572 |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||
September 30,
2019 |
September 30,
2020 |
September 30, 2019 | September 30, 2020 | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
Revenue | $ | 522,606 | $ | 470,345 | $ | 1,608,876 | $ | 1,411,335 | ||||||||||||||||||
Adjustment: | ||||||||||||||||||||||||||
Traffic acquisition costs | (301,901) | (284,401) | (928,559) | (839,463) | ||||||||||||||||||||||
Revenue ex-TAC | $ | 220,705 | $ | 185,944 | $ | 680,317 | $ | 571,872 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, 2019 | September 30, 2020 | September 30, 2019 | September 30, 2020 | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Net income | $ | 20,557 | $ | 5,293 | $ | 54,495 | $ | 27,871 | |||||||||||||||
Adjustments: | |||||||||||||||||||||||
Equity awards compensation expense | 11,770 | 6,803 | 40,043 | 22,465 | |||||||||||||||||||
Amortization of acquisition-related intangible assets | 5,456 | 2,899 | 16,393 | 12,594 | |||||||||||||||||||
Acquisition-related costs | — | 112 | — | 112 | |||||||||||||||||||
Restructuring related and transformation costs (1)
|
303 | 12,181 | 2,921 | 15,606 | |||||||||||||||||||
Tax impact of the above adjustments | (2,640) | (2,986) | (7,971) | (5,611) | |||||||||||||||||||
Adjusted Net Income | $ | 35,446 | $ | 24,302 | $ | 105,881 | $ | 73,037 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, 2019 | September 30, 2020 | September 30, 2019 | September 30, 2020 | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
(Gain) from forfeitures of share-based compensation awards | (606) | — | (3,284) | — | |||||||||||||||||||
Depreciation and amortization expense | — | — | 1,228 | — | |||||||||||||||||||
Facilities and impairment related costs | — | 7,023 | 1,647 | 8,817 | |||||||||||||||||||
Payroll related costs | 909 | 2,858 | 3,330 | 4,489 | |||||||||||||||||||
Consulting costs related to transformation | — | 2,300 | — | 2,300 | |||||||||||||||||||
Total restructuring related and transformation costs | 303 | 12,181 | 2,921 | 15,606 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, 2019 | September 30, 2020 | September 30, 2019 | September 30, 2020 | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Net income | $ | 20,557 | $ | 5,293 | $ | 54,495 | $ | 27,871 | |||||||||||||||
Adjustments: | |||||||||||||||||||||||
Financial expense | 900 | 491 | 4,228 | 1,828 | |||||||||||||||||||
Provision for income taxes | 7,913 | 2,267 | 23,614 | 11,943 | |||||||||||||||||||
Equity awards compensation expense | 11,770 | 6,803 | 40,043 | 22,465 | |||||||||||||||||||
Pension service costs | 388 | 572 | 1,173 | 1,649 | |||||||||||||||||||
Depreciation and amortization expense | 22,388 | 21,752 | 62,999 | 66,098 | |||||||||||||||||||
Acquisition-related costs | — | 112 | — | 112 | |||||||||||||||||||
Restructuring related and transformation costs (1)
|
303 | 12,181 | 2,921 | 15,606 | |||||||||||||||||||
Total net adjustments | 43,662 | 44,178 | 134,978 | 119,701 | |||||||||||||||||||
Adjusted EBITDA | $ | 64,219 | $ | 49,471 | $ | 189,473 | $ | 147,572 |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, 2019 | September 30, 2020 | September 30, 2019 | September 30, 2020 | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
(Gain) from forfeitures of share-based compensation awards | (606) | — | (3,284) | — | |||||||||||||||||||
Depreciation and amortization expense | — | — | 1,228 | — | |||||||||||||||||||
Facilities and impairment related costs | — | 7,023 | 1,647 | 8,817 | |||||||||||||||||||
Payroll related costs | 909 | 2,858 | 3,330 | 4,489 | |||||||||||||||||||
Consulting costs related to transformation | — | 2,300 | — | 2,300 | |||||||||||||||||||
Total restructuring related and transformation costs | 303 | 12,181 | 2,921 | 15,606 |
Three Months Ended | |||||||||||||||||
September 30,
2019 |
September 30,
2020 |
2019 vs 2020 | |||||||||||||||
(in thousands) | |||||||||||||||||
Revenue as reported | $ | 522,606 | $ | 470,345 | (10) | % | |||||||||||
Conversion impact U.S. dollar/other currencies | (3,800) | ||||||||||||||||
Revenue at constant currency (1)
|
522,606 | 466,545 | (11) | % | |||||||||||||
Americas | |||||||||||||||||
Revenue as reported | 213,937 | 204,618 | (4) | % | |||||||||||||
Conversion impact U.S. dollar/other currencies | 3,631 | ||||||||||||||||
Revenue at constant currency (1)
|
213,937 | 208,249 | (3) | % | |||||||||||||
EMEA | |||||||||||||||||
Revenue as reported | 185,556 | 167,800 | (10) | % | |||||||||||||
Conversion impact U.S. dollar/other currencies | (6,365) | ||||||||||||||||
Revenue at constant currency (1)
|
185,556 | 161,435 | (13) | % | |||||||||||||
Asia-Pacific | |||||||||||||||||
Revenue as reported | 123,113 | 97,927 | (20) | % | |||||||||||||
Conversion impact U.S. dollar/other currencies | (1,066) | ||||||||||||||||
Revenue at constant currency(1)
|
$ | 123,113 | $ | 96,861 | (21) | % |
Nine Months Ended | |||||||||||||||||
September 30,
2019 |
September 30,
2020 |
2019 vs 2020 | |||||||||||||||
(in thousands) | |||||||||||||||||
Revenue as reported | $ | 1,608,876 | $ | 1,411,335 | (12) | % | |||||||||||
Conversion impact U.S. dollar/other currencies | 11,732 | ||||||||||||||||
Revenue at constant currency (1) | 1,608,876 | 1,423,067 | (12) | % | |||||||||||||
Americas | |||||||||||||||||
Revenue as reported | 645,904 | 582,037 | (10) | % | |||||||||||||
Conversion impact U.S. dollar/other currencies | 8,727 | ||||||||||||||||
Revenue at constant currency (1) | 645,904 | 590,764 | (9) | % | |||||||||||||
EMEA | |||||||||||||||||
Revenue as reported | 589,558 | 517,535 | (12) | % | |||||||||||||
Conversion impact U.S. dollar/other currencies | 3,855 | ||||||||||||||||
Revenue at constant currency (1) | 589,558 | 521,390 | (12) | % | |||||||||||||
Asia-Pacific | |||||||||||||||||
Revenue as reported | 373,414 | 311,763 | (17) | % | |||||||||||||
Conversion impact U.S. dollar/other currencies | (850) | ||||||||||||||||
Revenue at constant currency(1) | $ | 373,414 | $ | 310,913 | (17) | % |
Three Months Ended | % change | |||||||||||||||||||
September 30,
2019 |
September 30,
2020 |
2019 vs 2020 | ||||||||||||||||||
(in thousands,
except percentages) |
||||||||||||||||||||
Traffic acquisition costs | $ | (301,901) | $ | (284,401) | (6)% | |||||||||||||||
Other cost of revenue | $ | (31,101) | $ | (34,608) | 11% | |||||||||||||||
Total Cost of Revenue | $ | (333,002) | $ | (319,009) | (4)% | |||||||||||||||
% of revenue | (64) | % | (68) | % | ||||||||||||||||
Gross profit % | 36 | % | 32 | % |
Nine Months Ended | % change | ||||||||||||||||
September 30,
2019 |
September 30,
2020 |
2019 vs 2020 | |||||||||||||||
(in thousands, except percentages) | |||||||||||||||||
Traffic acquisition costs | $ | (928,559) | $ | (839,463) | (10)% | ||||||||||||
Other cost of revenue | $ | (86,205) | $ | (102,328) | 19% | ||||||||||||
Total Cost of Revenue | $ | (1,014,764) | $ | (941,791) | (7)% | ||||||||||||
% of revenue | (63) | % | (67) | % | |||||||||||||
Gross profit % | 37 | % | 33 | % |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||||||||||||||||||
Region | September 30, 2019 | September 30, 2020 | Year over Year Change | September 30, 2019 | September 30, 2020 | Year over Year Change | |||||||||||||||||||||||||||||||||||
Revenue: | (amounts in thousands, except percentages) | ||||||||||||||||||||||||||||||||||||||||
Americas | $ | 213,937 | $ | 204,618 | (4) | % | $ | 645,904 | $ | 582,037 | (10) | % | |||||||||||||||||||||||||||||
EMEA | 185,556 | 167,800 | (10) | % | 589,558 | 517,535 | (12) | % | |||||||||||||||||||||||||||||||||
Asia-Pacific | 123,113 | 97,927 | (20) | % | 373,414 | 311,763 | (17) | % | |||||||||||||||||||||||||||||||||
Total | 522,606 | 470,345 | (10) | % | 1,608,876 | 1,411,335 | (12) | % | |||||||||||||||||||||||||||||||||
Traffic acquisition costs: | |||||||||||||||||||||||||||||||||||||||||
Americas | (129,047) | (130,756) | 1 | % | (390,083) | (366,095) | (6) | % | |||||||||||||||||||||||||||||||||
EMEA | (103,899) | (97,272) | (6) | % | (328,591) | (295,822) | (10) | % | |||||||||||||||||||||||||||||||||
Asia-Pacific | (68,955) | (56,373) | (18) | % | (209,885) | (177,546) | (15) | % | |||||||||||||||||||||||||||||||||
Total | (301,901) | (284,401) | (6) | % | (928,559) | (839,463) | (10) | % | |||||||||||||||||||||||||||||||||
Revenue ex-TAC (1):
|
|||||||||||||||||||||||||||||||||||||||||
Americas | 84,890 | 73,862 | (13) | % | 255,821 | 215,942 | (16) | % | |||||||||||||||||||||||||||||||||
EMEA | 81,657 | 70,528 | (14) | % | 260,967 | 221,713 | (15) | % | |||||||||||||||||||||||||||||||||
Asia-Pacific | 54,158 | 41,554 | (23) | % | 163,529 | 134,217 | (18) | % | |||||||||||||||||||||||||||||||||
Total | $ | 220,705 | $ | 185,944 | (16) | % | $ | 680,317 | $ | 571,872 | (16) | % |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||
September 30, 2019 | September 30, 2020 | YoY Change | September 30, 2019 | September 30, 2020 | YoY Change | |||||||||||||||||||||||||||||||||
(amounts in thousands, except percentages) | ||||||||||||||||||||||||||||||||||||||
Revenue as reported | $ | 522,606 | $ | 470,345 | (10) | % | $ | 1,608,876 | $ | 1,411,335 | (12) | % | ||||||||||||||||||||||||||
Conversion impact U.S. dollar/other currencies | (3,799) | 11,733 | ||||||||||||||||||||||||||||||||||||
Revenue at constant currency | $ | 522,606 | $ | 466,546 | (11) | % | $ | 1,608,876 | $ | 1,423,068 | (12) | % | ||||||||||||||||||||||||||
Traffic acquisition costs as reported | $ | (301,901) | $ | (284,401) | (6) | % | $ | (928,559) | $ | (839,463) | (10) | % | ||||||||||||||||||||||||||
Conversion impact U.S. dollar/other currencies | 2,183 | (6,473) | ||||||||||||||||||||||||||||||||||||
Traffic Acquisition Costs at constant currency | $ | (301,901) | $ | (282,218) | (7) | % | $ | (928,559) | $ | (845,936) | (9) | % | ||||||||||||||||||||||||||
Revenue ex-TAC as reported | $ | 220,705 | $ | 185,944 | (16) | % | $ | 680,317 | $ | 571,872 | (16) | % | ||||||||||||||||||||||||||
Conversion impact U.S. dollar/other currencies | (1,616) | 5,260 | ||||||||||||||||||||||||||||||||||||
Revenue ex-TAC at constant currency | $ | 220,705 | $ | 184,328 | (16) | % | $ | 680,317 | $ | 577,132 | (15) | % | ||||||||||||||||||||||||||
Revenue ex-TAC/Revenue as reported | 42 | % | 40 | % | 42 | % | 41 | % | ||||||||||||||||||||||||||||||
Other cost of revenue as reported | $ | (31,101) | $ | (34,608) | 11 | % | $ | (86,205) | $ | (102,328) | 19 | % | ||||||||||||||||||||||||||
Conversion impact U.S. dollar/other currencies | (303) | (1,271) | ||||||||||||||||||||||||||||||||||||
Other cost of revenue at constant currency | $ | (31,101) | $ | (34,911) | 12 | % | $ | (86,205) | $ | (103,599) | 20 | % | ||||||||||||||||||||||||||
Adjusted EBITDA as reported | $ | 64,219 | $ | 49,471 | (23) | % | $ | 189,473 | $ | 147,572 | (22) | % | ||||||||||||||||||||||||||
Conversion impact U.S. dollar/other currencies | (2,399) | (182) | ||||||||||||||||||||||||||||||||||||
Adjusted EBITDA at constant currency | $ | 64,219 | $ | 47,072 | (27) | % | $ | 189,473 | $ | 147,390 | (22) | % |
Three Months Ended | % change | ||||||||||||||||
September 30,
2019 |
September 30,
2020 |
2019 vs 2020 | |||||||||||||||
(in thousands,
except percentages) |
|||||||||||||||||
Research and development expenses | $ | (41,414) | $ | (30,954) | (25)% | ||||||||||||
% of revenue | (8) | % | (7) | % |
Nine Months Ended | % change | ||||||||||||||||
September 30,
2019 |
September 30,
2020 |
2019 vs 2020 | |||||||||||||||
(in thousands, except percentages) | |||||||||||||||||
Research and development expenses | $ | (132,006) | $ | (99,716) | (24)% | ||||||||||||
% of revenue | (8) | % | (7) | % |
Three Months Ended | % change | ||||||||||||||||
September 30,
2019 |
September 30,
2020 |
2019 vs 2020 | |||||||||||||||
(in thousands,
except percentages) |
|||||||||||||||||
Sales and operations expenses | $ | (85,985) | $ | (83,659) | (3)% | ||||||||||||
% of revenue | (16) | % | (18) | % |
Nine Months Ended | % change | ||||||||||||||||
September 30,
2019 |
September 30,
2020 |
2019 vs 2020 | |||||||||||||||
(in thousands, except percentages) | |||||||||||||||||
Sales and operations expenses | $ | (277,397) | $ | (244,414) | (12)% | ||||||||||||
% of revenue | (17) | % | (17) | % |
Three Months Ended | % change | ||||||||||||||||
September 30,
2019 |
September 30,
2020 |
2019 vs 2020 | |||||||||||||||
(in thousands,
except percentages) |
|||||||||||||||||
General and administrative expenses | $ | (32,835) | $ | (28,672) | (13)% | ||||||||||||
% of revenue | (6) | % | (6) | % |
Nine Months Ended | % change | ||||||||||||||||
September 30,
2019 |
September 30,
2020 |
2019 vs 2020 | |||||||||||||||
(in thousands, except percentages) | |||||||||||||||||
General and administrative expenses | $ | (102,372) | $ | (83,772) | (18)% | ||||||||||||
% of revenue | (6) | % | (6) | % |
Three Months Ended | % change | ||||||||||||||||
September 30,
2019 |
September 30,
2020 |
2019 vs 2020 | |||||||||||||||
(in thousands,
except percentages) |
|||||||||||||||||
Financial expense | $ | (900) | $ | (491) | (45)% | ||||||||||||
% of revenue | (0.2) | % | (0.1) | % |
Nine Months Ended | % change | ||||||||||||||||
September 30,
2019 |
September 30,
2020 |
2019 vs 2020 | |||||||||||||||
(in thousands, except percentages) | |||||||||||||||||
Financial expense | $ | (4,228) | $ | (1,828) | (57)% | ||||||||||||
% of revenue | (0.3) | % | (0.1) | % |
Three Months Ended | % change | ||||||||||||||||
September 30,
2019 |
September 30,
2020 |
2019 vs 2020 | |||||||||||||||
(in thousands,
except percentages) |
|||||||||||||||||
Provision for income taxes | $ | (7,913) | $ | (2,267) | (71)% | ||||||||||||
% of revenue | (2) | % | (0.5) | % | |||||||||||||
Effective tax rate | 28 | % | 30 | % |
Nine Months Ended | % change | ||||||||||||||||
September 30,
2019 |
September 30,
2020 |
2019 vs 2020 | |||||||||||||||
(in thousands, except percentages) | |||||||||||||||||
Provision for income taxes | $ | (23,614) | $ | (11,943) | (49)% | ||||||||||||
% of revenue | (1) | % | (1) | % | |||||||||||||
Effective tax rate | 30 | % | 30 | % |
Three Months Ended | % change | ||||||||||||||||
September 30,
2019 |
September 30,
2020 |
2019 vs 2020 | |||||||||||||||
(in thousands,
except percentages) |
|||||||||||||||||
Net income | $ | 20,557 | 5,293 | (74)% | |||||||||||||
% of revenue | 4 | % | 1 | % |
Nine Months Ended | % change | ||||||||||||||||
September 30,
2019 |
September 30,
2020 |
2019 vs 2020 | |||||||||||||||
(in thousands, except percentages) | |||||||||||||||||
Net income | $ | 54,495 | 27,871 | (49)% | |||||||||||||
% of revenue | 3 | % | 2 | % |
Nine Months Ended | |||||||||||
September 30,
2019 |
September 30,
2020 |
||||||||||
(in thousands) | |||||||||||
Cash from operating activities | $ | 163,473 | $ | 141,276 | |||||||
Cash used for investing activities | $ | (86,351) | $ | (63,799) | |||||||
Cash from (used for) financing activities | $ | (18,638) | $ | 111,758 |
Nine Months Ended | |||||||||||||||||||||||
September 30, 2019 | September 30, 2020 | ||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
GBP/USD | +10% | -10% | +10% | -10% | |||||||||||||||||||
Net income impact | $ | (789) | $ | 789 | $ | (10) | $ | 10 |
Nine Months Ended | |||||||||||||||||||||||
September 30, 2019 | September 30, 2020 | ||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
BRL/USD | +10% | -10% | +10% | -10% | |||||||||||||||||||
Net income impact | $ | (49) | $ | 49 | $ | (37) | $ | 37 |
Nine Months Ended | |||||||||||||||||||||||
September 30, 2019 | September 30, 2020 | ||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
JPY/USD | +10% | -10% | +10% | -10% | |||||||||||||||||||
Net income impact | $ | 1,226 | $ | (1,226) | $ | 302 | $ | (302) |
Nine Months Ended | |||||||||||||||||||||||
September 30, 2019 | September 30, 2020 | ||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
EUR/USD | +10% | -10% | +10% | -10% | |||||||||||||||||||
Net income impact | $ | 8,703 | $ | (8,703) | $ | 7,416 | $ | (7,416) |
Period |
Total Number of Shares Purchased(1)
|
Average Price Paid per Share(2)
|
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs(1)
|
Approximate Dollar Value of Shares That May Yet Be Purchased Under the Plans or Programs(1)
|
||||||||||||||||||||||
July 1 to 31, 2020 | 832,576 | $ | 12.67 | 832,576 | — | |||||||||||||||||||||
August 1 to 31, 2020 | — | — | — | — | ||||||||||||||||||||||
September 1 to 30, 2020 | — | — | — | — | ||||||||||||||||||||||
Total | 832,576 | $ | 12.67 | 832,576 | — |
Incorporated by Reference | ||||||||||||||||||||||||||||||||
Exhibit | Description | Schedule/ Form |
File
Number |
Exhibit |
File
Date |
|||||||||||||||||||||||||||
8-K | 001-36153 | 10.1 | September 3, 2020 | |||||||||||||||||||||||||||||
101.INS |
XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
|
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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
|
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104. |
Cover Page Interactive Data File, formatted in Inline XBRL and contained in Exhibit 101.
|
CRITEO S.A. | ||||||||
(Registrant) | ||||||||
By: | /s/ Sarah Glickman | |||||||
Date: October 29, 2020 | Name: | Sarah Glickman | ||||||
Title: | Chief Financial Officer | |||||||
(Principal financial officer and duly authorized signatory) |
1 Year Criteo Chart |
1 Month Criteo Chart |
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