Criteo Reports Record Results For The Fourth Quarter And Fiscal Year 2015
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 |
Q3 |
Q4 |
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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