Share-Based Compensation (Tables)

12 Months Ended

Dec. 31, 2016

Disclosure of Compensation Related Costs, Share-based Payments [Abstract]

Disclosure of share-based compensation by share-based payment award

Details of BSPCE / OSA / RSU plans



	Plans 1 & 2	Plan 3	Plan 4	Plan 5	Plan 6	Plan 6	Plan 7	Plan 8		Plan 9
Dates of grant (Boards of Directors)	Oct 24, 2008 - Sept 14, 2010	Sept 9, 2009 - Sept 21, 2011	April 23, 2010	Nov 18, 2011 - May 22, 2012	Oct 25, 2012	Oct 25, 2012 - April 18, 2013	Sept 3, 2013 - April 23, 2014	July 30, 2014 - June 28, 2016		July 28, 2016 - Nov 9, 2016
Vesting period	3 years	3 - 4 years	None	4 years	1 year	4-5 years	4 years	4 years	4 years	4 years	4 years
Contractual life	10 years	10 years	10 years	10 years	10 years	10 years	10 years	10 years	—	10 years	—
Expected option life	8 years	8 years	8 years	8 years	8 years	8 years	6 - 8 years	6 years	—	6 years	—
Number of instruments granted	1,819,120	4,289,940	361,118	1,184,747	257,688	1,065,520	2,317,374	4,318,551	2,534,262	147,400	1,153,383
Type : Share Option (S.O.) / BSPCE / RSU	BSPCE	BSCPCE & OSA	BSPCE	BSCPCE & OSA	BSPCE	BSCPCE & OSA	BSCPCE & OSA	OSA	RSU	OSA	RSU
Share entitlement per option	1	1	1	1	1	1	1	1	1	1	1
Exercise price	€ 0.45 - € 2.10	€ 0.20 - € 5.95	€ 2.10	€ 5.95	€ 8.28	€ 8.28 - € 10.43	€ 12.08 - € 38.81	€ 22.95 - € 47.47	—	€ 38.20	—
Valuation method	Black & Scholes
Grant date share fair value	€ 0.20 - € 0.70	€ 0.20 - € 4.98	€ 2.10	€ 4.98	€ 6.43	€ 5.45 - € 6.43	€ 12.08 - € 38.81	€ 22.50 - € 47.47	€ 35.18 - € 35.58	€ 38.20	€ 33.98 - € 39.03
Expected volatility⁽¹⁾	53.0% - 55.7%	55.2% - 57.8%	55.2%	52.1% - 52.9%	50.2%	49.6% - 50.2%	44.2% - 50.1%	39.4% - 44.5%	—	—	—
Discount rate ⁽²⁾	2.74% - 4.10%	2.62% - 3.76%	3.4%	2.79% - 3.53%	2.2%	1.80% - 2.27%	1.20% - 2.40%	0.00% - 0.71%	—	—	—
Performance conditions	No	Yes (A)	No	No	Yes (B)	No	No	No	Yes (C)	No	Yes (D)
Fair value per option / RSU	€ 0.08 - € 0.45	€ 0.08 - € 2.88	€ 1.33	€ 2.75 - € 2.85	€ 3.28	€ 3.28 - € 5.83	€ 6.85 - € 16.90	€ 9.47 - € 17.97	€ 26.16 - € 37.10	€ 14.49	€ 33.98 - € 39.03


⁽¹⁾	Based on similar listed entities.


⁽²⁾	Based on Obligation Assimilables du Trésor, i.e. French government bonds with a ten-year maturity (“TEC 10 OAT floating-rate bonds”).

^(A) Options subject to performance condition: Among the 960,000 share options granted in April 7, 2011, 180,000 are subjected to performance conditions based on revenue excluding traffic acquisition costs targets that were met in 2012.

^(B)On October 25, 2012, the Board of Directors of the Parent also granted a total of 257,688 BSPCE to our co-founders. The conditions of exercise of these BSPCE are linked to a future liquidity event or a transfer of control of the Company, and the number of BSPCE that can be exercised are determined by the event’s date which cannot occur after March 31, 2014. Based on the assumptions known as at December 31, 2012, we determined that the share-based compensation expense would be recognized over a one-year period. This assumption was confirmed in 2013.

^(C)On October 29, 2015, the Board of Directors of the Parent also granted a total of 337,960 RSU to Criteo employees under condition of presence and to certain senior managers, employees and members of the management, subject to the achievement of internal performance objectives and condition of presence. Based on the assumptions known at December 31, 2015, we determined the share-based compensation expense by applying a probability ratio on performance objectives completion. This assumption was confirmed in 2016.On January 29, 2016, the Board of Directors of the Parent granted a total of 33,010 RSUs to members of the management, subject to the achievement of internal performance objectives and condition of presence. Based on the assumptions known at December 31, 2016, we determined the share-based compensation expense by applying a probability ratio on performance objectives completion.

^(D)On July 28, 2016, the Board of Directors of the Parent granted a total of 195,250 RSUs to certain senior managers and members of the management, subject to the achievement of internal performance objectives and condition of presence. Based on the assumptions known at December 31, 2016, we determined the share-based compensation expense by applying a probability ratio on performance objectives completion.



	Plan A		Plan B		Plan C	Plan D	Plan E		Plan F
Dates of grant (Boards of Directors)	Nov 17, 2009		March 11, 2010		Nov 16, 2010 - Sept 21, 2011	Oct 25, 2012 - March 6, 2013	March 19, 2015 - Oct 29, 2015		April 20, 2016 - Oct 27, 2016
Vesting period	2 years		3 years		2 years	2 years	1 - 4 years		1 - 4 years
Contractual life	10 years		10 years		10 years	10 years	10 years		10 years
Number of warrants granted	231,792		277,200		192,000	125,784	38,070		48,655
Share entitlement per warrant	1		1		1	1	1		1
Share warrant price	€0.02		€0.07 - €0.11		€0.04 - €0.30	€0.43 - €0.48	€9.98 - €16.82		€13.89 - €14.55
Exercise price	€0.70		€0.70		€0.70 - €5.95	€8.28 - €9.65	€35.18 - €41.02		€33.98 - €35.41
Valuation method used	Black & Scholes
Grant date share fair value	€0.20		€0.70		€0.70 - €4.98	€6.43 - €9.65	€35.18 - €41.02		€33.98 - €35.41
Expected volatility ⁽¹⁾	55.7	%	55.2	%	53.5% - 55.0%	50.0% - 50.2%	39.9	%	40.6	%
Discount rate ⁽²⁾	3.58	%	3.44	%	2.62% - 3.38%	2.13% - 2.27%	0.% - 0.52%		0.10% - 0.25%
Performance conditions	No		Yes (A)		No	No	No		No
Fair value per warrant	€0.05		€0.33 - €0.38		€0.40 - €2.58	€2.85 - €4.98	€9.98 - €16.82		€13.89 - €14.55

⁽¹⁾ Based on similar listed entities.

⁽²⁾ Based on Obligations Assimilables du Trésor, i.e. French government bonds with a ten-year maturity (“TEC 10 OAT floating-rate bonds”).

(A) All the performance conditions were achieved during the period ended December 31, 2010.

Breakdown of the Closing Balance



	Non-employee warrants
Balance at December 31, 2014
Number outstanding	199,408
Weighted-average exercise price	€	7.54
Number exercisable	155,609
Weighted-average exercise price	€	6.88
Weighted-average remaining contractual life	7.5 years
Balance at December 31, 2015
Number outstanding	154,910
Weighted-average exercise price	€	15.72
Number exercisable	117,783
Weighted-average exercise price	€	8.49
Weighted-average remaining contractual life	7.4 years
Balance at December 31, 2016
Number outstanding	188,125
Weighted-average exercise price	€	19.04
Number exercisable	117,096
Weighted-average exercise price	€	11.73
Weighted-average remaining contractual life	7.3 years

Change in Number of BSPCE / OSA / RSU



	Plans 1 & 2		Plan 3		Plan 4		Plan 5		Plan 6		Plan 7		Plan 8		Plan 9		RSUs		Total
Balance at January 1, 2014	1,134,737		2,333,763		361,118		1,929,299		1,204,248		1,555,144		—		—		—		8,518,309
Granted	—		—		—		—		—		749,330		2,267,774		—		—		3,017,104
Exercised	(930,660	)	(1,315,733	)	(273,559	)	(337,352	)	(271,520	)	(47,019	)	—		—		—		(3,175,843	)
Forfeited	—		(82,439	)	—		(407,222	)	(42,928	)	(440,320	)	(30,820	)	—		—		(1,003,729	)
Balance at December 31, 2014	204,077		935,591		87,559		1,184,725		889,800		1,817,135		2,236,954		—		—		7,355,841
Granted	—		—		—		—		—		—		1,621,734		—		1,103,405		2,725,139
Exercised	(116,520	)	(449,069	)	(87,559	)	(343,021	)	(156,801	)	(310,827	)	(69,819	)	—		—		(1,533,616	)
Forfeited	—		(148,864	)	—		(22,357	)	(40,068	)	(218,730	)	(466,086	)	—		(7,820	)	(903,925	)
Balance at December 31, 2015	87,557		337,658		—		819,347		692,931		1,287,578		3,322,783		—		1,095,585		7,643,439
Granted	—		—		—		—		—		—		429,043		147,400		2,584,240		3,160,683
Exercised	(33,403	)	(162,265	)	—		(310,236	)	(281,166	)	(383,127	)	(300,126	)	—		—		(1,470,323	)
Forfeited	—		300		—		3,956		(12,324	)	(153,923	)	(508,866	)	(23,025	)	(436,546	)	(1,130,428	)
Balance at December 31, 2016	54,154		175,693		—		513,067		399,441		750,528		2,942,834		124,375		3,243,279		8,203,371

Breakdown of the Closing Balance



	Plans 1 & 2		Plan 3		Plan 4		Plan 5		Plan 6		Plan 7		Plan 8		Plan 9		RSUs		Total
Balance at December 31, 2014
Number outstanding	204,077		935,591		87,559		1,184,725		889,800		1,817,135		2,236,954		—		—		7,355,841
Weighted-average exercise price	€	1.08	€	2.08	€	2.10	€	5.95	€	9.81	€	18.29	€	23.40	€	—	€	—	€	14.10
Number exercisable	204,077		883,399		87,559		730,371		362,778		394,785		—		—		—		2,662,969
Weighted-average exercise price	€	1.08	€	1.94	€	2.10	€	5.95	€	9.58	€	14.02	€	—	€	—	€	—	€	5.81
Weighted-average remaining contractual life	4.6 years		5.8 years		5.3 years		7.3 years		8.1 years		8.9 years		9.6 years		—		—		8.2 years

Balance at December 31, 2015
Number outstanding	87,557		337,658		—		819,347		692,931		1,287,578		3,322,783		—		1,095,585		7,643,439
Weighted-average exercise price	€	1.41	€	3.14	€	—	€	5.95	€	9.75	€	17.97	€	30.50	€	—	€	—	€	20.97
Number exercisable	87,557		337,658		—		713,165		420,228		564,034		521,578		—		—		2,644,220
Weighted-average exercise price	€	1.41	€	3.14	€	—	€	5.95	€	9.58	€	17.24	€	23.32	€	—	€	—	€	11.85
Weighted-average remaining contractual life	3.6 years		4.8 years		—		6.3 years		7.1 years		7.9 years		8.9 years		—		—		7.9 years

Balance at December 31, 2016
Number outstanding	54,154		175,693		—		513,067		399,441		750,528		2,942,834		124,375		3,243,279		8,203,371
Weighted-average exercise price	€	1.24	€	3.29	€	—	€	5.95	€	9.77	€	18.13	€	31.32	€	38.20	€	—	€	23.92
Number exercisable	54,154		175,693		—		513,067		325,596		504,262		1,135,634		—		—		2,708,406
Weighted-average exercise price	€	1.24	€	3.29	€	—	€	5.95	€	9.66	€	17.94	€	28.96	€	—	€	—	€	17.73
Weighted-average remaining contractual life	2.9 years		4.3 years		—		5.2 years		6.1 years		6.8 years		8.2 years		9.6 years		—		6.9 years

Changes in Number of Non-Employee Warrants



Balance at January 1, 2014	542,148
Granted	5,040
Exercised	(345,780	)
Forfeited	(2,000	)
Balance at December 31, 2014	199,408
Granted	38,070
Exercised	(34,568	)
Forfeited	(48,000	)
Balance at December 31, 2015	154,910
Granted	48,655
Exercised	(37,000	)
Forfeited	21,560
Balance at December 31, 2016	188,125

Schedule of share-based compensation reconciliation with the Consolidated Statements of Income

Reconciliation with the Consolidated Statements of Income



	Balance for the year ended December 31, 2014												Balance for the year ended December 31, 2015												Balance for the year ended December 31, 2016
	(in thousands)
	R&D			S&O			G&A			Total			R&D			S&O			G&A			Total			R&D			S&O			G&A			Total
RSUs	—			—			—			—			(706		)	(1,046		)	(544		)	(2,296		)	(9,178		)	(12,705		)	(7,287		)	(29,170		)
Share options / BSPCE	(3,682		)	(12,290		)	(3,497		)	(19,469		)	(5,814		)	(10,632		)	(5,001		)	(21,447		)	(2,930		)	(4,133		)	(5,356		)	(12,419		)
Plan 3	34			15			(36		)	13			1			(6		)	—			(5		)	—			—			—			—
Plan 5	(215		)	(134		)	(257		)	(606		)	(71		)	27			(108		)	(152		)	(8		)	(27		)	(7		)	(42		)
Plan 6	(505		)	(1,358		)	(44		)	(1,907		)	(188		)	(384		)	(13		)	(585		)	(35		)	(20		)	(162		)	(217		)
Plan 7	(1,598		)	(8,494		)	(1,134		)	(11,226		)	(884		)	(1,758		)	(379		)	(3,021		)	(234		)	239			(194		)	(189		)
Plan 8	(1,398		)	(2,319		)	(2,026		)	(5,743		)	(4,672		)	(8,511		)	(4,501		)	(17,684		)	(2,587		)	(4,258		)	(4,638		)	(11,483		)
Plan 9	—			—			—			—			—			—			—			—			(66		)	(67		)	(355		)	(488		)
Total share-based compensation	(3,682		)	(12,290		)	(3,497		)	(19,469		)	(6,520		)	(11,678		)	(5,545		)	(23,743		)	(12,108		)	(16,838		)	(12,643		)	(41,589		)
BSAs	—			—			(131		)	(131		)	—			—			(246		)	(246		)	—			—			(1,670		)	(1,670		)
Total equity awards compensation expense	$	(3,682	)	$	(12,290	)	$	(3,628	)	$	(19,600	)	$	(6,520	)	$	(11,678	)	$	(5,791	)	$	(23,989	)	$	(12,108	)	$	(16,838	)	$	(14,313	)	$	(43,259	)