x | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 |
¨ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 |
France | Not Applicable | |
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification Number) | |
32, rue Blanche, Paris-France | 75009 | |
(Address of principal executive offices) | (Zip Code) |
Large Accelerated Filer | x | Accelerated Filer | ¨ |
Non-accelerated Filer | ¨ (Do not check if a smaller reporting company) | Smaller reporting company | ¨ |
• | our ability to meet the challenges of a growing and international company in a rapidly developing and changing industry, including our ability to forecast accurately; |
• | our ability to maintain an adequate rate of revenue growth and sustain profitability; |
• | the ability of the Criteo Engine to accurately predict engagement by a user; |
• | our ability to continue to collect and utilize data about user behavior and interaction with advertisers; |
• | our ability to adapt to regulatory, legislative or self-regulatory developments regarding internet privacy matters; |
• | our ability to protect users’ information and adequately address privacy concerns; |
• | our ability to acquire an adequate supply of advertising inventory from publishers on terms that are favorable to us; |
• | our ability to predict and adapt to changes in widely adopted industry platforms and other new technologies; |
• | the effects of increased competition in our market; |
• | our ability to enter new marketing channels and to effectively scale our technology platform in new industry verticals; |
• | our ability to manage our international operations and expansion and the integration of our acquisitions; |
• | our ability to maintain, protect and enhance our brand and intellectual property; |
• | failures in our systems or infrastructure; and |
• | our ability to attract and retain qualified employees and key personnel. |
Notes | December 31, 2015 | September 30, 2016 | |||||||
(in thousands) | |||||||||
Assets | |||||||||
Current assets: | |||||||||
Cash and cash equivalents | 3 | $ | 353,537 | $ | 407,158 | ||||
Trade receivables, net of allowances | 4 | 261,581 | 268,097 | ||||||
Income taxes | 2,714 | 4,422 | |||||||
Other taxes | 29,552 | 45,323 | |||||||
Other current assets | 5 | 16,030 | 20,288 | ||||||
Total current assets | 663,414 | 745,288 | |||||||
Property, plant and equipment, net | 82,482 | 98,353 | |||||||
Intangible assets, net | 6 | 16,470 | 18,595 | ||||||
Goodwill | 6 | 41,973 | 45,690 | ||||||
Non-current financial assets | 3 | 17,184 | 17,453 | ||||||
Deferred tax assets | 20,196 | 28,586 | |||||||
Total non-current assets | 178,305 | 208,677 | |||||||
Total assets | $ | 841,719 | $ | 953,965 | |||||
Liabilities and shareholders' equity | |||||||||
Current liabilities: | |||||||||
Trade payables | $ | 246,382 | $ | 253,938 | |||||
Contingencies | 13 | 668 | 286 | ||||||
Income taxes | 15,365 | 7,133 | |||||||
Financial liabilities - current portion | 8 | 7,156 | 6,403 | ||||||
Other taxes | 30,463 | 35,844 | |||||||
Employee - related payables | 42,275 | 42,317 | |||||||
Other current liabilities | 7 | 15,531 | 18,383 | ||||||
Total current liabilities | 357,840 | 364,304 | |||||||
Deferred tax liabilities | 139 | 752 | |||||||
Retirement benefit obligation | 1,445 | 2,262 | |||||||
Financial liabilities - non current portion | 8 | 3,272 | 2,933 | ||||||
Total non-current liabilities | 4,856 | 5,947 | |||||||
Total liabilities | 362,696 | 370,251 | |||||||
Commitments and contingencies | |||||||||
Shareholders' equity: | |||||||||
Common shares, €0.025 par value, 62,470,881 and 63,760,491 shares authorized, issued and outstanding at December 31, 2015 and September 30, 2016, respectively. | 2,052 | 2,087 | |||||||
Additional paid-in capital | 425,220 | 470,871 | |||||||
Accumulated other comprehensive (loss) | (69,023 | ) | (57,902 | ) | |||||
Retained earnings | 116,076 | 158,945 | |||||||
Equity-attributable to shareholders of Criteo S.A. | 474,325 | 574,001 | |||||||
Non-controlling interests | 4,698 | 9,713 | |||||||
Total equity | 479,023 | 583,714 | |||||||
Total equity and liabilities | $ | 841,719 | $ | 953,965 |
Three Months Ended | Nine Months Ended | |||||||||||||||
Notes | September 30, 2015 | September 30, 2016 | September 30, 2015 | September 30, 2016 | ||||||||||||
(in thousands, except share and per share data) | ||||||||||||||||
Revenue | $ | 332,674 | $ | 423,867 | $ | 926,152 | $ | 1,232,321 | ||||||||
Cost of revenue: | ||||||||||||||||
Traffic acquisition costs | (198,970 | ) | (247,310 | ) | (552,097 | ) | (727,034 | ) | ||||||||
Other cost of revenue | (17,206 | ) | (22,332 | ) | (44,418 | ) | (60,950 | ) | ||||||||
Gross profit | 116,498 | 154,225 | 329,637 | 444,337 | ||||||||||||
Operating expenses: | ||||||||||||||||
Research and development expenses | (22,442 | ) | (30,701 | ) | (60,141 | ) | (88,097 | ) | ||||||||
Sales and operations expenses | (56,310 | ) | (68,164 | ) | (169,120 | ) | (201,862 | ) | ||||||||
General and administrative expenses | (19,915 | ) | (32,492 | ) | (57,865 | ) | (85,839 | ) | ||||||||
Total operating expenses | (98,667 | ) | (131,357 | ) | (287,126 | ) | (375,798 | ) | ||||||||
Income from operations | 17,831 | 22,868 | 42,511 | 68,539 | ||||||||||||
Financial income (expense) | 10 | (6,650 | ) | (570 | ) | (5,276 | ) | (1,982 | ) | |||||||
Income before taxes | 11,181 | 22,298 | 37,235 | 66,557 | ||||||||||||
Provision for income taxes | 11 | (5,388 | ) | (7,574 | ) | (13,896 | ) | (19,968 | ) | |||||||
Net income | $ | 5,793 | $ | 14,724 | $ | 23,339 | $ | 46,589 | ||||||||
Net income available to shareholders of Criteo S.A. | $ | 5,096 | $ | 13,539 | $ | 21,618 | $ | 42,869 | ||||||||
Net income available to non-controlling interests | $ | 697 | $ | 1,185 | $ | 1,721 | $ | 3,720 | ||||||||
Net income allocated to shareholders of Criteo S.A. per share: | ||||||||||||||||
Basic | 12 | $ | 0.08 | $ | 0.21 | $ | 0.35 | $ | 0.68 | |||||||
Diluted | 12 | $ | 0.08 | $ | 0.21 | $ | 0.33 | $ | 0.66 | |||||||
Weighted average shares outstanding used in computing per share amounts: | ||||||||||||||||
Basic | 12 | 62,082,110 | 63,628,351 | 61,662,308 | 63,163,922 | |||||||||||
Diluted | 12 | 65,254,238 | 65,816,422 | 65,095,690 | 65,429,757 |
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, 2015 | September 30, 2016 | September 30, 2015 | September 30, 2016 | |||||||||||||
(in thousands) | ||||||||||||||||
Net income | $ | 5,793 | $ | 14,724 | $ | 23,339 | $ | 46,589 | ||||||||
Foreign currency translation differences, net of taxes | 4,960 | 2,649 | (24,419 | ) | 12,677 | |||||||||||
Foreign currency translation differences | 4,960 | 2,649 | (24,419 | ) | 12,677 | |||||||||||
Income tax effect | — | — | — | — | ||||||||||||
Actuarial (losses) gains on employee benefits, net of taxes | (52 | ) | (73 | ) | 161 | (282 | ) | |||||||||
Actuarial losses on employee benefits | (63 | ) | (90 | ) | 194 | (341 | ) | |||||||||
Income tax effect | 11 | 17 | (33 | ) | 59 | |||||||||||
Financial instruments, net of taxes | — | — | — | — | ||||||||||||
Fair value change on financial instruments | — | — | — | — | ||||||||||||
Income tax effect | — | — | — | — | ||||||||||||
Comprehensive income (loss) | $ | 10,701 | $ | 17,300 | $ | (919 | ) | $ | 58,984 | |||||||
Attributable to shareholders of Criteo S.A. | $ | 9,942 | $ | 15,991 | $ | (2,642 | ) | $ | 54,113 | |||||||
Attributable to non-controlling interests | $ | 759 | $ | 1,309 | $ | 1,723 | $ | 4,871 |
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, 2015 | September 30, 2016 | September 30, 2015 | September 30, 2016 | ||||||||||||
(in thousands) | |||||||||||||||
Net income | $ | 5,793 | $ | 14,724 | $ | 23,339 | $ | 46,589 | |||||||
Adjustments to reconcile to cash from operating activities | 23,155 | 36,609 | 62,685 | 96,235 | |||||||||||
Amortization and provisions | 13,236 | 16,030 | 32,436 | 45,555 | |||||||||||
Equity awards compensation expense (1) | 4,600 | 13,965 | 16,242 | 30,030 | |||||||||||
Net gain on disposal of non-current assets | 59 | 1 | 85 | 1 | |||||||||||
Interest accrued | 2 | (972 | ) | 9 | 608 | ||||||||||
Non-cash financial expenses | (130 | ) | 11 | 17 | 29 | ||||||||||
Change in deferred taxes | (979 | ) | (3,121 | ) | (3,149 | ) | (7,545 | ) | |||||||
Income tax for the period | 6,367 | 10,695 | 17,045 | 27,557 | |||||||||||
Change in working capital requirement | (7,120 | ) | 4,576 | (2,341 | ) | (22,860 | ) | ||||||||
(Increase)/decrease in trade receivables | (14,795 | ) | (2,160 | ) | (27,434 | ) | (4,528 | ) | |||||||
Increase/(decrease) in trade payables | 11,899 | 11,218 | 39,518 | (3,931 | ) | ||||||||||
(Increase)/decrease in other current assets | (8,781 | ) | (2,856 | ) | (24,664 | ) | (18,633 | ) | |||||||
Increase/(decrease) in other current liabilities | 4,557 | (1,626 | ) | 10,239 | 4,232 | ||||||||||
Income taxes paid | (4,328 | ) | (12,278 | ) | (13,237 | ) | (38,152 | ) | |||||||
Cash from operating activities | 17,500 | 43,631 | 70,446 | 81,812 | |||||||||||
Acquisition of intangibles assets, property, plant and equipment | (21,514 | ) | (15,792 | ) | (62,671 | ) | (54,970 | ) | |||||||
Change in accounts payable related to intangible assets, property, plant and equipment | (2,551 | ) | (4,115 | ) | 7,396 | 570 | |||||||||
Payments for acquired business, net of cash | (476 | ) | — | (20,551 | ) | (5,074 | ) | ||||||||
Change in other financial non-current assets | (1,049 | ) | (377 | ) | (6,292 | ) | 197 | ||||||||
Cash used for investing activities | (25,590 | ) | (20,284 | ) | (82,118 | ) | (59,277 | ) | |||||||
Issuance of long-term borrowings | 790 | 739 | 3,183 | 3,798 | |||||||||||
Repayment of borrowings | (1,484 | ) | 32 | (6,130 | ) | (5,416 | ) | ||||||||
Proceeds from capital increase | 3,575 | 1,600 | 10,009 | 17,182 | |||||||||||
Change in other financial liabilities | — | (25 | ) | (1,000 | ) | (196 | ) | ||||||||
Cash from financing activities | 2,881 | 2,346 | 6,062 | 15,368 | |||||||||||
Change in net cash and cash equivalents | (5,209 | ) | 25,693 | (5,610 | ) | 37,903 | |||||||||
Net cash and cash equivalents - beginning of period | 321,109 | 377,407 | 351,827 | 353,537 | |||||||||||
Effect of exchange rate changes on cash and cash equivalents | (1,256 | ) | 4,058 | (31,573 | ) | 15,718 | |||||||||
Net cash and cash equivalents - end of period | $ | 314,644 | $ | 407,158 | $ | 314,644 | $ | 407,158 |
December 31, 2015 | |||||||||||||||
Carrying Value | Loans and receivables | Assets designated at FVTPL (1) | Fair value | ||||||||||||
(in thousands) | |||||||||||||||
Cash and cash equivalents | $ | 353,537 | $ | — | $ | 353,537 | $ | 353,537 | |||||||
Trade receivables, net of allowances | 261,581 | 261,581 | — | 261,581 | |||||||||||
Other taxes | 29,552 | 29,552 | — | 29,552 | |||||||||||
Other current assets | 16,030 | 16,030 | — | 16,030 | |||||||||||
Non-current financial assets | 17,184 | 17,184 | — | 17,184 | |||||||||||
Total | $ | 677,884 | $ | 324,347 | $ | 353,537 | $ | 677,884 |
(1) | Fair value through profit or loss. |
September 30, 2016 | |||||||||||||||
Carrying Value | Loans and receivables | Assets designated at FVTPL (1) | Fair value | ||||||||||||
(in thousands) | |||||||||||||||
Cash and cash equivalents | $ | 407,158 | $ | — | $ | 407,158 | $ | 407,158 | |||||||
Trade receivables, net of allowances | 268,097 | 268,097 | — | 268,097 | |||||||||||
Other taxes | 45,323 | 45,323 | — | 45,323 | |||||||||||
Other current assets | 20,288 | 20,288 | — | 20,288 | |||||||||||
Non-current financial assets | 17,453 | 17,453 | — | 17,453 | |||||||||||
Total | $ | 758,319 | $ | 351,161 | $ | 407,158 | $ | 758,319 |
(1) | Fair value through profit or loss. |
December 31, 2015 | |||||||||||||||
Carrying Value | Amortized Cost | Liabilities designated at FVTPL (1) | Fair value | ||||||||||||
(in thousands) | |||||||||||||||
Trade payables | $ | 246,382 | $ | 246,382 | $ | — | $ | 246,382 | |||||||
Other taxes | 30,463 | 30,463 | — | 30,463 | |||||||||||
Employee-related payables | 42,275 | 42,275 | — | 42,275 | |||||||||||
Other current liabilities | 15,531 | 15,531 | — | 15,531 | |||||||||||
Financial liabilities | 10,428 | 9,876 | 552 | 10,428 | |||||||||||
Total | $ | 345,079 | $ | 344,527 | $ | 552 | $ | 345,079 |
(1) | Fair value through profit or loss. |
September 30, 2016 | |||||||||||||||
Carrying Value | Amortized Cost | Liabilities designated at FVTPL (1) | Fair value | ||||||||||||
(in thousands) | |||||||||||||||
Trade payables | $ | 253,938 | $ | 253,938 | $ | — | $ | 253,938 | |||||||
Other taxes | 35,844 | 35,844 | — | 35,844 | |||||||||||
Employee-related payables | 42,317 | 42,317 | — | 42,317 | |||||||||||
Other current liabilities | 18,383 | 18,383 | — | 18,383 | |||||||||||
Financial liabilities | 9,336 | 8,700 | 636 | 9,336 | |||||||||||
Total | $ | 359,818 | $ | 359,182 | $ | 636 | $ | 359,818 |
(1) | Fair value through profit or loss. |
Fair Value Measurements Using | |||||||||||||||
December 31, 2015 | Level 1 | Level 2 | Level 3 | ||||||||||||
(in thousands) | |||||||||||||||
Money market funds | $ | 54,188 | $ | 54,188 | $ | — | $ | — | |||||||
Interest-bearing bank deposits | 114,127 | — | 114,127 | — | |||||||||||
Cash | 185,222 | 185,222 | — | — | |||||||||||
Derivative instruments | — | — | — | — | |||||||||||
Total assets measured at fair value | $ | 353,537 | $ | 239,410 | $ | 114,127 | $ | — | |||||||
Derivative instruments | $ | 552 | $ | — | $ | 552 | $ | — | |||||||
Total liabilities measured at fair value | $ | 552 | $ | — | $ | 552 | $ | — |
Fair Value Measurements Using | |||||||||||||||
September 30, 2016 | Level 1 | Level 2 | Level 3 | ||||||||||||
(in thousands) | |||||||||||||||
Money market funds | $ | 140,802 | $ | 140,802 | $ | — | $ | — | |||||||
Interest-bearing bank deposits | 133,626 | — | 133,626 | — | |||||||||||
Cash | 132,730 | 132,730 | — | — | |||||||||||
Derivative instruments | — | — | — | — | |||||||||||
Total assets measured at fair value | $ | 407,158 | $ | 273,532 | $ | 133,626 | $ | — | |||||||
Derivative instruments | $ | 636 | $ | — | $ | 636 | $ | — | |||||||
Total liabilities measured at fair value | $ | 636 | $ | — | $ | 636 | $ | — |
December 31, 2015 | September 30, 2016 | ||||||
(in thousands) | |||||||
Trade accounts receivables | $ | 267,845 | $ | 279,344 | |||
(Less) Allowance for doubtful accounts | (6,264 | ) | (11,247 | ) | |||
Net book value at end of period | $ | 261,581 | $ | 268,097 |
2015 | 2016 | ||||||
(in thousands) | |||||||
Balance at January 1 | $ | (3,930 | ) | $ | (6,264 | ) | |
Allowance for doubtful accounts | (2,258 | ) | (7,733 | ) | |||
Reversal of provision | — | 2,760 | |||||
Change in consolidation scope | (135 | ) | — | ||||
Currency translation adjustment | 333 | (10 | ) | ||||
Balance at September 30 | $ | (5,990 | ) | $ | (11,247 | ) |
December 31, 2015 | September 30, 2016 | ||||||
(in thousands) | |||||||
Prepayments to suppliers | $ | 2,774 | $ | 2,790 | |||
Employee-related receivables | 94 | 129 | |||||
Prepaid expenses | 9,475 | 13,658 | |||||
Other debtors | 3,687 | 3,711 | |||||
Derivative instruments | — | — | |||||
Gross book value at end of period | 16,030 | 20,288 | |||||
(Less) Allowance for doubtful accounts | — | — | |||||
Net book value at end of period | $ | 16,030 | $ | 20,288 |
Software | Technology and customer relationships | Total | |||||||||
Remainder of 2016 | $ | (1,151 | ) | $ | (1,035 | ) | $ | (2,186 | ) | ||
2017 | (4,212 | ) | (3,053 | ) | (7,265 | ) | |||||
2018 | (3,602 | ) | (2,483 | ) | (6,085 | ) | |||||
2019 | (1,952 | ) | (505 | ) | (2,457 | ) | |||||
2020 | (591 | ) | — | (591 | ) | ||||||
Thereafter | (11 | ) | — | (11 | ) | ||||||
Total | $ | (11,519 | ) | $ | (7,076 | ) | $ | (18,595 | ) |
December 31, 2015 | September 30, 2016 | ||||||
(in thousands) | |||||||
Clients' prepayments | $ | 6,244 | $ | 7,859 | |||
Accounts payable relating to capital expenditures | 8,037 | 8,702 | |||||
Other creditors | 1,091 | 1,678 | |||||
Deferred revenue | 159 | 144 | |||||
Total | $ | 15,531 | $ | 18,383 |
As of January 1, 2016 | New borrowings | Repayments | Change in scope | Other (1) | Currency translation adjustment | As of September 30, 2016 | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||
Borrowings | $ | 5,973 | $ | 4,066 | $ | (5,049 | ) | $ | — | $ | 647 | $ | (67 | ) | $ | 5,570 | |||||||||||
Financial liabilities relating to finance leases | 23 | — | (23 | ) | — | — | — | — | |||||||||||||||||||
Other financial liabilities | 608 | — | (427 | ) | — | — | 16 | 197 | |||||||||||||||||||
Derivative instruments | 552 | — | — | — | 69 | 15 | 636 | ||||||||||||||||||||
Current portion | 7,156 | 4,066 | (5,499 | ) | — | 716 | (36 | ) | 6,403 | ||||||||||||||||||
Borrowings | 3,272 | — | — | — | (647 | ) | 81 | 2,706 | |||||||||||||||||||
Financial liabilities relating to finance leases | — | — | — | — | — | — | — | ||||||||||||||||||||
Other financial liabilities | — | 227 | — | — | — | — | 227 | ||||||||||||||||||||
Non current portion | 3,272 | 227 | — | — | (647 | ) | 81 | 2,933 | |||||||||||||||||||
Borrowings | 9,245 | 4,066 | (5,049 | ) | — | — | 14 | 8,276 | |||||||||||||||||||
Financial liabilities relating to finance leases | 23 | — | (23 | ) | — | — | — | — | |||||||||||||||||||
Other financial liabilities | 608 | 227 | (427 | ) | — | — | 16 | 424 | |||||||||||||||||||
Derivative instruments | 552 | — | — | — | 69 | 15 | 636 | ||||||||||||||||||||
Total | $ | 10,428 | $ | 4,293 | $ | (5,499 | ) | $ | — | $ | 69 | $ | 45 | $ | 9,336 |
• | On January 29, 2016, 33,010 RSUs were granted to senior management subject to achievement of internal performance objectives and continued employment. Based on the assumptions known as of September 30, 2016, we determined share-based compensation expense by applying a probability ratio on performance objectives completion. |
• | On February 25, 2016, 181,885 RSUs were granted to Criteo employees subject to continued employment. |
• | On April 20, 2016, 140,135 RSUs were granted to Criteo employees subject to continued employment and 9,100 BSAs were granted to a board member subject to continued engagement on the board of directors. |
• | On June 28, 2016, 1,075,827 RSUs and 429,043 OSAs were granted to Criteo employees subject to continued employment. |
OSA/BSPCE | RSU | BSA | Total | ||||||||
Balance at January 1, 2016 | 6,547,854 | 1,095,585 | 154,910 | 7,798,349 | |||||||
Granted | 576,443 | 1,677,957 | 9,100 | 2,263,500 | |||||||
Exercised | (1,252,610 | ) | — | (13,000 | ) | (1,265,610 | ) | ||||
Forfeited | (494,766 | ) | (133,232 | ) | (2,440 | ) | (630,438 | ) | |||
Expired | — | — | — | — | |||||||
Balance at September 30, 2016 | 5,376,921 | 2,640,310 | 148,570 | 8,165,801 |
OSA/BSPCE | RSU | BSA | ||||||||
Number outstanding | 5,376,921 | 2,640,310 | 148,570 | |||||||
Weighted-average exercise price | € | 23.94 | NA | € | 15.06 | |||||
Number exercisable | 2,573,427 | NA | 112,536 | |||||||
Weighted-average exercise price | € | 17.04 | NA | € | 10.71 | |||||
Weighted-average remaining contractual life of options outstanding, in years | 7.61 | NA | 6.83 |
Three Months Ended | |||||||||||||||||||||||||||||||
September 30, 2015 | September 30, 2016 | ||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||
R&D | S&O | G&A | Total | R&D | S&O | G&A | Total | ||||||||||||||||||||||||
RSUs | $ | — | $ | — | $ | — | $ | — | $ | (3,295 | ) | $ | (4,154 | ) | $ | (2,471 | ) | $ | (9,920 | ) | |||||||||||
Share options / BSPCE | (1,714 | ) | (1,715 | ) | (1,101 | ) | (4,530 | ) | (986 | ) | (720 | ) | (1,505 | ) | (3,211 | ) | |||||||||||||||
Total share-based compensation | (1,714 | ) | (1,715 | ) | (1,101 | ) | (4,530 | ) | (4,281 | ) | (4,874 | ) | (3,976 | ) | (13,131 | ) | |||||||||||||||
BSAs | — | — | (70 | ) | (70 | ) | — | — | (834 | ) | (834 | ) | |||||||||||||||||||
Total equity awards compensation expense | $ | (1,714 | ) | $ | (1,715 | ) | $ | (1,171 | ) | $ | (4,600 | ) | $ | (4,281 | ) | $ | (4,874 | ) | $ | (4,810 | ) | $ | (13,965 | ) |
Nine Months Ended | |||||||||||||||||||||||||||||||
September 30, 2015 | September 30, 2016 | ||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||
R&D | S&O | G&A | Total | R&D | S&O | G&A | Total | ||||||||||||||||||||||||
RSUs | $ | — | $ | — | $ | — | $ | — | $ | (6,010 | ) | $ | (7,638 | ) | $ | (4,755 | ) | $ | (18,403 | ) | |||||||||||
Share options / BSPCE | (4,354 | ) | (8,072 | ) | (3,648 | ) | (16,074 | ) | (2,852 | ) | (3,114 | ) | (4,276 | ) | (10,242 | ) | |||||||||||||||
Total share-based compensation | (4,354 | ) | (8,072 | ) | (3,648 | ) | (16,074 | ) | (8,862 | ) | (10,752 | ) | (9,031 | ) | (28,645 | ) | |||||||||||||||
BSAs | — | — | (168 | ) | (168 | ) | — | — | (1,385 | ) | (1,385 | ) | |||||||||||||||||||
Total equity awards compensation expense | $ | (4,354 | ) | $ | (8,072 | ) | $ | (3,816 | ) | $ | (16,242 | ) | $ | (8,862 | ) | $ | (10,752 | ) | $ | (10,416 | ) | $ | (30,030 | ) |
Three Months Ended | |||||||
September 30, 2015 | September 30, 2016 | ||||||
(in thousands) | |||||||
Financial income from cash equivalents | $ | 812 | $ | 295 | |||
Interest on debt | (80 | ) | (555 | ) | |||
Foreign exchange gain (loss) | (7,512 | ) | (301 | ) | |||
Other financial expense | 130 | (9 | ) | ||||
Total financial income (expense) | $ | (6,650 | ) | $ | (570 | ) |
Nine Months Ended | |||||||
September 30, 2015 | September 30, 2016 | ||||||
(in thousands) | |||||||
Financial income from cash equivalents | $ | 1,754 | $ | 1,165 | |||
Interest on debt | (538 | ) | (1,643 | ) | |||
Foreign exchange gain (loss) | (6,475 | ) | (1,476 | ) | |||
Other financial expense | (17 | ) | (28 | ) | |||
Total financial income (expense) | $ | (5,276 | ) | $ | (1,982 | ) |
Three Months Ended | |||||||
September 30, 2015 | September 30, 2016 | ||||||
(in thousands) | |||||||
Current income tax | $ | (6,367 | ) | $ | (10,695 | ) | |
France | (4,238 | ) | (4,338 | ) | |||
International | (2,129 | ) | (6,357 | ) | |||
Net change in deferred taxes | 979 | 3,121 | |||||
France | 2,014 | 2,871 | |||||
International | (1,035 | ) | 250 | ||||
Provision for income taxes | $ | (5,388 | ) | $ | (7,574 | ) |
Nine Months Ended | |||||||
September 30, 2015 | September 30, 2016 | ||||||
(in thousands) | |||||||
Current income tax | $ | (17,045 | ) | $ | (27,513 | ) | |
France | (10,172 | ) | (12,511 | ) | |||
International | (6,873 | ) | (15,002 | ) | |||
Net change in deferred taxes | 3,149 | 7,545 | |||||
France | 2,962 | 7,087 | |||||
International | 187 | 458 | |||||
Provision for income taxes | $ | (13,896 | ) | $ | (19,968 | ) |
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, 2015 | September 30, 2016 | September 30, 2015 | September 30, 2016 | ||||||||||||
(in thousands, except share and per share data) | |||||||||||||||
Net income attributable to shareholders of Criteo S.A. | $ | 5,096 | $ | 13,539 | $ | 21,618 | $ | 42,869 | |||||||
Weighted average number of shares outstanding | 62,082,110 | 63,628,351 | 61,662,308 | 63,163,922 | |||||||||||
Basic earnings per share | $ | 0.08 | $ | 0.21 | $ | 0.35 | $ | 0.68 |
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, 2015 | September 30, 2016 | September 30, 2015 | September 30, 2016 | ||||||||||||
(in thousands, except share and per share data) | |||||||||||||||
Net income attributable to shareholders of Criteo S.A. | $ | 5,096 | $ | 13,539 | $ | 21,618 | $ | 42,869 | |||||||
Weighted average number of shares outstanding of Criteo S.A. | 62,082,110 | 63,628,351 | 61,662,308 | 63,163,922 | |||||||||||
Dilutive effect of : | |||||||||||||||
Restricted share units ("RSUs") | — | 266,970 | — | 152,317 | |||||||||||
Share options and employee warrants ("BSPCEs") | 3,035,325 | 1,841,080 | 3,293,370 | 2,030,088 | |||||||||||
Non-employees warrants ("BSAs") | 136,803 | 80,021 | 140,012 | 83,430 | |||||||||||
Weighted average number of shares outstanding used to determine diluted earnings per share | 65,254,238 | 65,816,422 | 65,095,690 | 65,429,757 | |||||||||||
Diluted earnings per share | $ | 0.08 | $ | 0.21 | $ | 0.33 | $ | 0.66 |
Three Months Ended | Nine Months Ended | ||||||||||
September 30, 2015 | September 30, 2016 | September 30, 2015 | September 30, 2016 | ||||||||
Restricted share units ("RSUs") | — | 32,176 | — | 345,732 | |||||||
Share options and employee warants ("BSPCEs") | 991,879 | 455,474 | 829,981 | 426,777 | |||||||
Non-employees warrants ("BSAs") | 25,630 | — | 17,087 | — | |||||||
Weighted average number of anti-dilutive securities excluded from diluted earnings per share | 1,017,509 | 487,650 | 847,068 | 772,509 |
Provision for employee related litigation | Provision for tax related litigation | Other provisions | Total | |||||||||
(in thousands) | ||||||||||||
Balance at January 1, 2016 | $ | 236 | $ | 44 | $ | 388 | $ | 668 | ||||
Charges | 444 | — | — | 444 | ||||||||
Provision used | (405 | ) | — | (40 | ) | (445 | ) | |||||
Provision released not used | — | (45 | ) | (345 | ) | (390 | ) | |||||
Change in consolidation scope | — | — | — | — | ||||||||
Currency translation adjustments | 6 | 1 | 2 | 9 | ||||||||
Other | — | — | — | — | ||||||||
Balance at September 30, 2016 | $ | 281 | $ | — | $ | 5 | $ | 286 | ||||
- of which current | 281 | — | 5 | 286 | ||||||||
- of which non-current | — | — | — | — |
• | Americas (North and South America); |
• | EMEA (Europe, Middle-East and Africa); and |
• | Asia-Pacific. |
Americas | EMEA | Asia-Pacific | Total | ||||||||||||
For the three months ended: | (in thousands) | ||||||||||||||
September 30, 2015 | $ | 124,024 | $ | 137,185 | $ | 71,465 | $ | 332,674 | |||||||
September 30, 2016 | $ | 160,739 | $ | 157,921 | $ | 105,207 | $ | 423,867 |
Americas | EMEA | Asia-Pacific | Total | ||||||||||||
For the nine months ended: | (in thousands) | ||||||||||||||
September 30, 2015 | $ | 335,520 | $ | 396,200 | $ | 194,432 | $ | 926,152 | |||||||
September 30, 2016 | $ | 464,435 | $ | 471,226 | $ | 296,660 | $ | 1,232,321 |
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, 2015 | September 30, 2016 | September 30, 2015 | September 30, 2016 | ||||||||||||
(in thousands) | |||||||||||||||
Americas | |||||||||||||||
United States | $ | 102,064 | $ | 134,504 | $ | 273,071 | $ | 395,769 | |||||||
EMEA | |||||||||||||||
Germany | $ | 28,188 | $ | 33,692 | $ | 81,795 | $ | 98,278 | |||||||
United Kingdom | $ | 26,485 | $ | 24,285 | $ | 78,759 | $ | 80,024 | |||||||
Asia-Pacific | |||||||||||||||
Japan | $ | 50,485 | $ | 76,841 | $ | 137,248 | $ | 209,404 |
Of which | Of which | ||||||||||||||||||||||||||
Holding | Americas | United States | Europe | Asia-Pacific | Japan | Total | |||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||
December 31, 2015 | $ | 48,160 | $ | 24,437 | $ | 23,332 | $ | 8,847 | $ | 17,508 | $ | 7,807 | $ | 98,952 | |||||||||||||
September 30, 2016 | $ | 52,351 | $ | 27,418 | $ | 26,516 | $ | 8,449 | $ | 28,730 | $ | 9,476 | $ | 116,948 |
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, 2015 | September 30, 2016 | September 30, 2015 | September 30, 2016 | ||||||||||||
(in thousands, except share and per share data) | |||||||||||||||
Revenue | $ | 332,674 | $ | 423,867 | $ | 926,152 | $ | 1,232,321 | |||||||
Cost of revenue (2): | |||||||||||||||
Traffic acquisition costs | (198,970 | ) | (247,310 | ) | (552,097 | ) | (727,034 | ) | |||||||
Other cost of revenue | (17,206 | ) | (22,332 | ) | (44,418 | ) | (60,950 | ) | |||||||
Gross profit | 116,498 | 154,225 | 329,637 | 444,337 | |||||||||||
Operating expenses | |||||||||||||||
Research and development expenses (2) | (22,442 | ) | (30,701 | ) | (60,141 | ) | (88,097 | ) | |||||||
Sales and operations expenses (2) | (56,310 | ) | (68,164 | ) | (169,120 | ) | (201,862 | ) | |||||||
General and administrative expenses (2) | (19,915 | ) | (32,492 | ) | (57,865 | ) | (85,839 | ) | |||||||
Total operating expenses | (98,667 | ) | (131,357 | ) | (287,126 | ) | (375,798 | ) | |||||||
Income from operations | 17,831 | 22,868 | 42,511 | 68,539 | |||||||||||
Financial income (expense) | (6,650 | ) | (570 | ) | (5,276 | ) | (1,982 | ) | |||||||
Income before taxes | 11,181 | 22,298 | 37,235 | 66,557 | |||||||||||
Provision for income taxes | (5,388 | ) | (7,574 | ) | (13,896 | ) | (19,968 | ) | |||||||
Net income | $ | 5,793 | $ | 14,724 | $ | 23,339 | $ | 46,589 | |||||||
Net income available to shareholders of Criteo S.A. (1) | $ | 5,096 | $ | 13,539 | $ | 21,618 | $ | 42,869 | |||||||
Net income available to shareholders of Criteo S.A. per share: | |||||||||||||||
Basic | $ | 0.08 | $ | 0.21 | $ | 0.35 | $ | 0.68 | |||||||
Diluted | $ | 0.08 | $ | 0.21 | $ | 0.33 | $ | 0.66 | |||||||
Weighted average shares outstanding used in computing per share amounts: | |||||||||||||||
Basic | 62,082,110 | 63,628,351 | 61,662,308 | 63,163,922 | |||||||||||
Diluted | 65,254,238 | 65,816,422 | 65,095,690 | 65,429,757 |
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, 2015 | September 30, 2016 | September 30, 2015 | September 30, 2016 | ||||||||||||
(in thousands) | |||||||||||||||
Equity award compensation expense | |||||||||||||||
Research and development | $ | 1,714 | $ | 4,667 | $ | 4,354 | $ | 9,248 | |||||||
Sales and operations | 1,715 | 5,143 | 8,072 | 11,021 | |||||||||||
General and administrative | 1,171 | 4,155 | 3,816 | 9,761 | |||||||||||
Total equity awards compensation expense | $ | 4,600 | $ | 13,965 | $ | 16,242 | $ | 30,030 | |||||||
Pension service costs | |||||||||||||||
Research and development | 41 | 55 | 123 | 160 | |||||||||||
Sales and operations | 37 | 38 | 115 | 107 | |||||||||||
General and administrative | 32 | 39 | 94 | 125 | |||||||||||
Total pension service costs | $ | 110 | $ | 132 | $ | 332 | $ | 392 | |||||||
Depreciation and amortization expense | |||||||||||||||
Cost of revenue | 8,503 | 10,406 | 21,287 | 27,846 | |||||||||||
Research and development (a) | 1,690 | 1,640 | 4,811 | 5,105 | |||||||||||
Sales and operations | 1,330 | 1,813 | 3,434 | 5,604 | |||||||||||
General and administrative | 369 | 912 | 1,066 | 2,033 | |||||||||||
Total depreciation and amortization expense | $ | 11,892 | $ | 14,771 | $ | 30,598 | $ | 40,588 | |||||||
Acquisition-related costs | |||||||||||||||
General and administrative | — | 1,793 | — | 1,941 | |||||||||||
Total acquisition-related costs | $ | — | $ | 1,793 | $ | — | $ | 1,941 | |||||||
Acquisition-related deferred price consideration | |||||||||||||||
Research and development | 54 | 3 | 278 | 88 | |||||||||||
Total acquisition-related deferred price consideration | $ | 54 | $ | 3 | $ | 278 | $ | 88 |
December 31, 2015 | September 30, 2016 | ||||||
(in thousands) (unaudited) | |||||||
Cash and cash equivalents | $ | 353,537 | $ | 407,158 | |||
Total assets | 841,719 | 953,965 | |||||
Trade receivables, net of allowances for doubtful accounts | 261,581 | 268,097 | |||||
Total financial liabilities | 10,428 | 9,336 | |||||
Total liabilities | 362,696 | 370,251 | |||||
Total equity | $ | 479,023 | $ | 583,714 |
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, 2015 | September 30, 2016 | September 30, 2015 | September 30, 2016 | ||||||||||||
(in thousands, except number of clients) (unaudited) | |||||||||||||||
Number of clients | 9,290 | 12,882 | 9,290 | 12,882 | |||||||||||
Revenue ex-TAC (3) | $ | 133,704 | $ | 176,557 | $ | 374,055 | $ | 505,287 | |||||||
Adjusted net income (4) | $ | 11,373 | $ | 31,299 | $ | 42,823 | $ | 81,277 | |||||||
Adjusted EBITDA (5) | $ | 34,487 | $ | 53,532 | $ | 89,961 | $ | 141,578 |
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, 2015 | September 30, 2016 | September 30, 2015 | September 30, 2016 | ||||||||||||
(in thousands) (unaudited) | |||||||||||||||
Revenue | $ | 332,674 | $ | 423,867 | $ | 926,152 | $ | 1,232,321 | |||||||
Adjustment: | |||||||||||||||
Traffic acquisition costs | (198,970 | ) | (247,310 | ) | (552,097 | ) | (727,034 | ) | |||||||
Revenue ex-TAC | $ | 133,704 | $ | 176,557 | $ | 374,055 | $ | 505,287 |
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, 2015 | September 30, 2016 | September 30, 2015 | September 30, 2016 | ||||||||||||
(in thousands) | |||||||||||||||
Net income | $ | 5,793 | $ | 14,724 | $ | 23,339 | $ | 46,589 | |||||||
Adjustments: | |||||||||||||||
Equity awards compensation expense | 4,600 | 13,965 | 16,242 | 30,030 | |||||||||||
Amortization of acquisition-related intangible assets | 1,200 | 943 | 3,794 | 3,145 | |||||||||||
Acquisition-related costs | — | 1,793 | — | 1,941 | |||||||||||
Acquisition-related deferred price consideration | 54 | 3 | 278 | 88 | |||||||||||
Tax impact of the above adjustments | (274 | ) | (129 | ) | (830 | ) | (516 | ) | |||||||
Adjusted net income | $ | 11,373 | $ | 31,299 | $ | 42,823 | $ | 81,277 |
Three Months Ended | Nine Months Ended | ||||||||||||||
September 30, 2015 | September 30, 2016 | September 30, 2015 | September 30, 2016 | ||||||||||||
(in thousands) | |||||||||||||||
Net income | $ | 5,793 | $ | 14,724 | $ | 23,339 | $ | 46,589 | |||||||
Adjustments: | |||||||||||||||
Financial expense (income) | 6,650 | 570 | 5,276 | 1,982 | |||||||||||
Provision for income taxes | 5,388 | 7,574 | 13,896 | 19,968 | |||||||||||
Equity awards compensation expense | 4,600 | 13,965 | 16,242 | 30,030 | |||||||||||
Pension service costs | 110 | 132 | 332 | 392 | |||||||||||
Depreciation and amortization expense | 11,892 | 14,771 | 30,598 | 40,588 | |||||||||||
Acquisition-related costs | — | 1,793 | — | 1,941 | |||||||||||
Acquisition-related deferred price consideration | 54 | 3 | 278 | 88 | |||||||||||
Total net adjustments | 28,694 | 38,808 | 66,622 | 94,989 | |||||||||||
Adjusted EBITDA | $ | 34,487 | $ | 53,532 | $ | 89,961 | $ | 141,578 |
Three Months Ended | ||||||||||
September 30, 2015 | September 30, 2016 | 2016 vs 2015 | ||||||||
(in thousands) | ||||||||||
Revenue as reported | $ | 332,674 | $ | 423,867 | 27.4 | % | ||||
Conversion impact U.S dollar/other currencies | (7,986 | ) | ||||||||
Revenue at constant currency (1) | 332,674 | 415,881 | 25.0 | % | ||||||
Americas | ||||||||||
Revenue as reported | 124,024 | 160,739 | 29.6 | % | ||||||
Conversion impact U.S dollar/other currencies | (447 | ) | ||||||||
Revenue at constant currency (1) | 124,024 | 160,292 | 29.2 | % | ||||||
EMEA | ||||||||||
Revenue as reported | 137,185 | 157,921 | 15.1 | % | ||||||
Conversion impact U.S dollar/other currencies | 4,952 | |||||||||
Revenue at constant currency (1) | 137,185 | 162,873 | 18.7 | % | ||||||
Asia-Pacific | ||||||||||
Revenue as reported | 71,465 | 105,207 | 47.2 | % | ||||||
Conversion impact U.S dollar/other currencies | (12,491 | ) | ||||||||
Revenue at constant currency(1) | $ | 71,465 | $ | 92,716 | 29.7 | % |
Nine Months Ended | ||||||||||
September 30, 2015 | September 30, 2016 | 2016 vs 2015 | ||||||||
(in thousands) | ||||||||||
Revenue as reported | $ | 926,152 | $ | 1,232,321 | 33.1 | % | ||||
Conversion impact U.S dollar/other currencies | (4,186 | ) | ||||||||
Revenue at constant currency (1) | 926,152 | 1,228,135 | 32.6 | % | ||||||
Americas | ||||||||||
Revenue as reported | 335,520 | 464,435 | 38.4 | % | ||||||
Conversion impact U.S dollar/other currencies | 5,868 | |||||||||
Revenue at constant currency (1) | 335,520 | 470,303 | 40.2 | % | ||||||
EMEA | ||||||||||
Revenue as reported | 396,200 | 471,226 | 18.9 | % | ||||||
Conversion impact U.S dollar/other currencies | 10,202 | |||||||||
Revenue at constant currency (1) | 396,200 | 481,428 | 21.5 | % | ||||||
Asia-Pacific | ||||||||||
Revenue as reported | 194,432 | 296,660 | 52.6 | % | ||||||
Conversion impact U.S dollar/other currencies | (20,256 | ) | ||||||||
Revenue at constant currency(1) | $ | 194,432 | $ | 276,404 | 42.2 | % |
Three Months Ended | % change | ||||||||
September 30, 2015 | September 30, 2016 | 2016 vs 2015 | |||||||
(in thousands, except percentages) | |||||||||
Traffic acquisition costs | $ | (198,970 | ) | $ | (247,310 | ) | 24.3% | ||
Other cost of revenue | $ | (17,206 | ) | $ | (22,332 | ) | 29.8% | ||
% of revenue | (65.0 | )% | (63.6 | )% | |||||
Gross profit % | 35.0 | % | 36.4 | % |
Nine Months Ended | % change | ||||||||
September 30, 2015 | September 30, 2016 | 2016 vs 2015 | |||||||
(in thousands, except percentages) | |||||||||
Traffic acquisition costs | $ | (552,097 | ) | $ | (727,034 | ) | 31.7% | ||
Other cost of revenue | $ | (44,418 | ) | $ | (60,950 | ) | 37.2% | ||
% of revenue | (64.4 | )% | (63.9 | )% | |||||
Gross profit % | 35.6 | % | 36.1 | % |
Three Months Ended | % change | ||||||||
September 30, 2015 | September 30, 2016 | 2016 vs 2015 | |||||||
(in thousands, except percentages) | |||||||||
Research and development expenses | $ | (22,442 | ) | $ | (30,701 | ) | 36.8% | ||
% of revenue | (6.7 | )% | (7.2 | )% |
Nine Months Ended | % change | ||||||||
September 30, 2015 | September 30, 2016 | 2016 vs 2015 | |||||||
(in thousands, except percentages) | |||||||||
Research and development expenses | $ | (60,141 | ) | $ | (88,097 | ) | 46.5% | ||
% of revenue | (6.5 | )% | (7.1 | )% |
Three Months Ended | % change | ||||||||
September 30, 2015 | September 30, 2016 | 2016 vs 2015 | |||||||
(in thousands, except percentages) | |||||||||
Sales and operations expenses | $ | (56,310 | ) | $ | (68,164 | ) | 21.1% | ||
% of revenue | (16.9 | )% | (16.1 | )% |
Nine Months Ended | % change | ||||||||
September 30, 2015 | September 30, 2016 | 2016 vs 2015 | |||||||
(in thousands, except percentages) | |||||||||
Sales and operations expenses | $ | (169,120 | ) | $ | (201,862 | ) | 19.4% | ||
% of revenue | (18.3 | )% | (16.4 | )% |
Three Months Ended | % change | ||||||||
September 30, 2015 | September 30, 2016 | 2016 vs 2015 | |||||||
(in thousands, except percentages) | |||||||||
General and administrative expenses | $ | (19,915 | ) | $ | (32,492 | ) | 63.2% | ||
% of revenue | (6.0 | )% | (7.7 | )% |
Nine Months Ended | % change | ||||||||
September 30, 2015 | September 30, 2016 | 2016 vs 2015 | |||||||
(in thousands, except percentages) | |||||||||
General and administrative expenses | $ | (57,865 | ) | $ | (85,839 | ) | 48.3% | ||
% of revenue | (6.2 | )% | (7.0 | )% |
Three Months Ended | % change | ||||||||
September 30, 2015 | September 30, 2016 | 2016 vs 2015 | |||||||
(in thousands, except percentages) | |||||||||
Financial income (expense) | $ | (6,650 | ) | $ | (570 | ) | (91.4)% | ||
% of revenue | (2.0 | )% | (0.1 | )% |
Nine Months Ended | % change | ||||||||
September 30, 2015 | September 30, 2016 | 2016 vs 2015 | |||||||
(in thousands, except percentages) | |||||||||
Financial income (expense) | $ | (5,276 | ) | $ | (1,982 | ) | (62.4)% | ||
% of revenue | (0.6 | )% | (0.2 | )% |
Three Months Ended | % change | ||||||||
September 30, 2015 | September 30, 2016 | 2016 vs 2015 | |||||||
(in thousands, except percentages) | |||||||||
Provision for income taxes | $ | (5,388 | ) | $ | (7,574 | ) | 40.6% | ||
% of revenue | (1.6 | )% | (1.8 | )% | |||||
Effective tax rate | 48.2 | % | 34.0 | % |
Nine Months Ended | % change | ||||||||
September 30, 2015 | September 30, 2016 | 2016 vs 2015 | |||||||
(in thousands, except percentages) | |||||||||
Provision for income taxes | $ | (13,896 | ) | $ | (19,968 | ) | 43.7% | ||
% of revenue | (1.5 | )% | (1.6 | )% | |||||
Effective tax rate | 37.3 | % | 30.0 | % |
Three Months Ended | % change | ||||||||
September 30, 2015 | September 30, 2016 | 2016 vs 2015 | |||||||
(in thousands, except percentages) | |||||||||
Net income | $ | 5,793 | $ | 14,724 | 154.2% | ||||
% of revenue | 1.7 | % | 3.5 | % |
Nine Months Ended | % change | ||||||||
September 30, 2015 | September 30, 2016 | 2016 vs 2015 | |||||||
(in thousands, except percentages) | |||||||||
Net income | $ | 23,339 | $ | 46,589 | 99.6% | ||||
% of revenue | 2.5 | % | 3.8 | % |
Three Months Ended | Nine Months Ended | ||||||||||||||||||||||
September 30, | September 30, | ||||||||||||||||||||||
Region | 2015 | 2016 | Year over Year Change | 2015 | 2016 | Year over Year Change | |||||||||||||||||
Revenue: | |||||||||||||||||||||||
Americas | $ | 124,024 | $ | 160,739 | 30 | % | $ | 335,520 | $ | 464,435 | 38 | % | |||||||||||
EMEA | 137,185 | 157,921 | 15 | % | 396,200 | 471,226 | 19 | % | |||||||||||||||
Asia-Pacific | 71,465 | 105,207 | 47 | % | 194,432 | 296,660 | 53 | % | |||||||||||||||
Total | 332,674 | 423,867 | 27 | % | 926,152 | 1,232,321 | 33 | % | |||||||||||||||
Traffic acquisition costs: | |||||||||||||||||||||||
Americas | (75,684 | ) | (97,239 | ) | 28 | % | (203,781 | ) | (284,728 | ) | 40 | % | |||||||||||
EMEA | (79,710 | ) | (87,092 | ) | 9 | % | (231,023 | ) | (265,097 | ) | 15 | % | |||||||||||
Asia-Pacific | (43,576 | ) | (62,979 | ) | 45 | % | (117,293 | ) | (177,209 | ) | 51 | % | |||||||||||
Total | (198,970 | ) | (247,310 | ) | 24 | % | (552,097 | ) | (727,034 | ) | 32 | % | |||||||||||
Revenue ex-TAC (1): | |||||||||||||||||||||||
Americas | 48,340 | 63,500 | 31 | % | 131,739 | 179,707 | 36 | % | |||||||||||||||
EMEA | 57,475 | 70,829 | 23 | % | 165,177 | 206,129 | 25 | % | |||||||||||||||
Asia-Pacific | 27,889 | 42,228 | 51 | % | 77,139 | 119,451 | 55 | % | |||||||||||||||
Total | $ | 133,704 | $ | 176,557 | 32 | % | $ | 374,055 | $ | 505,287 | 35 | % |
Three Months Ended | Nine Months Ended | |||||||||||||||||||||
September 30, | September 30, | |||||||||||||||||||||
2015 | 2016 | YoY Change | 2015 | 2016 | YoY Change | |||||||||||||||||
(amounts in thousands, except percentages) | ||||||||||||||||||||||
Revenue as reported | $ | 332,674 | $ | 423,867 | 27 | % | $ | 926,152 | $ | 1,232,321 | 33 | % | ||||||||||
Conversion impact U.S. dollar/other currencies | (7,986 | ) | (4,186 | ) | ||||||||||||||||||
Revenue at constant currency | $ | 332,674 | $ | 415,881 | 25 | % | $ | 926,152 | $ | 1,228,135 | 33 | % | ||||||||||
Traffic acquisition costs as reported | $ | (198,970 | ) | $ | (247,310 | ) | 24 | % | $ | (552,097 | ) | $ | (727,034 | ) | 32 | % | ||||||
Conversion impact U.S. dollar/other currencies | $ | 4,997 | $ | 3,210 | ||||||||||||||||||
Traffic Acquisition Costs at constant currency | $ | (198,970 | ) | $ | (242,313 | ) | 22 | % | $ | (552,097 | ) | $ | (723,824 | ) | 31 | % | ||||||
Revenue ex-TAC as reported | $ | 133,704 | $ | 176,557 | 32 | % | $ | 374,055 | $ | 505,287 | 35 | % | ||||||||||
Conversion impact U.S. dollar/other currencies | $ | (2,989 | ) | $ | (976 | ) | ||||||||||||||||
Revenue ex-TAC at constant currency | $ | 133,704 | $ | 173,568 | 30 | % | $ | 374,055 | $ | 504,311 | 35 | % | ||||||||||
Revenue ex-TAC/Revenue as reported | 40 | % | 42 | % | 40 | % | 41 | % | ||||||||||||||
Other cost of revenue as reported | $ | (17,206 | ) | $ | (22,332 | ) | 30 | % | $ | (44,418 | ) | $ | (60,950 | ) | 37 | % | ||||||
Conversion impact U.S. dollar/other currencies | 251 | 266 | ||||||||||||||||||||
Other cost of revenue at constant currency | $ | (17,206 | ) | $ | (22,081 | ) | 28 | % | $ | (44,418 | ) | $ | (60,684 | ) | 37 | % | ||||||
Adjusted EBITDA as reported | $ | 34,487 | $ | 53,532 | 55 | % | $ | 89,961 | $ | 141,578 | 57 | % | ||||||||||
Conversion impact U.S. dollar/other currencies | (1,296 | ) | (1,409 | ) | ||||||||||||||||||
Adjusted EBITDA at constant currency | $ | 34,487 | $ | 52,236 | 51 | % | $ | 89,961 | $ | 140,169 | 56 | % |
Nine Months Ended | |||||||
September 30, 2015 | September 30, 2016 | ||||||
(in thousands) | |||||||
Cash from operating activities | $ | 70,446 | $ | 81,812 | |||
Cash used in investing activities | $ | (82,118 | ) | $ | (59,277 | ) | |
Cash from financing activities | $ | 6,062 | $ | 15,368 |
December 31, 2015 | September 30, 2016 | ||||||
(in thousands) | |||||||
Cash and cash equivalents | $ | 353,537 | $ | 407,158 | |||
Trade receivables, net of allowances | 261,581 | 268,097 | |||||
Other current assets | 16,030 | 20,288 | |||||
Non-current financial assets | 17,184 | 17,453 | |||||
Total | $ | 648,332 | $ | 712,996 |
December 31, 2015 | September 30, 2016 | ||||||||||||||||||||||||||
Gross value | % | Allowance | % | Gross value | % | Allowance | % | ||||||||||||||||||||
(in thousands) | (in thousands) | (in thousands) | (in thousands) | ||||||||||||||||||||||||
Not yet due | $ | 193,603 | 72.2 | % | $ | — | — | % | $ | 234,774 | 84.1 | % | $ | — | — | % | |||||||||||
0 - 30 days | 53,803 | 20.1 | % | — | — | % | 7,634 | 2.7 | % | — | — | % | |||||||||||||||
31 - 60 days | 8,287 | 3.1 | % | — | — | % | 11,655 | 4.2 | % | (115 | ) | 1.0 | % | ||||||||||||||
61 - 90 days | 2,574 | 1.0 | % | (2 | ) | — | % | 7,620 | 2.7 | % | (796 | ) | 7.1 | % | |||||||||||||
> 90 days | 9,578 | 3.6 | % | (6,262 | ) | 100.0 | % | 17,661 | 6.3 | % | (10,336 | ) | 91.9 | % | |||||||||||||
Total | $ | 267,845 | 100.0 | % | $ | (6,264 | ) | 100.0 | % | $ | 279,344 | 100.0 | % | $ | (11,247 | ) | 100.0 | % |
Nine Months Ended | |||||||||||||||
September 30, 2015 | September 30, 2016 | ||||||||||||||
($ in thousands of dollars) | |||||||||||||||
GBP/USD | +10% | -10% | +10% | -10% | |||||||||||
Net income impact | $ | 24 | $ | (24 | ) | $ | (138 | ) | $ | 138 |
Nine Months Ended | |||||||||||||||
September 30, 2015 | September 30, 2016 | ||||||||||||||
($ in thousands of dollars) | |||||||||||||||
BRL/USD | +10% | -10% | +10% | -10% | |||||||||||
Net income impact | $ | (985 | ) | $ | 985 | $ | 429 | $ | (429 | ) |
Nine Months Ended | |||||||||||||||
September 30, 2015 | September 30, 2016 | ||||||||||||||
($ in thousands of dollars) | |||||||||||||||
JPY/USD | +10% | -10% | +10% | -10% | |||||||||||
Net income impact | $ | 334 | $ | (334 | ) | $ | 722 | $ | (722 | ) |
Nine Months Ended | |||||||||||||||
September 30, 2015 | September 30, 2016 | ||||||||||||||
($ in thousands of dollars) | |||||||||||||||
EUR/USD | +10% | -10% | +10% | -10% | |||||||||||
Net income impact | $ | 3,989 | $ | (3,989 | ) | $ | 4,397 | $ | (4,397 | ) |
Incorporated by Reference | ||||||||||
Exhibit | Description | Schedule/ Form | File Number | Exhibit | File Date | |||||
3.1# | By-laws (status) (English translation) (corrected version) | |||||||||
31.1# | Certificate of Chief Executive Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | |||||||||
31.2# | Certificate of Chief Financial Officer pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 | |||||||||
32.1* | Certificate of Chief Executive Officer and Chief Financial Officer pursuant to 18 U.S.C. §1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 | |||||||||
101.INS | XBRL Instance Document | |||||||||
101.SCH | XBRL Taxonomy Extension Schema Document | |||||||||
101.CAL | XBRL Taxonomy Extension Calculation Linkbase Document | |||||||||
101.DEF | XBRL Taxonomy Extension Definition Linkbase Document | |||||||||
101.LAB | XBRL Taxonomy Extension Labels Linkbase Document | |||||||||
101.PRE | XBRL Taxonomy Extension Presentation Linkbase Document |
CRITEO S.A. | ||
(Registrant) | ||
By: | /s/ Benoit Fouilland | |
Date: November 7, 2016 | Name: | Benoit Fouilland |
Title: | Chief Financial Officer | |
(Principal financial officer and duly authorized signatory) |
• | Providing IT services and software, acting as a communication agency, providing consulting services to companies and engaging in distance sales; |
• | Taking equity stakes or acquiring interests in all commercial, industrial, financial, real or personal property companies and enterprises by creating new companies, making contributions, subscribing for or purchasing securities or corporate rights, carrying out corporate mergers and entering into alliances or consortia, whether by taking equity stakes or otherwise; |
• | Managing, administering and disposing of said equity stakes, including providing consulting services in the fields of administration and management, in particular commercial, financial and administrative administration and management; and |
• | More broadly, engaging in all financial, commercial, industrial and personal or real property operations that may be directly or indirectly related to the purposes above or any similar or connected purposes that may promote the Company’s expansion or development in France and abroad. |
8.1. | All share transfers shall be carried out in accordance with the law. All expenses generated by a share transfer shall be borne by the transferee. |
8.2. | Shares are freely transferable. |
/s/ Eric Eichmann |
Eric Eichmann |
Chief Executive Officer (Principal Executive Officer) |
/s/ Benoit Fouilland |
Benoit Fouilland |
Chief Financial Officer (Principal Financial and Accounting Officer) |
1. | The Company’s Quarterly Report on Form 10-Q for the period ended September 30, 2016, to which this Certification is attached as Exhibit 32.1 (the “Quarterly Report”), fully complies with the requirements of Section 13(a) or Section 15(d) of the Exchange Act, and |
2. | The information contained in the Quarterly Report fairly presents, in all material respects, the financial condition and results of operations of the Company. |
/s/ Eric Eichmann | /s/ Benoit Fouilland | |
Eric Eichmann | Benoit Fouilland | |
Chief Executive Officer | Chief Financial Officer |
Document and Entity Information - shares |
9 Months Ended | |
---|---|---|
Sep. 30, 2016 |
Oct. 31, 2016 |
|
Document and Entity Information [Abstract] | ||
Entity Registrant Name | Criteo S.A. | |
Entity Central Index Key | 0001576427 | |
Current Fiscal Year End Date | --12-31 | |
Entity Current Reporting Status | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Document Fiscal Year Focus | 2016 | |
Document Fiscal Period Focus | Q3 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2016 | |
Entity Common Stock, Shares Outstanding | 63,761,455 |
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (UNAUDITED) (PARENTHETICAL) - € / shares |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Statement of Financial Position [Abstract] | ||
Common shares, par value (in Euro per share) | € 0.025 | € 0.025 |
Common shares authorized (in shares) | 63,760,491 | 62,470,881 |
Common shares issued (in shares) | 63,760,491 | 62,470,881 |
Common shares outstanding (in shares) | 63,760,491 | 62,470,881 |
Summary of Significant Accounting Policies |
9 Months Ended |
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Sep. 30, 2016 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation The unaudited condensed consolidated financial statements included herein have been prepared by Criteo S.A. pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC"). Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") have been condensed or omitted pursuant to such rules and regulations. However, the Company believes that the disclosures are adequate to make the information presented not misleading. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and the notes thereto included in the Company's Annual Report filed on Form 10-K for the year ended December 31, 2015, filed with the SEC on February 29, 2016. The unaudited condensed consolidated financial statements included herein reflect all adjustments (consisting of normal, recurring adjustments) which are, in the opinion of management, necessary to state fairly the results for the interim periods presented. The results of operations for the interim periods presented are not necessarily indicative of the operating results to be expected for any subsequent interim period or for the fiscal year. Conformity with U.S. GAAP requires the use of estimates and judgments that affect the reported amounts of assets, liabilities, revenue and expenses in the condensed consolidated financial statements and accompanying notes. We base our estimates and judgments on historical information and on various other assumptions that we believe are reasonable under the circumstances. Our actual results may differ from these estimates. U.S. GAAP requires us to make estimates and judgments in several areas, including, but not limited to: (1) the recognition of revenue; (2) the evaluation of our trade receivables and the recognition of a valuation allowance; (3) the recognition and measurement of goodwill and intangible assets and particularly costs capitalized in relation to our customized internal-use software; (4) the measurement of share-based compensation and (5) the tax provision determination and particularly the estimate of our annual effective tax rate. There have been no changes to our significant accounting policies described in our Annual Report on Form 10-K for the fiscal year ended December 31, 2015 that have had a material impact on our unaudited condensed consolidated financial statements and related notes. Recently Issued Accounting Standards In September 2015, the FASB issued ASU 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments. ASU 2015-16 requires an acquirer to recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined, including the cumulative effect of the change in provisional amount, as if the accounting had been completed at the acquisition date. The Company does not expect the provision of ASU 2015-16 to have a material impact on its consolidated financial statements. This update will be effective for fiscal years beginning after December 15, 2016, and interim periods within fiscal years beginning after December 15, 2017. Early adoption is permitted for financial statements that have not yet been made available for issuance. In January 2016, the FASB issued ASU 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. ASU 2016-01 requires that all financial assets and liabilities not accounted for under the equity method be measured at fair value, with the changes in fair value recognized in net income. The amendments in this update also require an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. In addition, the amendments in this update supersede the requirement to disclose the methods and significant assumptions used in calculating the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet for public business entities. The Company can early adopt the provision requiring it to recognize in other comprehensive income the fair value change from instrument-specific credit risk measured using the fair value option for financial instruments. Except for this early application guidance, early adoption is not permitted. The Company is still evaluating the effects that the provision of ASU 2016-01 will have on its consolidated financial statements. This update will be effective for fiscal years beginning after December 15, 2018, and interim periods within fiscal years beginning after December 15, 2019. Early adoption as of fiscal years beginning after December 15, 2017, including interim periods within those fiscal year, is permitted. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). ASU 2016-02 requires an entity to recognize a right-of-use asset and lease liability for all leases with terms of more than 12 months. Recognition, measurement and presentation of expenses will depend on classification as a finance or operating lease. The amendments also require certain quantitative and qualitative disclosures about leasing arrangements. Early adoption is permitted. The updated guidance requires a modified retrospective adoption. The Company is still evaluating the effects that the provision of ASU 2016-02 will have on its consolidated financial statements. This update will be effective for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. Early application is permitted. In March 2016, the FASB issued ASU 2016-08, Principal Versus Agent Considerations (Reporting Revenue Gross Versus Net). ASU 2016-08 amends the principal-versus-agent implementation guidance and illustrations in the FASB's new revenue standard Revenue from Contracts with Customers (ASC Topic 606). The Company is currently evaluating the impact of ASU 2016-08 on its consolidated financial statements. This update will be effective for fiscal years beginning after December 15, 2018, and interim periods within annual reporting periods beginning after December 15, 2019. Earlier application is permitted only as of fiscal years beginning after December 15, 2016, including interim periods within that fiscal year, or fiscal years beginning after December 15, 2016, and interim periods within fiscal years beginning one year after the fiscal year in which an entity first applies the guidance in Update 2014-09. In March 2016 the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting. ASU 2016-09 was issued as part of FASB’s initiative to reduce complexity in accounting standards. The areas for simplification in this update involve several aspects of the accounting for employee share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. This update will be effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Early adoption is permitted in any interim or annual period. In April 2016 the FASB issued ASU 2016-10, Identifying Performance Obligations and Licensing. ASU 2016-10 clarifies guidance related to identifying performance obligations and licensing implementation guidance contained in the new revenue standard Revenue from Contracts with Customers (ASC Topic 606). The Company is currently evaluating the impact of ASU 2016-10 on its consolidated financial statements. The effective date of ASU 2016-10 is the same as for requirements of ASC Topic 606. In May 2016 the FASB issued ASU 2016-11, Rescission of SEC Guidance Because of Accounting Standards Updates 2015-09 and 2014-06 Pursuant to Staff Announcements at the March 3, 2016 EITF Meeting (SEC Update). ASU 2016-11 rescinds certain SEC Staff Guidance relating to ASC topics 605 (Revenue Recognition), 932 (Extractive Activities - Oil and Gas), and 815 (Derivatives and Hedging). The ASU became effective immediately. The Company has evaluated the rescinded SEC Staff Guidance and determined it does not have an impact on the consolidated financial statements. In May 2016 the FASB issued ASU 2016-12, Narrow Scope Improvements and Practical Expedients. ASU 2016 - 12 amends narrow aspects of the new revenue standard Revenue from Contracts with Customers (ASC Topic 606) including guidance on assessing collectability, presentation of sales taxes, noncash consideration, and completed contracts and contract modifications at transition. The Company is currently evaluating the impact of ASU 2016-12 on its consolidated financial statements. The effective date of ASU 2016-12 is the same as for requirements of ASC Topic 606. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326) Measurement of Credit Losses on Financial Statements. ASU 2016-13 amends the guidance on the impairment of financial instruments. Under the new guidance, an entity recognizes as an allowance its estimate of expected credit losses rather than incurred credit losses. In addition, this amendment broadens the information an entity must consider in developing its expected credit loss estimate including the use of forecasts in order to ensure more timely information is used to develop the estimate. The Company is currently evaluating the impact of ASU 2016-13 on its consolidated financial statements. This update will be effective for fiscal years beginning after December 15, 2020, including interim periods within that fiscal year. In August 2016, the FASB issued ASU 2016-14, Not-for-Profit Entities (Topic 958) Presentation of Financial Statements of Not-for-Profit Entities. As this ASU relates to not-for-profit entities only, it is not applicable to Criteo and it does not have an impact on the consolidated financial statements. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230) Classification of Certain Cash Receipts and Cash Payments. ASU 2016-15 amends current U.S. GAAP by adding specific guidance on eight cash flows issues in order to eliminate the current diversity in reporting practices. The eight issues addressed include debt prepayment or debt extinguishment costs, settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing, contingent consideration payments made after a business combination, proceeds from the settlement of insurance claims, proceeds from the settlement of corporate owned life insurance policies, distributions received from equity method investees, beneficial interests in securitization transactions and separately identifiable cash flows and application of the predominance principle. The Company is currently evaluating the impact of ASU 2016-15 on its consolidated financial statements. This update will be effective for fiscal years beginning after December 15, 2018, and interim periods beginning after December 15, 2019. Early adoption is permitted in any interim or annual period. |
Significant Events and Transactions of the Period |
9 Months Ended |
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Sep. 30, 2016 | |
Significant Events and Transactions of the Period Disclosure [Abstract] | |
Significant Events and Transactions of the Period | Significant Events and Transactions of the Period Changes in the scope of consolidation Business combinations Monsieur Drive Acquisition On May 31, 2016, we acquired all of the outstanding shares of Monsieur Drive S.A.S. ("Monsieur Drive"), a Paris-based company building advertising products for the consumer packaged goods vertical. The total consideration paid was $5.1 million (€4.6 million) for the acquisition of the shares, financed by the available cash resources at the acquisition date (Note 6). This business combination has been accounted for under the acquisition method in accordance with ASC 805 – Business Combinations. A preliminary valuation of the fair value of Monsieur Drive's assets acquired, liabilities assumed and the related allocations of purchase price has been performed as of September 30, 2016 resulting in the identification of a technology asset of $1.4 million (€1.3 million) and a related deferred tax liability of $0.2 million (€0.2 million). Residual goodwill has been valued at $3.9 million (€3.5 million). Once this valuation analysis is finalized, the estimate of the fair value of the assets acquired and liabilities assumed may be adjusted. In addition, acquisition costs were fully expensed as incurred for a total amount of $0.2 million (€0.2 million). Consolidation scope Creation of Criteo India Pvt Ltd (India) This new subsidiary is 100% held and controlled by the Parent company. It is included in the Company’s consolidation scope as of September 30, 2016, but its contribution to the unaudited condensed consolidated financial statements is not material. Creation of Criteo Finance SAS (France) This new subsidiary is 100% held and controlled by the Parent company. It is included in the Company’s consolidation scope as of September 30, 2016, but its contribution to the unaudited condensed consolidated financial statements is not material. The business objective of this subsidiary is to enhance the service level to strategic global customers by providing them with one single billing relationship and to consolidate the management of the foreign exchange risk. |
Financial Instruments |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Instruments | Financial Instruments Financial Assets The following schedules disclose our financial assets categories for the presented periods:
Financial Liabilities
Fair Value Measurements We measure the fair value of our cash equivalents, which include money market funds and interest bearing deposits, as level 1 and level 2 measurements because they are valued using quoted market prices and observable market data, respectively. Financial assets or liabilities include derivative financial instruments used to manage our exposure to the risk of exchange rate fluctuations. These instruments are considered level 2 financial instruments as they are measured using valuation techniques based on observable market data. The following tables provide information for the assets and liabilities carried at fair value as of December 31, 2015 and September 30, 2016:
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Trade Receivables |
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Trade Receivables | Trade Receivables The following table shows the breakdown in trade receivables net book value for the presented periods:
Changes in allowance for doubtful accounts are summarized below:
The change in allowance for doubtful accounts for the nine months ended September 30, 2016 related mainly to increased business with categories of clients associated with a higher credit risk. |
Other Current Assets |
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Current Assets | Other Current Assets The following table shows the breakdown in other current assets net book value for the presented periods:
Prepaid expenses mainly consist of office rental advance payments. |
Intangible assets and Goodwill |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intangible assets and Goodwill | Intangible assets and Goodwill Intangible assets The main changes in intangible assets since December 31, 2015 relate to additions to technology and customer relationships regarding Monsieur Drive, which were identified as intangible assets further to the preliminary purchase price allocation (Note 2). In addition, no triggering events have occurred which would indicate impairment in the balance of either intangible assets or goodwill. The estimated amortization expense related to intangible assets for the next five years and thereafter is as follows:
Goodwill On May 31, 2016, we acquired all of the outstanding shares of Monsieur Drive. The total consideration paid was $5.1 million (€4.6 million) for the acquisition of the shares, financed by the available cash resources at the acquisition date. This business combination has been accounted for under the acquisition method in accordance with ASC 805 – Business Combinations. A preliminary valuation of the fair value of Monsieur Drive's assets acquired, liabilities assumed and the related allocation of purchase price has been performed as of September 30, 2016, resulting in the identification of a technology asset of $1.4 million (€1.3 million) and related deferred tax liability of $0.2 million (€0.2 million). Residual goodwill has been valued at $3.9 million (€3.5 million). Once this valuation analysis is finalized, the estimate of the fair value of the assets acquired and liabilities assumed may be adjusted. In addition, acquisition costs amounting to $0.2 million (€0.2 million) were fully expensed as incurred. |
Other Current Liabilities |
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Other Liabilities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Current Liabilities | Other Current Liabilities Other current liabilities are presented in the following table:
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Financial Liabilities |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Liabilities | Financial Liabilities The changes in current and non-current financial liabilities during the period ended September 30, 2016 are illustrated in the following schedules:
(1) Includes reclassification from non-current to current portion based on maturity of the financial liabilities. Borrowings are financial liabilities at amortized cost and are measured using level 2 fair value measurements. We are party to loan agreements with Le Credit Lyonnais (LCL), Bpifrance Financement (French Public Investment Bank), HSBC, as well as with a bank syndicate composed of Natixis (coordinator and documentation agent), LCL (facility agent), HSBC France, Société Générale Corporate & Investment Banking and BNP Paribas (each acting individually as bookrunners and mandated lead arrangers). There have been no changes in the terms of our loan agreements and other financial liabilities, including maturity and allocation by currency, from what was disclosed in Note 14 to the consolidated financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2015. |
Equity awards compensation expense |
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Equity awards compensation expense | Equity awards compensation expense The board of directors has been authorized by the general meeting of the shareholders to grant employee warrants (Bons de Souscription de Parts de Créateur d’Entreprise or "BSPCEs"), share options (Options de Souscription d'Actions or "OSAs"), restricted share units ("RSUs") and non-employee warrants (Bons de Souscription d'Actions or "BSAs"). During the nine months ended September 30, 2016, there were four grants of RSUs and one grant of OSAs under the Employee Share Option Plan 8 and one grant of BSAs under the Plan E, as defined in Note 19 to our audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2015:
On June 29, 2016, the general meeting of the shareholders authorized the board of directors (i) to grant up to 4,600,000 OSAs and/or RSUs, each representing the right to receive one ordinary share and (ii) to grant up to 100,000 BSAs, each representing the right to receive one ordinary share (any BSAs granted will also be deducted from the 4,600,000 limit), such authorizations collectively referred to as "Plan 9". On July 28, 2016, the board of directors granted 247,100 RSUs and 147,400 OSAs to Criteo employees under the Plan 9. The vesting of these RSUs and OSAs is subject to continued employment and 195,250 RSUs are subject to achievement of internal performance objectives. Based on the assumptions known as of September 30, 2016, we determined share-based compensation expense by applying a probability ratio on performance objectives completion. There have been no changes in the vesting and method of valuation of the BSPCEs, OSAs, RSUs, or BSAs from what was disclosed in Note 19 to the consolidated financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2015, filed with the SEC on February 29, 2016. Change in Number of BSPCE/OSA/RSU/BSA
Breakdown of the Closing Balance
Equity awards compensation expense
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Financial Income and Expenses |
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Other Income and Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Income and Expenses | Financial Income and Expenses The condensed consolidated statements of income line item “Financial income (expense)” can be broken down as follows:
The $0.6 million financial expense for the three-month period ended September 30, 2016 was mainly the result of a limited impact of foreign exchange reevaluations and related hedging together with the recognition of the fees related to the revolving credit facility entered into in September 2015. The $6.7 million financial expense for the three months ended September 30, 2015 included a significant negative impact of foreign exchange reevaluations and related hedging, mainly related to intra-group positions between Criteo S.A. and its Brazilian subsidiary, and to the remaining proceeds from our initial public offering.
The $2.0 million financial expense for the nine months ended September 30, 2016 was mainly a result of the recognition of negative impact of foreign exchange reevaluations and related hedging negative foreign exchange recorded during the first quarter, together with the fees related to the revolving credit facility contracted in September 2015. The $5.3 million financial income for the nine months ended September 30, 2015 included a significant negative impact of foreign exchange reevaluations and related hedging, mainly related to intra-group positions between Criteo S.A. and its Brazilian subsidiary, and to the remaining proceeds from our initial public offering. As of September 30, 2016, the main positions bearing a risk of foreign currency are centralized at the Parent company level and hedged using foreign currency swaps and forward purchases or sales of foreign currencies. |
Income Taxes |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | Income Taxes Breakdown of Income Taxes The condensed consolidated statements of income line item “Provision for income taxes” can be broken down as follows:
Our tax provision for interim periods is determined using an estimate of our annual effective tax rate (“AETR”). To calculate our estimated AETR, we estimate our income before taxes and the related tax expense or benefit for the full fiscal year (total of expected current and deferred tax provisions), excluding the effect of significant unusual or infrequently occurring items or comprehensive income items not recognized in the statement of income. Each quarter, we update our estimate of the annual effective tax rate, and if our estimated annual tax rate changes, we make a cumulative adjustment in that quarter. Our quarterly tax provision, and our quarterly estimate of our annual effective tax rate, are subject to significant volatility due to several factors including our ability to accurately predict our income (loss) before provision for income taxes in multiple jurisdictions and the changes in foreign exchange rates. Our effective tax rate in the future will depend on the portion of our profits earned within and outside of France. Current tax assets and liabilities The total amount of current tax assets consists mainly of prepayments of income taxes by Criteo do Brasil LTDA and withholding taxes deductible from future income taxes of Criteo Corp. The current tax liabilities refers mainly to the net corporate tax payables of Criteo S.A., Criteo Srl, and Criteo KK. |
Earnings Per Share |
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Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share | Earnings Per Share Basic Earnings Per Share We calculate basic earnings per share by dividing the net income for the period attributable to shareholders of the Parent by the weighted average number of shares outstanding.
Diluted Earnings Per Share We calculate diluted earnings per share by dividing the net income attributable to shareholders of the Parent by the weighted average number of shares outstanding plus any potentially dilutive shares not yet issued from share-based compensation plans (see Note 9). There were no other potentially dilutive instruments outstanding as of September 30, 2015 and 2016. Consequently all potential dilutive effects from shares are considered. For each period presented, a contract to issue a certain number of shares (i.e. share option, non-employee warrant ("BSA"), restricted share unit ("RSU") or non-employee warrant ("BSPCE") is assessed as potentially dilutive if it is “in the money” (i.e., the exercise or settlement price is lower than the average market price).
The weighted average number of securities that were anti-dilutive for diluted EPS for the periods presented but which could potentially dilute EPS in the future are as follows:
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Commitments and contingencies |
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Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and contingencies | Commitments and contingencies Commitments Leases We are party to various operating lease agreements mainly related to our offices as well as hosting services. Certain of these arrangements have free rent periods or escalating rent payment provisions, and we recognize rent expense under such arrangements on a straight-line basis. Operating lease expenses totaled $7.1 million and $8.3 million for the three-month period ended September 30, 2015 and 2016, respectively, and $18.7 million and $23.3 million for the nine-month period ended September 30, 2015 and 2016, respectively. Hosting costs totaled $8.3 million and $10.6 million for the three-month period ended September 30, 2015 and 2016, respectively and $21.9 million and $30.4 million for the nine-month period ended September 30, 2015 and 2016, respectively. Revolving Credit Facilities, Credit Line Facilities and Bank Overdrafts As mentioned in Note 8, we are party to various credit facilities, short term credit lines, and overdraft facilities. As of September 30, 2016, an additional RMB 5.0 million ($0.8 million) had been drawn by Criteo China, our wholly owned subsidiary, on the RMB 40.0 million ($6.0 million) revolving loan facility with HSBC China, increasing the total amount drawn from RMB 25.0 million ($3.7 million) as of December 31, 2015 to RMB 30.0 million ($4.5 million) as of September 30, 2016. Other than this draw, there have been no significant changes in the terms, conditions, or the amounts drawn on these facilities since December 31, 2015. All of these credit facilities are unsecured and contain customary events of default but do not contain any affirmative, financial or negative covenants, with the exception of the €250.0 million ($279.0 million) revolving credit facility disclosed in Note 2 to our consolidated financial statements for the year ended December 31, 2015 which contains covenants, including compliance with a total net debt to adjusted EBITDA ratio and restrictions on incurring additional indebtedness. At September 30, 2016, we were in compliance with the required leverage ratio. Contingencies Changes in provisions during the presented periods are summarized below:
The amount of the provisions represent management’s best estimate of the future outflow. As of September 30, 2016, provisions are mainly in relation to employee related litigations. |
Breakdown of Revenue and Non-Current Assets by Geographical Areas |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Breakdown of Revenue and Non-Current Assets by Geographical Areas | Breakdown of Revenue and Non-Current Assets by Geographical Areas The Company operates in the following three geographical markets:
The following tables disclose our consolidated revenue for each geographical area for each of the reported periods. Revenue by geographical area is based on the location of advertisers’ campaigns.
Revenue generated in France amounted to $29.2 million and $31.8 million for the three months ended September 30, 2015 and 2016, respectively.
Revenue generated in France amounted to $87.0 million and $95.2 million for the nine months ended September 30, 2015 and 2016, respectively. Revenue generated in other significant countries where we operate is presented in the following table:
For the nine months ended September 30, 2015 and 2016, our largest client represented 2.2% and 2.5%, respectively, of our consolidated revenue. Other Information For each reported period, non-current assets (corresponding to the net book value of tangible and intangible assets) are presented in the table below. The geographical information results from the locations of legal entities.
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Related Parties |
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Related Party Transactions [Abstract] | |
Related Parties | Related Parties There were no significant related-party transactions during the period nor any evolution in the nature of the transactions as described in Note 24 to the consolidated financial statements included in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2015. |
Subsequent Events |
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Sep. 30, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events On October 3, 2016, Criteo Corp., a wholly owned subsidiary of Criteo S.A., entered into an Agreement and Plan of Merger Agreement with TBL Holdings, Inc. ("TBL Holdings"), a wholly-owned subsidiary of Criteo Corp., HookLogic, Inc. ("HookLogic") and Fortis Advisors LLC, solely in its capacity as the Stockholder Agent, to acquire all of the issued and outstanding capital stock of HookLogic for a purchase price of $250 million, subject to working capital, net debt and other closing adjustments. Pursuant to the Merger Agreement, at the effective time of the merger, TBL Holdings shall be merged with and into HookLogic, and HookLogic will continue as the surviving corporation and a wholly-owned subsidiary of Criteo Corp. Consummation of the acquisition is subject to customary closing conditions and is expected to occur during the fourth quarter of 2016. If the acquisition is consummated prior to the end of the year, the impact of the transaction will be reflected in our consolidated financial statements as of December 31, 2016. The determination of the fair value of assets acquired and liabilities assumed will be performed within the twelve months following the acquisition date. The Company evaluated all other subsequent events that occurred after September 30, 2016 through the date of issuance of the unaudited condensed consolidated financial statements and determined that there are no other significant events that require adjustments or disclosure. |
Summary of Significant Accounting Policies (Policies) |
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Sep. 30, 2016 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The unaudited condensed consolidated financial statements included herein have been prepared by Criteo S.A. pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC"). Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") have been condensed or omitted pursuant to such rules and regulations. However, the Company believes that the disclosures are adequate to make the information presented not misleading. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and the notes thereto included in the Company's Annual Report filed on Form 10-K for the year ended December 31, 2015, filed with the SEC on February 29, 2016. The unaudited condensed consolidated financial statements included herein reflect all adjustments (consisting of normal, recurring adjustments) which are, in the opinion of management, necessary to state fairly the results for the interim periods presented. The results of operations for the interim periods presented are not necessarily indicative of the operating results to be expected for any subsequent interim period or for the fiscal year. |
Use of Estimates | Conformity with U.S. GAAP requires the use of estimates and judgments that affect the reported amounts of assets, liabilities, revenue and expenses in the condensed consolidated financial statements and accompanying notes. We base our estimates and judgments on historical information and on various other assumptions that we believe are reasonable under the circumstances. Our actual results may differ from these estimates. U.S. GAAP requires us to make estimates and judgments in several areas, including, but not limited to: (1) the recognition of revenue; (2) the evaluation of our trade receivables and the recognition of a valuation allowance; (3) the recognition and measurement of goodwill and intangible assets and particularly costs capitalized in relation to our customized internal-use software; (4) the measurement of share-based compensation and (5) the tax provision determination and particularly the estimate of our annual effective tax rate. |
Recently Issued Accounting Standards | Recently Issued Accounting Standards In September 2015, the FASB issued ASU 2015-16, Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments. ASU 2015-16 requires an acquirer to recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined, including the cumulative effect of the change in provisional amount, as if the accounting had been completed at the acquisition date. The Company does not expect the provision of ASU 2015-16 to have a material impact on its consolidated financial statements. This update will be effective for fiscal years beginning after December 15, 2016, and interim periods within fiscal years beginning after December 15, 2017. Early adoption is permitted for financial statements that have not yet been made available for issuance. In January 2016, the FASB issued ASU 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities. ASU 2016-01 requires that all financial assets and liabilities not accounted for under the equity method be measured at fair value, with the changes in fair value recognized in net income. The amendments in this update also require an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. In addition, the amendments in this update supersede the requirement to disclose the methods and significant assumptions used in calculating the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet for public business entities. The Company can early adopt the provision requiring it to recognize in other comprehensive income the fair value change from instrument-specific credit risk measured using the fair value option for financial instruments. Except for this early application guidance, early adoption is not permitted. The Company is still evaluating the effects that the provision of ASU 2016-01 will have on its consolidated financial statements. This update will be effective for fiscal years beginning after December 15, 2018, and interim periods within fiscal years beginning after December 15, 2019. Early adoption as of fiscal years beginning after December 15, 2017, including interim periods within those fiscal year, is permitted. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842). ASU 2016-02 requires an entity to recognize a right-of-use asset and lease liability for all leases with terms of more than 12 months. Recognition, measurement and presentation of expenses will depend on classification as a finance or operating lease. The amendments also require certain quantitative and qualitative disclosures about leasing arrangements. Early adoption is permitted. The updated guidance requires a modified retrospective adoption. The Company is still evaluating the effects that the provision of ASU 2016-02 will have on its consolidated financial statements. This update will be effective for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. Early application is permitted. In March 2016, the FASB issued ASU 2016-08, Principal Versus Agent Considerations (Reporting Revenue Gross Versus Net). ASU 2016-08 amends the principal-versus-agent implementation guidance and illustrations in the FASB's new revenue standard Revenue from Contracts with Customers (ASC Topic 606). The Company is currently evaluating the impact of ASU 2016-08 on its consolidated financial statements. This update will be effective for fiscal years beginning after December 15, 2018, and interim periods within annual reporting periods beginning after December 15, 2019. Earlier application is permitted only as of fiscal years beginning after December 15, 2016, including interim periods within that fiscal year, or fiscal years beginning after December 15, 2016, and interim periods within fiscal years beginning one year after the fiscal year in which an entity first applies the guidance in Update 2014-09. In March 2016 the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting. ASU 2016-09 was issued as part of FASB’s initiative to reduce complexity in accounting standards. The areas for simplification in this update involve several aspects of the accounting for employee share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. This update will be effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Early adoption is permitted in any interim or annual period. In April 2016 the FASB issued ASU 2016-10, Identifying Performance Obligations and Licensing. ASU 2016-10 clarifies guidance related to identifying performance obligations and licensing implementation guidance contained in the new revenue standard Revenue from Contracts with Customers (ASC Topic 606). The Company is currently evaluating the impact of ASU 2016-10 on its consolidated financial statements. The effective date of ASU 2016-10 is the same as for requirements of ASC Topic 606. In May 2016 the FASB issued ASU 2016-11, Rescission of SEC Guidance Because of Accounting Standards Updates 2015-09 and 2014-06 Pursuant to Staff Announcements at the March 3, 2016 EITF Meeting (SEC Update). ASU 2016-11 rescinds certain SEC Staff Guidance relating to ASC topics 605 (Revenue Recognition), 932 (Extractive Activities - Oil and Gas), and 815 (Derivatives and Hedging). The ASU became effective immediately. The Company has evaluated the rescinded SEC Staff Guidance and determined it does not have an impact on the consolidated financial statements. In May 2016 the FASB issued ASU 2016-12, Narrow Scope Improvements and Practical Expedients. ASU 2016 - 12 amends narrow aspects of the new revenue standard Revenue from Contracts with Customers (ASC Topic 606) including guidance on assessing collectability, presentation of sales taxes, noncash consideration, and completed contracts and contract modifications at transition. The Company is currently evaluating the impact of ASU 2016-12 on its consolidated financial statements. The effective date of ASU 2016-12 is the same as for requirements of ASC Topic 606. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326) Measurement of Credit Losses on Financial Statements. ASU 2016-13 amends the guidance on the impairment of financial instruments. Under the new guidance, an entity recognizes as an allowance its estimate of expected credit losses rather than incurred credit losses. In addition, this amendment broadens the information an entity must consider in developing its expected credit loss estimate including the use of forecasts in order to ensure more timely information is used to develop the estimate. The Company is currently evaluating the impact of ASU 2016-13 on its consolidated financial statements. This update will be effective for fiscal years beginning after December 15, 2020, including interim periods within that fiscal year. In August 2016, the FASB issued ASU 2016-14, Not-for-Profit Entities (Topic 958) Presentation of Financial Statements of Not-for-Profit Entities. As this ASU relates to not-for-profit entities only, it is not applicable to Criteo and it does not have an impact on the consolidated financial statements. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows (Topic 230) Classification of Certain Cash Receipts and Cash Payments. ASU 2016-15 amends current U.S. GAAP by adding specific guidance on eight cash flows issues in order to eliminate the current diversity in reporting practices. The eight issues addressed include debt prepayment or debt extinguishment costs, settlement of zero-coupon debt instruments or other debt instruments with coupon interest rates that are insignificant in relation to the effective interest rate of the borrowing, contingent consideration payments made after a business combination, proceeds from the settlement of insurance claims, proceeds from the settlement of corporate owned life insurance policies, distributions received from equity method investees, beneficial interests in securitization transactions and separately identifiable cash flows and application of the predominance principle. The Company is currently evaluating the impact of ASU 2016-15 on its consolidated financial statements. This update will be effective for fiscal years beginning after December 15, 2018, and interim periods beginning after December 15, 2019. Early adoption is permitted in any interim or annual period. |
Financial Instruments (Tables) |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of financial assets | The following schedules disclose our financial assets categories for the presented periods:
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Schedule of financial liabilities | Financial Liabilities
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Schedule of assets and liabilities carried at fair value | The following tables provide information for the assets and liabilities carried at fair value as of December 31, 2015 and September 30, 2016:
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Trade Receivables (Tables) |
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Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedules of trade receivables net book value and Changes in allowance for doubtful accounts | The following table shows the breakdown in trade receivables net book value for the presented periods:
Changes in allowance for doubtful accounts are summarized below:
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Other Current Assets (Tables) |
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Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of other current assets net book value | The following table shows the breakdown in other current assets net book value for the presented periods:
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Intangible assets and Goodwill (Tables) |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of estimated future amortization expense related to intangible assets | The estimated amortization expense related to intangible assets for the next five years and thereafter is as follows:
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Other Current Liabilities (Tables) |
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Other Liabilities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other current liabilities | Other current liabilities are presented in the following table:
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Financial Liabilities (Tables) |
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Debt Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of changes in current and non-current financial liabilities | The changes in current and non-current financial liabilities during the period ended September 30, 2016 are illustrated in the following schedules:
(1) Includes reclassification from non-current to current portion based on maturity of the financial liabilities. |
Equity awards compensation expense (Tables) |
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Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disclosure of share-based compensation by share-based payment award | Change in Number of BSPCE/OSA/RSU/BSA
Breakdown of the Closing Balance
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Schedule of share-based compensation reconciliation with the Consolidated Statements of Income | Equity awards compensation expense
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Financial Income and Expenses (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Income and Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Financial income (expense) |
The condensed consolidated statements of income line item “Financial income (expense)” can be broken down as follows:
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Income Taxes (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Provision for income taxes | The condensed consolidated statements of income line item “Provision for income taxes” can be broken down as follows:
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Earnings Per Share (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of basic earnings per share |
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Schedule of diluted earnings per share |
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Schedule of weighted average number of anti-dilutive securities | The weighted average number of securities that were anti-dilutive for diluted EPS for the periods presented but which could potentially dilute EPS in the future are as follows:
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Commitments and contingencies (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Changes in provisions for contingencies | Changes in provisions during the presented periods are summarized below:
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Breakdown of Revenue and Non-Current Assets by Geographical Areas (Tables) |
9 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Sep. 30, 2016 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of consolidated revenue for each geographical area | The following tables disclose our consolidated revenue for each geographical area for each of the reported periods. Revenue by geographical area is based on the location of advertisers’ campaigns.
Revenue generated in France amounted to $29.2 million and $31.8 million for the three months ended September 30, 2015 and 2016, respectively.
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Schedule of revenue generated in other significant countries | Revenue generated in other significant countries where we operate is presented in the following table:
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Schedule of non-current assets by geographical area and country | For each reported period, non-current assets (corresponding to the net book value of tangible and intangible assets) are presented in the table below. The geographical information results from the locations of legal entities.
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Significant Events and Transactions of the Period - Changes in the scope of consolidation (Details) $ in Thousands, € in Millions |
3 Months Ended | 9 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|
May 31, 2016
EUR (€)
|
May 31, 2016
USD ($)
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Sep. 30, 2016
USD ($)
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Sep. 30, 2015
USD ($)
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Sep. 30, 2016
EUR (€)
|
Sep. 30, 2016
USD ($)
|
Sep. 30, 2015
USD ($)
|
Sep. 30, 2016
USD ($)
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Dec. 31, 2015
USD ($)
|
|
Business Acquisition [Line Items] | |||||||||
Total consideration paid | $ 0 | $ 476 | $ 5,074 | $ 20,551 | |||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | |||||||||
Goodwill | $ 45,690 | $ 41,973 | |||||||
Criteo India Pvt Ltd (India) | |||||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | |||||||||
Percentage of subsidiary held and controlled by Company | 100.00% | 100.00% | |||||||
Criteo Finance SAS (France) | |||||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | |||||||||
Percentage of subsidiary held and controlled by Company | 100.00% | 100.00% | |||||||
Monsieur Drive S.A.S. | |||||||||
Business Acquisition [Line Items] | |||||||||
Total consideration paid | € 4.6 | $ 5,100 | |||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | |||||||||
Deferred tax liability | € 0.2 | 200 | |||||||
Goodwill | 3.5 | 3,900 | |||||||
Acquisition costs | 0.2 | $ 200 | |||||||
Technology asset | Monsieur Drive S.A.S. | |||||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | |||||||||
Technology asset acquired | € 1.3 | $ 1,400 |
Financial Instruments - Financial Assets (Details) - USD ($) $ in Thousands |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | $ 407,158 | $ 353,537 |
Carrying Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 758,319 | 677,884 |
Carrying Value | Cash and cash equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 407,158 | 353,537 |
Carrying Value | Trade receivables, net of allowances | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 268,097 | 261,581 |
Carrying Value | Other taxes | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 45,323 | 29,552 |
Carrying Value | Other current assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 20,288 | 16,030 |
Carrying Value | Non-current financial assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 17,453 | 17,184 |
Fair value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 758,319 | 677,884 |
Fair value | Loans and receivables | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 351,161 | 324,347 |
Fair value | Assets designated at FVTPL | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 407,158 | 353,537 |
Fair value | Cash and cash equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 407,158 | 353,537 |
Fair value | Cash and cash equivalents | Assets designated at FVTPL | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 407,158 | 353,537 |
Fair value | Trade receivables, net of allowances | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 268,097 | 261,581 |
Fair value | Trade receivables, net of allowances | Loans and receivables | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 268,097 | 261,581 |
Fair value | Other taxes | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 45,323 | 29,552 |
Fair value | Other taxes | Loans and receivables | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 45,323 | 29,552 |
Fair value | Other current assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 20,288 | 16,030 |
Fair value | Other current assets | Loans and receivables | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 20,288 | 16,030 |
Fair value | Other current assets | Assets designated at FVTPL | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 0 | 0 |
Fair value | Non-current financial assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 17,453 | 17,184 |
Fair value | Non-current financial assets | Loans and receivables | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | $ 17,453 | $ 17,184 |
Financial Instruments - Financial Liabilities (Details) - USD ($) $ in Thousands |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total liabilities, Fair value | $ 636 | $ 552 |
Carrying Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trade payables | 253,938 | 246,382 |
Trade payables, Amortized Cost | 253,938 | 246,382 |
Other taxes | 35,844 | 30,463 |
Other taxes, Amortized Cost | 35,844 | 30,463 |
Employee-related payables | 42,317 | 42,275 |
Employee-related payables, Amortized Cost | 42,317 | 42,275 |
Other current liabilities | 18,383 | 15,531 |
Other current liabilities, Amortized Cost | 18,383 | 15,531 |
Financial liabilities | 9,336 | 10,428 |
Financial liabilities, Amortized Cost | 8,700 | 9,876 |
Total liabilities, Amortized Cost | 359,182 | 344,527 |
Total liabilities, Fair value | 359,818 | 345,079 |
Fair value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trade payables | 253,938 | 246,382 |
Other taxes | 35,844 | 30,463 |
Employee-related payables | 42,317 | 42,275 |
Other current liabilities | 18,383 | 15,531 |
Financial liabilities | 9,336 | 10,428 |
Financial liabilities, Liabilities designated at FVTPL | 636 | 552 |
Total liabilities, Liabilities designated at FVTPL | 636 | 552 |
Total liabilities, Fair value | $ 359,818 | $ 345,079 |
Financial Instruments - Fair Value Measurements (Details) - USD ($) $ in Thousands |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative instruments | $ 0 | $ 0 |
Total assets measured at fair value | 407,158 | 353,537 |
Derivative instruments | 636 | 552 |
Total liabilities measured at fair value | 636 | 552 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative instruments | 0 | 0 |
Total assets measured at fair value | 273,532 | 239,410 |
Derivative instruments | 0 | 0 |
Total liabilities measured at fair value | 0 | 0 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative instruments | 0 | 0 |
Total assets measured at fair value | 133,626 | 114,127 |
Derivative instruments | 636 | 552 |
Total liabilities measured at fair value | 636 | 552 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative instruments | 0 | 0 |
Total assets measured at fair value | 0 | 0 |
Derivative instruments | 0 | 0 |
Total liabilities measured at fair value | 0 | 0 |
Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 140,802 | 54,188 |
Money market funds | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 140,802 | 54,188 |
Money market funds | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 0 | 0 |
Money market funds | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 0 | 0 |
Interest-bearing bank deposits | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 133,626 | 114,127 |
Interest-bearing bank deposits | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 0 | 0 |
Interest-bearing bank deposits | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 133,626 | 114,127 |
Interest-bearing bank deposits | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 0 | 0 |
Cash | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 132,730 | 185,222 |
Cash | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 132,730 | 185,222 |
Cash | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 0 | 0 |
Cash | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | $ 0 | $ 0 |
Trade Receivables (Details) - USD ($) $ in Thousands |
Sep. 30, 2016 |
Dec. 31, 2015 |
Sep. 30, 2015 |
Dec. 31, 2014 |
---|---|---|---|---|
Receivables [Abstract] | ||||
Trade accounts receivables | $ 279,344 | $ 267,845 | ||
(Less) Allowance for doubtful accounts | (11,247) | (6,264) | $ (5,990) | $ (3,930) |
Net book value at end of period | $ 268,097 | $ 261,581 |
Trade Receivables - Allowance for Doubtful Accounts Rollforward (Details) - USD ($) $ in Thousands |
9 Months Ended | |
---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Allowance for Doubtful Accounts Receivable [Roll Forward] | ||
Balance at January 1 | $ (6,264) | $ (3,930) |
Allowance for doubtful accounts | (7,733) | (2,258) |
Reversal of provision | 2,760 | 0 |
Change in consolidation scope | 0 | (135) |
Currency translation adjustment | (10) | 333 |
Balance at September 30 | $ (11,247) | $ (5,990) |
Other Current Assets (Details) - USD ($) $ in Thousands |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Prepayments to suppliers | $ 2,790 | $ 2,774 |
Employee-related receivables | 129 | 94 |
Prepaid expenses | 13,658 | 9,475 |
Other debtors | 3,711 | 3,687 |
Derivative instruments | 0 | 0 |
Gross book value at end of period | 20,288 | 16,030 |
(Less) Allowance for doubtful accounts | 0 | 0 |
Net book value at end of period | $ 20,288 | $ 16,030 |
Intangible assets and Goodwill - Intangible Assets (Details) - USD ($) $ in Thousands |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Finite-Lived Intangible Assets [Line Items] | ||
Remainder of 2016 | $ (2,186) | |
2017 | (7,265) | |
2018 | (6,085) | |
2019 | (2,457) | |
2020 | (591) | |
Thereafter | (11) | |
Total | (18,595) | $ (16,470) |
Software | ||
Finite-Lived Intangible Assets [Line Items] | ||
Remainder of 2016 | (1,151) | |
2017 | (4,212) | |
2018 | (3,602) | |
2019 | (1,952) | |
2020 | (591) | |
Thereafter | (11) | |
Total | (11,519) | |
Technology and customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Remainder of 2016 | (1,035) | |
2017 | (3,053) | |
2018 | (2,483) | |
2019 | (505) | |
2020 | 0 | |
Thereafter | 0 | |
Total | $ (7,076) |
Intangible assets and Goodwill - Goodwill (Details) $ in Thousands, € in Millions |
3 Months Ended | 9 Months Ended | |||||||
---|---|---|---|---|---|---|---|---|---|
May 31, 2016
EUR (€)
|
May 31, 2016
USD ($)
|
Sep. 30, 2016
USD ($)
|
Sep. 30, 2015
USD ($)
|
Sep. 30, 2016
EUR (€)
|
Sep. 30, 2016
USD ($)
|
Sep. 30, 2015
USD ($)
|
Sep. 30, 2016
USD ($)
|
Dec. 31, 2015
USD ($)
|
|
Business Acquisition [Line Items] | |||||||||
Total consideration paid | $ 0 | $ 476 | $ 5,074 | $ 20,551 | |||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | |||||||||
Goodwill | $ 45,690 | $ 41,973 | |||||||
Monsieur Drive S.A.S. | |||||||||
Business Acquisition [Line Items] | |||||||||
Total consideration paid | € 4.6 | $ 5,100 | |||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | |||||||||
Deferred tax liability | € 0.2 | 200 | |||||||
Goodwill | 3.5 | 3,900 | |||||||
Acquisition costs | 0.2 | $ 200 | |||||||
Technology asset | Monsieur Drive S.A.S. | |||||||||
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract] | |||||||||
Technology asset acquired | € 1.3 | $ 1,400 |
Other Current Liabilities (Details) - USD ($) $ in Thousands |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Other Liabilities Disclosure [Abstract] | ||
Clients' prepayments | $ 7,859 | $ 6,244 |
Accounts payable relating to capital expenditures | 8,702 | 8,037 |
Other creditors | 1,678 | 1,091 |
Deferred revenue | 144 | 159 |
Total | $ 18,383 | $ 15,531 |
Financial Liabilities - Changes in Current and Non-Current Financial Liabilities (Details) $ in Thousands |
9 Months Ended |
---|---|
Sep. 30, 2016
USD ($)
| |
Financial Liabilities Activity [Roll Forward] | |
Borrowings, Current portion, Beginning balance | $ 5,973 |
Financial liabilities relating to finance leases, Current portion, Beginning balance | 23 |
Other financial liabilities, Current portion, Beginning balance | 608 |
Derivative instruments, Current portion, Beginning balance | 552 |
Financial liabilities, Current portion, Beginning balance | 7,156 |
Borrowings, Non current portion, Beginning balance | 3,272 |
Financial liabilities relating to finance leases, Non current portion, Beginning balance | 0 |
Other financial liabilities, Non current portion, Beginning balance | 0 |
Financial liabilities, Non current portion, Beginning balance | 3,272 |
Borrowings, Beginning balance | 9,245 |
Financial liabilities relating to finance leases, Beginning balance | 23 |
Other financial liabilities, Beginning balance | 608 |
Derivative instruments, Beginning balance | 552 |
Financial liabilities, Beginning balance | 10,428 |
New borrowings | 4,293 |
Repayments of financial liabilities | (5,499) |
Change in scope | 0 |
Other | 69 |
Currency translation adjustment | 45 |
Borrowings, Current portion, Ending balance | 5,570 |
Financial liabilities relating to finance leases, Current portion, Ending balance | 0 |
Other financial liabilities, Current portion, Ending balance | 197 |
Derivative instruments, Current portion, Ending balance | 636 |
Financial liabilities, Current portion, Ending balance | 6,403 |
Borrowings, Non current portion, Ending balance | 2,706 |
Financial liabilities relating to finance leases, Non current portion, Ending balance | 0 |
Other financial liabilities, Non current portion, Ending balance | 227 |
Financial liabilities, Non current portion, Ending balance | 2,933 |
Borrowings, Ending balance | 8,276 |
Financial liabilities relating to finance leases, Ending balance | 0 |
Other financial liabilities, Ending balance | 424 |
Derivative instruments, Ending balance | 636 |
Financial liabilities, Ending balance | 9,336 |
Borrowings | |
Financial Liabilities Activity [Roll Forward] | |
New borrowings | 4,066 |
Repayments of borrowings | (5,049) |
Change in scope | 0 |
Other | 0 |
Currency translation adjustment | 14 |
Financial liabilities relating to finance leases | |
Financial Liabilities Activity [Roll Forward] | |
Repayments of financial liabilities relating to finance leases | (23) |
Change in scope | 0 |
Other | 0 |
Currency translation adjustment | 0 |
Other financial liabilities | |
Financial Liabilities Activity [Roll Forward] | |
New borrowings | 227 |
Repayments of other financial liabilities | (427) |
Change in scope | 0 |
Other | 0 |
Currency translation adjustment | 16 |
Financial derivatives | |
Financial Liabilities Activity [Roll Forward] | |
Change in scope | 0 |
Other | 69 |
Currency translation adjustment | 15 |
Financial liabilities, Current portion | |
Financial Liabilities Activity [Roll Forward] | |
New borrowings | 4,066 |
Repayments of financial liabilities | (5,499) |
Change in scope | 0 |
Other | 716 |
Currency translation adjustment | (36) |
Financial liabilities, Current portion | Borrowings | |
Financial Liabilities Activity [Roll Forward] | |
New borrowings | 4,066 |
Repayments of borrowings | (5,049) |
Change in scope | 0 |
Other | 647 |
Currency translation adjustment | (67) |
Financial liabilities, Current portion | Financial liabilities relating to finance leases | |
Financial Liabilities Activity [Roll Forward] | |
Repayments of financial liabilities relating to finance leases | (23) |
Change in scope | 0 |
Other | 0 |
Currency translation adjustment | 0 |
Financial liabilities, Current portion | Other financial liabilities | |
Financial Liabilities Activity [Roll Forward] | |
New borrowings | 0 |
Repayments of other financial liabilities | (427) |
Change in scope | 0 |
Other | 0 |
Currency translation adjustment | 16 |
Financial liabilities, Current portion | Financial derivatives | |
Financial Liabilities Activity [Roll Forward] | |
Change in scope | 0 |
Other | 69 |
Currency translation adjustment | 15 |
Financial liablities, Non current portion | |
Financial Liabilities Activity [Roll Forward] | |
New borrowings | 227 |
Repayments of financial liabilities | 0 |
Change in scope | 0 |
Other | (647) |
Currency translation adjustment | 81 |
Financial liablities, Non current portion | Borrowings | |
Financial Liabilities Activity [Roll Forward] | |
New borrowings | 0 |
Repayments of borrowings | 0 |
Change in scope | 0 |
Other | (647) |
Currency translation adjustment | 81 |
Financial liablities, Non current portion | Financial liabilities relating to finance leases | |
Financial Liabilities Activity [Roll Forward] | |
Repayments of financial liabilities relating to finance leases | 0 |
Change in scope | 0 |
Other | 0 |
Currency translation adjustment | 0 |
Financial liablities, Non current portion | Other financial liabilities | |
Financial Liabilities Activity [Roll Forward] | |
New borrowings | 227 |
Repayments of other financial liabilities | 0 |
Change in scope | 0 |
Other | 0 |
Currency translation adjustment | $ 0 |
Equity awards compensation expense - Narrative (Details) |
9 Months Ended | ||||||
---|---|---|---|---|---|---|---|
Jul. 28, 2016
shares
|
Jun. 28, 2016
shares
|
Apr. 20, 2016
shares
|
Feb. 25, 2016
shares
|
Jan. 29, 2016
shares
|
Sep. 30, 2016
grant
shares
|
Jun. 29, 2016
shares
|
|
RSUs | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of grants | grant | 4 | ||||||
RSUs granted (in shares) | 1,075,827 | 140,135 | 181,885 | 1,677,957 | |||
OSA/BSPCE | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of grants | grant | 1 | ||||||
RSUs granted (in shares) | 429,043 | ||||||
Options granted (in shares) | 576,443 | ||||||
BSAs | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of grants | grant | 1 | ||||||
Options granted (in shares) | 9,100 | ||||||
Senior management | RSUs | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
RSUs granted (in shares) | 33,010 | ||||||
Board member | BSAs | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
RSUs granted (in shares) | 9,100 | ||||||
Plan 9 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of shares authorized to be granted (in shares) | 4,600,000 | ||||||
Plan 9 | RSUs | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
RSUs granted (in shares) | 247,100 | ||||||
Plan 9 | OSA/BSPCE | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Options granted (in shares) | 147,400 | ||||||
Plan 9 | BSAs | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of shares authorized to be granted (in shares) | 100,000 | ||||||
Plan 9 | OSAs and/or RSUs | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Number of shares authorized to be granted (in shares) | 4,600,000 | ||||||
Internal performance objectives | Plan 9 | RSUs | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
RSUs granted (in shares) | 195,250 |
Equity awards compensation expense - Change in Number of BSPCE/OSA/RSU/BSA (Details) - shares |
9 Months Ended | |||
---|---|---|---|---|
Jun. 28, 2016 |
Apr. 20, 2016 |
Feb. 25, 2016 |
Sep. 30, 2016 |
|
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments [Roll Forward] | ||||
Beginning balance (in shares) | 7,798,349 | |||
Granted (in shares) | 2,263,500 | |||
Exercised (in shares) | (1,265,610) | |||
Forfeited (in shares) | (630,438) | |||
Expired (in shares) | 0 | |||
Ending balance (in shares) | 8,165,801 | |||
OSA/BSPCE | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||
Beginning balance, options (in shares) | 6,547,854 | |||
Granted, options (in shares) | 576,443 | |||
Exercised, options (in shares) | (1,252,610) | |||
Forfeited, options (in shares) | (494,766) | |||
Expired, options (in shares) | 0 | |||
Ending balance, options (in shares) | 5,376,921 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Granted (in shares) | 429,043 | |||
RSU | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Beginning balance (in shares) | 1,095,585 | |||
Granted (in shares) | 1,075,827 | 140,135 | 181,885 | 1,677,957 |
Forfeited (in shares) | (133,232) | |||
Ending balance (in shares) | 2,640,310 | |||
BSAs | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||
Beginning balance, options (in shares) | 154,910 | |||
Granted, options (in shares) | 9,100 | |||
Exercised, options (in shares) | (13,000) | |||
Forfeited, options (in shares) | (2,440) | |||
Expired, options (in shares) | 0 | |||
Ending balance, options (in shares) | 148,570 |
Equity awards compensation expense - Breakdown of the Closing Balance (Details) - € / shares |
9 Months Ended | |
---|---|---|
Sep. 30, 2016 |
Dec. 31, 2015 |
|
OSA/BSPCE | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number outstanding, options (in shares) | 5,376,921 | 6,547,854 |
Weighted-average exercise price, options (in Euro per share) | € 23.94 | |
Number exercisable, options (in shares) | 2,573,427 | |
Weighted-average exercise price, options (in Euro per share) | € 17.04 | |
Weighted-average remaining contractual life of options outstanding, in years | 7 years 7 months 10 days | |
RSU | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number outstanding (in shares) | 2,640,310 | 1,095,585 |
BSAs | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number outstanding, options (in shares) | 148,570 | 154,910 |
Weighted-average exercise price, options (in Euro per share) | € 15.06 | |
Number exercisable, options (in shares) | 112,536 | |
Weighted-average exercise price, options (in Euro per share) | € 10.71 | |
Weighted-average remaining contractual life of options outstanding, in years | 6 years 9 months 29 days |
Equity awards compensation expense - Share-based compensation expense (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Share-based compensation expense | $ (13,965) | $ (4,600) | $ (30,030) | $ (16,242) |
R&D | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Share-based compensation expense | (4,281) | (1,714) | (8,862) | (4,354) |
S&O | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Share-based compensation expense | (4,874) | (1,715) | (10,752) | (8,072) |
G&A | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Share-based compensation expense | (4,810) | (1,171) | (10,416) | (3,816) |
RSUs | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Share-based compensation expense | (9,920) | 0 | (18,403) | 0 |
RSUs | R&D | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Share-based compensation expense | (3,295) | 0 | (6,010) | 0 |
RSUs | S&O | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Share-based compensation expense | (4,154) | 0 | (7,638) | 0 |
RSUs | G&A | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Share-based compensation expense | (2,471) | 0 | (4,755) | 0 |
Share options / BSPCE | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Share-based compensation expense | (3,211) | (4,530) | (10,242) | (16,074) |
Share options / BSPCE | R&D | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Share-based compensation expense | (986) | (1,714) | (2,852) | (4,354) |
Share options / BSPCE | S&O | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Share-based compensation expense | (720) | (1,715) | (3,114) | (8,072) |
Share options / BSPCE | G&A | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Share-based compensation expense | (1,505) | (1,101) | (4,276) | (3,648) |
Share-based compensation | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Share-based compensation expense | (13,131) | (4,530) | (28,645) | (16,074) |
Share-based compensation | R&D | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Share-based compensation expense | (4,281) | (1,714) | (8,862) | (4,354) |
Share-based compensation | S&O | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Share-based compensation expense | (4,874) | (1,715) | (10,752) | (8,072) |
Share-based compensation | G&A | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Share-based compensation expense | (3,976) | (1,101) | (9,031) | (3,648) |
BSAs | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Share-based compensation expense | (834) | (70) | (1,385) | (168) |
BSAs | R&D | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Share-based compensation expense | 0 | 0 | 0 | 0 |
BSAs | S&O | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Share-based compensation expense | 0 | 0 | 0 | 0 |
BSAs | G&A | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Share-based compensation expense | $ (834) | $ (70) | $ (1,385) | $ (168) |
Financial Income and Expenses - Financial income (expense) (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Other Income and Expenses [Abstract] | ||||
Financial income from cash equivalents | $ 295 | $ 812 | $ 1,165 | $ 1,754 |
Interest on debt | (555) | (80) | (1,643) | (538) |
Foreign exchange gain (loss) | (301) | (7,512) | (1,476) | (6,475) |
Other financial expense | (9) | 130 | (28) | (17) |
Total financial income (expense) | $ (570) | $ (6,650) | $ (1,982) | $ (5,276) |
Financial Income and Expenses - Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Other Income and Expenses [Abstract] | ||||
Financial income (expense) | $ 570 | $ 6,650 | $ 1,982 | $ 5,276 |
Income Taxes - Breakdown of Income Taxes (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Income Tax Disclosure [Abstract] | ||||
Current income tax | $ (10,695) | $ (6,367) | $ (27,513) | $ (17,045) |
France | (4,338) | (4,238) | (12,511) | (10,172) |
International | (6,357) | (2,129) | (15,002) | (6,873) |
Net change in deferred taxes | 3,121 | 979 | 7,545 | 3,149 |
France | 2,871 | 2,014 | 7,087 | 2,962 |
International | 250 | (1,035) | 458 | 187 |
Provision for income taxes | $ (7,574) | $ (5,388) | $ (19,968) | $ (13,896) |
Earnings Per Share - Basic Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Earnings Per Share [Abstract] | ||||
Net income attributable to shareholders of Criteo S.A. | $ 13,539 | $ 5,096 | $ 42,869 | $ 21,618 |
Weighted average number of shares outstanding (in shares) | 63,628,351 | 62,082,110 | 63,163,922 | 61,662,308 |
Basic earnings per share (in USD per share) | $ 0.21 | $ 0.08 | $ 0.68 | $ 0.35 |
Earnings Per Share - Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Earnings Per Share [Abstract] | ||||
Net income attributable to shareholders of Criteo S.A. | $ 13,539 | $ 5,096 | $ 42,869 | $ 21,618 |
Weighted average number of shares outstanding (in shares) | 63,628,351 | 62,082,110 | 63,163,922 | 61,662,308 |
Dilutive effect of : | ||||
Restricted share units (RSU's) (in shares) | 266,970 | 0 | 152,317 | 0 |
Share options and employee warrants (BSPCEs) (in shares) | 1,841,080 | 3,035,325 | 2,030,088 | 3,293,370 |
Non-employees warrants (BSAs) (in shares) | 80,021 | 136,803 | 83,430 | 140,012 |
Weighted average number of shares outstanding used to determine diluted earnings per share (in shares) | 65,816,422 | 65,254,238 | 65,429,757 | 65,095,690 |
Diluted earnings per share (in USD per share) | $ 0.21 | $ 0.08 | $ 0.66 | $ 0.33 |
Earnings Per Share - Weighted Average Number of Anti-Dilutive Securities (Details) - shares |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Weighted average number of anti-dilutive securities excluded from diluted earnings per share (in shares) | 487,650 | 1,017,509 | 772,509 | 847,068 |
Restricted share units (RSUs) | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Weighted average number of anti-dilutive securities excluded from diluted earnings per share (in shares) | 32,176 | 0 | 345,732 | 0 |
Share options / BSPCE | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Weighted average number of anti-dilutive securities excluded from diluted earnings per share (in shares) | 455,474 | 991,879 | 426,777 | 829,981 |
BSAs | ||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||||
Weighted average number of anti-dilutive securities excluded from diluted earnings per share (in shares) | 0 | 25,630 | 0 | 17,087 |
Commitments and contingencies - Commitments (Details) $ in Thousands, € in Millions, ¥ in Millions |
3 Months Ended | 9 Months Ended | ||||||||
---|---|---|---|---|---|---|---|---|---|---|
Sep. 30, 2016
USD ($)
|
Sep. 30, 2015
USD ($)
|
Sep. 30, 2016
USD ($)
|
Sep. 30, 2016
CNY (¥)
|
Sep. 30, 2015
USD ($)
|
Sep. 30, 2016
EUR (€)
|
Sep. 30, 2016
USD ($)
|
Sep. 30, 2016
CNY (¥)
|
Dec. 31, 2015
USD ($)
|
Dec. 31, 2015
CNY (¥)
|
|
Commitments and Contingencies Disclosure [Abstract] | ||||||||||
Operating lease expenses | $ 8,300 | $ 7,100 | $ 23,300 | $ 18,700 | ||||||
Hosting costs | $ 10,600 | $ 8,300 | 30,400 | $ 21,900 | ||||||
Debt Instrument [Line Items] | ||||||||||
Amount drawn on revolving loan facility | $ 8,276 | $ 9,245 | ||||||||
Revolving credit facility | RCF | HSBC revolving loan facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Increase in credit facility | $ 800 | ¥ 5.0 | ||||||||
Revolving credit facility, maximum borrowing capacity | 6,000 | ¥ 40.0 | ||||||||
Amount drawn on revolving loan facility | 4,500 | ¥ 30.0 | $ 3,700 | ¥ 25.0 | ||||||
Revolving credit facility | RCF | Bank syndicate RCF | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Revolving credit facility, maximum borrowing capacity | € 250.0 | $ 279,000 |
Commitments and contingencies - Contingencies (Details) $ in Thousands |
9 Months Ended |
---|---|
Sep. 30, 2016
USD ($)
| |
Loss Contingency Accrual [Roll Forward] | |
Contingencies accrual, beginning balance | $ 668 |
Charges | 444 |
Provision used | (445) |
Provision released not used | (390) |
Change in consolidation scope | 0 |
Currency translation adjustments | 9 |
Other | 0 |
Contingencies accrual, ending balance | 286 |
Contingencies accrual, of which current | 286 |
Contingencies accrual, of which non-current | 0 |
Provision for employee related litigation | |
Loss Contingency Accrual [Roll Forward] | |
Contingencies accrual, beginning balance | 236 |
Charges | 444 |
Provision used | (405) |
Provision released not used | 0 |
Change in consolidation scope | 0 |
Currency translation adjustments | 6 |
Other | 0 |
Contingencies accrual, ending balance | 281 |
Contingencies accrual, of which current | 281 |
Contingencies accrual, of which non-current | 0 |
Provision for tax related litigation | |
Loss Contingency Accrual [Roll Forward] | |
Contingencies accrual, beginning balance | 44 |
Charges | 0 |
Provision used | 0 |
Provision released not used | (45) |
Change in consolidation scope | 0 |
Currency translation adjustments | 1 |
Other | 0 |
Contingencies accrual, ending balance | 0 |
Contingencies accrual, of which current | 0 |
Contingencies accrual, of which non-current | 0 |
Other provisions | |
Loss Contingency Accrual [Roll Forward] | |
Contingencies accrual, beginning balance | 388 |
Charges | 0 |
Provision used | (40) |
Provision released not used | (345) |
Change in consolidation scope | 0 |
Currency translation adjustments | 2 |
Other | 0 |
Contingencies accrual, ending balance | 5 |
Contingencies accrual, of which current | 5 |
Contingencies accrual, of which non-current | $ 0 |
Breakdown of Revenue and Non-Current Assets by Geographical Areas - Revenue by Geographical Area (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue | $ 423,867 | $ 332,674 | $ 1,232,321 | $ 926,152 |
Americas | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue | 160,739 | 124,024 | 464,435 | 335,520 |
EMEA | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue | 157,921 | 137,185 | 471,226 | 396,200 |
Asia-Pacific | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue | $ 105,207 | $ 71,465 | $ 296,660 | $ 194,432 |
Breakdown of Revenue and Non-Current Assets by Geographical Areas - Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue | $ 423,867 | $ 332,674 | $ 1,232,321 | $ 926,152 |
Consolidated revenue | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Largest client percent of consolidated revenue, percentage | 2.50% | 2.20% | ||
France | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue | $ 31,800 | $ 29,200 | $ 95,200 | $ 87,000 |
Breakdown of Revenue and Non-Current Assets by Geographical Areas - Revenue by Significant Other Countries (Details) - USD ($) $ in Thousands |
3 Months Ended | 9 Months Ended | ||
---|---|---|---|---|
Sep. 30, 2016 |
Sep. 30, 2015 |
Sep. 30, 2016 |
Sep. 30, 2015 |
|
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue | $ 423,867 | $ 332,674 | $ 1,232,321 | $ 926,152 |
United States | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue | 134,504 | 102,064 | 395,769 | 273,071 |
Germany | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue | 33,692 | 28,188 | 98,278 | 81,795 |
United Kingdom | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue | 24,285 | 26,485 | 80,024 | 78,759 |
Japan | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue | $ 76,841 | $ 50,485 | $ 209,404 | $ 137,248 |
Breakdown of Revenue and Non-Current Assets by Geographical Areas - Other Information (Details) - USD ($) $ in Thousands |
Sep. 30, 2016 |
Dec. 31, 2015 |
---|---|---|
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Non-current assets | $ 116,948 | $ 98,952 |
Americas | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Non-current assets | 27,418 | 24,437 |
United States | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Non-current assets | 26,516 | 23,332 |
Europe | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Non-current assets | 8,449 | 8,847 |
Asia-Pacific | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Non-current assets | 28,730 | 17,508 |
Japan | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Non-current assets | 9,476 | 7,807 |
Holding | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Non-current assets | $ 52,351 | $ 48,160 |
Subsequent Events (Details) $ in Millions |
3 Months Ended |
---|---|
Dec. 31, 2016
USD ($)
| |
Scenario, forecast | Criteo Corp. | HookLogic | |
Subsequent Event [Line Items] | |
Purchase price | $ 250 |
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