EX-99.1 2 q1earningexhibit99.htm

Exhibit 99.1

 

 

CRITEO REPORTS RECORD RESULTS FOR THE FIRST QUARTER 2015

AND RAISES FULL-YEAR 2015 GUIDANCE

 

 

NEW YORK – May 5, 2015 – Criteo S.A. (NASDAQ: CRTO), the performance marketing technology company, today announced its financial results for the first quarter ended March 31, 2015.

 

·Revenue in the first quarter 2015 increased 71% (or 59% at constant currency1) to €262 million, compared with €153 million in the first quarter 2014.

 

·Revenue excluding Traffic Acquisition Costs, or Revenue ex-TAC, in the first quarter 2015 grew 68% (or 55% at constant currency) to €105 million, compared with €63 million in the first quarter 2014.

 

·Net income in the first quarter 2015 increased to €12 million, compared with €4 million in the first quarter 2014.

 

·Adjusted EBITDA for the first quarter 2015 was €28 million, an increase of 94% (or 89% at constant currency), compared with €15 million in the first quarter 2014.

 

·Cash flow from operating activities in the first quarter 2015 increased to €36 million, compared with €11 million in the first quarter 2014.

 

·Free Cash Flow for the first quarter 2015 was €25 million, compared with €8 million in the first quarter 2014.

 

 

Executive Quotes

 

"Our successful execution for six quarters as a public company validates our unique approach", said JB Rudelle, Criteo’s co-founder & CEO. "We are excited about the huge opportunity we see ahead of us."

 

“Our investments are clearly paying off,” said Benoit Fouilland, Chief Financial Officer. "In 2015, we intend to continue to invest to maximize our growth potential." 

 

 

Operating Highlights

 

·84% of our client base used our multi-screen solution in March 2015.
·Our Q1 “State of Mobile Commerce” report revealed that mobile devices contributed to 34% of global ecommerce transactions, a 4 percentage point improvement compared with the prior quarter.
·Our latest generation of the Criteo Engine, optimized to maximize the value of conversions, had been rolled out to 22% of our client base at the end of the first quarter.
·Our business in the Americas grew 101% year-over-year at constant currency in the first quarter, driven by continued strong performance in the United States.
·We set a new record in client additions with over 640 net clients added in the first quarter.

 


 1 Variations at constant currency exclude the impact of foreign currency fluctuations and are computed by applying the 2014 average exchange rates to 2015 figures.

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Revenue ex-TAC

 

Revenue ex-TAC grew 68% in the first quarter, or 55% at constant currency, to €105 million, compared with €63 million in the first quarter 2014. This year-over-year performance was primarily driven by the continuous roll-out of our improved technology on all devices, the steady growth of our client base across all geographies and client segments, and our continued success in broadening our publisher relationships.

 

·In the Americas, Revenue ex-TAC in the first quarter grew by 138% year-over-year, or 101% at constant currency, to €35 million. The Americas represented over 33% of our global Revenue ex-TAC in the first quarter.
·In EMEA, Revenue ex-TAC in the first quarter increased by 36% year-over-year, or 34% at constant currency, to €48 million. EMEA represented approximately 46% of our global Revenue ex-TAC in the first quarter.
·In Asia-Pacific, Revenue ex-TAC in the first quarter increased by 74% year-over-year, or 61% at constant currency, to €22 million. Asia-Pacific represented approximately 21% of our global Revenue ex-TAC in the first quarter.

 

Revenue ex-TAC margin in the first quarter was 40.2%, consistent with prior quarters.

 

 

Adjusted EBITDA and Operating Expenses

 

Adjusted EBITDA for the first quarter was €28 million, an increase of 94%, or 89% at constant currency, compared with €15 million in the first quarter 2014. This year-over-year increase in Adjusted EBITDA is primarily the result of the strong revenue ex-TAC performance in the quarter. In addition, slightly lower than expected hosting costs this quarter, due to a temporary shift in our data center expansion program, contributed to the increase in Adjusted EBITDA.

 

Adjusted EBITDA margin (as a percentage of revenue) in the first quarter was 10.7%, representing a 1.2 percentage point improvement compared with 9.5% in the first quarter 2014.

 

Operating expenses in the first quarter increased by 61% to €79 million, compared with the first quarter 2014. Our operating expenses in the first quarter, excluding the impact of share-based compensation, pension costs, depreciation and amortization and acquisition-related deferred price consideration, which we refer to as Non-IFRS Operating Expenses, were €71 million, an increase of 61% compared with the first quarter of 2014. This increase principally related to headcount growth, in particular in Research & Development and Sales & Operations, which increased by 48% and 69% year-over-year respectively, as we continued to scale the Criteo organization. We intend to continue to invest significantly in Research & Development and Sales & Operations in the current year to support our current and anticipated future growth. In addition, our Non-IFRS General & Administrative Expenses for the first quarter, expressed as a percentage of revenue, decreased by 1.7 percentage point year-over-year.

 

 

Net Income and Adjusted Net Income

 

Net income for the first quarter 2015 was €12 million, representing a €8 million increase compared with €4 million in the first quarter 2014. Net income available to shareholders of Criteo S.A. for the first quarter 2015 was €11 million, or €0.176 per diluted share, compared with €3 million, or €0.055 per diluted share, in the first quarter 2014.

 

Adjusted Net Income for the first quarter 2015, or our net income adjusted to eliminate the impact of share-based compensation expense, amortization of acquisition-related intangible assets and acquisition-related deferred price consideration and the tax impact of these adjustments, was €18 million, representing a €11 million increase compared with €8 million in the first quarter 2014.

 

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 Cash Flow and Cash Position

 

·Our cash flow from operating activities in the first quarter 2015 increased by €25 million to €36 million, compared with €11 million in the first quarter 2014.
·Our Free Cash Flow, defined as cash flow from operating activities less acquisition of intangible assets, property, plant and equipment, net of proceeds from disposal, was €25 million in the first quarter 2015, an increase of €17 million, compared with €8 million in the first quarter 2014.
·Total cash, cash equivalents and short-term investments were €294 million as of March 31, 2015. This represented an increase of €4 million compared with December 31, 2014, primarily resulting from €25 million in Free Cash Flow generation and €2 million in proceeds from capital increases over the period, partly offset by the cash consideration paid for the acquisition of DataPop, Inc. in February 2015.

 

 

Business Outlook

 

The following forward-looking statements reflect Criteo’s expectations as of May 5, 2015.

 

Second Quarter 2015 Guidance:

·Revenue ex-TAC for the second quarter ending June 30, 2015 is expected to be between €105 million and €107 million.
·Adjusted EBITDA for the second quarter ending June 30, 2015 is expected to be between €18 million and €21 million.

 

Fiscal Year 2015 Guidance:

·We increase our Revenue ex-TAC outlook for the fiscal year ending December 31, 2015 to between €454 million and €460 million.
·We increase our Adjusted EBITDA outlook for the fiscal year ending December 31, 2015 to between €120 million and €127 million.

 

The above guidance assumes no additional acquisitions are completed during the second quarter or the fiscal year 2015.

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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, Adjusted EBITDA, Adjusted Net Income, Free Cash Flow, Non-IFRS Operating Expenses, Revenue ex-TAC margin and Adjusted EBITDA margin. 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.

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 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 geography, Adjusted EBITDA to net income, Adjusted Net Income to net income and Free Cash Flow to cash flow from operating activities, the most comparable IFRS measurements. 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 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

4
 

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.

These measures may be different than non-IFRS financial measures used by other companies. The presentation of this financial information is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with IFRS. Explanations of the Company’s non-IFRS financial measures, and reconciliations of these financial measures to the IFRS financial measures the Company considers most comparable, are included in the accompanying tables below.

 

Forward-Looking Statements Disclosure

 

This press release contains forward-looking statements, including projected financial results for the quarter ending June 30, 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, May 5, 2015, at 8:00am ET, 2:00pm CET, to discuss Criteo’s first quarter 2015 operating and financial results, as well as other forward-looking information about Criteo’s business.

 

Conference call details are:

·         U.S. callers:  +1 646 254 3388, Conference ID: 3320390
·         International callers:  +33 1 76 77 22 29, Conference ID: 3320390

 

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 1,500 employees in 24 offices across the Americas, EMEA and Asia-Pacific, serving over 7,000 advertisers worldwide and with direct relationships with over 10,000 publishers.

 

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

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CRITEO S.A.

Consolidated Statement of Income

(Euros in thousands, except per share data)

(unaudited)

             
    Three Months Ended     
    March 31,    
    2014   2015   Year-over-year
growth
  Revenue 152,520   261,523   71.5%
             
  Cost of revenue          
  Traffic Acquisition cost (TAC) (89,787)   (156,364)   74.1%
  Other cost of revenue (7,446)   (11,530)   54.8%
             
  Gross Profit 55,287   93,629   69.4%
             
  Research & development expenses (10,028)   (16,051)   60.1%
  Sales & operations expenses (27,222)   (47,103)   73.0%
  General & administrative expenses (11,815)   (15,701)   32.9%
  Total operating expenses (49,065)   (78,855)   60.7%
             
  Income from operations 6,222   14,774   137.5%
  Financial income 805   3,489   333.4%
  Income before taxes 7,027   18,263   159.9%
  Provision for income taxes (3,205)   (6,323)   97.3%
  Net income (loss) 3,822   11,940   212.4%
   - Net income (loss) available to shareholders of Criteo SA 3,491   11,376    
   - Net income (loss) available to non-controlling interests 331   564    
             
  Net income (loss) allocated to shareholders per share          
   - Basic 0.061   0.186    
   - Diluted 0.055   0.176    
             
  Weighted average shares outstanding used in computing per share amounts        
  Basic 57,069,106   61,174,168    
  Diluted 63,658,402   64,778,554    

6
 

CRITEO S.A.

Consolidated Statement of Financial Position

(Euros in thousands)

(unaudited)

         
    December 31,   March 31, 
    2014   2015
Goodwill   22,944   43,114
Intangible assets   10,560   9,098
Property, plant and equipment    43,027   49,866
Non-current financial assets   9,494   13,126
Deferred tax assets   7,113   7,976
TOTAL NON-CURRENT ASSETS   93,138   123,180
Trade receivables   158,633   177,760
Current tax assets   2,883   2,807
Other current assets   21,021   31,305
Cash and cash equivalents   289,784   294,057
TOTAL CURRENT ASSETS   472,321   505,928
TOTAL ASSETS   565,459   629,108
         
Share capital   1,523   1,538
Additional paid-in capital   265,522   267,929
Currency translation reserve   4,804   8,625
Consolidated reserves   35,302   76,038
Retained earnings   34,354   11,376
Equity - attributable to shareholders of Criteo SA   341,505   365,506
Non-controlling interests   1,433   2,263
TOTAL EQUITY   342,938   367,769
Financial liabilities - non-current portion   4,333   4,177
Retirement benefit obligation   1,024   1,259
Deferred tax liabilities   946   943
TOTAL NON-CURRENT LIABILITIES   6,303   6,379
Financial liabilities - current portion   7,841   11,297
Provisions   1,131   327
Trade payables   135,557   164,867
Current tax liabilities   7,969   11,635
Other current liabilities   63,719   66,834
TOTAL CURRENT LIABILITIES   216,217   254,960
TOTAL LIABILITIES   222,520   261,339
TOTAL EQUITY AND LIABILITIES   565,459   629,108

 

7
 

CRITEO S.A.

Consolidated Statement of Cash Flows

(Euros in thousands)

(unaudited)

    Three Months Ended 
    March 31,
    2014   2015
Net income (loss)   3,822   11,940
Non-cash and non-operating items   11,226   22,834
                 - Amortization and provisions   4,836   7,346
                 - Share-based payment expense   3,255   5,628
                 - Net gain or loss on disposal of non-current assets   1   3
                 - Interest paid    -    3
                 - Non-cash financial income and expenses   (71)   3,532
                 - Change in deferred taxes   727    - 
                 - Income tax for the period   2,478   6,323
Changes in working capital related to operating activities   (3,783)   4,668
                 - (Increase) / decrease in trade receivables   (8,906)   (8,375)
                 - Increase / (decrease) in trade payables   9,404   21,267
                 - (Increase) / decrease in other current assets   (6,975)   (9,458)
                 - Increase / (decrease) in other current liabilities   2,694   1,233
Income taxes paid   172   (3,020)
CASH FROM OPERATING ACTIVITIES   11,437   36,421
Acquisition of intangible assets, property, plant and equipment   (3,781)   (11,436)
Proceeds from disposal of intangible assets, property, plant and equipment   11   1
FREE CASH FLOW   7,667   24,986
Investments   (15,980)   (15,274)
Change in other non-current financial assets   (42)   (3,335)
CASH USED FOR INVESTING ACTIVITIES   (19,791)   (30,043)
Issuance of long-term borrowings    -    735
Repayment of borrowings    (1,255)   (2,951)
Interests paid    -    (3)
Proceeds from capital increase   16,788   2,463
Change in other financial liabilities                    4   (911)
CASH FROM (USED FOR) FINANCING ACTIVITIES   15,537   (667)
         
CHANGE IN NET CASH & CASH EQUIVALENTS   7,183   5,712
Net cash & cash equivalents at beginning of period   234,342   289,784
Effect of exchange rates changes on cash and cash equivalents   262   (1,439)
Net cash & cash equivalents at end of period   241,786   294,057

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CRITEO S.A.

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

(Euros in thousands)

(unaudited)

      Three Months Ended         
      March 31,        
  Region   2014   2015   Year-over-year
growth
  Year-over-year
growth at constant currency
                   
Revenue Americas   37,630   89,460   137.7%   101.0%
  EMEA   83,853   117,532   40.2%   37.8%
  Asia-Pacific 31,037   54,531   75.7%   63.1%
  Total   152,520   261,523   71.5%   58.6%
                   
                   
Traffic acquisition costs Americas   (22,905)   (54,446)   137.7%   101.1%
  EMEA   (48,533)   (69,482)   43.2%   40.6%
  Asia-Pacific (18,349)   (32,436)   76.8%   64.7%
  Total   (89,787)   (156,364)   74.1%   61.0%
                   
                   
Revenue ex-TAC Americas   14,725   35,015   137.8%   100.8%
  EMEA   35,320   48,050   36.0%   34.0%
  Asia-Pacific 12,688   22,095   74.1%   60.9%
  Total   62,733   105,160   67.6%   55.1%

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CRITEO S.A.

Reconciliation of Adjusted EBITDA to Net Income

(Euros in thousands)

(unaudited)

 

       
  Three Months Ended 
  March 31,
  2014   2015
Net income (loss) 3,822   11,940
Adjustments:      
Financial (income) expense (805)   (3,489)
Provision for income taxes 3,205   6,323
Share-based compensation expense 3,256   5,626
Research and development 606   1,321
Sales and operations 1,870   3,075
General and administrative 780   1,231
Service cost-pension 109   100
Research and development 50   37
Sales and operations 26   35
General and administrative 33   28
Depreciation and amortization expense 4,507   7,492
Cost of revenue 3,309   5,308
Research and development 412   1,017
Sales and operations 599   881
General and administrative 187   286
Acquisition-related deferred price consideration 411   98
Research and development 411   98
Sales and operations -   -
General and administrative -   -
Total net adjustments 10,683   16,151
Adjusted EBITDA 14,505   28,091

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CRITEO S.A.

Detailed Information on Selected Items

(Euros in thousands)

(unaudited)

       
  Three Months Ended 
  March 31,
  2014   2015
Share-Based Compensation Expense      
Research and development (606)   (1,321)
Sales and operations (1,870)   (3,075)
General and administrative (780)   (1,231)
Total Share-Based Compensation Expense (3,256)   (5,626)
       
Pension costs      
Research and development (50)   (37)
Sales and operations (26)   (35)
General and administrative (33)   (28)
Total Pension costs (109)   (100)
       
Depreciation and Amortization Expense      
Cost of revenue (3,309)   (5,308)
Research and development (412)   (1,017)
Sales and operations (599)   (881)
General and administrative (187)   (286)
Total Depreciation and Amortization Expense (4,507)   (7,492)
       
Acquisition-related deferred price consideration      
Research and development (411)   (98)
Sales and operations -   -
General and administrative -   -
Total Acquisition-related deferred price consideration (411)   (98)

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CRITEO S.A.

Reconciliation of Adjusted Net Income to Net Income
(Euros in thousands)

(unaudited)

       
  Three Months Ended 
  March 31,
  2014   2015
       
Net income (loss) 3,822   11,940
Adjustments:      
Share-based compensation expense 3,256   5,626
Amortization of acquisition-related intangible assets 180   825
Acquisition-related deferred price consideration 411   98
Tax impact of the above adjustments (38)   (117)
Total net adjustments 3,809   6,432
Adjusted net income (loss) 7,631   18,372

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CRITEO S.A.

Constant Currency Reconciliation

(Euros in thousands)

(unaudited)

             
    Three Months Ended     
    March 31,    
    2014   2015   Year-over-year
growth
Revenue as reported   152,520   261,523   71.5%
Conversion impact euro/other currencies       (19,679)    
Revenue at constant currency   152,520   241,845   58.6%
             
Traffic acquisition costs as reported   89,787   156,364   74.1%
Conversion impact euro/other currencies       (11,818)    
Traffic acquisition costs at constant currency   89,787   144,546   61.0%
             
Revenue ex-TAC as reported   62,733   105,160   67.6%
Conversion impact euro/other currencies       (7,861)    
Revenue ex-TAC at constant currency   62,733   97,299   55.1%
Revenue ex-TAC / Revenue as reported   41.1%   40.2%    
             
Other cost of revenue as reported   7,446   11,530   54.8%
Conversion impact euro/other currencies       (1,206)    
Other cost of revenue at constant currency   7,446   10,324   38.7%
             
Adjusted EBITDA   14,505   28,091   93.7%
Conversion impact euro/other currencies       (737)    
Adjusted EBITDA at constant currency   14,505   27,354   88.6%

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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   213,036   271,473
Basic number of shares as at March 31, - Basic EPS basis   57,069,106   61,174,168
Dilutive effect of  share options, warrants, employee warrants - Treasury method 6,589,296   3,604,386
Diluted number of shares as at March 31, - Diluted EPS basis   63,658,402   64,778,554
         
Shares outstanding as at March 31,   57,695,393   61,517,945
Total dilutive effect of share options, warrants, employee warrants   9,258,663   7,769,195
Fully diluted shares as at  March 31,   66,954,056   69,287,140

 

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
YoY
Change
QoQ Change
                     
Clients 4,274 4,631 5,072 5,567 6,131 6,581 7,190 7,832 40.7% 8.9%
                     
Revenue ('000 euros) 99,400 113,811 135,889 152,520 165,317 194,449 232,796 261,523 71.5% 12.3%
Americas 28,846 30,473 38,660 37,630 46,942 58,602 85,598 89,460 137.7% 4.5%
EMEA 53,348 59,732 70,291 83,853 84,187 93,885 104,480 117,532 40.2% 12.5%
APAC 17,206 23,606 26,937 31,037 34,187 41,962 42,718 54,531 75.7% 27.7%
                     
Revenue ex-TAC ('000 euros) 40,032 46,815 54,855 62,733 67,022 77,596 96,303 105,160 67.6% 9.2%
Americas 11,124 11,896 15,108 14,725 18,600 23,106 33,432 35,015 137.8% 4.7%
EMEA 21,807 25,358 29,057 35,320 35,101 38,666 46,030 48,050 36.0% 4.4%
APAC 7,101 9,561 10,690 12,688 13,321 15,824 16,841 22,095 74.1% 31.2%
                     
Cash flow from operating activities ('000 euros) 4,134 3,731 12,255 11,437 11,162 25,481 39,555 36,421 218.4% -7.9%
                     
Capital expenditures ('000 euros) 6,590 5,737 7,187 3,781 10,459 11,156 9,993 11,436 202.5% 14.4%
                     
Net Cash Position ('000 euros) 47,893 39,839 234,343 241,786 242,895 256,719 289,784 294,057 21.6% 1.5%
                     
Days Sales Outstanding (days - end of month) 56.7 55.6 53.5 53.8 57.1 56.6 54.7 56.5 5.0% 3.2%

 



 Contacts

Criteo Investor Relations Criteo Public Relations

 

Edouard Lassalle, Head of IR
e.lassalle@criteo.com

 

Friederike Edelmann
f.edelmann@criteo.com 

 

Emma Ferns, Global PR director

e.ferns@criteo.com

 

 

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