Financial Income and Expenses

3 Months Ended

Mar. 31, 2020

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:

	Three Months Ended
	March 31, 2019		March 31, 2020
	(in thousands)
Financial income from cash equivalents	$	177	$	382
Interest and fees	(523)		(432)
Interest on debt	(430)		(380)
Fees	(93)		(52)
Foreign exchange gain (loss)	(1,598)		(1,628)
Other financial expense	(30)		1,344
Total financial income (expense)	$	(1,974)	$	(334)

The $0.3 million and the $2.0 million financial expenses for the three month periods ended March 31, 2020 and March 31, 2019, respectively, were driven by the non-utilization costs incurred as part of our available Revolving Credit Facility (RCF) financing offset by income from cash and cash equivalents and the recognition of a negative impact of foreign exchange reevaluations net of related hedging costs.

We manage our exposure to foreign currency risk at the Criteo S.A. level and hedge using foreign currency swaps or forward purchases or sales of foreign currencies.