Criteo Reports Record Results For The Fourth Quarter And Fiscal Year 2015

Feb 10, 2016, 07:00 ET from Criteo S.A.

NEW YORK, Feb. 10, 2016 /PRNewswire/ -- Criteo S.A. (NASDAQ: CRTO), the performance marketing technology company, today announced financial results for the fourth quarter and fiscal year ended December 31, 20151.

  • Revenue for the fourth quarter 2015 increased 55% year-over-year (or 46% at constant currency2) to €362 million. Revenue for fiscal year 2015 increased 60% year-over-year (or 50% at constant currency) to €1,193 million.
  • Revenue excluding Traffic Acquisition Costs, or Revenue ex-TAC, for the fourth quarter 2015 grew 51% year-over-year (or 43% at constant currency) to €146 million, or 40.3% of revenue. Revenue ex-TAC for fiscal year 2015 grew 59% year-over-year (or 49% at constant currency) to €482 million, or 40.4% of revenue.
  • Net income for the fourth quarter 2015 increased 101% year-over-year to €35 million. Net income for fiscal year 2015 increased 60% year-over-year to €57 million.
  • Adjusted EBITDA for the fourth quarter 2015 increased 53% year-over-year (or 49% at constant currency) to €49 million, or 13.5% of revenue. Adjusted EBITDA for fiscal year 2015 increased 64% year-over-year (or 59% at constant currency) to €130 million, or 10.9% of revenue.
  • Adjusted net income per diluted share for the fourth quarter 2015 was €0.66. Adjusted net income per diluted share for the fiscal year 2015 was €1.26.
  • Free cash flow for the fourth quarter 2015 increased 45% year-over-year to €43 million. Free cash flow for fiscal year 2015 increased 8% year-over-year to €57 million.

"2015 was another terrific year for us. We crossed the 10,000 client and €1 billion revenue marks while continuing to invest significantly in innovation," said Eric Eichmann, CEO. "I am thrilled to take the helm at such an exciting time and look forward to our 2016 initiatives."

"I am very pleased with our growing profitability and strong free cash flow generation in 2015," said Benoit Fouilland, Chief Financial Officer. "Our unique financial model continues to be a key differentiator in our space."

1 We are providing amounts in this release in euros and in accordance with International Financial Reporting Standards, as issued by the International Accounting Standards Board ("IFRS") for the fourth quarter and fiscal year 2015 due to the fact that we previously provided guidance for such periods in euros and in accordance with IFRS. Please refer to appendices for financial measures in U.S. dollars ("USD") and presented in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP"). As explained below in the "Business Outlook" section, from the first quarter 2016 onward, we will be presenting our results in USD and in accordance with U.S. GAAP. For the year ended December 31, 2015, we expect to file our annual report on form 10-K on February 29th, 2016, which will include our consolidated financial statements for the three years ended December 31, prepared in accordance with U.S. GAAP and presented in USD. For more information, see "Business Outlook" and "Non-IFRS/non-GAAP Measures" herein. For the convenience of the reader, please see the full reconciliation of our consolidated financial statements in euros, in accordance with IFRS, to our consolidated financial statements in USD, in accordance with U.S. GAAP, for the fourth quarter and fiscal year 2015 and the corresponding periods in the prior year, included at the end of this release.

2 Growth at constant currency excludes the impact of foreign currency fluctuations and is computed by applying the 2014 average exchange rates for the relevant period to 2015 figures.

 

Operating Highlights

  • We added over 900 net clients in Q4 2015, while maintaining client retention at over 90%.
  • Over 47% of our Revenue ex-TAC was generated from mobile ads during the month of December 2015.
  • Our Q4 2014 clients generated 20% more Revenue ex-TAC at constant currency in Q4 2015, demonstrating our ability to drive revenue expansion within our customer base.
  • More than 3,000 of our clients were live on Facebook mobile via our integration with dynamic product ads as of December 31, 2015.
  • In Q4 2015, we generated 25% of our Revenue ex-TAC from users that were matched on at least two devices, illustrating the continued deployment of our cross-device solution to our clients.

Revenue ex-TAC

Revenue ex-TAC for the fourth quarter 2015 grew 51%, or 43% at constant currency, to €146 million, compared with €96 million in the fourth quarter 2014. This increase was primarily driven by the continued roll-out of our technology improvements across all devices including mobile, the addition of a record number of new clients and the expansion of our direct relationships with publishers.

Revenue ex-TAC for fiscal year 2015 grew 59%, or 49% at constant currency, to €482 million, compared with €304 million in fiscal year 2014.

  • In the Americas region, Revenue ex-TAC for the fourth quarter 2015 grew by 78% year-over-year, or 61% at constant currency, to €60 million and represented 41% of total Revenue ex-TAC. Americas Revenue ex-TAC for fiscal year 2015 grew by 98% compared to 2014, or 73% at constant currency, to €178 million and accounted for 37% of total Revenue ex-TAC.
  • In the EMEA region, Revenue ex-TAC in the fourth quarter 2015 grew by 23% year-over-year, or 22% at constant currency, to €57 million and represented 39% of total Revenue ex-TAC. EMEA Revenue ex-TAC for fiscal year 2015 increased by 32% compared to 2014, or 31% at constant currency, to €205 million and accounted for 43% of total Revenue ex-TAC.
  • In the Asia-Pacific region, Revenue ex-TAC in the fourth quarter 2015 grew by 76% year-over-year, or 62% at constant currency, to €30 million and represented 20% of total Revenue ex-TAC. Asia-Pacific Revenue ex-TAC for fiscal year 2015 grew by 68% compared to 2014, or 57% at constant currency, to €99 million and accounted for 21% of total Revenue ex-TAC.

Revenue ex-TAC margin as a percentage of revenue for the fourth quarter 2015 was 40.3%, in line with prior quarters.

Revenue ex-TAC margin as a percentage of revenue for fiscal year 2015 was 40.4%, in line with prior years.

Adjusted EBITDA and Operating Expenses

Adjusted EBITDA for the fourth quarter 2015 was €49 million, an increase of 53%, or 49% at constant currency, compared with €32 million for the fourth quarter 2014. This increase in Adjusted EBITDA is primarily the result of the strong Revenue ex-TAC performance in the quarter. We incurred slightly higher than anticipated expenses, primarily as a result of the negative impact of changes in foreign currency exchange rates and variable costs.

Adjusted EBITDA for fiscal year 2015 was €130 million, an increase of 64%, or 59% at constant currency, compared with €79 million for fiscal year 2014.

Adjusted EBITDA margin as a percentage of revenue for the fourth quarter was 13.5% compared with 13.7% in the fourth quarter 2014.

Adjusted EBITDA margin as a percentage of revenue for fiscal year 2015 was 10.9%, a 0.2 percentage point improvement compared with 10.7% for fiscal year 2014. Excluding the impact of investments in search marketing in 2015, Adjusted EBITDA margin as a percentage of revenue for fiscal year 2015 was 12.1%, a 1.4 percentage point improvement compared with fiscal year 2014.

Operating expenses for the fourth quarter 2015 increased by 50% to €99 million compared with the fourth quarter 2014. Operating expenses for the fourth quarter 2015, excluding the impact of share-based compensation expense, pension costs, depreciation and amortization and acquisition-related deferred price consideration, which we refer to as Non-IFRS Operating Expenses, were €89 million, an increase of 52% compared with the fourth quarter 2014. This increase is primarily related to year-over-year headcount growth in Research & Development (60%) and Sales & Operations (35%), as we continued to scale our organization.

Operating expenses for fiscal year 2015 were €356 million, an increase of 57% compared with fiscal year 2014. On a Non-IFRS basis, our operating expenses for fiscal year 2015 were €322 million, an increase of 58% compared with fiscal year 2014. Non-IFRS operating expenses as a percentage of revenue for fiscal year 2015 were 27.0%, a decrease of 0.4 percentage points compared with fiscal year 2014, driven by the decrease in our Sales & Operations and General & Administrative expenses, by 0.3 percentage points and 0.5 percentage points respectively. Excluding the impact of investments in search marketing in 2015, Non-IFRS operating expenses as a percentage of revenue were 25.7% for fiscal year 2015, a decrease of 1.7 percentage points compared with fiscal year 2014.

Net Income and Adjusted Net Income

Net income for the fourth quarter 2015 was €35 million, an increase of 101% compared with €18 million for the fourth quarter 2014. Net income available to shareholders of Criteo S.A. for the fourth quarter 2015 was €35 million, or €0.53 per share on a diluted basis, compared with €17 million, or €0.27 per share on a diluted basis, for the fourth quarter 2014.

Net income for fiscal year 2015 was €57 million, an increase of 60% compared with €35 million for fiscal year 2014. Net income available to shareholders of Criteo S.A. for fiscal year 2015 was €54 million, or €0.84 per diluted share, compared with €34 million, or €0.55 per diluted share, for fiscal year 2014.

Adjusted Net Income, or net income adjusted to eliminate the impact of share-based compensation expense, amortization of acquisition-related intangible assets, acquisition-related deferred price consideration and the tax impact of these adjustments, for the fourth quarter 2015 was €43 million, or €0.66 per share on a diluted basis, an increase of 83% compared with €23 million, or €0.37 per share on a diluted basis, for the fourth quarter 2014.

Adjusted Net Income for fiscal year 2015 was €82 million, or €1.26 per share on a diluted basis, an increase of 53% compared with €53 million, or €0.86 per share on a diluted basis, for fiscal year 2014.

Cash Flow and Cash Position

Cash flow from operating activities for the fourth quarter 2015 increased 53% to €60 million, compared with €40 million for the fourth quarter 2014.

Cash flow from operating activities for fiscal year 2015 increased 41% to €124 million, compared with €88 million for fiscal year 2014.

Free cash flow, defined as cash flow from operating activities less acquisition of intangible assets, property, plant and equipment and net of proceeds from disposal, increased 45% to €43 million for the fourth quarter 2015, compared with €30 million for the fourth quarter 2014.

Free cash flow for fiscal year 2015 increased 8% to €57 million, compared with €52 million for fiscal year 2014.

Total cash and cash equivalents were €325 million as of December 31, 2015, an increase of €35 million compared to December 31, 2014.

Business Outlook

As of January 1, 2016, we began reporting as a U.S. domestic registrant under the Securities Exchange Act of 1934. As a result, we are required under U.S. Securities and Exchange Commission ("SEC") rules to prepare our financial statements in accordance with U.S. GAAP, rather than IFRS, and to present our financial information in U.S. dollars instead of euros. Our first Annual Report on Form 10-K will present our results for 2013, 2014 and 2015 in U.S. dollars and in accordance with U.S. GAAP. In addition, from the first quarter 2016 onward, we will be presenting our results in U.S. dollars and in accordance with U.S. GAAP. Accordingly, the outlook for the first quarter and fiscal year 2016 is no longer provided in euros and in accordance with IFRS but rather provided in U.S. dollars and in accordance with U.S. GAAP.

The following forward-looking statements reflect Criteo's expectations as of February 10, 2016.

First Quarter 2016 Guidance:

  • We expect Revenue ex-TAC for the first quarter 2016 to be between $153 million and $158 million (or between €139 million and €144 million).
  • We expect Adjusted EBITDA for the first quarter 2016 to be between $36 million and $41 million (or between €33 million and €37 million).

Fiscal Year 2016 Guidance:

  • We expect Revenue ex-TAC growth for fiscal year 2016 to be between 30% and 34% at constant currency.
  • We expect our Adjusted EBITDA margin as a percentage of revenue for fiscal year 2016 to increase between 60 basis points and 100 basis points compared to fiscal year 2015.

The above guidance assumes no additional acquisitions are completed during the first quarter ending March 31, 2016 and the fiscal year ending December 31, 2016.

Non-IFRS/non-GAAP Financial Measures

This press release and its attachments include the following financial measures defined as non-IFRS/non-GAAP financial measures by the SEC: Revenue ex-TAC, Revenue ex-TAC by Region, Revenue ex-TAC margin, Adjusted EBITDA, Adjusted EBITDA margin, Adjusted Net Income, Adjusted Net Income per diluted share, Free Cash Flow, and Non-IFRS/Non-GAAP Operating Expenses. These measures are not calculated in accordance with IFRS or U.S. GAAP.

Revenue ex-TAC is our revenue excluding Traffic Acquisition Costs ("TAC") generated over the applicable measurement period and Revenue ex-TAC by Region reflects our Revenue ex-TAC by our core geographies. Revenue ex-TAC and Revenue ex-TAC by Region are key measures used by our management and board of directors to evaluate our operating performance, generate future operating plans and make strategic decisions regarding the allocation of capital. In particular, we believe that the elimination of TAC from revenue can provide a useful measure for period-to-period comparisons of our core business and across our core geographies. Accordingly, we believe that Revenue ex-TAC and Revenue ex-TAC by Region provide useful information to investors and the market generally in understanding and evaluating our operating results in the same manner as our management and board of directors.

Adjusted EBITDA is our income (loss) from operations before interest, taxes, depreciation and amortization, adjusted to eliminate the impact of share-based compensation expense, pension service costs and acquisition-related deferred price consideration. Adjusted EBITDA is a key measure used by our management and board of directors to understand and evaluate our core operating performance and trends, to prepare and approve our annual budget and to develop short‑ and long-term operational plans. In particular, we believe that by eliminating non-cash compensation expense, pension costs and acquisition-related deferred price consideration, Adjusted EBITDA can provide a useful measure for period-to-period comparisons of our core business. Accordingly, we believe that Adjusted EBITDA provides useful information to investors and the market generally in understanding and evaluating our results of operations in the same manner as our management and board of directors.

Adjusted Net Income is our net income adjusted to eliminate the impact of share-based compensation expense, amortization of acquisition-related intangible assets, acquisition-related deferred price consideration, and the tax impact of these adjustments. Adjusted Net Income is a key measure used by our management and board of directors to evaluate operating performance, generate future operating plans and make strategic decisions regarding the allocation of capital. In particular, we believe that by eliminating share-based compensation expense, amortization of acquisition-related intangible assets and acquisition-related deferred price consideration and the tax impact of these adjustments, Adjusted Net Income can provide a useful measure for period-to-period comparisons of our core business. Accordingly, we believe that Adjusted Net Income provides useful information to investors and the market generally in understanding and evaluating our results of operations in the same manner as our management and board of directors.

Free cash flow is defined as cash flow from operating activities less acquisition of intangible assets, property, plant and equipment and net of proceeds from disposal. Free cash flow is a key measure used by our management and board of directors to evaluate the Company's ability to generate cash. Accordingly, we believe that Free Cash Flow permits a more complete and comprehensive analysis of our available cash flows.

Please refer to the supplemental financial tables provided in the appendix of this press release for a reconciliation of Revenue ex-TAC to Revenue, Revenue ex-TAC by Region to Revenue by Region, Adjusted EBITDA to net income, Adjusted Net Income to net income and Free Cash Flow to cash flow from operating activities, in each case, the most comparable IFRS and U.S. GAAP measurement. Our use of non-IFRS/non-GAAP financial measures has limitations as analytical tools, and you should not consider them in isolation or as a substitute for analysis of our financial results as reported under IFRS or U.S. GAAP. Some of these limitations are:  (1) other companies, including companies in our industry which have similar business arrangements, may address the impact of TAC differently; and (2) other companies may report Revenue ex-TAC, Revenue ex-TAC by Region, Adjusted EBITDA, Adjusted Net Income, Free Cash Flow or similarly titled measures but calculate them differently or over different regions, which reduces their usefulness as comparative measures. Because of these and other limitations, you should consider these measures alongside our IFRS and U.S. GAAP financial results, including revenue and net income.

With respect to our expectations under "Business Outlook" above, reconciliation of Revenue ex-TAC and Adjusted EBITDA guidance to the closest corresponding U.S. GAAP measure is not available without unreasonable efforts on a forward-looking basis due to the high variability, complexity and low visibility with respect to the charges excluded from these non-GAAP measures; in particular, the measures and effects of stock-based compensation expense specific to equity compensation awards that are directly impacted by unpredictable fluctuations in our share price. We expect the variability of the above charges to have a significant, and potentially unpredictable, impact on our future U.S. GAAP financial results.

Forward-Looking Statements Disclosure

This press release contains forward-looking statements, including projected financial results for the quarter ending March 31, 2016 and the fiscal year ending December 31, 2016, our expectations regarding our market opportunity and future growth prospects and other statements that are not historical facts, and involve risks and uncertainties that could cause actual results to differ materially. Factors that might cause or contribute to such differences include, but are not limited to: recent growth rates not being indicative of future growth, uncertainty regarding legislative, regulatory or self-regulatory developments regarding data privacy matters, uncertainty regarding our ability to access a consistent supply of internet display advertising inventory and expand access to such inventory, the investments in new business opportunities and the timing of these investments, the impact of competition, our ability to manage growth, potential fluctuations in operating results, our ability to grow our base of clients, uncertainty regarding international growth and expansion, and the financial impact of maximizing Revenue ex-TAC, as well as risks related to future opportunities and plans, including the uncertainty of expected future financial performance and results and those risks detailed from time-to-time under the caption "Risk Factors" and elsewhere in the Company's SEC filings and reports, including the Company's Annual Report on Form 20-F filed with the SEC on March 27, 2015, as well as future filings and reports by the Company. Except as required by law, the Company undertakes no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events, changes in expectations or otherwise.

Conference Call Information

Criteo's earnings conference call will take place today, February 10, 2016, at 8:00am ET, 2:00pm CET. The conference call will be webcast live on the Company's website http://ir.criteo.com and will be available for replay.

Conference call details:

  • U.S. callers: +1 877 870 4263
  • International callers: +1 412 317 0790 or +33 1 76 74 05 02

Please ask to be joined into the "Criteo S.A." call.

As the Company will report for the first time its financial statements presented in U.S. dollars and in accordance with U.S. GAAP, Criteo will host a separate conference call today, February 10, 2016, at 9:15am ET, 3:15pm CET. The purpose of this second call will be to discuss the conversion of its financial statements presented in euros and in accordance with IFRS into financial statements presented in U.S. dollars and in accordance with U.S. GAAP. The conference call will be webcast live on the Company's website http://ir.criteo.com and will be available for replay.

Conference call details:

  • U.S. callers: +1 877 870 4263,
  • International callers: +1 412 317 0790 or +33 1 76 74 05 02 

Please ask to be joined into the  "Criteo U.S. GAAP Transition call".

About Criteo

Criteo (NASDAQ: CRTO) delivers personalized performance marketing at an extensive scale. Measuring return on post-click sales, Criteo makes ROI transparent and easy to measure. As of December 31, 2015, Criteo has over 1,800 employees in 27 offices across the Americas, EMEA and Asia-Pacific, serving over 10,000 advertisers worldwide and with direct relationships with close to 14,000 publishers. For more information, please visit www.criteo.com.

Financial information to follow

 

CRITEO S.A.

IFRS Consolidated Statement of Income

(Euros in thousands, except per share data)

(unaudited)

Three Months Ended

Twelve Months Ended

December 31,

December 31,

2014

2015

YoY Change

2014

2015

YoY Change

Revenue

232,796

361,732

55.4

%

745,081

1,193,414

60.2

%

Cost of revenue:

Traffic acquisition costs

(136,493)

(215,980)

58.2

%

(441,427)

(711,755)

61.2

%

Other cost of revenue

(11,054)

(16,213)

46.7

%

(36,150)

(56,100)

55.2

%

Gross Profit

85,249

129,539

52.0

%

267,504

425,559

59.1

%

Research and development expenses

(12,191)

(24,215)

98.6

%

(45,293)

(78,313)

72.9

%

Sales and operations expenses

(39,668)

(54,953)

38.5

%

(133,393)

(206,325)

54.7

%

General and administrative expenses

(13,698)

(19,386)

41.5

%

(48,788)

(71,386)

46.3

%

    Total operating expenses

(65,557)

(98,554)

50.3

%

(227,474)

(356,024)

56.5

%

Income from operations

19,692

30,985

57.3

%

40,030

69,535

73.7

%

Financial income (expense)

1,264

644

(49.1)%

8,587

(4,094)

(147.7)%

Income before taxes

20,956

31,629

50.9

%

48,617

65,441

34.6

%

Provision for income taxes

(3,313)

3,861

(216.5)%

(13,253)

(8,689)

(34.4)%

Net income

17,643

35,490

101.2

%

35,364

56,752

60.5

%

 - Net income available to shareholders of Criteo S.A.

17,256

34,580

34,354

54,296

 - Net income available to non-controlling Interests

387

910

1,010

2,456

Weighted average shares outstanding

   - Basic

60,519,987

62,348,620

58,928,563

61,835,499

   - Diluted

63,854,664

65,092,423

62,065,699

64,775,108

Net income allocated to shareholders per share

   - Basic

0.29

0.55

0.58

0.88

   - Diluted

0.27

0.53

0.55

0.84

 

CRITEO S.A.

IFRS Consolidated Statement of Financial Position

(Euros in thousands)

(unaudited)

December 31,

December 31,

2014

2015

Goodwill

22,944

38,553

Intangible assets

10,560

15,126

Property, plant and equipment

43,027

75,762

Non-current financial assets

9,494

15,784

Deferred tax assets

7,113

18,432

TOTAL NON-CURRENT ASSETS

93,138

163,657

Trade receivables

158,633

240,264

Current tax assets

2,883

2,500

Other current assets

21,021

41,944

Cash and cash equivalents

289,784

324,733

TOTAL CURRENT ASSETS

472,321

609,441

TOTAL ASSETS

565,459

773,098

Share capital

1,523

1,562

Additional paid-in capital

265,522

277,901

Currency translation adjustment

4,804

11,598

Consolidated reserves

35,302

90,997

Retained earnings

34,354

54,296

Equity - attributable to shareholders of Criteo S.A.

341,505

436,354

Non-controlling interests

1,433

4,315

TOTAL EQUITY

342,938

440,669

Financial liabilities - non-current portion

4,333

3,005

Retirement benefit obligation

1,024

1,327

Deferred tax liabilities

946

132

TOTAL NON-CURRENT LIABILITIES

6,303

4,464

Financial liabilities - current portion

7,841

6,573

Provisions

1,131

614

Trade payables

135,557

226,304

Current tax liabilities

7,969

14,113

Other current liabilities

63,720

80,361

TOTAL CURRENT LIABILITIES

216,218

327,965

TOTAL LIABILITIES

222,521

332,429

TOTAL EQUITY AND LIABILITIES

565,459

773,098

 

CRITEO S.A.

IFRS Consolidated Statement of Cash Flows

(Euros in thousands)

(unaudited)

Three Months Ended

Twelve Months Ended

December 31,

December 31,

2014

2015

2014

2015

Net income

17,643

35,490

35,364

56,752

Non-cash and non-operating items

16,379

14,489

53,931

70,867

                 - Amortization and provisions

7,662

13,335

25,146

42,469

                 - Share-based payment expense

4,840

7,047

14,778

21,642

                 - Net gain or loss on disposal of non-current assets

110

(1,994)

106

(1,918)

                 - Interest paid

5

(3)

17

5

                 - Non-cash financial income and expenses

449

5

632

20

                 - Change in deferred taxes

(4,573)

(11,343)

(4,007)

(14,098)

                 - Income tax for the period

7,886

7,442

17,260

22,747

Changes in working capital related to operating activities

12,252

15,543

3,516

13,022

                 - (Increase)/decrease in trade receivables

(26,812)

(50,604)

(63,064)

(75,247)

                 - Increase/(decrease) in trade payables

28,678

54,735

53,195

90,233

                 - (Increase)/decrease in other current assets

565

412

(6,021)

(21,737)

                 - Increase/(decrease) in other current liabilities

9,821

11,000

19,406

19,773

Income taxes paid

(6,684)

(5,074)

(5,142)

(16,960)

CASH FROM OPERATING ACTIVITIES

39,590

60,448

87,670

123,681

Acquisition of intangible assets, property, plant and equipment

(9,993)

(17,580)

(35,389)

(67,090)

Proceeds from disposal of intangible assets, property, plant and equipment

(10)

8

40

9

FREE CASH FLOW

29,587

42,876

52,321

56,600

Investments

(18,775)

(18,009)

Change in other non-current financial assets

(521)

(314)

(1,728)

(5,964)

CASH USED FOR INVESTING ACTIVITIES

(10,524)

(17,886)

(55,852)

(91,054)

Issuance of long-term borrowings

1,189

723

4,243

3,582

Repayment of borrowings

(1,196)

(2,521)

(4,902)

(8,101)

Interests paid

(5)

(19)

(17)

42

Proceeds from capital increase

3,730

3,416

23,854

12,417

Change in other financial liabilities

48

205

(906)

CASH FROM FINANCING ACTIVITIES

3,766

1,599

23,383

7,034

CHANGE IN NET CASH AND CASH EQUIVALENTS

32,832

44,161

55,200

39,661

Net cash and cash equivalents at beginning of period

256,719

280,857

234,342

289,784

Effect of exchange rates changes on cash and cash equivalents

233

(285)

242

(4,712)

Net cash and cash equivalents at end of period

289,784

324,733

289,784

324,733

 

CRITEO S.A.

IFRS Reconciliation of Revenue ex-TAC by Region to Revenue by Region

(Euros in thousands)

(unaudited)

Three Months Ended

Twelve Months Ended

December 31,

December 31,

Region

2014

2015

YoY Change

YoY Change at Constant Currency (*)

Region

2014

2015

YoY Change

YoY Change at Constant Currency (*)

Revenue

Revenue

Americas

85,598

154,761

81

%

63

%

Americas

228,773

456,049

99

%

74

%

EMEA

104,480

132,268

27

%

25

%

EMEA

366,404

488,071

33

%

32

%

Asia-Pacific

42,718

74,703

75

%

62

%

Asia-Pacific

149,904

249,294

66

%

56

%

Total

232,796

361,732

55

%

46

%

Total

745,081

1,193,414

60

%

50

%

Traffic acquisition costs

Traffic acquisition costs

Americas

(52,167)

(95,183)

82

%

64

%

Americas

(138,910)

(278,170)

100

%

75

%

EMEA

(58,449)

(75,687)

29

%

28

%

EMEA

(211,287)

(283,151)

34

%

33

%

Asia-Pacific

(25,877)

(45,110)

74

%

62

%

Asia-Pacific

(91,230)

(150,434)

65

%

55

%

Total

(136,493)

(215,980)

58

%

48

%

Total

(441,427)

(711,755)

61

%

51

%

Revenue ex-TAC

Revenue ex-TAC

Americas

33,432

59,578

78

%

61

%

Americas

89,863

177,879

98

%

73

%

EMEA

46,030

56,581

23

%

22

%

EMEA

155,117

204,920

32

%

31

%

Asia-Pacific

16,841

29,593

76

%

62

%

Asia-Pacific

58,674

98,860

68

%

57

%

Total

96,303

145,752

51

%

43

%

Total

303,654

481,659

59

%

49

%

(*) Due to entries into the consolidation scope during the year ended December 31, 2015 and U.S. GAAP conversion adjustments, there are slight variances between the year-over-year change at constant currency as determined under IFRS and presented in euros and the year-over-year change at constant currency as determined under U.S. GAAP and presented in U.S dollars.

 

CRITEO S.A.

IFRS Reconciliation of Adjusted EBITDA to Net Income

(Euros in thousands)

(unaudited)

Three Months Ended

Twelve Months Ended

December 31,

December 31,

2014

2015

2014

2015

Net income

17,643

35,490

35,364

56,752

Adjustments:

Financial (income) expense

(1,264)

(644)

(8,587)

4,094

Provision (benefit) for income taxes

3,313

(3,861)

13,253

8,689

Share-based compensation expense

4,840

7,047

14,778

21,642

    Research and development

700

1,969

2,776

5,884

    Sales and operations

2,814

3,281

9,267

10,534

    General and administrative

1,326

1,797

2,735

5,224

Service cost-pension

94

100

371

398

    Research and development

31

37

126

147

    Sales and operations

36

35

141

138

    General and administrative

27

28

104

113

Depreciation and amortization expense

7,131

12,715

23,532

40,197

    Cost of revenue

5,008

7,822

16,176

26,936

    Research and development

1,009

2,886

3,731

7,214

    Sales and operations

854

1,587

2,762

4,670

    General and administrative

260

420

863

1,377

Acquisition-related deferred price consideration

97

(1,958)

716

(1,708)

    Research and development

97

42

716

292

    Sales and operations

    General and administrative

(2,000)

(2,000)

Total net adjustments

14,211

13,399

44,063

73,312

Adjusted EBITDA

31,854

48,889

79,427

130,064

 

CRITEO S.A.

IFRS Detailed Information on Selected Items

(Euros in thousands)

(unaudited)

Three Months Ended

Twelve Months Ended

December 31,

December 31,

2014

2015

2014

2015

Share-Based Compensation Expense

Research and development

700

1,969

2,776

5,884

Sales and operations

2,814

3,281

9,267

10,534

General and administrative

1,326

1,797

2,735

5,224

    Total Share-Based Compensation Expense

4,840

7,047

14,778

21,642

Service cost-pension

Research and development

31

37

126

147

Sales and operations

36

35

141

138

General and administrative

27

28

104

113

    Total Service cost-pension

94

100

371

398

Depreciation and Amortization Expense

Cost of revenue

5,008

7,822

16,176

26,936

Research and development

1,009

2,886

3,731

7,214

Sales and operations

854

1,587

2,762

4,670

General and administrative

260

420

863

1,377

    Total Depreciation and Amortization Expense

7,131

12,715

23,532

40,197

Acquisition-Related Deferred Price Consideration

Research and development

97

42

716

292

Sales and operations

General and administrative

(2,000)

(2,000)

    Total Acquisition-Related Deferred Price Consideration

97

(1,958)

716

(1,708)

 

CRITEO S.A.

IFRS Reconciliation of Adjusted Net Income to Net Income

(Euros in thousands)

(unaudited)

Three Months Ended

Twelve Months Ended

December 31,

December 31,

2014

2015

2014

2015

Net income

17,643

35,490

35,364

56,752

Adjustments:

Share-based compensation expense

4,840

7,047

14,778

21,642

Amortization of acquisition-related intangible assets

840

2,313

2,942

5,720

Acquisition-related deferred price consideration

97

(1,958)

716

(1,708)

Tax impact of the above adjustments

(31)

(46)

(379)

(792)

Total net adjustments

5,746

7,356

18,057

24,862

Adjusted net income

23,389

42,846

53,421

81,614

Weighted average shares outstanding

   - Basic

60,519,987

62,348,620

58,928,563

61,835,499

   - Diluted

63,854,664

65,092,423

62,065,699

64,775,108

Adjusted net income per share

   - Basic

0.39

0.69

0.91

1.32

   - Diluted

0.37

0.66

0.86

1.26

 

CRITEO S.A.

IFRS Constant Currency Reconciliation

(Euros in thousands)

(unaudited)

Three Months Ended

Twelve Months Ended

December 31,

December 31,

2014

2015

YoY Change

2014

2015

YoY Change

Revenue as reported

232,796

361,732

55

%

745,081

1,193,414

60

%

Conversion impact euro/other currencies

(11,460)

(78,041)

Revenue at constant currency (*)

232,796

339,611

46

%

745,081

1,115,373

50

%

Traffic acquisition costs as reported

(136,493)

(215,980)

58

%

(441,427)

(711,755)

61

%

Conversion impact euro/other currencies

6,982

47,344

Traffic acquisition costs at constant currency (*)

(136,493)

(202,282)

48

%

(441,427)

(664,411)

51

%

Revenue ex-TAC as reported

96,303

145,752

51

%

303,654

481,659

59

%

Conversion impact euro/other currencies

(4,478)

(30,697)

Revenue ex-TAC at constant currency (*)

96,303

137,330

43

%

303,654

450,962

49

%

Revenue ex-TAC/Revenue as reported

41.4

%

40.3

%

40.8

%

40.4

%

Other cost of revenue as reported

(11,054)

(16,213)

47

%

(36,150)

(56,100)

55

%

Conversion impact euro/other currencies

1,037

5,639

Other cost of revenue at constant currency (*)

(11,054)

(14,790)

34

%

(36,150)

(50,461)

40

%

Adjusted EBITDA

31,854

48,889

53

%

79,427

130,064

64

%

Conversion impact euro/other currencies

(1,481)

(3,406)

Adjusted EBITDA at constant currency (*)

31,854

47,408

49

%

79,427

126,658

59

%

(*) Due to entries into the consolidation scope during the year ended December 31, 2015 and U.S. GAAP conversion adjustments, there are slight variances between the year-over-year change at constant currency as determined under IFRS and presented in euros and the year-over-year change at constant currency as determined under U.S. GAAP and presented in U.S dollars.

 

CRITEO S.A.

IFRS Information on Share Count

(unaudited)

2014

2015

Shares outstanding as at January 1,

56,856,070

60,902,695

Weighted average number of shares issued during the period

2,072,493

932,804

Basic number of shares - Basic EPS basis

58,928,563

61,835,499

Dilutive effect of  share options, warrants, employee warrants - Treasury method

3,717,153

2,939,609

Diluted number of shares - Diluted EPS basis

62,645,716

64,775,108

Shares outstanding as at December 31,

60,902,695

62,470,881

Total dilutive effect of share options, warrants, employee warrants

7,555,249

7,798,348

Fully diluted shares as at December 31,

68,457,944

70,269,229

 

CRITEO S.A.

IFRS Supplemental Financial Information and Operating Metrics

(Euros in thousands except where stated)

(unaudited)

Q2

2013

Q3

2013

Q4

2013

Q1

2014

Q2

2014

Q3

2014

Q4

2014

Q1

2015

Q2 2015

Q3 2015

Q4 2015

YoY

Change

QoQ Change

Clients

4,274

4,631

5,072

5,567

6,131

6,581

7,190

7,832

8,564

9,290

10,198

42

%

10

%

Revenue

99,400

113,811

135,889

152,520

165,317

194,449

232,796

261,523

270,859

299,299

361,732

55

%

21

%

Americas

28,846

30,473

38,660

37,630

46,942

58,602

85,598

89,460

100,262

111,566

154,761

81

%

39

%

EMEA

53,348

59,732

70,291

83,853

84,187

93,885

104,480

117,532

114,824

123,445

132,268

27

%

7

%

APAC

17,206

23,606

26,937

31,037

34,187

41,962

42,718

54,531

55,773

64,288

74,703

75

%

16

%

Revenue ex-TAC

40,032

46,815

54,855

62,733

67,022

77,596

96,303

105,160

110,455

120,292

145,752

51

%

21

%

Americas

11,124

11,896

15,108

14,725

18,600

23,106

33,432

35,015

39,803

43,485

59,578

78

%

37

%

EMEA

21,807

25,358

29,057

35,320

35,101

38,666

46,030

48,050

48,569

51,718

56,581

23

%

9

%

APAC

7,101

9,561

10,690

12,688

13,321

15,824

16,841

22,095

22,083

25,089

29,593

76

%

18

%

Cash flow from operating activities

4,134

3,731

12,255

11,437

11,162

25,481

39,555

36,421

11,045

15,768

60,448

53

%

283

%

Capital expenditures

6,590

5,737

7,187

3,781

10,459

11,156

9,993

11,436

16,561

21,513

17,580

76

%

(18)%

Net cash position

47,893

39,839

234,343

241,786

242,895

256,719

289,784

294,057

286,986

280,857

324,733

12

%

16

%

Days Sales Outstanding (days - end of month)

56.7

55.6

53.5

53.8

57.1

56.6

54.7

56.5

55.4

55.2

53.5

(2)%

(3)%

 

CRITEO S.A.

U.S. GAAP Consolidated Statement of Financial Position

(U.S. dollars in thousands)

(unaudited)

December 31,

December 31,

2014

2015

Cash and cash equivalents

$

351,827

$

353,537

Trade receivables, net of allowances

192,595

261,581

Current tax assets

3,493

2,714

Other current assets

25,517

45,582

TOTAL CURRENT ASSETS

573,432

663,414

Property, plant and equipment

52,239

82,482

Intangible assets

12,821

16,470

Goodwill

27,856

41,973

Non-current financial assets

11,527

17,184

Deferred tax assets

8,635

20,196

TOTAL NON-CURRENT ASSETS

113,078

178,305

TOTAL ASSETS

686,510

$

841,719

Trade payables

164,579

246,382

Provisions

1,373

668

Current tax liabilities

9,676

15,365

Financial liabilities - current portion

9,520

7,156

Other current liabilities

77,362

88,269

TOTAL CURRENT LIABILITIES

262,510

357,840

Deferred tax liabilities

1,142

139

Retirement benefit obligation

1,243

1,445

Financial liabilities - non-current portion

5,260

3,272

TOTAL NON-CURRENT LIABILITIES

7,645

4,856

TOTAL LIABILITIES

270,155

362,696

Common stock

2,008

2,052

Additional paid-in capital

387,972

425,220

Retained earnings

56,680

116,278

Accumulated other comprehensive income (loss)

(32,045)

(69,225)

Equity - attributable to shareholders of Criteo S.A.

414,615

474,325

Non-controlling interest

1,740

4,698

TOTAL EQUITY

416,355

479,023

TOTAL EQUITY AND LIABILITIES

$

686,510

$

841,719

 

CRITEO S.A.

U.S. GAAP Consolidated Statement of Income

(U.S. dollars in thousands, except per share data)

(unaudited)

Three Months Ended

Twelve Months Ended

December 31,

December 31,

2014

2015

YoY Change

2014

2015

YoY Change

Revenue

$

294,489

$

397,018

34.8

%

$

988,249

$

1,323,169

33.9

%

Cost of revenue

Traffic acquisition costs

(172,538)

(237,056)

37.4

%

(585,492)

(789,152)

34.8

%

Other cost of revenue

(13,962)

(17,782)

27.4

%

(47,948)

(62,201)

29.7

%

Gross Profit

107,989

142,180

31.7

%

354,809

471,816

33.0

%

Research and development expenses

(15,247)

(26,665)

74.9

%

(60,075)

(86,807)

44.5

%

Sales and operations expenses

(50,002)

(60,410)

20.8

%

(176,927)

(229,530)

29.7

%

General and administrative expenses

(17,202)

(21,280)

23.7

%

(64,723)

(79,145)

22.3

%

    Total operating expenses

(82,451)

(108,355)

31.4

%

(301,725)

(395,482)

31.1

%

Income from operations

25,538

33,825

32.4

%

53,084

76,334

43.8

%

Financial income (expense)

1,473

735

(50.1)

%

11,390

(4,541)

(139.9)

%

Income before taxes

27,011

34,560

27.9

%

64,474

71,793

11.4

%

Provision for income taxes

(4,118)

4,378

(206.3)

%

(17,578)

(9,517)

(45.9)

%

Net income

$

22,893

$

38,938

70.1

%

$

46,896

$

62,276

32.8

%

   - Net income available to shareholders of Criteo S.A.

$

22,396

$

37,936

$

45,556

$

59,553

   - Net income available to non-controlling interests

$

497

$

1,002

$

1,340

$

2,723

Weighted average shares outstanding

   - Basic

60,519,987

62,348,620

58,928,563

61,835,499

   - Diluted

63,854,664

65,092,423

62,493,260

65,096,487

Net income allocated to shareholders per share

   - Basic

$

0.37

$

0.61

$

0.77

$

0.96

   - Diluted

$

0.35

$

0.58

$

0.73

$

0.91

 

CRITEO S.A.

U.S. GAAP Consolidated Statement of Cash Flows

(U.S. dollars in thousands)

(unaudited)

Three Months Ended

Twelve Months Ended

December 31,

December 31,

2014

2015

2014

2015

Net income

$

22,893

$

38,938

$

46,896

$

62,275

Non-cash and non-operating items

20,689

15,764

71,544

78,448

                 - Amortization and provisions

9,687

14,648

33,365

47,085

                 - Share-based payment expense

6,142

7,748

19,600

23,989

                 - Net gain or loss on disposal of non-current assets

146

(2,212)

141

(2,127)

                 - Interest paid

6

(3)

23

6

                 - Non-cash financial income and expenses

590

5

838

22

                 - Change in deferred taxes

(6,081)

(12,599)

(5,315)

(15,748)

                 - Income tax for the period

10,199

8,177

22,892

25,221

Changes in working capital related to operating activities

16,495

17,572

4,661

15,231

                 - (Increase)/decrease in trade receivables

(34,551)

(55,986)

(83,646)

(83,420)

                 - Increase/(decrease) in trade payables

37,354

60,529

70,557

100,047

                 - (Increase)/decrease in other current assets

934

563

(7,986)

(24,101)

                 - Increase/(decrease) in other current liabilities

12,759

12,466

25,736

22,705

Income taxes paid

(8,909)

(5,568)

(6,820)

(18,805)

CASH FROM OPERATING ACTIVITIES

51,169

66,706

116,281

137,149

Acquisition of intangible assets, property, plant and equipment

(14,142)

(13,086)

(48,643)

(75,617)

Proceeds from disposal of intangible assets, property, plant and equipment

(15)

150

52

10

Net change in accounts payable related to intangible assets, property, plant and equipment

1,596

(6,269)

1,705

1,128

FREE CASH FLOW

38,608

47,501

69,395

62,670

Investments, net of cash acquired

(707)

10

(26,103)

(20,542)

Change in other non-current financial assets

(658)

(320)

(2,292)

(6,612)

CASH USED FOR INVESTING ACTIVITIES

(13,926)

(19,515)

(75,281)

(101,633)

Issuance of long-term borrowings

1,493

788

5,628

3,971

Repayment of borrowings

(1,483)

(2,776)

(6,502)

(8,974)

Interests paid

(6)

(21)

(23)

47

Proceeds from capital increase

4,386

3,758

31,638

13,768

Change in other financial liabilities

59

272

(1,000)

CASH FROM FINANCING ACTIVITIES

4,448

1,749

31,013

7,812

CHANGE IN NET CASH AND CASH EQUIVALENTS

41,691

48,940

72,013

43,328

Net cash and cash equivalents at beginning of period

323,029

314,644

323,181

351,827

Effect of exchange rates changes on cash and cash equivalents

(12,893)

(10,047)

(43,367)

(41,618)

Net cash and cash equivalents at end of period

$

351,827

$

353,537

$

351,827

$

353,537

 

CRITEO S.A.

U.S. GAAP Reconciliation of Revenue ex-TAC by Region to Revenue by Region

(U.S. dollars in thousands)

(unaudited)

Three Months Ended

Twelve Months Ended

December 31,

December 31,

Region

2014

2015

YoY Change

YoY Change at Constant Currency (*)

Region

2014

2015

YoY Change

YoY Change at Constant Currency (*)

Revenue

Revenue

Americas

$

109,543

$

170,133

55

%

61

%

Americas

$

303,436

$

505,653

67

%

74

%

EMEA

131,275

144,905

10

%

24

%

EMEA

485,986

541,105

11

%

31

%

Asia-Pacific

53,671

81,980

53

%

62

%

Asia-Pacific

198,827

276,411

39

%

56

%

Total

294,489

397,018

35

%

45

%

Total

988,249

1,323,169

34

%

49

%

Traffic acquisition costs

Traffic acquisition costs

Americas

(66,773)

(104,646)

57

%

62

%

Americas

(184,245)

(308,427)

67

%

75

%

EMEA

(73,265)

(82,905)

13

%

27

%

EMEA

(280,242)

(313,928)

12

%

32

%

Asia-Pacific

(32,500)

(49,505)

52

%

62

%

Asia-Pacific

(121,005)

(166,797)

38

%

55

%

Total

(172,538)

(237,056)

37

%

47

%

Total

(585,492)

(789,152)

35

%

50

%

Revenue ex-TAC

Revenue ex-TAC

Americas

42,770

65,487

53

%

60

%

Americas

119,191

197,226

65

%

73

%

EMEA

58,010

62,000

7

%

20

%

EMEA

205,744

227,177

10

%

30

%

Asia-Pacific

21,171

32,475

53

%

63

%

Asia-Pacific

77,822

109,614

41

%

57

%

Total

$

121,951

$

159,962

31

%

41

%

Total

$

402,757

$

534,017

33

%

48

%

(*) Due to entries into the consolidation scope during the year ended December 31, 2015 and U.S. GAAP conversion adjustments, there are slight variances between the year-over-year change at constant currency as determined under IFRS and presented in euros and the year-over-year change at constant currency as determined under U.S. GAAP and presented in U.S dollars.

 

CRITEO S.A.

U.S. GAAP Reconciliation of Adjusted EBITDA to Net Income

(U.S. dollars in thousands)

(unaudited)

Three Months Ended

Twelve Months Ended

December 31,

December 31,

2014

2015

2014

2015

Net income

$

22,893

$

38,938

$

46,896

$

62,276

Adjustments:

Financial (income) expense

(1,473)

(735)

(11,390)

4,541

Provision (benefit) for income taxes

4,118

(4,378)

17,578

9,517

Share-based compensation expense

6,143

7,748

19,601

23,989

    Research and development

870

2,167

3,682

6,520

    Sales and operations

3,553

3,606

12,291

11,678

    General and administrative

1,720

1,975

3,628

5,791

Service cost-pension

129

109

504

441

    Research and development

38

40

167

163

    Sales and operations

45

38

187

153

    General and administrative

46

31

150

125

Depreciation and amortization expense

9,000

13,967

31,213

44,564

    Cost of revenue

6,332

8,579

21,455

29,866

    Research and development

1,261

3,183

4,949

7,994

    Sales and operations

1,080

1,744

3,664

5,178

    General and administrative

327

461

1,145

1,526

Acquisition-related deferred price consideration

110

(2,172)

950

(1,894)

    Research and development

110

46

950

324

    Sales and operations

    General and administrative

(2,218)

(2,218)

Total net adjustments

18,027

14,539

58,456

81,158

Adjusted EBITDA

$

40,920

$

53,477

$

105,352

$

143,434

 

CRITEO S.A.

U.S. GAAP Detailed Information on Selected Items

(U.S. dollars in thousands)

(unaudited)

Three Months Ended

Twelve Months Ended

December 31,

December 31,

2014

2015

2014

2015

Share-Based Compensation Expense

Research and development

$

870

$

2,167

$

3,682

$

6,520

Sales and operations

3,553

3,606

12,291

11,678

General and administrative

1,720

1,975

3,628

5,791

    Total Share-Based Compensation Expense

6,143

7,748

19,601

23,989

Service cost-pension

Research and development

38

40

167

163

Sales and operations

45

38

187

153

General and administrative

46

31

150

125

    Total Service cost-pension

129

109

504

441

Depreciation and Amortization Expense

Cost of revenue

6,332

8,579

21,455

29,866

Research and development

1,261

3,183

4,949

7,994

Sales and operations

1,080

1,744

3,664

5,178

General and administrative

327

461

1,145

1,526

    Total Depreciation and Amortization Expense

9,000

13,967

31,213

44,564

Acquisition-Related Deferred Price Consideration

Research and development

110

46

950

324

Sales and operations

General and administrative

(2,218)

(2,218)

    Total Acquisition-Related Deferred Price Consideration

$

110

$

(2,172)

$

950

$

(1,894)

 

CRITEO S.A.

U.S. GAAP Reconciliation of Adjusted Net Income to Net Income

(U.S. dollars in thousands)

(unaudited)

Three Months Ended

Twelve Months Ended

December 31,

December 31,

2014

2015

2014

2015

Net income

$

22,893

$

38,938

$

46,896

$

62,276

Adjustments:

Share-based compensation expense

6,142

7,748

19,601

23,989

Amortization of acquisition-related intangible assets

1,056

2,548

3,902

6,342

Acquisition-related deferred price consideration

110

(2,172)

950

(1,894)

Tax impact of the above adjustments

(31)

(47)

(503)

(878)

Total net adjustments

7,277

8,077

23,950

27,559

Adjusted net income

$

30,170

$

47,015

$

70,846

$

89,835

Weighted average shares outstanding

   - Basic

60,519,987

62,348,620

58,928,563

61,835,499

   - Diluted

63,854,664

65,092,423

62,493,260

65,096,487

Adjusted net income per share

   - Basic

$

0.50

$

0.75

$

1.20

$

1.45

   - Diluted

$

0.47

$

0.72

$

1.13

$

1.38

 

CRITEO S.A.

U.S. GAAP Constant Currency Reconciliation

(U.S. dollars in thousands)

(unaudited)

Three Months Ended

Twelve Months Ended

December 31,

December 31,

2014

2015

YoY Change

2014

2015

YoY Change

Revenue as reported

$

294,489

$

397,018

35

%

$

988,249

$

1,323,169

34

%

Conversion impact U.S. dollar/other currencies

29,663

152,061

Revenue at constant currency (*)

294,489

426,681

45

%

988,249

1,475,230

49

%

Traffic acquisition costs as reported

(172,538)

(237,056)

37

%

(585,492)

(789,152)

35

%

Conversion impact U.S. dollar/other currencies

(17,140)

(90,002)

Traffic Acquisition Costs at constant currency (*)

(172,538)

(254,196)

47

%

(585,492)

(879,154)

50

%

Revenue ex-TAC as reported

121,951

159,962

31

%

402,757

534,017

33

%

Conversion impact U.S. dollar/other currencies

12,523

62,059

Revenue ex-TAC at constant currency (*)

121,951

172,485

41

%

402,757

596,076

48

%

Revenue ex-TAC/Revenue as reported

41.4

%

40.3

%

40.8

%

40.4

%

Other cost of revenue as reported

(13,962)

(17,782)

27

%

(47,948)

(62,201)

30

%

Conversion impact U.S. dollar/other currencies

(777)

(4,589)

Other cost of revenue at constant currency (*)

(13,962)

(18,559)

33

%

(47,948)

(66,790)

39

%

Adjusted EBITDA

40,920

53,477

31

%

105,352

143,434

36

%

Conversion impact U.S. dollar/other currencies

6,513

24,302

Adjusted EBITDA at constant currency (*)

40,920

59,990

47

%

105,352

167,736

59

%

(*) Due to entries into the consolidation scope during the year ended December 31, 2015 and U.S. GAAP conversion adjustments, there are slight variances between the year-over-year change at constant currency as determined under IFRS and presented in euros and the year-over-year change at constant currency as determined under U.S. GAAP and presented in U.S dollars.

 

CRITEO S.A.

U.S. GAAP - Information on Share Count

(unaudited)

2014

2015

Shares outstanding as at January 1,

56,856,070

60,902,695

Weighted average number of shares issued during the period

2,072,493

932,804

Basic number of shares - Basic EPS basis

58,928,563

61,835,499

Dilutive effect of share options, warrants, employee warrants - Treasury method

3,717,153

3,260,988

Diluted number of shares - Diluted EPS basis

62,645,716

65,096,487

Shares outstanding as at December 31,

60,902,695

62,470,881

Total dilutive effect of share options, warrants, employee warrants

7,555,249

7,798,348

Fully diluted shares as at December 31,

68,457,944

70,269,229

 

RECONCILIATION OF CRITEO S.A. FINANCIAL STATEMENTS

FROM IFRS/EURO to U.S. GAAP/U.S. DOLLARS

CRITEO S.A.

Consolidated Statement of Income

Reconciliation from IFRS to U.S. GAAP

(in thousands, except per share data)

(unaudited)

Three Months Ended December 31, 2014

IFRS

(Euro)

Adjustments from

IFRS to U.S.GAAP

(Euro)

U.S. GAAP

(Euro)

U.S. GAAP

(U.S. Dollar)

Revenue

232,796

232,796

$

294,489

Cost of revenue

Traffic acquisition costs

(136,493)

(136,493)

(172,538)

Other cost of revenue

(11,054)

(11,054)

(13,962)

Gross Profit

85,249

85,249

107,989

Research and development expenses

(12,191)

(12,191)

(15,247)

Sales and operations expenses

(39,668)

(39,668)

(50,002)

General and administrative expenses

(13,698)

(9)

(13,707)

(17,202)

    Total operating expenses

(65,557)

(9)

(65,566)

(82,451)

Income from operations

19,692

(9)

19,683

25,538

Financial income

1,264

1,264

1,473

Income before taxes

20,956

(9)

20,947

27,011

Provision for income taxes

(3,313)

(3,313)

(4,118)

Net income

17,643

(9)

17,634

$

22,893

   - Net income available to shareholders of Criteo S.A.

17,256

(9)

17,247

$

22,396

   - Net income available to non-controlling interests

387

387

$

497

Weighted average shares outstanding

   - Basic

60,519,987

60,519,987

60,519,987

   - Diluted

63,854,664

63,854,664

63,854,664

Net income allocated to shareholders per share

   - Basic

0.29

0.28

$

0.37

   - Diluted

0.27

0.27

$

0.35

 

CRITEO S.A.

Consolidated Statement of Income

Reconciliation from IFRS to U.S. GAAP

(in thousands except per share data)

(unaudited)

Twelve Months Ended December 31, 2014

IFRS

(Euro)

Adjustments from

IFRS to U.S.GAAP

(Euro)

U.S. GAAP

(Euro)

U.S. GAAP

(U.S. Dollar)

Revenue

745,081

745,081

$

988,249

Cost of revenue

Traffic acquisition costs

(441,427)

(441,427)

(585,492)

Other cost of revenue

(36,150)

(36,150)

(47,948)

Gross Profit

267,504

267,504

354,809

Research and development expenses

(45,293)

(45,293)

(60,075)

Sales and operations expenses

(133,393)

(133,393)

(176,927)

General and administrative expenses

(48,788)

(9)

(48,797)

(64,723)

    Total operating expenses

(227,474)

(9)

(227,483)

(301,725)

Income from operations

40,030

(9)

40,021

53,084

Financial income

8,587

8,587

11,390

Income before taxes

48,617

(9)

48,608

64,474

Provision for income taxes

(13,253)

(13,253)

(17,578)

Net income

35,364

(9)

35,355

$

46,896

   - Net income available to shareholders of Criteo S.A.

34,354

(9)

34,345

$

45,556

   - Net income available to non-controlling interests

1,010

1,010

$

1,340

Weighted average shares outstanding

   - Basic

58,928,563

58,928,563

58,928,563

   - Diluted

62,065,699

62,493,260

62,493,260

Net income allocated to shareholders per share

   - Basic

0.58

0.58

$

0.77

   - Diluted

0.55

0.55

$

0.73

 

CRITEO S.A.

Consolidated Statement of Income

Reconciliation from IFRS to U.S. GAAP

(in thousands except per share data)

(unaudited)

Three Months Ended December 31, 2015

IFRS

(Euro)

 Adjustments from

IFRS to U.S.GAAP

(Euro)

U.S. GAAP

(Euro)

U.S. GAAP

(U.S. Dollar)

Revenue

361,732

361,732

$

397,018

Cost of revenue

Traffic acquisition costs

(215,980)

(215,980)

(237,056)

Other cost of revenue

(16,213)

(16,213)

(17,782)

Gross Profit

129,539

129,539

142,180

Research and development expenses

(24,215)

(55)

(24,270)

(26,665)

Sales and operations expenses

(54,953)

(187)

(55,140)

(60,410)

General and administrative expenses

(19,386)

(34)

(19,420)

(21,280)

    Total operating expenses

(98,554)

(276)

(98,830)

(108,355)

Income from operations

30,985

(276)

30,709

33,825

Financial income

644

644

735

Income before taxes

31,629

(276)

31,353

34,560

Provision for income taxes

3,861

45

3,906

4,378

Net income

35,490

(231)

35,259

$

38,938

   - Net income available to shareholders of Criteo S.A.

34,580

(231)

34,349

$

37,936

   - Net income available to non-controlling interests

910

910

$

1,002

Weighted average shares outstanding

   - Basic

62,348,620

62,348,620

62,348,620

   - Diluted

65,092,423

65,092,423

65,092,423

Net income allocated to shareholders per share

   - Basic

0.55

0.55

$

0.61

   - Diluted

0.53

0.53

$

0.58

 

CRITEO S.A.

Consolidated Statement of Income

Reconciliation from IFRS to U.S. GAAP

(in thousands except per share data)

(unaudited)

Twelve Months Ended December 31, 2015

IFRS

(Euro)

Adjustments from

IFRS to U.S.GAAP

(Euro)

U.S. GAAP

(Euro)

U.S. GAAP

(U.S. Dollar)

Revenue

1,193,414

1,193,414

$

1,323,169

Cost of revenue

Traffic acquisition costs

(711,755)

(711,755)

(789,152)

Other cost of revenue

(56,100)

(56,100)

(62,201)

Gross Profit

425,559

425,559

471,816

Research and development expenses

(78,313)

(78,313)

(86,807)

Sales and operations expenses

(206,325)

(715)

(207,040)

(229,530)

General and administrative expenses

(71,386)

(71,386)

(79,145)

    Total operating expenses

(356,024)

(715)

(356,739)

(395,482)

Income from operations

69,535

(715)

68,820

76,334

Financial income (expense)

(4,094)

(4,094)

(4,541)

Income before taxes

65,441

(715)

64,726

71,793

Provision for income taxes

(8,689)

118

(8,571)

(9,517)

Net income

56,752

(597)

56,155

$

62,276

   - Net income available to shareholders of Criteo S.A.

54,296

(597)

53,699

$

59,553

   - Net income available to non-controlling interests

2,456

2,456

$

2,723

Weighted average shares outstanding

   - Basic

61,835,499

61,835,499

61,835,499

   - Diluted

64,775,108

65,096,487

65,096,487

Net income allocated to shareholders per share

   - Basic

0.88

0.87

$

0.96

   - Diluted

0.84

0.82

$

0.91

 

CRITEO S.A.

Consolidated Statement of Financial Position

Reconciliation from IFRS to U.S. GAAP

(in thousands)

(unaudited)

December 31, 2014

 IFRS Presentation

IFRS

(Euro)

 U.S. GAAP Presentation

IFRS

(Euro)

Adjustments from

IFRS to U.S.GAAP

(Euro)

U.S. GAAP

(Euro)

U.S. GAAP

(U.S. Dollar)

Goodwill

22,944

Cash and cash equivalents

289,784

289,784

$

351,827

Intangible assets

10,560

Trade receivables, net of allowances

158,633

158,633

192,595

Property, plant and equipment

43,027

Current tax assets

2,883

2,883

3,493

Non-current financial assets

9,494

Other current assets

21,021

21,021

25,517

Deferred tax assets

7,113

TOTAL CURRENT ASSETS

472,321

472,321

573,432

TOTAL NON-CURRENT ASSETS

93,138

Property, plant and equipment

43,027

43,027

52,239

Trade receivables

158,633

Intangible assets

10,560

10,560

12,821

Current tax assets

2,883

Goodwill

22,944

22,944

27,856

Other current assets

21,021

Non-current financial assets

9,494

9,494

11,527

Cash and cash equivalents

289,784

Deferred tax assets

7,113

7,113

8,635

TOTAL CURRENT ASSETS

472,321

TOTAL NON-CURRENT ASSETS

93,138

93,138

113,078

TOTAL ASSETS

565,459

TOTAL ASSETS

565,459

565,459

686,510

Share capital

1,523

Trade payables

135,557

135,557

164,579

Additional paid-in capital

265,522

Provisions

1,131

1,131

1,373

Currency translation adjustment

4,804

Current tax liabilities

7,969

7,969

9,676

Consolidated reserves

35,302

Financial liabilities - current portion

7,841

7,841

9,520

Retained earnings

34,354

Other current liabilities

63,720

63,720

77,362

Equity - attributable to shareholders of Criteo S.A.

341,505

TOTAL CURRENT LIABILITIES

216,218

216,218

262,510

Non-controlling interests

1,433

Deferred tax liabilities

946

946

1,142

TOTAL EQUITY

342,938

Retirement benefit obligation

1,024

1,024

1,243

Financial liabilities - non-current portion

4,333

Financial liabilities - non-current portion

4,333

4,333

5,260

Retirement benefit obligation

1,024

TOTAL NON-CURRENT LIABILITIES

6,303

6,303

7,645

Deferred tax liabilities

946

TOTAL LIABILITIES

222,521

222,521

270,155

TOTAL NON-CURRENT LIABILITIES

6,303

Common stock

1,523

1,523

2,008

Financial liabilities - current portion

7,841

Additional paid-in capital

265,522

27,123

292,645

387,972

Provisions

1,131

Currency translation adjustment

4,804

(4,804)

Trade payables

135,557

Consolidated reserves

35,302

(35,302)

Current tax liabilities

7,969

Retained earnings

34,354

8,229

42,583

56,680

Other current liabilities

63,720

Accumulated other comprehensive income (loss)

4,754

4,754

(32,045)

TOTAL CURRENT LIABILITIES

216,218

Equity - attributable to shareholders of Criteo S.A.

341,505

341,505

414,615

TOTAL LIABILITIES

222,521

Non-controlling interests

1,433

1,433

1,740

TOTAL EQUITY AND LIABILITIES

565,459

TOTAL EQUITY

342,938

342,938

416,355

TOTAL EQUITY AND LIABILITIES

565,459

565,459

$

686,510

 

CRITEO S.A.

Consolidated Statement of Financial Position

Reconciliation from IFRS to U.S. GAAP

(in thousands)

(unaudited)

December 31, 2015

 IFRS Presentation

IFRS

(Euro)

 U.S. GAAP Presentation

IFRS

(Euro)

Adjustments from

IFRS to U.S.GAAP

(Euro)

U.S. GAAP

(Euro)

U.S. GAAP

(U.S. Dollar)

Goodwill

38,553

Cash and cash equivalents

324,733

324,733

$

353,537

Intangible assets

15,126

Trade receivables, net of allowances

240,264

240,264

261,581

Property, plant and equipment

75,762

Current tax assets

2,500

2,500

2,714

Non-current financial assets

15,784

Other current assets

41,944

41,944

45,582

Deferred tax assets

18,432

TOTAL CURRENT ASSETS

609,441

609,441

663,414

TOTAL NON-CURRENT ASSETS

163,657

Property, plant and equipment

75,762

75,762

82,482

Trade receivables

240,264

Intangible assets

15,126

15,126

16,470

Current tax assets

2,500

Goodwill

38,553

38,553

41,973

Other current assets

41,944

Non-current financial assets

15,784

15,784

17,184

Cash and cash equivalents

324,733

Deferred tax assets

18,432

118

18,550

20,196

TOTAL CURRENT ASSETS

609,441

TOTAL NON-CURRENT ASSETS

163,657

118

163,775

178,305

TOTAL ASSETS

773,098

TOTAL ASSETS

773,098

118

773,216

841,719

Share capital

1,562

Trade payables

226,304

226,304

246,382

Additional paid-in capital

277,901

Provisions

614

614

668

Currency translation adjustment

11,598

Current tax liabilities

14,113

14,113

15,365

Consolidated reserves

90,997

Financial liabilities - current portion

6,573

6,573

7,156

Retained earnings

54,296

Other current liabilities

80,361

715

81,076

88,269

Equity - attributable to shareholders of Criteo S.A.

436,354

TOTAL CURRENT LIABILITIES

327,965

715

328,680

357,840

Non-controlling interests

4,315

Deferred tax liabilities

132

132

139

TOTAL EQUITY

440,669

Retirement benefit obligation

1,327

1,327

1,445

Financial liabilities - non-current portion

3,005

Financial liabilities - non-current portion

3,005

3,005

3,272

Retirement benefit obligation

1,327

TOTAL NON-CURRENT LIABILITIES

4,464

4,464

4,856

Deferred tax liabilities

132

TOTAL LIABILITIES

332,429

715

333,144

362,696

TOTAL NON-CURRENT LIABILITIES

4,464

Common stock

1,562

1,562

2,052

Financial liabilities - current portion

6,573

Additional paid-in capital

277,901

48,558

326,459

425,220

Provisions

614

Currency translation reserve

11,598

(11,598)

Trade payables

226,304

Consolidated reserves

90,997

(90,997)

Current tax liabilities

14,113

Retained earnings

54,296

41,861

96,157

116,278

Other current liabilities

80,361

Accumulated other comprehensive income (loss)

11,579

11,579

(69,225)

TOTAL CURRENT LIABILITIES

327,965

Equity - attributable to shareholders of Criteo S.A.

436,354

(597)

435,757

474,325

TOTAL LIABILITIES

332,429

Non-controlling interests

4,315

4,315

4,698

TOTAL EQUITY AND LIABILITIES

773,098

TOTAL EQUITY

440,669

(597)

440,072

479,023

TOTAL EQUITY AND LIABILITIES

773,098

118

773,216

$

841,719

 

CRITEO S.A.

Consolidated Statement of Cash Flows

Reconciliation from IFRS to U.S. GAAP

(in thousands)

(unaudited)

Three Months Ended December 31, 2014

IFRS

(Euro)

Adjustments from

IFRS to U.S.GAAP

(Euro)

U.S. GAAP

(Euro)

U.S. GAAP

(U.S. Dollar)

Net income

17,643

(9)

17,634

$

22,893

Non-cash and non-operating items

16,379

9

16,388

20,689

                 - Amortization and provisions

7,662

9

7,671

9,687

                 - Share-based payment expense

4,840

4,840

6,142

                 - Net gain or loss on disposal of non-current assets

110

110

146

                 - Interest paid

5

5

6

                 - Non-cash financial income and expenses

449

449

590

                 - Change in deferred taxes

(4,573)

(4,573)

(6,081)

                 - Income tax for the period

7,886

7,886

10,199

Changes in working capital related to operating activities

12,252

12,252

16,495

                 - (Increase)/decrease in trade receivables

(26,812)

(26,812)

(34,551)

                 - Increase/(decrease) in trade payables

28,678

28,678

37,354

                 - (Increase)/decrease in other current assets

565

565

934

                 - Increase/(decrease) in other current liabilities

9,821

9,821

12,759

Income taxes paid

(6,684)

(6,684)

(8,909)

CASH FROM OPERATING ACTIVITIES

39,590

39,590

51,169

Acquisition of intangible assets, property, plant and equipment

(9,993)

(1,204)

(11,197)

(14,142)

Proceeds from disposal of intangible assets, property, plant and equipment

(10)

(10)

(15)

Net change in accounts payable related to intangible assets, property, plant and equipment

1,204

1,204

1,596

FREE CASH FLOW

29,587

29,587

38,608

Investments

(707)

Change in other non-current financial assets

(521)

(521)

(658)

CASH USED FOR INVESTING ACTIVITIES

(10,524)

(10,524)

(13,926)

Issuance of long-term borrowings

1,189

1,189

1,493

Repayment of borrowings

(1,196)

(1,196)

(1,483)

Interests paid

(5)

(5)

(6)

Proceeds from capital increase

3,730

3,730

4,386

Change in other financial liabilities

48

48

59

CASH FROM FINANCING ACTIVITIES

3,766

3,766

4,448

CHANGE IN NET CASH AND CASH EQUIVALENTS

32,832

32,832

41,691

Net cash and cash equivalents at beginning of period

256,719

256,719

323,029

Effect of exchange rates changes on cash and cash equivalents

233

233

(12,893)

Net cash and cash equivalents at end of period

289,784

289,784

$

351,827

 

CRITEO S.A.

Consolidated Statement of Cash Flows

Reconciliation from IFRS to U.S. GAAP

(in thousands)

(unaudited)

Twelve Months Ended December 31, 2014

IFRS

(Euro)

Adjustments from

IFRS to U.S.GAAP

(Euro)

U.S. GAAP

(Euro)

U.S. GAAP

(U.S. Dollar)

Net income

35,364

(9)

35,355

$

46,896

Non-cash and non-operating items

53,931

9

53,940

71,544

                 - Amortization and provisions

25,146

9

25,155

33,365

                 - Share-based payment expense

14,778

14,778

19,600

                 - Net gain or loss on disposal of non-current assets

106

106

141

                 - Interest paid

17

17

23

                 - Non-cash financial income and expenses

632

632

838

                 - Change in deferred taxes

(4,007)

(4,007)

(5,315)

                 - Income tax for the period

17,260

17,260

22,892

Changes in working capital related to operating activities

3,516

3,516

4,661

                 - (Increase)/decrease in trade receivables

(63,064)

(63,064)

(83,646)

                 - Increase/(decrease) in trade payables

53,195

53,195

70,557

                 - (Increase)/decrease in other current assets

(6,021)

(6,021)

(7,986)

                 - Increase/(decrease) in other current liabilities

19,406

19,406

25,736

Income taxes paid

(5,142)

(5,142)

(6,820)

CASH FROM OPERATING ACTIVITIES

87,670

87,670

116,281

Acquisition of intangible assets, property, plant and equipment

(35,389)

(1,285)

(36,674)

(48,643)

Proceeds from disposal of intangible assets, property, plant and equipment

40

40

52

Net change in accounts payable related to intangible assets, property, plant and equipment

1,285

1,285

1,705

FREE CASH FLOW

52,321

52,321

69,395

Investments

(18,775)

(18,775)

(26,103)

Change in other non-current financial assets

(1,728)

(1,728)

(2,292)

CASH USED FOR INVESTING ACTIVITIES

(55,852)

(55,852)

(75,281)

Issuance of long-term borrowings

4,243

4,243

5,628

Repayment of borrowings

(4,902)

(4,902)

(6,502)

Interests paid

(17)

(17)

(23)

Proceeds from capital increase

23,854

23,854

31,638

Change in other financial liabilities

205

205

272

CASH FROM FINANCING ACTIVITIES

23,383

23,383

31,013

CHANGE IN NET CASH AND CASH EQUIVALENTS

55,200

55,200

72,013

Net cash and cash equivalents at beginning of period

234,342

234,342

323,181

Effect of exchange rates changes on cash and cash equivalents

242

242

(43,367)

Net cash and cash equivalents at end of period

289,784

289,784

$

351,827

 

CRITEO S.A.

Consolidated Statement of Cash Flows

Reconciliation from IFRS to U.S. GAAP

(in thousands)

(unaudited)

Three Months Ended December 31, 2015

IFRS

(Euro)

Adjustments from

IFRS to U.S.GAAP

(Euro)

U.S. GAAP

(Euro)

U.S. GAAP

(U.S. Dollar)

Net income

35,490

(231)

35,259

$

38,938

Non-cash and non-operating items

14,489

(45)

14,444

15,764

                 - Amortization and provisions

13,335

13,335

14,648

                 - Share-based payment expense

7,047

7,047

7,748

                 - Net gain or loss on disposal of non-current assets

(1,994)

(1,994)

(2,212)

                 - Interest paid

(3)

(3)

(3)

                 - Non-cash financial income and expenses

5

5

5

                 - Change in deferred taxes

(11,343)

(45)

(11,388)

(12,599)

                 - Income tax for the period

7,442

7,442

8,177

Changes in working capital related to operating activities

15,543

276

15,819

17,572

                 - (Increase)/decrease in trade receivables

(50,604)

(50,604)

(55,986)

                 - Increase/(decrease) in trade payables

54,735

54,735

60,529

                 - (Increase)/decrease in other current assets

412

412

563

                 - Increase/(decrease) in other current liabilities

11,000

276

11,276

12,466

Income taxes paid

(5,074)

(5,074)

(5,568)

CASH FROM OPERATING ACTIVITIES

60,448

60,448

66,706

Acquisition of intangible assets, property, plant and equipment

(17,580)

6,162

(11,418)

(13,086)

Proceeds from disposal of intangible assets, property, plant and equipment

8

8

150

Net change in accounts payable related to intangible assets, property, plant and equipment

(6,162)

(6,162)

(6,269)

FREE CASH FLOW

42,876

42,876

47,501

Investments

10

Change in other non-current financial assets

(314)

(314)

(320)

CASH USED FOR INVESTING ACTIVITIES

(17,886)

(17,886)

(19,515)

Issuance of long-term borrowings

723

723

788

Repayment of borrowings

(2,521)

(2,521)

(2,776)

Interests paid

(19)

(19)

(21)

Proceeds from capital increase

3,416

3,416

3,758

Change in other financial liabilities

CASH FROM FINANCING ACTIVITIES

1,599

1,599

1,749

CHANGE IN NET CASH AND CASH EQUIVALENTS

44,161

44,161

48,940

Net cash and cash equivalents at beginning of period

280,857

280,857

314,644

Effect of exchange rates changes on cash and cash equivalents

(285)

(285)

(10,047)

Net cash and cash equivalents at end of period

324,733

324,733

$

353,537

 

CRITEO S.A.

Consolidated Statement of Cash Flows

Reconciliation from IFRS to U.S. GAAP

(in thousands)

(unaudited)

Twelve Months Ended December 31, 2015

IFRS

(Euro)

 Adjustments from

IFRS to U.S.GAAP

(Euro)

U.S. GAAP

(Euro)

U.S. GAAP

(U.S. Dollar)

Net income

56,752

(597)

56,155

$

62,275

Non-cash and non-operating items

70,867

(118)

70,749

78,448

                 - Amortization and provisions

42,469

42,469

47,085

                 - Share-based payment expense

21,642

21,642

23,989

                 - Net gain or loss on disposal of non-current assets

(1,918)

(1,918)

(2,127)

                 - Interest paid

5

5

6

                 - Non-cash financial income and expenses

20

20

22

                 - Change in deferred taxes

(14,098)

(118)

(14,216)

(15,748)

                 - Income tax for the period

22,747

22,747

25,221

Changes in working capital related to operating activities

13,022

715

13,737

15,231

                 - (Increase)/decrease in trade receivables

(75,247)

(75,247)

(83,420)

                 - Increase/(decrease) in trade payables

90,233

90,233

100,047

                 - (Increase)/decrease in other current assets

(21,737)

(21,737)

(24,101)

                 - Increase/(decrease) in other current liabilities

19,773

715

20,488

22,705

Income taxes paid

(16,960)

(16,960)

(18,805)

CASH FROM OPERATING ACTIVITIES

123,681

123,681

137,149

Acquisition of intangible assets, property, plant and equipment

(67,090)

(1,112)

(68,202)

(75,617)

Proceeds from disposal of intangible assets, property, plant and equipment

9

9

10

Net change in accounts payable related to intangible assets, property, plant and equipment

1,112

1,112

1,128

FREE CASH FLOW

56,600

56,600

62,670

Investments

(18,009)

(18,009)

(20,542)

Change in other non-current financial assets

(5,964)

(5,964)

(6,612)

CASH USED FOR INVESTING ACTIVITIES

(91,054)

(91,054)

(101,633)

Issuance of long-term borrowings

3,582

3,582

3,971

Repayment of borrowings

(8,101)

(8,101)

(8,974)

Interests paid

42

42

47

Proceeds from capital increase

12,417

12,417

13,768

Change in other financial liabilities

(906)

(906)

(1,000)

CASH FROM FINANCING ACTIVITIES

7,034

7,034

7,812

CHANGE IN NET CASH AND CASH EQUIVALENTS

39,661

39,661

43,328

Net cash and cash equivalents at beginning of period

289,784

289,784

351,827

Effect of exchange rates changes on cash and cash equivalents

(4,712)

(4,712)

(41,618)

Net cash and cash equivalents at end of period

324,733

324,733

$

353,537

 

 

SOURCE Criteo S.A.



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