Criteo Reports Record Results For The Third Quarter 2015 And Reiterates Its Full-Year 2015 Outlook Despite Negative Foreign Exchange Impacts

Nov 04, 2015, 07:00 ET from Criteo S.A.

NEW YORK, Nov. 4, 2015 /PRNewswire/ -- Criteo S.A. (NASDAQ: CRTO), the performance marketing technology company, today announced financial results for the third quarter ended September 30, 2015.

  • Revenue in the third quarter 2015 increased 54% (or 46% at constant currency1) to €299 million, compared with €194 million in the third quarter 2014.
  • Revenue excluding Traffic Acquisition Costs, or Revenue ex-TAC, in the third quarter 2015 grew 55% (or 47% at constant currency) to €120 million, compared with €78 million in the third quarter 2014.
  • Net income in the third quarter 2015 was €5 million, compared with €11 million in the third quarter 2014.
  • Adjusted EBITDA for the third quarter 2015 was €31 million, an increase of 58% (or 55% at constant currency), compared with €20 million in the third quarter 2014.

"We're happy that 90% of our clients use our multi-screen solution," said JB Rudelle, co-founder & CEO, "and are excited about the rapid adoption of our "Universal Match" cross-device solution."

"Our investments and our strong execution are paying off, and we're confident we will deliver strong results for the full year," said Benoit Fouilland, Chief Financial Officer.

Operating Highlights

  • For the first time in Criteo's history, our Revenue crossed the €1 billion landmark on a last 12-month basis to reach €1.1 billion.
  • We added over 720 net clients in Q3 2015, while maintaining our client retention rate at over 90%.
  • In September 2015, 90% of our clients were using our multi-screen solution.
  • Clients that were live in both Q3 2014 and Q3 2015 spent more with us, resulting in over 21% more Revenue ex-TAC at constant currency from these clients compared with the prior-year period.
  • Our "Universal Match" cross-device solution is gaining scale. As of September, over 2/3 of our clients were sharing anonymized CRM data with us.
  • Over 1,500 of our advertisers were live on Facebook mobile via our integration with dynamic product ads as of September 30.
  • In September, we generated close to 40% of our Revenue ex-TAC from clients using our enhanced Dynamic Creative Optimization platform.

1 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.

Revenue ex-TAC

Revenue ex-TAC grew 55% in the third quarter 2015, or 47% at constant currency, to €120 million, compared with €78 million in the third quarter 2014. This year-over-year performance was primarily driven by the continued roll-out of our technology improvements across all devices, the addition of a significant number of new clients and the further development of our direct relationships with publishers.

  • In the Americas, Revenue ex-TAC in the third quarter 2015 grew by 88% year-over-year, or 67% at constant currency, to €43 million. The Americas represented over 36% of global Revenue ex-TAC in the third quarter 2015.
  • In EMEA, Revenue ex-TAC in the third quarter 2015 increased by 34% year-over-year, or 33% at constant currency, to €52 million. EMEA represented 43% of global Revenue ex-TAC in the third quarter 2015.
  • In Asia-Pacific, Revenue ex-TAC in the third quarter 2015 increased by 59% year-over-year, or 53% at constant currency, to €25 million. Asia-Pacific represented approximately 21% of global Revenue ex-TAC in the third quarter 2015.

Revenue ex-TAC margin in the third quarter 2015 was 40.2%, in line with prior quarters.

Adjusted EBITDA and Operating Expenses

Adjusted EBITDA for the third quarter 2015 was €31 million, an increase of 58%, or 55% at constant currency, compared with €20 million in the third quarter 2014. This year-over-year increase in Adjusted EBITDA is primarily the result of the strong Revenue ex-TAC performance in the quarter as well as lower than anticipated spending on certain items.

Adjusted EBITDA margin as a percentage of revenue in the third quarter was 10.5%, representing a 0.3 percentage point improvement compared with 10.2% in the third quarter 2014.

Operating expenses in the third quarter 2015 increased by 50% to €88 million compared with the third quarter 2014. Operating expenses in the third 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 €81 million, an increase of 54% compared with the third quarter 2014. This increase is primarily related to headcount growth in Research & Development (56% year-over year) and Sales & Operations (44% year-over-year), as we continued to scale the organization. We intend to continue to invest into Research & Development and Sales & Operations in the fourth quarter of 2015 to support our current and anticipated future growth.

Net Income and Adjusted Net Income

Net income in the third quarter 2015 was €5 million compared with €11 million in the third quarter 2014, primarily as a result of a negative financial income and an exceptionally high effective tax rate in the third quarter 2015. Our financial income was negatively impacted by an exceptionally strong fall in the value of the Brazilian Real against the euro in the third quarter, translating into a non-cash foreign exchange loss on our intragroup position with our Brazilian subsidiary. Net income available to shareholders of Criteo S.A. in the third quarter 2015 was €5 million, or €0.07 per share on a diluted basis, compared with €11 million, or €0.18 per share on a diluted basis, in the third quarter 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, in the third quarter 2015 was €11 million, or €0.16 per share on a diluted basis, compared with €17 million, or €0.26 per share on a diluted basis, in the third quarter 2014.

Cash Flow and Cash Position

  • Cash flow from operating activities in the third quarter 2015 was €16 million, compared with €25 million in the third quarter 2014. This was primarily driven by an unfavorable change in working capital, particularly impacted by an increase in other receivables. Separately, our income taxes paid increased significantly compared with the prior-year period. For the first nine months of 2015, cash flow from operating activities grew 32% to €63 million.
  • Total cash and cash equivalents were €281 million as of September 30, 2015. This represented a decrease of €9 million compared with December 31, 2014, primarily resulting from €14 million in Free Cash Flow generation and €5 million positive cash flow from financing activities over the period, which was more than offset by the cash consideration paid for the acquisition of DataPop, Inc., a €6 million outflow relating to changes in other non-current financial assets as well as a €4 million negative impact of changes in foreign exchange rates on our cash position over the period.

Business Outlook

The following forward-looking statements reflect Criteo's expectations as of November 4, 2015.

Fourth Quarter 2015 Guidance:

  • We expect Revenue ex-TAC for the fourth quarter 2015 to be between €134 million and €139 million.
  • We expect Adjusted EBITDA for the fourth quarter 2015 to be between €39 million and €46 million.

Fiscal Year 2015 Guidance:

  • In spite of a €4 million negative impact from foreign exchange rates as compared to assumptions made as of August 4, 2015, we reiterate our Revenue ex-TAC outlook for the fiscal year 2015, which we expect to be between €470 million and €475 million.
  • In spite of a €2 million negative impact from foreign exchange rates as compared to assumptions made as of August 4, 2015, we reiterate our Adjusted EBITDA outlook for the fiscal year 2015, which we expect to be between €120 million and €127 million. 

The above guidance assumes no additional acquisitions are completed during the fourth quarter 2015.

Non-IFRS Financial Measures

This press release and its attachments include the following financial measures defined as non-IFRS financial measures by the U.S. Securities and Exchange Commission (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 Operating Expenses. These measures are not calculated in accordance with the International Financial Reporting Standards, as issued by the International Accounting Standards Board (IFRS).

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.

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 measurement. Our use of non-IFRS 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. 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 other IFRS-based financial performance measures, such as revenue, net income and our other financial results.

With respect to our expectations under "Business Outlook" above, reconciliation of Revenue ex-TAC and Adjusted EBITDA guidance to the closest corresponding IFRS 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-IFRS 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 stock price. We expect the variability of the above charges to have a significant, and potentially unpredictable, impact on our future IFRS financial results.

Forward-Looking Statements Disclosure

This press release contains forward-looking statements, including projected financial results for the quarter ending December 31, 2015 and the fiscal year ending December 31, 2015, 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. 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 will hold a conference call today, November 4, 2015, at 8:00am ET, 2:00pm CET, to discuss third quarter 2015 operating and financial results, as well as other forward-looking information.

Conference call details are:

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

Please ask to be joined into the "Criteo S.A." call. The conference call will also be webcast simultaneously at ir.criteo.com.

About Criteo

Criteo delivers personalized performance marketing at an extensive scale. Measuring return on post-click sales, Criteo makes ROI transparent and easy to measure. Criteo has over 1,700 employees in 27 offices across the Americas, EMEA and Asia-Pacific, serving over 9,250 advertisers worldwide and with direct relationships with over 11,000 publishers.

For more information, please visit www.criteo.com.

 

CRITEO S.A.

Consolidated Statement of Income

(Euros in thousands, except per share data)

(unaudited)

Three Months Ended 

Nine Months Ended 

September 30,

September 30,

2014

2015

Year-over-year growth

2014

2015

Year-over-year growth

Revenue

194,449

299,299

53.9%

512,285

831,681

62.3%

Cost of revenue

Traffic Acquisition cost (TAC)

(116,853)

(179,007)

53.2%

(304,933)

(495,775)

62.6%

Other cost of revenue

(9,347)

(15,476)

65.6%

(25,096)

(39,887)

58.9%

Gross Profit

68,249

104,816

53.6%

182,256

296,019

62.4%

Research & development expenses

(12,244)

(20,134)

64.4%

(33,102)

(54,097)

63.4%

Sales & operations expenses

(34,715)

(50,449)

45.3%

(93,724)

(151,372)

61.5%

General & administrative expenses

(12,192)

(17,885)

46.7%

(35,090)

(52,000)

48.2%

Total operating expenses

(59,151)

(88,468)

49.6%

(161,916)

(257,469)

59.0%

Income from operations

9,098

16,348

79.7%

20,340

38,550

89.5%

Financial income

5,560

(5,970)

-207.4%

7,323

(4,737)

-164.7%

Income before taxes

14,658

10,378

-29.2%

27,663

33,813

22.2%

Provision for income taxes

(3,185)

(4,899)

53.8%

(9,939)

(12,550)

26.3%

Net income (loss)

11,473

5,479

-52.2%

17,724

21,263

20.0%

- Net income(loss) available to shareholders of Criteo SA

11,377

4,852

17,102

19,718

- Net income (loss) available to non-controlling interests

96

627

622

1,545

Net income (loss) allocated to shareholders per share

 - Basic

0.19

0.08

0.29

0.32

 - Diluted

0.18

0.07

0.27

0.31

Weighted average shares outstanding used in computing per share amounts

Basic

59,600,319

62,082,110

58,392,127

61,662,308

Diluted

63,424,710

65,254,238

63,074,025

64,629,516

 

CRITEO S.A.

Consolidated Statement of Financial Position

(Euros in thousands)

(unaudited)

December 31,

September 30, 

2014

2015

Goodwill

22,944

38,091

Intangible assets

10,560

12,780

Property, plant and equipment 

43,027

77,997

Non-current financial assets

9,494

15,284

Deferred tax assets

7,113

8,315

TOTAL NON-CURRENT ASSETS

93,138

152,467

Trade receivables

158,633

185,798

Current tax assets

2,883

2,998

Other current assets

21,021

42,747

Cash and cash equivalents

289,784

280,857

TOTAL CURRENT ASSETS

472,322

512,400

TOTAL ASSETS

565,459

664,867

Share capital

1,523

1,556

Additional paid-in capital

265,522

274,492

Currency translation reserve

4,804

10,321

Consolidated reserves

35,302

85,186

Retained earnings

34,354

19,719

Equity - attributable to shareholders of Criteo SA

341,505

391,274

Non-controlling interests

1,433

3,225

TOTAL EQUITY

342,938

394,499

Financial liabilities - non-current portion

4,333

3,195

Retirement benefit obligation

1,024

1,162

Deferred tax liabilities

946

1,739

TOTAL NON-CURRENT LIABILITIES

6,303

6,096

Financial liabilities - current portion

7,841

7,623

Provisions

1,131

496

Trade payables

135,557

167,104

Current tax liabilities

7,969

12,198

Other current liabilities

63,719

76,851

TOTAL CURRENT LIABILITIES

216,217

264,272

TOTAL LIABILITIES

222,520

270,368

TOTAL EQUITY AND LIABILITIES

565,459

664,867

 

CRITEO S.A.

Consolidated Statement of Cash Flows

(Euros in thousands)

(unaudited)

Three Months Ended 

Nine Months Ended 

September 30,

September 30,

2014

2015

2014

2015

Net income (loss)

11,473

5,479

17,724

21,263

Non-cash and non-operating items

14,507

20,878

37,552

56,377

                 - Amortization and provisions

6,842

11,903

17,484

29,134

                 - Share-based payment expense

4,315

4,137

9,938

14,595

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

(42)

53

(4)

76

                 - Interest paid

3

2

12

8

                 - Non-cash financial income and expenses

204

(117)

183

15

                 - Change in deferred taxes

(343)

(828)

566

(2,756)

                 - Income tax for the period

3,528

5,728

9,373

15,305

Changes in working capital related to operating activities

374

(6,695)

(8,739)

(2,521)

                 - (Increase) / decrease in trade receivables

(12,434)

(13,299)

(36,253)

(24,644)

                 - Increase / (decrease) in trade payables

8,179

10,722

24,518

35,498

                 - (Increase) / decrease in other current assets

550

(7,903)

(6,586)

(22,148)

                 - Increase / (decrease) in other current liabilities

4,079

3,785

9,582

8,773

Income taxes paid

(873)

(3,895)

1,543

(11,886)

CASH FROM OPERATING ACTIVITIES

25,480

15,768

48,079

63,233

Acquisition of intangible assets, property, plant and equipment

(11,156)

(21,513)

(25,396)

(49,510)

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

36

-

50

-

FREE CASH FLOW

14,361

(5,746)

22,734

13,723

Investments

-

-

(18,775)

(18,008)

Change in other non-current financial assets

(469)

(947)

(1,207)

(5,650)

CASH USED FOR INVESTING ACTIVITIES

(11,589)

(22,460)

(45,328)

(73,168)

Issuance of long-term borrowings

54

711

3,054

2,859

Repayment of borrowings 

(1,240)

(1,367)

(3,706)

(5,580)

Interests paid

(3)

35

(12)

61

Proceeds from capital increase

1,346

3,230

20,124

9,002

Change in other financial liabilities

150

2

157

(906)

CASH FROM (USED FOR) FINANCING ACTIVITIES

307

2,611

19,617

5,436

CHANGE IN NET CASH & CASH EQUIVALENTS

14,199

(4,081)

22,369

(4,499)

Net cash & cash equivalents at beginning of period

242,895

286,986

234,342

289,784

Effect of exchange rates changes on cash and cash equivalents

(374)

(2,048)

8

(4,428)

Net cash & cash equivalents at end of period

256,719

280,857

256,719

280,857

 

CRITEO S.A.

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

(Euros in thousands)

(unaudited)

Three Months Ended 

Nine Months Ended 

September 30,

September 30,

Region

2014

2015

Year-over-year growth

Year-over-year growth at constant currency

Region

2014

2015

Year-over-year growth

Year-over-year growth at constant currency

Revenue

Americas

58,602

111,566

90.4%

69.4%

Americas

143,174

301,289

110.4%

81.3%

EMEA

93,885

123,445

31.5%

30.6%

EMEA

261,925

355,801

35.8%

34.3%

Asia-Pacific

41,962

64,288

53.2%

47.7%

Asia-Pacific

107,186

174,591

62.9%

53.3%

Total

194,449

299,299

53.9%

46.0%

Total

512,285

831,681

62.3%

51.4%

Traffic acquisition costs

Americas

(35,496)

(68,081)

91.8%

70.6%

Americas

(86,743)

(182,986)

111.0%

81.9%

EMEA

(55,219)

(71,728)

29.9%

29.0%

EMEA

(152,836)

(207,466)

35.7%

34.1%

Asia-Pacific

(26,138)

(39,198)

50.0%

44.7%

Asia-Pacific

(65,354)

(105,323)

61.2%

52.0%

Total

(116,853)

(179,007)

53.2%

45.2%

Total

(304,933)

(495,775)

62.6%

51.6%

Revenue ex-TAC

Americas

23,106

43,485

88.2%

67.4%

Americas

56,431

118,303

109.6%

80.5%

EMEA

38,666

51,718

33.8%

32.9%

EMEA

109,089

148,335

36.0%

34.6%

Asia-Pacific

15,824

25,089

58.6%

52.5%

Asia-Pacific

41,832

69,268

65.6%

55.2%

Total

77,596

120,292

55.0%

47.1%

Total

207,352

335,906

62.0%

51.3%

 

CRITEO S.A.

Reconciliation of Adjusted EBITDA to Net Income

(Euros in thousands)

(unaudited)

Three Months Ended 

Nine Months Ended 

September 30,

September 30,

2014

2015

2014

2015

Net income (loss)

11,473

5,479

17,724

21,263

Adjustments:

Financial (income) expense

(5,560)

5,970

(7,323)

4,737

Provision for income taxes

3,185

4,899

9,939

12,550

Share-based compensation expense

4,315

4,137

9,938

14,595

Research and development

984

1,538

2,076

3,915

Sales and operations

2,531

1,545

6,452

7,253

General and administrative

800

1,054

1,409

3,427

Service cost-pension

95

99

277

298

Research and development

32

37

95

110

Sales and operations

38

33

105

103

General and administrative

25

29

77

85

Depreciation and amortization expense

6,217

10,696

16,401

27,482

Cost of revenue

4,245

7,648

11,167

19,114

Research and development

1,059

1,520

2,723

4,328

Sales and operations

701

1,196

1,908

3,083

General and administrative

213

332

604

957

Acquisition-related deferred price consideration

101

49

620

250

Research and development

101

49

620

250

Sales and operations

-

-

-

-

General and administrative

-

-

-

-

Total net adjustments

8,351

25,850

29,852

59,912

Adjusted EBITDA

19,828

31,329

47,578

81,175

 

CRITEO S.A.

Detailed Information on Selected Items

(Euros in thousands)

(unaudited)

Three Months Ended 

Nine Months Ended 

September 30,

September 30,

2014

2015

2014

2015

Share-Based Compensation Expense

Research and development

984

1,538

2,076

3,915

Sales and operations

2,531

1,545

6,452

7,253

General and administrative

800

1,054

1,409

3,427

Total Share-Based Compensation Expense

4,315

4,137

9,938

14,595

Pension costs

Research and development

32

37

95

110

Sales and operations

38

33

105

103

General and administrative

25

29

77

85

Total Pension costs

95

99

277

298

Depreciation and Amortization Expense

Cost of revenue

4,245

7,648

11,167

19,114

Research and development

1,059

1,520

2,723

4,328

Sales and operations

701

1,196

1,908

3,083

General and administrative

213

332

604

957

Total Depreciation and Amortization Expense

6,217

10,696

16,401

27,482

Acquisition-related deferred price consideration

Research and development

101

49

620

250

Sales and operations

-

-

-

-

General and administrative

-

-

-

-

Total Acquisition-related deferred price consideration

101

49

620

250

 

CRITEO S.A.

Reconciliation of Adjusted Net Income to Net Income

(Euros in thousands)

(unaudited)

Three Months Ended 

Nine Months Ended 

September 30,

September 30,

2014

2015

2014

2015

Net income (loss)

11,473

5,479

17,724

21,263

Adjustments:

Share-based compensation expense

4,315

4,137

9,938

14,595

Amortization of acquisition-related intangible assets

976

1,080

2,102

3,407

Acquisition-related deferred price consideration

101

49

620

250

Tax impact of the above adjustments

(132)

(211)

(348)

(746)

Total net adjustments

5,260

5,055

12,312

17,506

Adjusted net income (loss)

16,732

10,534

30,036

38,769

Adjusted net income per share

 - Basic

0.28

0.17

0.51

0.63

 - Diluted

0.26

0.16

0.48

0.60

Weighted average shares outstanding used in computing per share amounts

Basic

59,600,319

62,082,110

58,392,127

61,662,308

Diluted

63,424,710

65,254,238

63,074,025

64,629,516

 

CRITEO S.A.

Constant Currency Reconciliation

(Euros in thousands)

(unaudited)

Three Months Ended 

Nine Months Ended 

September 30,

September 30,

2014

2015

Year-over-year growth

2014

2015

Year-over-year growth

Revenue as reported

194,449

299,299

53.9%

512,285

831,681

62.3%

Conversion impact euro/other currencies

(15,464)

(55,920)

Revenue at constant currency

194,449

283,835

46.0%

512,285

775,761

51.4%

Traffic acquisition costs as reported

116,853

179,007

53.2%

304,933

495,775

62.6%

Conversion impact euro/other currencies

(9,348)

(33,646)

Traffic acquisition costs at constant currency

116,853

169,659

45.2%

304,933

462,129

51.6%

Revenue ex-TAC as reported

77,596

120,292

55.0%

207,352

335,906

62.0%

Conversion impact euro/other currencies

(6,116)

(22,273)

Revenue ex-TAC at constant currency

77,596

114,176

47.1%

207,352

313,633

51.3%

Revenue ex-TAC / Revenue as reported

39.9%

40.2%

40.5%

40.4%

Other cost of revenue as reported

9,347

15,476

65.6%

25,096

39,887

58.9%

Conversion impact euro/other currencies

(1,484)

(4,215)

Other cost of revenue at constant currency

9,347

13,992

49.7%

25,096

35,672

42.1%

Adjusted EBITDA

19,828

31,329

58.0%

47,578

81,175

70.6%

Conversion impact euro/other currencies

(569)

(1,925)

Adjusted EBITDA at constant currency

19,828

30,760

55.1%

47,578

79,250

66.6%

 

CRITEO S.A.

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

1,536,057

759,613

Basic number of shares as at June 30, - Basic EPS basis

58,392,127

61,662,308

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

4,681,898

2,967,209

Diluted number of shares as at June 30, - Diluted EPS basis

63,074,025

64,629,517

Shares outstanding as at September 30,

60,019,594

62,249,428

Total dilutive effect of share options, warrants, employee warrants

7,949,211

6,582,870

Fully diluted shares as at  September 30,

67,968,805

68,832,298

 

CRITEO S.A.

Supplemental Financial Information and Operating Metrics

(unaudited)

Q2 2013

Q3 2013

Q4 2013

Q1 2014

Q2 2014

Q3 2014

Q4 2014

Q1 2015

Q2 2015

Q3 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

41.2%

8.5%

Revenue ('000 euros)

99,400

113,811

135,889

152,520

165,317

194,449

232,796

261,523

270,859

299,299

53.9%

10.5%

Americas

28,846

30,473

38,660

37,630

46,942

58,602

85,598

89,460

100,262

111,566

90.4%

11.3%

EMEA

53,348

59,732

70,291

83,853

84,187

93,885

104,480

117,532

114,824

123,445

31.5%

7.5%

APAC

17,206

23,606

26,937

31,037

34,187

41,962

42,718

54,531

55,773

64,288

53.2%

15.3%

Revenue ex-TAC ('000 euros)

40,032

46,815

54,855

62,733

67,022

77,596

96,303

105,160

110,455

120,292

55.0%

8.9%

Americas

11,124

11,896

15,108

14,725

18,600

23,106

33,432

35,015

39,803

43,485

88.2%

9.3%

EMEA

21,807

25,358

29,057

35,320

35,101

38,666

46,030

48,050

48,569

51,718

33.8%

6.5%

APAC

7,101

9,561

10,690

12,688

13,321

15,824

16,841

22,095

22,083

25,089

58.6%

13.6%

Cash flow from operating activities ('000 euros)

4,134

3,731

12,255

11,437

11,162

25,481

39,555

36,421

11,045

15,768

-38.1%

42.8%

Capital expenditures ('000 euros)

6,590

5,737

7,187

3,781

10,459

11,156

9,993

11,436

16,561

21,513

92.8%

29.9%

Net Cash Position ('000 euros)

47,893

39,839

234,343

241,786

242,895

256,719

289,784

294,057

286,986

280,857

9.4%

-2.1%

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

-2.4%

-0.3%

 

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SOURCE Criteo S.A.



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