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 |
Not Applicable | |||||||||||
(State or other jurisdiction of incorporation or organization) | (I.R.S. Employer Identification Number) | ||||||||||
(Address of principal executive offices) | (Zip Code) |
Title of each class | Trading Symbol(s) | Name of each exchange on which registered | ||||||||||||
nominal value €0.025 per share | ||||||||||||||
* | * |
☒ | Accelerated Filer | ☐ | |||||||||
Non-accelerated Filer | ☐ | Smaller reporting company | |||||||||
Emerging growth company |
Notes | December 31, 2019 | June 30, 2020 | ||||||||||||
(in thousands) | ||||||||||||||
Assets | ||||||||||||||
Current assets: | ||||||||||||||
Cash and cash equivalents | 3 | $ | $ | |||||||||||
Trade receivables, net of allowances of $ | 4 | |||||||||||||
Income taxes | ||||||||||||||
Other taxes | ||||||||||||||
Other current assets | 5 | |||||||||||||
Total current assets | ||||||||||||||
Property, plant and equipment, net | ||||||||||||||
Intangible assets, net | 6 | |||||||||||||
Goodwill | 6 | |||||||||||||
Right of use assets - operating lease | 8 | |||||||||||||
Marketable securities | 3 | |||||||||||||
Non-current financial assets | ||||||||||||||
Deferred tax assets | ||||||||||||||
Total non-current assets | ||||||||||||||
Total assets | $ | $ | ||||||||||||
Liabilities and shareholders' equity | ||||||||||||||
Current liabilities: | ||||||||||||||
Trade payables | $ | $ | ||||||||||||
Contingencies | 14 | |||||||||||||
Income taxes | ||||||||||||||
Financial liabilities - current portion | 3 | |||||||||||||
Operating lease liabilities - current portion | 8 | |||||||||||||
Other taxes | ||||||||||||||
Employee - related payables | ||||||||||||||
Other current liabilities | 7 | |||||||||||||
Total current liabilities | ||||||||||||||
Deferred tax liabilities | ||||||||||||||
Retirement benefit obligation | ||||||||||||||
Financial liabilities - non-current portion | 3 | |||||||||||||
Operating lease liabilities - non-current portion | 8 | |||||||||||||
Other non-current liabilities | ||||||||||||||
Total non-current liabilities | ||||||||||||||
Total liabilities | ||||||||||||||
Commitments and contingencies | ||||||||||||||
Shareholders' equity: | ||||||||||||||
Common shares, € | ||||||||||||||
Treasury stock, | ( | ( | ||||||||||||
Additional paid-in capital | ||||||||||||||
Accumulated other comprehensive loss | ( | ( | ||||||||||||
Retained earnings | ||||||||||||||
Equity-attributable to shareholders of Criteo S.A. | ||||||||||||||
Non-controlling interests | ||||||||||||||
Total equity | ||||||||||||||
Total equity and liabilities | $ | $ |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||
Notes | June 30, 2019 | June 30, 2020 | June 30, 2019 | June 30, 2020 | |||||||||||||||||||||||||
(in thousands, except share per data) | |||||||||||||||||||||||||||||
Revenue | 9 | $ | $ | $ | $ | ||||||||||||||||||||||||
Cost of revenue: | |||||||||||||||||||||||||||||
Traffic acquisition costs | ( | ( | ( | ( | |||||||||||||||||||||||||
Other cost of revenue | ( | ( | ( | ( | |||||||||||||||||||||||||
Gross profit | |||||||||||||||||||||||||||||
Operating expenses: | |||||||||||||||||||||||||||||
Research and development expenses | ( | ( | ( | ( | |||||||||||||||||||||||||
Sales and operations expenses | ( | ( | ( | ( | |||||||||||||||||||||||||
General and administrative expenses | ( | ( | ( | ( | |||||||||||||||||||||||||
Total operating expenses | ( | ( | ( | ( | |||||||||||||||||||||||||
Income from operations | |||||||||||||||||||||||||||||
Financial income (expense) | 11 | ( | ( | ( | ( | ||||||||||||||||||||||||
Income before taxes | |||||||||||||||||||||||||||||
Provision for income taxes | 12 | ( | ( | ( | ( | ||||||||||||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||||||||||||||||
Net income available to shareholders of Criteo S.A. | $ | $ | $ | $ | |||||||||||||||||||||||||
Net income available to non-controlling interests | $ | $ | $ | $ | |||||||||||||||||||||||||
Net income allocated to shareholders of Criteo S.A. per share: | |||||||||||||||||||||||||||||
Basic | 13 | $ | $ | $ | $ | ||||||||||||||||||||||||
Diluted | 13 | $ | $ | $ | $ | ||||||||||||||||||||||||
Weighted average shares outstanding used in computing per share amounts: | |||||||||||||||||||||||||||||
Basic | 13 | ||||||||||||||||||||||||||||
Diluted | 13 |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
June 30, 2019 | June 30, 2020 | June 30, 2019 | June 30, 2020 | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||||||||||
Foreign currency translation differences, net of taxes | ( | ( | |||||||||||||||||||||
Actuarial (losses) gains on employee benefits, net of taxes | ( | ( | ( | ||||||||||||||||||||
Other comprehensive income (loss) | $ | $ | $ | ( | $ | ( | |||||||||||||||||
Total comprehensive income (loss) | $ | $ | $ | $ | |||||||||||||||||||
Attributable to shareholders of Criteo S.A. | $ | $ | $ | $ | |||||||||||||||||||
Attributable to non-controlling interests | $ | $ | $ | $ |
Share capital | Treasury Stock | Additional paid-in capital | Accumulated Other Comprehensive Income (Loss) | Retained Earnings | Equity - attributable to shareholders of Criteo S.A. | Non controlling interest | Total equity | |||||||||||||||||||||||||
Common shares | Shares | |||||||||||||||||||||||||||||||
(in thousands, except share amounts ) | ||||||||||||||||||||||||||||||||
Balance at December 31, 2018 | $ | ( | $( | $ | $( | $ | $ | $ | $ | |||||||||||||||||||||||
Net income | — | — | — | — | — | — | ||||||||||||||||||||||||||
Other comprehensive income (loss) | — | — | — | — | — | ( | — | ( | ( | ( | ||||||||||||||||||||||
Issuance of ordinary shares | — | — | — | — | — | |||||||||||||||||||||||||||
Change in treasury stocks | ( | ( | ( | — | ( | — | — | — | ||||||||||||||||||||||||
Share-Based Compensation | — | — | — | — | — | — | ( | |||||||||||||||||||||||||
Other changes in equity | — | — | — | ( | — | — | ||||||||||||||||||||||||||
Balance at March 31, 2019 | $ | ( | $( | $ | $( | $ | $ | $ | $ | |||||||||||||||||||||||
Net income | — | — | — | — | — | — | ||||||||||||||||||||||||||
Other comprehensive income (loss) | — | — | — | — | — | — | ||||||||||||||||||||||||||
Issuance of ordinary shares | — | — | — | — | — | — | ||||||||||||||||||||||||||
Change in treasury stocks | — | — | — | — | ( | — | — | — | ||||||||||||||||||||||||
Share-Based Compensation | — | — | — | — | — | — | ||||||||||||||||||||||||||
Other changes in equity | — | — | — | — | ( | ( | — | |||||||||||||||||||||||||
Balance at June 30, 2019 | $ | ( | $( | $ | $( | $ | $ | $ | $ | |||||||||||||||||||||||
Share capital | Treasury Stock | Additional paid-in capital | Accumulated Other Comprehensive Income (Loss) | Retained Earnings | Equity - attributable to shareholders of Criteo S.A. | Non controlling interest | Total equity | |||||||||||||||||||||||||
Common shares | Shares | |||||||||||||||||||||||||||||||
(in thousands, except share amounts ) | ||||||||||||||||||||||||||||||||
Balance at December 31, 2019 | $ | ( | $( | $ | $( | $ | $ | $ | $ | |||||||||||||||||||||||
Net income | — | — | — | — | — | — | ||||||||||||||||||||||||||
Other comprehensive income (loss) | — | — | — | — | — | ( | — | ( | ( | ( | ||||||||||||||||||||||
Issuance of ordinary shares | — | — | — | — | — | — | ||||||||||||||||||||||||||
Change in treasury stocks | — | — | ( | ( | — | — | ( | ( | — | ( | ||||||||||||||||||||||
Share-Based Compensation | — | — | — | — | — | — | ||||||||||||||||||||||||||
Other changes in equity (*) | — | — | — | — | — | — | ( | ( | ( | ( | ||||||||||||||||||||||
Balance at March 31, 2020 | $ | ( | $( | $ | $( | $ | $ | $ | $ | |||||||||||||||||||||||
Net income | — | — | — | — | — | — | ||||||||||||||||||||||||||
Other comprehensive income (loss) | — | — | — | — | — | — | ||||||||||||||||||||||||||
Issuance of ordinary shares | — | — | — | — | — | — | ||||||||||||||||||||||||||
Change in treasury stocks | — | — | ( | ( | — | — | ( | ( | — | ( | ||||||||||||||||||||||
Share-Based Compensation | — | — | — | — | — | — | ||||||||||||||||||||||||||
Other changes in equity | — | — | — | — | — | — | ||||||||||||||||||||||||||
Balance at June 30, 2020 | $ | ( | $( | $ | $( | $ | $ | $ | $ |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
June 30, 2019 | June 30, 2020 | June 30, 2019 | June 30, 2020 | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Net income | $ | $ | $ | $ | |||||||||||||||||||
Non-cash and non-operating items | |||||||||||||||||||||||
- Amortization and provisions | |||||||||||||||||||||||
- Net gain or loss on disposal of non-current assets | ( | ||||||||||||||||||||||
- Equity awards compensation expense (1) | |||||||||||||||||||||||
- Change in deferred taxes | ( | ( | |||||||||||||||||||||
- Change in income taxes | ( | ( | |||||||||||||||||||||
- Other | ( | ||||||||||||||||||||||
Changes in working capital related to operating activities | ( | ||||||||||||||||||||||
- Decrease in trade receivables | |||||||||||||||||||||||
- (Decrease) in trade payables | ( | ( | ( | ( | |||||||||||||||||||
- Decrease in other current assets | |||||||||||||||||||||||
- Increase/ (Decrease) in other current liabilities | ( | ( | |||||||||||||||||||||
- Change in operating lease liabilities and right of use assets | ( | ( | ( | ||||||||||||||||||||
Cash from operating activities | |||||||||||||||||||||||
Acquisition of intangible assets, property, plant and equipment | ( | ( | ( | ( | |||||||||||||||||||
Change in accounts payable related to intangible assets, property, plant and equipment | ( | ( | |||||||||||||||||||||
(Payment for) Disposal of a business, net of cash acquired (disposed) | ( | ||||||||||||||||||||||
Change in other non-current financial assets | ( | ( | ( | ( | |||||||||||||||||||
Cash used for investing activities | ( | ( | ( | ( | |||||||||||||||||||
Proceeds from borrowings under line-of-credit agreement | |||||||||||||||||||||||
Repayment of borrowings | ( | ( | ( | ||||||||||||||||||||
Proceeds from capital increase | ( | ( | ( | ( | |||||||||||||||||||
Repurchase of treasury stocks | ( | ( | |||||||||||||||||||||
Change in other financial liabilities | ( | ( | ( | ( | |||||||||||||||||||
Cash (used for) from financing activities | ( | ( | |||||||||||||||||||||
Effect of exchange rates changes on cash and cash equivalents | ( | ||||||||||||||||||||||
Net increase in cash and cash equivalents | |||||||||||||||||||||||
Net cash and cash equivalents at beginning of period | |||||||||||||||||||||||
Net cash and cash equivalents at end of period | $ | $ | $ | $ | |||||||||||||||||||
Supplemental disclosures of cash flow information | |||||||||||||||||||||||
Cash paid for taxes, net of refunds | ( | ( | ( | ( | |||||||||||||||||||
Cash paid for interest | ( | ( | ( | ( |
Number of Treasury Shares | Amount (in thousands of dollars) | ||||||||||
Balance at January 1, 2020 | $ | ||||||||||
Treasury Shares Repurchased for RSU Vesting | |||||||||||
Treasury Shares Issued for RSU Vesting | ( | ( | |||||||||
Balance at June 30, 2020 | $ |
Six Months Ended | |||||
June 30, 2020 | |||||
(in thousands) | |||||
Restructuring liability - January 1, 2020 | $ | ||||
Restructuring costs | |||||
Restructuring costs - non cash items | |||||
Amount paid | ( | ||||
Restructuring liability - June 30, 2020 |
Six Months Ended | |||||
June 30, 2020 | |||||
(in thousands) | |||||
Restructuring liability - January 1, 2020 | $ | ||||
Restructuring costs | |||||
Amount paid | ( | ||||
Restructuring liability - June 30, 2020 |
December 31, 2019 | June 30, 2020 | ||||||||||
(in thousands) | |||||||||||
Trade receivables, net of allowance | |||||||||||
Other taxes | |||||||||||
Other current assets | |||||||||||
Non-current financial assets | |||||||||||
Marketable Securities | |||||||||||
Total | $ | $ |
December 31, 2019 | June 30, 2020 | ||||||||||
(in thousands) | |||||||||||
Trade payables | $ | $ | |||||||||
Other taxes | |||||||||||
Employee-related payables | |||||||||||
Other current liabilities | |||||||||||
Financial liabilities | |||||||||||
Total | $ | $ |
December 31, 2019 | June 30, 2020 | ||||||||||
(in thousands) | |||||||||||
Derivative Assets: | |||||||||||
Included in other current assets | $ | $ | |||||||||
Derivative Liabilities: | |||||||||||
Included in financial liabilities - current portion | $ | $ |
December 31, 2019 | June 30, 2020 | ||||||||||
(in thousands) | |||||||||||
Cash equivalents | $ | $ | |||||||||
Cash on hand | |||||||||||
Total cash and cash equivalents | $ | $ |
December 31, 2019 | June 30, 2020 | ||||||||||
(in thousands) | |||||||||||
Term Deposits | $ | $ | |||||||||
Marketable Securities | $ |
June 30, 2020 | |||||
(in thousands) | |||||
Due in one year | $ | ||||
Due in one to five years | $ | ||||
Total | $ |
December 31, 2019 | June 30, 2020 | ||||||||||
(in thousands) | |||||||||||
Trade accounts receivables | $ | $ | |||||||||
(Less) Allowance for credit losses | ( | ( | |||||||||
Net book value at end of period | $ | $ |
2019 | 2020 | ||||||||||
(in thousands) | |||||||||||
Balance at January 1 | $ | ( | $ | ( | |||||||
Allowance for credit losses through retained earnings (*) | ( | ||||||||||
Allowance for credit losses | ( | ( | |||||||||
Reversal of provision | |||||||||||
Currency translation adjustment | |||||||||||
Balance at June 30 | $ | ( | $ | ( |
December 31, 2019 | June 30, 2020 | ||||||||||
(in thousands) | |||||||||||
Prepayments to suppliers | $ | $ | |||||||||
Other debtors | |||||||||||
Prepaid expenses | |||||||||||
Derivative instruments | |||||||||||
Gross book value at end of period | |||||||||||
Net book value at end of period | $ | $ |
Software | Technology and customer relationships | Total | |||||||||||||||
(in thousands) | |||||||||||||||||
From July 1 to December 31, 2020 | $ | $ | $ | ||||||||||||||
2021 | |||||||||||||||||
2022 | |||||||||||||||||
2023 | |||||||||||||||||
2024 | |||||||||||||||||
Thereafter | |||||||||||||||||
Total | $ | $ | $ |
December 31, 2019 | June 30, 2020 | ||||||||||
(in thousands) | |||||||||||
Clients' prepayments | $ | $ | |||||||||
Credit notes | |||||||||||
Accounts payable relating to capital expenditures | |||||||||||
Other creditors | |||||||||||
Deferred revenue | |||||||||||
Total | $ | $ |
Three Months Ended | ||||||||||||||||||||||||||||||||
June 30, 2019 | June 30, 2020 | |||||||||||||||||||||||||||||||
Offices | Data Centers | Total | Offices | Data Centers | Total | |||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
Lease expense | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||
Short term lease expense | ( | ( | ( | |||||||||||||||||||||||||||||
Variable lease expense | ( | ( | ||||||||||||||||||||||||||||||
Sublease income | ( | ( | ||||||||||||||||||||||||||||||
Total operating lease expense | $ | $ | $ | $ | $ | $ |
Six Months Ended | ||||||||||||||||||||||||||||||||
June 30, 2019 | June 30, 2020 | |||||||||||||||||||||||||||||||
Offices | Data Centers | Total | Offices | Data Centers | Total | |||||||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||||||||
Lease expense | $ | $ | $ | $ | $ | $ | ||||||||||||||||||||||||||
Short term lease expense | ||||||||||||||||||||||||||||||||
Variable lease expense | ||||||||||||||||||||||||||||||||
Sublease income | ( | ( | ( | ( | ||||||||||||||||||||||||||||
Total operating lease expense | $ | $ | $ | $ | $ | $ |
June 30, 2020 | |||||||||||||||||
Offices | Data Centers | Total | |||||||||||||||
(in thousands) | |||||||||||||||||
Remainder of 2020 | $ | $ | $ | ||||||||||||||
2021 | |||||||||||||||||
2022 | |||||||||||||||||
2023 | |||||||||||||||||
2024 | |||||||||||||||||
Thereafter | |||||||||||||||||
Total minimum lease payments | |||||||||||||||||
Impact of Discount Rate | ( | ( | ( | ||||||||||||||
Total Lease Liability | $ | $ | $ |
June 30, 2019 | June 30, 2020 | |||||||
Weighted average remaining lease term (years) | ||||||||
Offices | ||||||||
Data Centers | ||||||||
Weighted average discount rate | ||||||||
Offices | % | % | ||||||
Data Centers | % | % |
Three Months Ended | ||||||||
June 30, 2019 | June 30, 2020 | |||||||
(in thousands) | ||||||||
Cash paid for amounts included in the measurement of lease liabilities | ||||||||
Cash flow for operating activities | $ | ( | $ | ( | ||||
Right of use assets obtained in exchange for new operating lease liabilities | $ | $ |
Six Months Ended | ||||||||
June 30, 2019 | June 30, 2020 | |||||||
(in thousands) | ||||||||
Cash paid for amounts included in the measurement of lease liabilities | ||||||||
Cash flow for operating activities | $ | ( | $ | ( | ||||
Right of use assets obtained in exchange for new operating lease liabilities | $ | $ |
Offices | Data Centers | |||||||
(in thousands) | ||||||||
Additional operating lease liabilities | $ | $ | ||||||
Additional right of use assets | $ | $ |
Americas | EMEA | Asia-Pacific | Total | ||||||||||||||||||||
For the three months ended | (in thousands) | ||||||||||||||||||||||
June 30, 2019 | $ | $ | $ | $ | |||||||||||||||||||
June 30, 2020 | $ | $ | $ | $ |
Americas | EMEA | Asia-Pacific | Total | ||||||||||||||||||||
For the six months ended | (in thousands) | ||||||||||||||||||||||
June 30, 2019 | $ | $ | $ | $ | |||||||||||||||||||
June 30, 2020 | $ | $ | $ | $ |
OSA/BSPCE | RSU/PSU | BSA | Total | ||||||||||||||||||||
Balance at January 1, 2020 | |||||||||||||||||||||||
Granted | |||||||||||||||||||||||
Exercised (OSA/BSPCE/BSA) | ( | ( | |||||||||||||||||||||
Vested (RSU) | ( | ( | |||||||||||||||||||||
Forfeited | ( | ( | ( | ( | |||||||||||||||||||
Expired | ( | ( | |||||||||||||||||||||
Balance at June 30, 2020 |
OSA/BSPCE | RSU | BSA | |||||||||||||||
Number outstanding | |||||||||||||||||
Weighted-average exercise price | € | NA | € | ||||||||||||||
Number vested | NA | ||||||||||||||||
Weighted-average exercise price | € | NA | € | ||||||||||||||
Weighted-average remaining contractual life of options outstanding, in years | NA |
Three Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2019 | June 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
R&D | S&O | G&A | Total | R&D | S&O | G&A | Total | ||||||||||||||||||||||||||||||||||||||||
RSUs | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||||||||||||||||||
Share options / BSPCE | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||
Total share-based compensation | ( | ( | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||
BSAs | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||
Total equity awards compensation expense | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( |
Six Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||
June 30, 2019 | June 30, 2020 | ||||||||||||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
R&D | S&O | G&A | Total | R&D | S&O | G&A | Total | ||||||||||||||||||||||||||||||||||||||||
RSUs | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||||||||||||||||||
Share options / BSPCE | ( | ( | ( | ( | ( | ||||||||||||||||||||||||||||||||||||||||||
Total share-based compensation | ( | ( | ( | ( | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||
BSAs | ( | ( | ( | ( | |||||||||||||||||||||||||||||||||||||||||||
Total equity awards compensation expense | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | $ | ( | |||||||||||||||||||||||||||||||
Three Months Ended | |||||||||||
June 30, 2019 | June 30, 2020 | ||||||||||
(in thousands) | |||||||||||
Financial income from cash equivalents | $ | $ | |||||||||
Interest and fees | ( | ( | |||||||||
Interest on debt | ( | ( | |||||||||
Fees | ( | ( | |||||||||
Foreign exchange gain (loss) | ( | ( | |||||||||
Other financial expense | ( | ( | |||||||||
Total financial income (expense) | $ | ( | $ | ( |
Six Months Ended | |||||||||||
June 30, 2019 | June 30, 2020 | ||||||||||
(in thousands) | |||||||||||
Financial income from cash equivalents | $ | $ | |||||||||
Interest and fees | ( | ( | |||||||||
Interest on debt | ( | ( | |||||||||
Fees | ( | ( | |||||||||
Foreign exchange gain (loss) | ( | ( | |||||||||
Other financial expense | ( | ( | |||||||||
Total financial income (expense) | $ | ( | $ | ( |
Six Months Ended | |||||||||||
June 30, 2019 | June 30, 2020 | ||||||||||
(in thousands) | |||||||||||
Current income tax | $ | ( | $ | ( | |||||||
Net change in deferred taxes | ( | ||||||||||
Provision for income taxes | $ | ( | $ | ( |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
June 30, 2019 | June 30, 2020 | June 30, 2019 | June 30, 2020 | ||||||||||||||||||||
Net income attributable to shareholders of Criteo S.A. | $ | $ | $ | $ | |||||||||||||||||||
Weighted average number of shares outstanding | |||||||||||||||||||||||
Basic earnings per share | $ | $ | $ | $ |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
June 30, 2019 | June 30, 2020 | June 30, 2019 | June 30, 2020 | ||||||||||||||||||||
Net income attributable to shareholders of Criteo S.A. | $ | $ | $ | $ | |||||||||||||||||||
Weighted average number of shares outstanding of Criteo S.A. | |||||||||||||||||||||||
Dilutive effect of : | |||||||||||||||||||||||
Restricted share awards ("RSUs") | |||||||||||||||||||||||
Share options and BSPCE | |||||||||||||||||||||||
Share warrants | |||||||||||||||||||||||
Weighted average number of shares outstanding used to determine diluted earnings per share | |||||||||||||||||||||||
Diluted earnings per share | $ | $ | $ | $ |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
June 30, 2019 | June 30, 2020 | June 30, 2019 | June 30, 2020 | ||||||||||||||||||||
Restricted share awards | |||||||||||||||||||||||
Share options and BSPCE | |||||||||||||||||||||||
Weighted average number of anti-dilutive securities excluded from diluted earnings per share |
Provision for employee-related litigation | Other provisions | Total | |||||||||||||||
(in thousands) | |||||||||||||||||
Balance at January 1, 2020 | $ | $ | $ | ||||||||||||||
Increase | |||||||||||||||||
Provision used | ( | ( | ( | ||||||||||||||
Provision released not used | ( | ( | |||||||||||||||
Currency translation adjustments | ( | ( | |||||||||||||||
Balance at June 30, 2020 | $ | $ | $ | ||||||||||||||
- of which current |
Americas | EMEA | Asia-Pacific | Total | ||||||||||||||||||||
For the three months ended: | (in thousands) | ||||||||||||||||||||||
June 30, 2019 | $ | $ | $ | $ | |||||||||||||||||||
June 30, 2020 | $ | $ | $ | $ |
Americas | EMEA | Asia-Pacific | Total | ||||||||||||||||||||
For the six months ended: | (in thousands) | ||||||||||||||||||||||
June 30, 2019 | $ | $ | $ | $ | |||||||||||||||||||
June 30, 2020 | $ | $ | $ | $ |
Three Months Ended | Six Months Ended | |||||||||||||||||||
June 30, 2019 | June 30, 2020 | June 30, 2019 | June 30, 2020 | |||||||||||||||||
(in thousands) | ||||||||||||||||||||
Americas | ||||||||||||||||||||
United States | $ | $ | $ | $ | ||||||||||||||||
EMEA | ||||||||||||||||||||
Germany | $ | $ | $ | $ | ||||||||||||||||
United Kingdom | $ | $ | $ | $ | ||||||||||||||||
Asia-Pacific | ||||||||||||||||||||
Japan | $ | $ | $ | $ |
Of which | Of which | ||||||||||||||||||||||||||||||||||||||||||||||
Holding | Americas | United States | EMEA | Asia-Pacific | Japan | Singapore | Total | ||||||||||||||||||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||||||||||||||||||||||||
December 31, 2019 | $ | $ | $ | $ | $ | $ | $ | $ | |||||||||||||||||||||||||||||||||||||||
June 30, 2020 | $ | $ | $ | $ | $ | $ | $ | $ |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
June 30, 2019 | June 30, 2020 | June 30, 2019 | June 30, 2020 | ||||||||||||||||||||
(in thousands, except share and per share data) | |||||||||||||||||||||||
Revenue | $ | 528,147 | $ | 437,614 | $ | 1,086,270 | $ | 940,990 | |||||||||||||||
Cost of revenue (2) | |||||||||||||||||||||||
Traffic acquisition costs | (304,229) | (257,698) | (626,658) | (555,062) | |||||||||||||||||||
Other cost of revenue | (29,059) | (33,914) | (55,104) | (67,720) | |||||||||||||||||||
Gross profit | 194,859 | 146,002 | 404,508 | 318,208 | |||||||||||||||||||
Operating expenses | |||||||||||||||||||||||
Research and development expenses (2) | (44,015) | (31,247) | (90,592) | (68,762) | |||||||||||||||||||
Sales and operations expenses (2) | (95,503) | (75,781) | (191,412) | (160,755) | |||||||||||||||||||
General and administrative expenses (2) | (35,767) | (29,185) | (69,537) | (55,100) | |||||||||||||||||||
Total operating expenses | (175,285) | (136,213) | (351,541) | (284,617) | |||||||||||||||||||
Income from operations | 19,574 | 9,789 | 52,967 | 33,591 | |||||||||||||||||||
Financial income (expense) | (1,354) | (1,003) | (3,328) | (1,337) | |||||||||||||||||||
Income before taxes | 18,220 | 8,786 | 49,639 | 32,254 | |||||||||||||||||||
Provision for income taxes | (5,683) | (2,636) | (15,701) | (9,676) | |||||||||||||||||||
Net income | $ | 12,537 | $ | 6,150 | $ | 33,938 | $ | 22,578 | |||||||||||||||
Net income available to shareholders of Criteo S.A. (1) | $ | 10,823 | $ | 5,716 | $ | 29,943 | $ | 21,175 | |||||||||||||||
Net income available to shareholders of Criteo S.A. per share: | |||||||||||||||||||||||
Basic | $ | 0.17 | $ | 0.09 | $ | 0.46 | $ | 0.34 | |||||||||||||||
Diluted | $ | 0.16 | $ | 0.09 | $ | 0.45 | $ | 0.34 | |||||||||||||||
Weighted average shares outstanding used in computing per share amounts: | |||||||||||||||||||||||
Basic | 64,581,476 | 61,415,467 | 64,459,867 | 61,553,875 | |||||||||||||||||||
Diluted | 65,624,505 | 61,790,135 | 65,833,642 | 61,958,499 |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
June 30, 2019 | June 30, 2020 | June 30, 2019 | June 30, 2020 | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Equity awards compensation expense | |||||||||||||||||||||||
Research and development expenses | $ | 4,203 | $ | 2,068 | $ | 8,228 | $ | 4,438 | |||||||||||||||
Sales and operations expenses | 5,693 | 1,572 | 11,894 | 5,190 | |||||||||||||||||||
General and administrative expenses | 4,495 | 3,519 | 8,151 | 6,034 | |||||||||||||||||||
Total equity awards compensation expense | $ | 14,391 | $ | 7,159 | $ | 28,273 | $ | 15,662 | |||||||||||||||
Pension service costs | |||||||||||||||||||||||
Research and development expenses | 191 | 269 | 384 | 538 | |||||||||||||||||||
Sales and operations expenses | 71 | 95 | 143 | 190 | |||||||||||||||||||
General and administrative expenses | 129 | 175 | 258 | 349 | |||||||||||||||||||
Total pension service costs (a) | $ | 391 | $ | 539 | $ | 785 | $ | 1,077 | |||||||||||||||
Depreciation and amortization expense | |||||||||||||||||||||||
Cost of revenue | 10,847 | 13,098 | 19,982 | 25,869 | |||||||||||||||||||
Research and development expenses (b) | 3,534 | 1,658 | 7,011 | 7,308 | |||||||||||||||||||
Sales and operations expenses (c) | 5,109 | 4,221 | 9,973 | 8,561 | |||||||||||||||||||
General and administrative expenses | 1,825 | 1,231 | 3,645 | 2,608 | |||||||||||||||||||
Total depreciation and amortization expense | $ | 21,315 | $ | 20,208 | $ | 40,611 | $ | 44,346 | |||||||||||||||
Restructuring costs (1) | |||||||||||||||||||||||
Research and development expenses | 124 | 513 | 124 | 1,508 | |||||||||||||||||||
Sales and operations expenses | 175 | 415 | 2,065 | 1,436 | |||||||||||||||||||
General and administrative expenses | 429 | 288 | 429 | 481 | |||||||||||||||||||
Total Restructuring costs (1) | $ | 728 | $ | 1,216 | $ | 2,618 | $ | 3,425 | |||||||||||||||
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
June 30, 2019 | June 30, 2020 | June 30, 2019 | June 30, 2020 | ||||||||||||||||||||
(in thousands) | (in thousands) | ||||||||||||||||||||||
(Gain) from forfeitures of share-based compensation awards | (2,678) | — | (2,678) | — | |||||||||||||||||||
Depreciation and amortization expense | 1,228 | — | 1,228 | — | |||||||||||||||||||
Facilities and impairment related costs | (243) | 807 | 1,647 | 1,794 | |||||||||||||||||||
Payroll related costs | 2,421 | 409 | 2,421 | 1,631 | |||||||||||||||||||
Total restructuring costs | 728 | 1,216 | 2,618 | 3,425 |
December 31, 2019 | June 30, 2020 | ||||||||||
(in thousands) | |||||||||||
Cash and cash equivalents | $ | 418,763 | $ | 578,181 | |||||||
Total assets | 1,790,384 | 1,804,402 | |||||||||
Trade receivables, net of credit losses | 481,732 | 329,979 | |||||||||
Total financial liabilities | 4,405 | 159,425 | |||||||||
Total liabilities | 752,396 | 769,405 | |||||||||
Total equity | $ | 1,037,988 | $ | 1,034,997 |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
June 30, 2019 | June 30, 2020 | June 30, 2019 | June 30, 2020 | ||||||||||||||||||||
(in thousands, except client data) | |||||||||||||||||||||||
Number of clients | 19,733 | 20,359 | 19,733 | 20,359 | |||||||||||||||||||
Revenue ex-TAC (3) | $ | 223,918 | $ | 179,916 | $ | 459,612 | $ | 385,928 | |||||||||||||||
Adjusted Net Income (4) | $ | 30,730 | $ | 16,707 | $ | 70,435 | $ | 48,735 | |||||||||||||||
Adjusted EBITDA (5) | $ | 56,399 | $ | 38,911 | $ | 125,254 | $ | 98,101 |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||
June 30, 2019 | June 30, 2020 | June 30, 2019 | June 30, 2020 | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
Revenue | $ | 528,147 | $ | 437,614 | $ | 1,086,270 | $ | 940,990 | ||||||||||||||||||
Adjustment: | ||||||||||||||||||||||||||
Traffic acquisition costs | (304,229) | (257,698) | (626,658) | (555,062) | ||||||||||||||||||||||
Revenue ex-TAC | $ | 223,918 | $ | 179,916 | $ | 459,612 | $ | 385,928 |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
June 30, 2019 | June 30, 2020 | June 30, 2019 | June 30, 2020 | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Net income | $ | 12,537 | $ | 6,150 | $ | 33,938 | $ | 22,578 | |||||||||||||||
Adjustments: | |||||||||||||||||||||||
Equity awards compensation expense | 14,391 | 7,159 | 28,273 | 15,662 | |||||||||||||||||||
Amortization of acquisition-related intangible assets | 5,465 | 2,847 | 10,937 | 9,695 | |||||||||||||||||||
Restructuring costs (1) | 728 | 1,216 | 2,618 | 3,425 | |||||||||||||||||||
Tax impact of the above adjustments | (2,391) | (665) | (5,331) | (2,625) | |||||||||||||||||||
Adjusted Net Income | $ | 30,730 | $ | 16,707 | $ | 70,435 | $ | 48,735 |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
June 30, 2019 | June 30, 2020 | June 30, 2019 | June 30, 2020 | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
(Gain) from forfeitures of share-based compensation awards | (2,678) | — | (2,678) | — | |||||||||||||||||||
Depreciation and amortization expense | 1,228 | — | 1,228 | — | |||||||||||||||||||
Facilities and impairment related costs | (243) | 807 | 1,647 | 1,794 | |||||||||||||||||||
Payroll related costs | 2,421 | 409 | 2,421 | 1,631 | |||||||||||||||||||
Total restructuring costs | 728 | 1,216 | 2,618 | 3,425 |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
June 30, 2019 | June 30, 2020 | June 30, 2019 | June 30, 2020 | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
Net income | $ | 12,537 | $ | 6,150 | $ | 33,938 | $ | 22,578 | |||||||||||||||
Adjustments: | |||||||||||||||||||||||
Financial expense (income) | 1,354 | 1,003 | 3,328 | 1,337 | |||||||||||||||||||
Provision for income taxes | 5,683 | 2,636 | 15,701 | 9,676 | |||||||||||||||||||
Equity awards compensation expense | 14,391 | 7,159 | 28,273 | 15,662 | |||||||||||||||||||
Pension service costs | 391 | 539 | 785 | 1,077 | |||||||||||||||||||
Depreciation and amortization expense | 21,315 | 20,208 | 40,611 | 44,346 | |||||||||||||||||||
Restructuring costs (1) | 728 | 1,216 | 2,618 | 3,425 | |||||||||||||||||||
Total net adjustments | 43,862 | 32,761 | 91,316 | 75,523 | |||||||||||||||||||
Adjusted EBITDA | $ | 56,399 | $ | 38,911 | $ | 125,254 | $ | 98,101 |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||
June 30, 2019 | June 30, 2020 | June 30, 2019 | June 30, 2020 | ||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
(Gain) from forfeitures of share-based compensation awards | (2,678) | — | (2,678) | — | |||||||||||||||||||
Depreciation and amortization expense | 1,228 | — | 1,228 | — | |||||||||||||||||||
Facilities and impairment related costs | (243) | 807 | 1,647 | 1,794 | |||||||||||||||||||
Payroll related costs | 2,421 | 409 | 2,421 | 1,631 | |||||||||||||||||||
Total restructuring costs | 728 | 1,216 | 2,618 | 3,425 |
Three Months Ended | |||||||||||||||||
June 30, 2019 | June 30, 2020 | 2019 vs 2020 | |||||||||||||||
(in thousands) | |||||||||||||||||
Revenue as reported | $ | 528,147 | $ | 437,614 | (17) | % | |||||||||||
Conversion impact U.S. dollar/other currencies | 7,414 | ||||||||||||||||
Revenue at constant currency (1) | 528,147 | 445,028 | (16) | % | |||||||||||||
Americas | |||||||||||||||||
Revenue as reported | 213,974 | 185,674 | (13) | % | |||||||||||||
Conversion impact U.S. dollar/other currencies | 3,338 | ||||||||||||||||
Revenue at constant currency (1) | 213,974 | 189,012 | (12) | % | |||||||||||||
EMEA | |||||||||||||||||
Revenue as reported | 194,359 | 159,621 | (18) | % | |||||||||||||
Conversion impact U.S. dollar/other currencies | 4,596 | ||||||||||||||||
Revenue at constant currency (1) | 194,359 | 164,217 | (16) | % | |||||||||||||
Asia-Pacific | |||||||||||||||||
Revenue as reported | 119,814 | 92,319 | (23) | % | |||||||||||||
Conversion impact U.S. dollar/other currencies | (520) | ||||||||||||||||
Revenue at constant currency(1) | $ | 119,814 | $ | 91,799 | (23) | % |
Six Months Ended | |||||||||||||||||
June 30, 2019 | June 30, 2020 | 2019 vs 2020 | |||||||||||||||
(in thousands) | |||||||||||||||||
Revenue as reported | $ | 1,086,270 | $ | 940,990 | (13) | % | |||||||||||
Conversion impact U.S. dollar/other currencies | 15,532 | ||||||||||||||||
Revenue at constant currency (1) | 1,086,270 | 956,522 | (12) | % | |||||||||||||
Americas | |||||||||||||||||
Revenue as reported | 431,967 | 377,419 | (13) | % | |||||||||||||
Conversion impact U.S. dollar/other currencies | 5,096 | ||||||||||||||||
Revenue at constant currency (1) | 431,967 | 382,515 | (11) | % | |||||||||||||
EMEA | |||||||||||||||||
Revenue as reported | 404,002 | 349,735 | (13) | % | |||||||||||||
Conversion impact U.S. dollar/other currencies | 10,220 | ||||||||||||||||
Revenue at constant currency (1) | 404,002 | 359,955 | (11) | % | |||||||||||||
Asia-Pacific | |||||||||||||||||
Revenue as reported | 250,301 | 213,836 | (15) | % | |||||||||||||
Conversion impact U.S. dollar/other currencies | 216 | ||||||||||||||||
Revenue at constant currency(1) | $ | 250,301 | $ | 214,052 | (14) | % |
Three Months Ended | % change | ||||||||||||||||
June 30, 2019 | June 30, 2020 | 2019 vs 2020 | |||||||||||||||
(in thousands, except percentages) | |||||||||||||||||
Traffic acquisition costs | $ | (304,229) | $ | (257,698) | (15)% | ||||||||||||
Other cost of revenue | $ | (29,059) | $ | (33,914) | 17% | ||||||||||||
Total Cost of Revenue | $ | (333,288) | $ | (291,612) | (13)% | ||||||||||||
% of revenue | (63) | % | (67) | % | |||||||||||||
Gross profit % | 37 | % | 33 | % |
Six Months Ended | % change | ||||||||||||||||
June 30, 2019 | June 30, 2020 | 2019 vs 2020 | |||||||||||||||
(in thousands, except percentages) | |||||||||||||||||
Traffic acquisition costs | $ | (626,658) | $ | (555,062) | (11)% | ||||||||||||
Other cost of revenue | $ | (55,104) | $ | (67,720) | 23% | ||||||||||||
Total Cost of Revenue | $ | (681,762) | $ | (622,782) | (9)% | ||||||||||||
% of revenue | (63) | % | (66) | % | |||||||||||||
Gross profit % | 37 | % | 34 | % |
Three Months Ended | Six Months Ended | ||||||||||||||||||||||||||||||||||||||||
Region | June 30, 2019 | June 30, 2020 | Year over Year Change | June 30, 2019 | June 30, 2020 | Year over Year Change | |||||||||||||||||||||||||||||||||||
Revenue: | (amounts in thousands, except percentages) | ||||||||||||||||||||||||||||||||||||||||
Americas | $ | 213,974 | $ | 185,674 | (13) | % | $ | 431,967 | $ | 377,419 | (13) | % | |||||||||||||||||||||||||||||
EMEA | 194,359 | 159,621 | (18) | % | 404,002 | 349,735 | (13) | % | |||||||||||||||||||||||||||||||||
Asia-Pacific | 119,814 | 92,319 | (23) | % | 250,301 | 213,836 | (15) | % | |||||||||||||||||||||||||||||||||
Total | 528,147 | 437,614 | (17) | % | 1,086,270 | 940,990 | (13) | % | |||||||||||||||||||||||||||||||||
Traffic acquisition costs: | |||||||||||||||||||||||||||||||||||||||||
Americas | (129,491) | (115,317) | (11) | % | (261,036) | (235,339) | (10) | % | |||||||||||||||||||||||||||||||||
EMEA | (107,401) | (90,153) | (16) | % | (224,692) | (198,550) | (12) | % | |||||||||||||||||||||||||||||||||
Asia-Pacific | (67,337) | (52,228) | (22) | % | (140,930) | (121,173) | (14) | % | |||||||||||||||||||||||||||||||||
Total | (304,229) | (257,698) | (15) | % | (626,658) | (555,062) | (11) | % | |||||||||||||||||||||||||||||||||
Revenue ex-TAC (1): | |||||||||||||||||||||||||||||||||||||||||
Americas | 84,483 | 70,357 | (17) | % | 170,931 | 142,080 | (17) | % | |||||||||||||||||||||||||||||||||
EMEA | 86,958 | 69,468 | (20) | % | 179,310 | 151,185 | (16) | % | |||||||||||||||||||||||||||||||||
Asia-Pacific | 52,477 | 40,091 | (24) | % | 109,371 | 92,663 | (15) | % | |||||||||||||||||||||||||||||||||
Total | $ | 223,918 | $ | 179,916 | (20) | % | $ | 459,612 | $ | 385,928 | (16) | % |
Three Months Ended | Six Months Ended | |||||||||||||||||||||||||||||||||||||
June 30, 2019 | June 30, 2020 | YoY Change | June 30, 2019 | June 30, 2020 | YoY Change | |||||||||||||||||||||||||||||||||
(amounts in thousands, except percentages) | ||||||||||||||||||||||||||||||||||||||
Revenue as reported | $ | 528,147 | $ | 437,614 | (17) | % | $ | 1,086,270 | $ | 940,990 | (13) | % | ||||||||||||||||||||||||||
Conversion impact U.S. dollar/other currencies | 7,414 | 15,532 | ||||||||||||||||||||||||||||||||||||
Revenue at constant currency | $ | 528,147 | $ | 445,028 | (16) | % | $ | 1,086,270 | $ | 956,522 | (12) | % | ||||||||||||||||||||||||||
Traffic acquisition costs as reported | $ | (304,229) | $ | (257,698) | (15) | % | $ | (626,658) | $ | (555,062) | (11) | % | ||||||||||||||||||||||||||
Conversion impact U.S. dollar/other currencies | (4,131) | (8,656) | ||||||||||||||||||||||||||||||||||||
Traffic Acquisition Costs at constant currency | $ | (304,229) | $ | (261,829) | (14) | % | $ | (626,658) | $ | (563,718) | (10) | % | ||||||||||||||||||||||||||
Revenue ex-TAC as reported | $ | 223,918 | $ | 179,916 | (20) | % | $ | 459,612 | $ | 385,928 | (16) | % | ||||||||||||||||||||||||||
Conversion impact U.S. dollar/other currencies | 3,283 | 6,876 | ||||||||||||||||||||||||||||||||||||
Revenue ex-TAC at constant currency | $ | 223,918 | $ | 183,199 | (18) | % | $ | 459,612 | $ | 392,804 | (15) | % | ||||||||||||||||||||||||||
Revenue ex-TAC/Revenue as reported | 42 | % | 41 | % | 42 | % | 41 | % | ||||||||||||||||||||||||||||||
Other cost of revenue as reported | $ | (29,059) | $ | (33,914) | 17 | % | $ | (55,104) | $ | (67,720) | 23 | % | ||||||||||||||||||||||||||
Conversion impact U.S. dollar/other currencies | (544) | (968) | ||||||||||||||||||||||||||||||||||||
Other cost of revenue at constant currency | $ | (29,059) | $ | (34,458) | 19 | % | $ | (55,104) | $ | (68,688) | 25 | % | ||||||||||||||||||||||||||
Adjusted EBITDA as reported | $ | 56,399 | $ | 38,911 | (31) | % | $ | 125,254 | $ | 98,101 | (22) | % | ||||||||||||||||||||||||||
Conversion impact U.S. dollar/other currencies | 600 | 2,217 | ||||||||||||||||||||||||||||||||||||
Adjusted EBITDA at constant currency | $ | 56,399 | $ | 39,511 | (30) | % | $ | 125,254 | $ | 100,318 | (20) | % |
Three Months Ended | % change | ||||||||||||||||
June 30, 2019 | June 30, 2020 | 2019 vs 2020 | |||||||||||||||
(in thousands, except percentages) | |||||||||||||||||
Research and development expenses | $ | (44,015) | $ | (31,247) | (29)% | ||||||||||||
% of revenue | (8) | % | (7) | % |
Six Months Ended | % change | ||||||||||||||||
June 30, 2019 | June 30, 2020 | 2019 vs 2020 | |||||||||||||||
(in thousands, except percentages) | |||||||||||||||||
Research and development expenses | $ | (90,592) | $ | (68,762) | (24)% | ||||||||||||
% of revenue | (8) | % | (7) | % |
Three Months Ended | % change | ||||||||||||||||
June 30, 2019 | June 30, 2020 | 2019 vs 2020 | |||||||||||||||
(in thousands, except percentages) | |||||||||||||||||
Sales and operations expenses | $ | (95,503) | $ | (75,781) | (21)% | ||||||||||||
% of revenue | (18) | % | (17) | % |
Six Months Ended | % change | ||||||||||||||||
June 30, 2019 | June 30, 2020 | 2019 vs 2020 | |||||||||||||||
(in thousands, except percentages) | |||||||||||||||||
Sales and operations expenses | $ | (191,412) | $ | (160,755) | (16)% | ||||||||||||
% of revenue | (18) | % | (17) | % |
Three Months Ended | % change | ||||||||||||||||
June 30, 2019 | June 30, 2020 | 2019 vs 2020 | |||||||||||||||
(in thousands, except percentages) | |||||||||||||||||
General and administrative expenses | $ | (35,767) | $ | (29,185) | (18)% | ||||||||||||
% of revenue | (7) | % | (7) | % |
Six Months Ended | % change | ||||||||||||||||
June 30, 2019 | June 30, 2020 | 2019 vs 2020 | |||||||||||||||
(in thousands, except percentages) | |||||||||||||||||
General and administrative expenses | $ | (69,537) | $ | (55,100) | (21)% | ||||||||||||
% of revenue | (6) | % | (6) | % |
Three Months Ended | % change | ||||||||||||||||
June 30, 2019 | June 30, 2020 | 2019 vs 2020 | |||||||||||||||
(in thousands, except percentages) | |||||||||||||||||
Financial income (expense) | $ | (1,354) | $ | (1,003) | (26)% | ||||||||||||
% of revenue | (0.3) | % | (0.2) | % |
Six Months Ended | % change | ||||||||||||||||
June 30, 2019 | June 30, 2020 | 2019 vs 2020 | |||||||||||||||
(in thousands, except percentages) | |||||||||||||||||
Financial income (expense) | $ | (3,328) | $ | (1,337) | (60)% | ||||||||||||
% of revenue | (0.3) | % | (0.1) | % |
Three Months Ended | % change | ||||||||||||||||
June 30, 2019 | June 30, 2020 | 2019 vs 2020 | |||||||||||||||
(in thousands, except percentages) | |||||||||||||||||
Provision for income taxes | $ | (5,683) | $ | (2,636) | (54)% | ||||||||||||
% of revenue | (1) | % | (1) | % | |||||||||||||
Effective tax rate | 32 | % | 30 | % |
Six Months Ended | % change | ||||||||||||||||
June 30, 2019 | June 30, 2020 | 2019 vs 2020 | |||||||||||||||
(in thousands, except percentages) | |||||||||||||||||
Provision for income taxes | $ | (15,701) | $ | (9,676) | (38)% | ||||||||||||
% of revenue | (1) | % | (1) | % | |||||||||||||
Effective tax rate | 32 | % | 30 | % |
Three Months Ended | % change | ||||||||||||||||
June 30, 2019 | June 30, 2020 | 2019 vs 2020 | |||||||||||||||
(in thousands, except percentages) | |||||||||||||||||
Net income | $ | 12,537 | 6,150 | (51)% | |||||||||||||
% of revenue | 2 | % | 1 | % |
Six Months Ended | % change | ||||||||||||||||
June 30, 2019 | June 30, 2020 | 2019 vs 2020 | |||||||||||||||
(in thousands, except percentages) | |||||||||||||||||
Net income | $ | 33,938 | 22,578 | (33)% | |||||||||||||
% of revenue | 3 | % | 2 | % |
Six Months Ended | |||||||||||
June 30, 2019 | June 30, 2020 | ||||||||||
(in thousands) | |||||||||||
Cash from operating activities | $ | 120,184 | $ | 90,120 | |||||||
Cash used for investing activities | $ | (62,348) | $ | (50,618) | |||||||
Cash from (used for) financing activities | $ | (665) | $ | 120,097 |
Six Months Ended | |||||||||||||||||||||||
June 30, 2019 | June 30, 2020 | ||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
GBP/USD | +10% | -10% | +10% | -10% | |||||||||||||||||||
Net income impact | $ | (759) | $ | 759 | $ | (108) | $ | 108 |
Six Months Ended | |||||||||||||||||||||||
June 30, 2019 | June 30, 2020 | ||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
BRL/USD | +10% | -10% | +10% | -10% | |||||||||||||||||||
Net income impact | $ | (58) | $ | 58 | $ | (31) | $ | 31 |
Six Months Ended | |||||||||||||||||||||||
June 30, 2019 | June 30, 2020 | ||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
JPY/USD | +10% | -10% | +10% | -10% | |||||||||||||||||||
Net income impact | $ | 775 | $ | (775) | $ | 287 | $ | (287) |
Six Months Ended | |||||||||||||||||||||||
June 30, 2019 | June 30, 2020 | ||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
EUR/USD | +10% | -10% | +10% | -10% | |||||||||||||||||||
Net income impact | $ | 4,332 | $ | (4,332) | $ | 4,885 | $ | (4,885) |
Period | Total Number of Shares Purchased(1) | Average Price Paid per Share(2) | Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs(1) | Approximate Dollar Value of Shares That May Yet Be Purchased Under the Plans or Programs(1) | ||||||||||||||||||||||
April 1 to 30, 2020 | — | $ | — | — | $ | 30,000,000.00 | ||||||||||||||||||||
May 1 to 31, 2020 | 394,769 | $ | 9.99 | 394,769 | $ | 26,056,464.54 | ||||||||||||||||||||
June 1 to 30, 2020 | 872,655 | $ | 12.50 | 872,655 | $ | 15,152,090.52 | ||||||||||||||||||||
Total | 1,267,424 | $ | 11.72 | 1,267,424 |
Incorporated by Reference | ||||||||||||||||||||||||||||||||
Exhibit | Description | Schedule/ Form | File Number | Exhibit | File Date | |||||||||||||||||||||||||||
8-K | 001-36153 | 3.1 | June 26, 2020 | |||||||||||||||||||||||||||||
101.INS | XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL 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 | |||||||||||||||||||||||||||||||
104. | Cover Page Interactive Data File, formatted in Inline XBRL and contained in Exhibit 101. |
CRITEO S.A. | ||||||||
(Registrant) | ||||||||
By: | /s/ Dave Anderson | |||||||
Date: July 31, 2020 | Name: | Dave Anderson | ||||||
Title: | Interim Chief Financial Officer | |||||||
(Principal financial officer and duly authorized signatory) |
/s/ Megan Clarken | ||
Megan Clarken | ||
Chief Executive Officer (Principal Executive Officer) |
/s/ Dave Anderson | ||
Dave Anderson | ||
Interim Chief Financial Officer (Principal Financial and Accounting Officer) |
/s/ Megan Clarken | /s/ Dave Anderson | |||||||
Megan Clarken | Dave Anderson | |||||||
Chief Executive Officer | Interim Chief Financial Officer |
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (UNAUDITED) (Parenthetical) $ in Thousands |
Jun. 30, 2020
€ / shares
|
Jun. 30, 2020
USD ($)
shares
|
Dec. 31, 2019
€ / shares
|
Dec. 31, 2019
USD ($)
shares
|
---|---|---|---|---|
Statement of Financial Position [Abstract] | ||||
Trade receivables, allowances | $ | $ 33,294 | $ 16,068 | ||
Common shares, par value (in Euro per share) | € / shares | € 0.025 | € 0.025 | ||
Common shares authorized (in shares) | 66,204,881 | 66,197,181 | ||
Common shares issued (in shares) | 66,204,881 | 66,197,181 | ||
Common shares outstanding (in shares) | 66,204,881 | 66,197,181 | ||
Treasury stock (in shares) | 5,589,408 | 3,903,673 |
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Income Statement [Abstract] | ||||
Revenue | $ 437,614 | $ 528,147 | $ 940,990 | $ 1,086,270 |
Cost of revenue: | ||||
Traffic acquisition costs | (257,698) | (304,229) | (555,062) | (626,658) |
Other cost of revenue | (33,914) | (29,059) | (67,720) | (55,104) |
Gross profit | 146,002 | 194,859 | 318,208 | 404,508 |
Operating expenses: | ||||
Research and development expenses | (31,247) | (44,015) | (68,762) | (90,592) |
Sales and operations expenses | (75,781) | (95,503) | (160,755) | (191,412) |
General and administrative expenses | (29,185) | (35,767) | (55,100) | (69,537) |
Total operating expenses | (136,213) | (175,285) | (284,617) | (351,541) |
Income from operations | 9,789 | 19,574 | 33,591 | 52,967 |
Financial income (expense) | (1,003) | (1,354) | (1,337) | (3,328) |
Income before taxes | 8,786 | 18,220 | 32,254 | 49,639 |
Provision for income taxes | (2,636) | (5,683) | (9,676) | (15,701) |
Net income | 6,150 | 12,537 | 22,578 | 33,938 |
Net income available to shareholders of Criteo S.A. | 5,716 | 10,823 | 21,175 | 29,943 |
Net income available to non-controlling interests | $ 434 | $ 1,714 | $ 1,403 | $ 3,995 |
Net income allocated to shareholders of Criteo S.A. per share: | ||||
Basic (in USD per share) | $ 0.09 | $ 0.17 | $ 0.34 | $ 0.46 |
Diluted (in USD per share) | $ 0.09 | $ 0.16 | $ 0.34 | $ 0.45 |
Weighted average shares outstanding used in computing per share amounts: | ||||
Basic (in shares) | 61,415,467 | 64,581,476 | 61,553,875 | 64,459,867 |
Diluted (in shares) | 61,790,135 | 65,624,505 | 61,958,499 | 65,833,642 |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 6,150 | $ 12,537 | $ 22,578 | $ 33,938 |
Foreign currency translation differences, net of taxes | 11,584 | 9,598 | (4,348) | (894) |
Actuarial (losses) gains on employee benefits, net of taxes | (1,357) | (585) | 377 | (1,638) |
Other comprehensive income (loss) | 10,227 | 9,013 | (3,971) | (2,532) |
Total comprehensive income (loss) | 16,377 | 21,550 | 18,607 | 31,406 |
Attributable to shareholders of Criteo S.A. | 15,702 | 19,069 | 16,983 | 26,842 |
Attributable to non-controlling interests | $ 675 | $ 2,481 | $ 1,624 | $ 4,564 |
CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY (UNAUDITED) - USD ($) $ in Thousands |
Total |
Share capital |
Treasury Stock |
Additional paid-in capital |
Accumulated Other Comprehensive Income (Loss) |
Retained Earnings |
Equity - attributable to shareholders of Criteo S.A. |
Non controlling interest |
|||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Beginning balance (in shares) at Dec. 31, 2018 | 67,708,203 | (3,459,119) | |||||||||||
Beginning balance at Dec. 31, 2018 | $ 967,891 | $ 2,201 | $ (79,159) | $ 663,281 | $ (30,522) | $ 387,869 | $ 943,670 | $ 24,221 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Net income | 21,401 | 19,120 | 19,120 | 2,281 | |||||||||
Other comprehensive income (loss) | (11,545) | (11,347) | (11,347) | (198) | |||||||||
Issuance of ordinary shares (in shares) | 28,596 | ||||||||||||
Issuance of ordinary shares | 373 | $ 1 | 372 | 373 | |||||||||
Change in treasury stocks (in shares) | (1,594,288) | 1,786,715 | |||||||||||
Change in treasury stocks | $ (45) | $ 40,080 | (36,091) | (3,944) | |||||||||
Share-Based Compensation | 13,522 | 13,533 | 13,533 | (11) | |||||||||
Other changes in equity | 154 | (1) | 155 | 154 | |||||||||
Ending Balance (in shares) at Mar. 31, 2019 | 66,142,511 | (1,672,404) | |||||||||||
Ending Balance at Mar. 31, 2019 | 991,796 | $ 2,157 | $ (39,079) | 641,094 | (41,869) | 403,200 | 965,503 | 26,293 | |||||
Beginning balance (in shares) at Dec. 31, 2018 | 67,708,203 | (3,459,119) | |||||||||||
Beginning balance at Dec. 31, 2018 | 967,891 | $ 2,201 | $ (79,159) | 663,281 | (30,522) | 387,869 | 943,670 | 24,221 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Net income | 33,938 | ||||||||||||
Other comprehensive income (loss) | (2,532) | ||||||||||||
Ending Balance (in shares) at Jun. 30, 2019 | 66,161,523 | (1,118,969) | |||||||||||
Ending Balance at Jun. 30, 2019 | 1,024,963 | $ 2,157 | $ (26,564) | 652,572 | (33,293) | 401,209 | 996,081 | 28,882 | |||||
Beginning balance (in shares) at Mar. 31, 2019 | 66,142,511 | (1,672,404) | |||||||||||
Beginning balance at Mar. 31, 2019 | 991,796 | $ 2,157 | $ (39,079) | 641,094 | (41,869) | 403,200 | 965,503 | 26,293 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Net income | 12,537 | 10,823 | 10,823 | 1,714 | |||||||||
Other comprehensive income (loss) | 9,013 | 8,246 | 8,246 | 767 | |||||||||
Issuance of ordinary shares (in shares) | 19,012 | ||||||||||||
Issuance of ordinary shares | 252 | 252 | 252 | ||||||||||
Change in treasury stocks (in shares) | 553,435 | ||||||||||||
Change in treasury stocks | $ 12,515 | (12,515) | |||||||||||
Share-Based Compensation | 11,362 | 11,254 | 11,254 | 108 | |||||||||
Other changes in equity | 3 | (28) | 330 | (299) | 3 | ||||||||
Ending Balance (in shares) at Jun. 30, 2019 | 66,161,523 | (1,118,969) | |||||||||||
Ending Balance at Jun. 30, 2019 | $ 1,024,963 | $ 2,157 | $ (26,564) | 652,572 | (33,293) | 401,209 | 996,081 | 28,882 | |||||
Beginning balance (in shares) at Dec. 31, 2019 | 66,197,181 | 66,197,181 | (3,903,673) | ||||||||||
Beginning balance at Dec. 31, 2019 | $ 1,037,988 | $ 2,158 | $ (74,900) | 668,389 | (40,105) | 451,725 | 1,007,267 | 30,721 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Net income | 16,428 | 15,459 | 15,459 | 969 | |||||||||
Other comprehensive income (loss) | (14,198) | (14,178) | (14,178) | (20) | |||||||||
Issuance of ordinary shares (in shares) | 5,700 | ||||||||||||
Issuance of ordinary shares | 39 | 39 | 39 | ||||||||||
Change in treasury stocks (in shares) | (629,977) | ||||||||||||
Change in treasury stocks | (18,239) | $ (4,934) | (13,305) | (18,239) | |||||||||
Share-Based Compensation | 8,131 | 8,082 | 8,082 | 49 | |||||||||
Other changes in equity | (3,541) | [1] | (3,399) | [1] | (3,399) | [1] | (142) | ||||||
Ending Balance (in shares) at Mar. 31, 2020 | 66,202,881 | (4,533,650) | |||||||||||
Ending Balance at Mar. 31, 2020 | $ 1,026,608 | $ 2,158 | $ (79,834) | 676,510 | (54,283) | 450,480 | 995,031 | 31,577 | |||||
Beginning balance (in shares) at Dec. 31, 2019 | 66,197,181 | 66,197,181 | (3,903,673) | ||||||||||
Beginning balance at Dec. 31, 2019 | $ 1,037,988 | $ 2,158 | $ (74,900) | 668,389 | (40,105) | 451,725 | 1,007,267 | 30,721 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Net income | 22,578 | ||||||||||||
Other comprehensive income (loss) | $ (3,971) | ||||||||||||
Ending Balance (in shares) at Jun. 30, 2020 | 66,204,881 | 66,204,881 | (5,589,408) | ||||||||||
Ending Balance at Jun. 30, 2020 | $ 1,034,997 | $ 2,158 | $ (90,714) | 683,288 | (44,297) | 452,247 | 1,002,682 | 32,315 | |||||
Beginning balance (in shares) at Mar. 31, 2020 | 66,202,881 | (4,533,650) | |||||||||||
Beginning balance at Mar. 31, 2020 | 1,026,608 | $ 2,158 | $ (79,834) | 676,510 | (54,283) | 450,480 | 995,031 | 31,577 | |||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||||||||||
Net income | 6,150 | 5,716 | 5,716 | 434 | |||||||||
Other comprehensive income (loss) | 10,227 | 9,986 | 9,986 | 241 | |||||||||
Issuance of ordinary shares (in shares) | 2,000 | ||||||||||||
Issuance of ordinary shares | 13 | 13 | 13 | ||||||||||
Change in treasury stocks (in shares) | (1,055,758) | ||||||||||||
Change in treasury stocks | (14,861) | $ (10,880) | (3,981) | (14,861) | |||||||||
Share-Based Compensation | 6,804 | 6,765 | 6,765 | 39 | |||||||||
Other changes in equity | $ 56 | 32 | 32 | 24 | |||||||||
Ending Balance (in shares) at Jun. 30, 2020 | 66,204,881 | 66,204,881 | (5,589,408) | ||||||||||
Ending Balance at Jun. 30, 2020 | $ 1,034,997 | $ 2,158 | $ (90,714) | $ 683,288 | $ (44,297) | $ 452,247 | $ 1,002,682 | $ 32,315 | |||||
|
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Statement of Cash Flows [Abstract] | ||||
Share-based compensation expense | $ 6,804 | $ 11,362 | $ 14,935 | $ 24,884 |
Summary of Significant Accounting Policies |
6 Months Ended |
---|---|
Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation The unaudited condensed consolidated financial statements included herein (the "Unaudited Condensed Consolidated Financial Statements") 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 on Form 10-K for the year ended December 31, 2019, filed with the SEC on March 2, 2020. 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) revenue recognition criteria, (2) allowances for credit losses, (3) research tax credits, (4) income taxes, including i) recognition of deferred tax assets arising from the subsidiaries projected taxable profit for future years, ii) evaluation of uncertain tax positions associated with our transfer pricing policy and iii) recognition of income tax position in respect with tax reforms recently enacted in countries we operate, (5) assumptions used in valuing acquired assets and assumed liabilities in business combinations, (6) assumptions used in the valuation of goodwill, intangible assets and right of use assets - operating lease, and (7) assumptions used in the valuation model to determine the fair value of share-based compensation plan. The ongoing impact of COVID-19 increases uncertainty associated with these estimates, in particular those related to allowance for credit losses, assumptions used in the valuation of goodwill and estimates relating to income taxes. 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, 2019, except for the accounting pronouncements adopted below. Accounting Pronouncements adopted in 2020 Effective January 1, 2020, we have adopted the Financial Accounting Standards Board ("FASB") Accounting Standards Update ("ASU") No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which requires the measurement and recognition of expected credit losses for financial assets held at amortized cost. ASU 2016-13 replaces the existing incurred loss impairment model with an expected loss model which requires the use of forward-looking information to calculate credit loss estimates. This results in earlier recognition of credit losses. We measure loss allowances for all trade receivables using the lifetime expected credit loss approach, as described above. The expected credit losses on these financial assets are estimated using a provision matrix based on the Company’s historical credit loss experience, adjusted for factors that are specific to the debtors, general economic conditions and an assessment of both the current as well as the forecast direction of conditions at the reporting date. Effective January 1, 2020, we have adopted ASU 2017-04, Goodwill and Other (Topic 350). ASU 2017-04 simplifies the subsequent measurement of goodwill and reduces the cost and complexity of evaluating goodwill for impairment. It eliminates the need for entities to calculate the implied fair value of goodwill by assigning the fair value of a reporting unit to all of its assets and liabilities as if that reporting unit had been acquired in a business combination. Under this amendment, an entity will perform its goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An impairment charge is recognized for the amount by which the carrying value exceeds the reporting unit's fair value. The adoption of the ASU did not have an impact on our financial position or results of operations as we did not recognize an impairment loss during the period. Effective January 1, 2020, we have adopted ASU 2018-15, Intangibles - Goodwill and Other - Internal Use Software - Customer’s Accounting for Implementation Costs incurred in a Cloud Computing Arrangement That is a Service Contract. This ASU was issued to clarify the accounting for implementation costs incurred for SaaS agreements. Previously the guidance only referred to development of internal use software and the accounting for SaaS agreements was not clarified. This ASU states that the implementation costs of SaaS agreements should be capitalized. The adoption of the standard did not have an impact on our financial position or results of operations, however, it did have a minor impact on expense classification in current and future periods. Recent Accounting Pronouncements In August 2018, the FASB issued ASU 2018 - 14, Compensation - Retirement Benefits - Defined Benefit Plans - General. The purpose of this update is to modify disclosure requirements for Defined Benefit Plans. It removes requirements to disclose the amounts in accumulated other comprehensive income expected to be recognized as components of net periodic benefit cost over the next fiscal year among others. It adds disclosure requirements for the items such as an explanation of the reasons for significant gains and losses related to changes in the benefit obligation for the period. We intend to adopt the standard on the effective date of January 1, 2021. The adoption of ASU 2018-14 is not expected to have a material impact on our financial position or results of operations but may have an impact on our disclosures. In December 2019, the FASB issued Accounting Standard Update No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (ASU 2019-12), which simplifies the accounting for income taxes. We intend to adopt the standard on the effective date of January 1, 2021. The adoption of ASU 2019-12 is not expected to have a material impact on our financial position or results of operations but may have an impact on our disclosures. Other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies that do not require adoption until a future date are not expected to have a material impact on the Company’s Consolidated Financial Statements upon adoption.
|
Significant Events and Transactions of the Period |
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Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Significant Events and Transactions of the Period | Significant Events and Transactions of the Period Share repurchase program On October 25, 2018, Criteo's Board of Directors authorized a share repurchase program of up to $80.0 million of the Company’s outstanding American Depositary Shares. We completed this share repurchase program in 2018. As of December 31, 2018, 3.5 million shares were held as treasury shares. On February 8, 2019, the Board of Directors authorized the reduction of capital resulting in the formal retirement of 1.6 million treasury shares. On July 26, 2019, Criteo's Board of Directors authorized a share repurchase program of up to $80.0 million of the Company's outstanding American Depositary Shares. As of December 31, 2019, 3.2 million shares were held as treasury shares as part of the share repurchase program authorized on July 26, 2019. We completed the 2019 share repurchase program in February 2020. On April 23, 2020, Criteo's Board of Directors authorized a share repurchase program of up to $30.0 million of the Company's outstanding American Depositary Shares. This share repurchase program is still on-going as of June 30, 2020. As of June 30, 2020, we had 5.6 million treasury shares remaining which may be used to satisfy the Company's obligations under its employee equity plans upon RSU vestings in lieu of issuing new shares, and for M&A activity.
Restructuring Cease of our R&D operations in Palo Alto On October 7, 2019, in connection with the new organization structure, the Company announced a plan to restructure its R&D activities with the closing of its R&D operations in Palo Alto. The Company incurred additional net restructuring costs of $0.05 million and $0.5 million for the three and six months ended June 30, 2020, respectively, comprising of payroll expenses included in Research and Development expenses. The following table summarizes restructuring activities as of June 30, 2020 included in other current liabilities on the balance sheet:
New organization structure As part of a new organization structure designed to best support our multi-product platform strategy and accelerate execution, commenced in the twelve month period ended December 31, 2019, the Company incurred net restructuring costs of $0.4 million and $1.1 million for the three and six month periods ended June 30, 2020, respectively, comprising of payroll expenses. For the three and six month periods ended June 30, 2020, respectively, $0.04 million and $0.2 million was included in Research and Development expenses and $0.32 million and $0.9 million was included in Sales and Operations expenses. The following table summarizes restructuring activities as of June 30, 2020 included in other current liabilities on the balance sheet:
Changes in Group funding In September 2015, Criteo S.A. entered into a Multicurrency Revolving Facility Agreement for general purposes of the Group including the funding of business combinations. On May 4, 2020, Criteo decided to draw €140 million ($156.8 million) under its RCF credit facility for general purposes. The drawdown is for an initial period of six months. In addition the parties to the RCF agreement have agreed to extend the term of the agreement for one additional year, from March 2022 to March 2023, composed of a €350 million ($392 million) commitment through March 2022, and a €294 million ($329 million) commitment from the end of March 2022 through March 2023. The cost of the one-year extension is 0.025% of the extended amount. Changes in Group financial investments A €20 million ($22 million) amount has been invested in a 24 months term deposit with a yearly yield of 0.25%. This new investment is classified under Marketable Securities as a non-current asset as it does not meet the cash and cash equivalent criteria.
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Financial Instruments |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Financial Instruments | Financial Instruments Financial assets The maximum exposure to credit risk at the end of each reported period is represented by the carrying amount of financial assets and summarized in the following table:
Credit Risk We maintain an allowance for estimated credit losses. During the period ended December 31, 2019 and the six-month period ended June 30, 2020, our net change in allowance for credit losses was $9.9 million and $17.2 million, respectively (note 4). The primary cause of this change was the adoption of , Financial Instruments - Credit Losses (Topic 326) from January 1, 2020 resulting in an earlier recognition of credit losses, the cumulative effect of which, was recorded as an adjustment to retained earnings for $3.5 million (note 1), as well as an increase to the provision due to the expected impact of COVID-19 on the Company's future cash collection. For our financial assets, the fair value approximates the carrying amount, given the nature of the financial assets and the maturity of the expected cash flows. Trade Receivables Credit risk is defined as an unexpected loss in cash and earnings if the client is unable to pay its obligations in due time. We perform internal ongoing credit risk evaluations of our clients. When a possible risk exposure is identified, we require prepayments or pause the provision of services until payment of past due receivables is made. As of December 31, 2019 and June 30, 2020, no customer accounted for 10% or more of trade receivables. Financial Liabilities
For our financial liabilities, the fair value approximates the carrying amount, given the nature of the financial liabilities and the maturity of the expected cash flows. We are party to several loan agreements and a revolving credit facility, or RCF, with third-party financial institutions. There have been no significant changes from what was disclosed in Note 12 to the consolidated financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2019 except as presented in note 2 relating to a drawing for a total amount of €140 million ($156.8 million) under the RCF credit facility for general purposes. The drawdown is for an initial period of six months. In addition, the parties to the RCF agreement have agreed to extend the term of the agreement for one additional year, from March 2022 to March 2023, composed of a €350 million ($392 million) commitment through March 2022, and a €294 million ($329 million) commitment from the end of March 2022 through March 2023. The cost of the one-year extension is 0.025% of the extended amount. Fair Value Measurements We measure the fair value of our cash equivalents and marketable securities, which include interest-bearing bank deposits, as level 2 measurements because they are valued using observable market data. 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. Derivative Financial Instruments Derivatives consist of foreign currency forward contracts that we use to hedge intercompany transactions and other monetary assets or liabilities denominated in currencies other than the local currency of a subsidiary. We recognize gains and losses on these contracts in financial income (expense), and their position on the balance sheet is based on their fair value at the end of each respective period. These instruments are considered level 2 financial instruments as they are measured using valuation techniques based on observable market data.
For our derivative financial instruments, the fair value approximates the carrying amount, given the nature of the derivative financial instruments and the maturity of the expected cash flows. Cash and Cash Equivalents The following table presents for each reporting period, the breakdown of cash and cash equivalents:
Cash equivalents are investments in interest–bearing bank deposits which meet ASC 230—Statement of Cash flows criteria: short-term, highly liquid investments, for which the risks of changes in value are considered to be insignificant. Interest-bearing bank deposits are considered level 2 financial instruments as they are measured using valuation techniques based on observable market data. For our cash and cash equivalents, the fair value approximates the carrying amount, given the nature of the cash and cash equivalents and the maturity of the expected cash flows. Marketable Securities We have made a €20 million investment into a 24 months term deposit with one of the RCF parties, with a yearly yield of 0.25%. This new investment is classified under Marketable Securities as a non-current asset as it does not meet the cash and cash equivalent criteria. We determine the appropriate classification of our investments in marketable securities at the time of purchase and re-evaluate such designation at each balance sheet date. We have classified and accounted for our marketable debt securities as available-for-sale. After consideration of our risk versus reward objectives, as well as our liquidity requirements, management may redeem these debt securities prior to their stated maturities. The following table presents for each reporting period, the breakdown of the fair value of marketable securities:
The gross unrealized gains on our marketable securities were not material as of June 30, 2020. For our marketable securities, the fair value approximates the carrying amount, given the nature of the term deposit and the maturity of the expected cash flows. The term deposit is considered a level 2 financial instruments as it is measured using valuation techniques based on observable market data. The following table classifies our marketable securities by contractual maturities:
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Trade Receivables |
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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 credit accounts are summarized below:
(*) From January 1, 2020, we adopted ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments which requires the measurement and recognition of expected credit losses for financial assets held at amortized cost issued by the Financial Accounting Standards Board (FASB). ASU 2016-13 replaces the existing incurred loss impairment model with an expected loss model which requires the use of forward-looking information to calculate credit loss estimates. This results in earlier recognition of credit losses. We adopted ASU 2016-13 effective January 1, 2020 with the cumulative effect of adoption recorded as an adjustment to retained earnings (note 1). The amount charged to allowance for credit losses for the six months ended June 30, 2020 increased compared to the same period in the prior year due to the application of the expected credit loss model beginning on January 1, 2020 as well as an increase to the provision due to the expected impact of COVID-19 on the Company's future cash collections. The reversal of provision decreased during the six month period ended June 30, 2020, mainly due to lower payments received and write-offs of long outstanding receivables already reserved for which it is certain we will not collect the receivable. During the six month period ended June 30, 2020, the Company recovered $2.3 million previously written off, accounted for as a reversal of provision. The Company mitigates its credit risk with respect to accounts receivables by performing credit evaluations and monitoring agencies and advertisers' accounts receivables balances.
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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. Derivative financial instruments include foreign currency swaps or forward purchases or sales contracts 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.
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Intangible Assets and Goodwill |
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Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Intangible assets and Goodwill | Intangible Assets and Goodwill There have been no significant additions to intangible assets or goodwill since December 31, 2019. In addition, no events or circumstances have occurred during the three months ended June 30, 2020 that would indicate impairment of intangible assets and goodwill. 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 | Other Current Liabilities Other current liabilities are presented in the following table:
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases | Leases We have adopted Topic 842 effective January 1, 2019 on a modified retrospective basis and elected not to restate comparative periods. We chose to use certain practical expedients offered by the standard including: •We did not reassess whether any expired or existing contracts are or contain leases, the lease classification for any expired or existing leases, or the initial direct costs for any existing leases, •We do not recognize a lease liability or right of use asset for leases with a term of 12 months or less, and •We used hindsight in determining the lease term. We lease space under non-cancellable operating leases for our offices as well as our data centers. Our office leases typically include free rent periods or rent escalation periods, and may also include leasehold improvement incentives. Leases for data centers may also include free rent periods or rent escalation periods. These leases typically do not include residual value guarantees. Both office and data center leases may contain both lease components (rent) and non-lease components (maintenance, electrical costs, and other service charges). Non-lease components are accounted for separately. Both office and data center leases typically contain options to renew, and/or early terminate. We have evaluated management's expectations for these options as of June 30, 2020. Options have been included in the lease term if management has determined it is reasonably certain it will be exercised. Operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate at lease commencement to determine the present value of future payments. We have a centralized treasury function, and the majority of our leases are negotiated and signed by representatives of Criteo SA. As such, the incremental borrowing rate of Criteo SA is used for all of our contracts. It is then adjusted in consideration of the currency of the lease and the lease term as of the lease commencement date. Lease expense is recognized for minimum lease payments on a straight-line basis over the lease term. Variable costs are expensed in the period incurred. Variable expenses include changes in indexation. Leases for data centers may have variable costs based on electrical usage. The components of lease expense are as follows:
As of June 30, 2020, we had future minimum lease payments as follows:
The weighted average remaining lease term and discount rates as of June 30, 2020 are as follows:
Supplemental cash flow information related to our operating leases is as follows for the three months and six month period ended June 30, 2020:
As of June 30, 2020, we have additional operating leases, that have not yet commenced which will result in additional operating lease liabilities and right of use assets:
These operating leases will commence during the fiscal year ending December 31, 2020.
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Revenue |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue | Revenue Revenue Recognition We sell personalized display advertisements featuring product-level recommendations either directly to clients or to advertising agencies. Historically, the Criteo model has focused solely on converting our clients' website visitors into customers, enabling us to charge our clients only when users engage with an ad we deliver, usually by clicking on it. More recently, we have expanded our solutions to address a broader range of marketing goals for our clients. We offer two families of solutions to our commerce and brand clients: •Criteo Marketing Solutions allow commerce companies to address multiple marketing goals by engaging their consumers with personalized ads across the web, mobile and offline store environments. •Criteo Retail Media solutions allow retailers to generate advertising revenues from consumer brands, and/or to drive sales for themselves, by monetizing their data and audiences through personalized ads, either on their own digital property or on the open Internet, that address multiple marketing goals. In conjunction with broadening our solutions, we have also started expanding our pricing models to now include a combination of cost-per-install and cost-per-impression for selected new solutions, in addition to cost-per-click. We recognize revenues when we transfer control of promised services directly to our clients or to advertising agencies, which we collectively refer to as our clients, in an amount that reflects the consideration to which we expect to be entitled to in exchange for those services. For campaigns priced on a cost-per-click and cost-per-install basis, we bill our clients when a user clicks on an advertisement we deliver or installs an application by clicking on an advertisement we delivered, respectively. For these pricing models, we recognize revenue when a user clicks on an advertisement or installs an application. For campaigns priced on a cost-per-impression basis, we bill our clients based on the number of times an advertisement is displayed to a user. For this pricing model, we recognize revenue when an advertisement is displayed. We act as principal in our arrangements because (i) we control the advertising inventory (spaces on websites) before it is transferred to our clients; (ii) we bear sole responsibility for fulfillment of the advertising promise and inventory risks and (iii) we have full discretion in establishing prices. Therefore, based on these factors, we report revenue earned and the related costs incurred on a gross basis. Disaggregation of revenue 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. The following table presents our revenues disaggregated by geographical area:
Excluding our historical solution for driving Conversion as part of the Criteo Marketing Solutions family (formerly called Criteo Dynamic Retargeting), no individual solution from either the Criteo Marketing Solutions family, nor the Criteo Retail Media family, accounted for more than 10% of total consolidated revenue for the periods presented. Customer Credit Notes We offer credit notes to certain customers as a form of incentive, which are accounted for as variable consideration. We estimate these amounts based on the expected amount to be provided to customers and they are recognized as a reduction of revenue. We believe that there will not be significant changes to our estimates of variable consideration. Deferred Revenues We record deferred revenues when cash payments are received or due in advance of our performance. Our payment terms vary depending on the service or the type of customer. For certain customers, we require payment before the services are delivered. Practical Expedients We do not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less and (ii) contracts for which we recognize revenue at the amount to which we have the right to invoice for services performed. We generally expense sales commissions when incurred because the amortization period would have been one year or less. These costs are recorded within sales and operating expenses.
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Share-Based Compensation |
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Share-based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Compensation | Share-Based Compensation 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 six months ended June 30, 2020, there were three grants of RSUs and one grant of OSAs under the Employee Share Option Plan 12 as defined in Note 20 to our audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2019. On March 2, 2020, 40,240 RSUs were granted to Criteo employees subject to continued employment and 43,217 RSUs and 43,217 PSUs were granted to a member of the management subject to continued employment. On April 23, 2020, 72,411 RSUs were granted to Criteo employees subject to continued employment and 140,513 OSAs were granted to a member of management subject to continued employment. On June, 22, 2020, 1,626,850 RSUs were granted to Criteo employees, to certain senior managers and members of management subject to continued employment. 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 20 to the consolidated financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2019, filed with the SEC on March 2, 2020. Change in Number of BSPCE/OSA/RSU/BSA
Breakdown of the Closing Balance
Reconciliation with the Unaudited Consolidated Statements of Income
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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 $1.0 million and the $1.3 million financial expenses for the three and six month periods ended June 30, 2020, respectively, were driven by the up-front fees amortization, the non-utilization costs and the financial expense relating to the €140 million ($156.8 million) drawing performed in May 2020 (note 2) as part of our available Revolving Credit Facility (RCF) financing and the recognition of a negative impact of foreign exchange reevaluations net of related hedging. We manage our exposure to foreign currency risk at Criteo S.A. level and hedge using foreign currency swaps or forward purchases or sales of foreign currencies.
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Income Taxes |
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Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Taxes | Income Taxes Breakdown of Income Taxes The tax provision for interim periods is determined using an estimate of our annual effective tax rate (“AETR”), adjusted for discrete items arising in the period. 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 does change, 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. The condensed consolidated statements of income line item “Provision for income taxes” can be broken down as follows:
For the six months ended June 30, 2019 and 2020, we used an annual estimated tax rate of 30% to calculate the provision for income taxes. The effective tax rate was 32% and 30% for the six months ended June 30, 2019 and 2020, respectively. The difference between the annual estimated tax rate and the effective tax rate is mainly due to the tax impact of discrete items such as share-based compensation in the United States. Discrete items were immaterial for the six months ended June 30, 2020 resulting in no material difference between the annual estimated tax rate and the effective tax rate. Current tax assets and liabilities The total amount of current tax assets consists mainly of prepayments of income taxes and credits of Criteo SA, Criteo Corp and Criteo Gmbh. The current tax liabilities refers mainly to the corporate tax payables of Criteo K.K. Ongoing tax inspection in the United States On September 27, 2017, we received a draft notice of proposed adjustment (NOPA) from the Internal Revenue Service ("IRS") audit of Criteo Corp. for the year ended December 31, 2014, confirmed by the definitive notice dated February 8, 2018. Although we disagree with the IRS's position and are currently contesting this issue, the ultimate resolution of this litigation is uncertain and, if resolved in a manner unfavorable to us, could result in an additional federal tax liability of an estimated maximum aggregate amount of approximately $15.0 million, excluding related fees, interest and penalties.
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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 10). There were no other potentially dilutive instruments outstanding as of June 30, 2019 and June 30, 2020. 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 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 Revolving Credit Facilities "RCF", Credit Line Facilities and Bank Overdrafts As mentioned in Notes 2 and 3, we are party to an RCF with a syndicate of banks which allow us to draw up to an additional €210.0 million ($235.2 million). We are also party to short-term credit lines and overdraft facilities with HSBC plc, BNP Paribas and LCL with an authorization to draw up to a maximum of €21.5 million ($24.1 million) in aggregate under the short-term credit lines and overdraft facilities. As of June 30, 2020, we had not drawn on any of these facilities. Any loans or overdrafts under these short-term facilities bear interest based on the one month EURIBOR rate or three month EURIBOR rate. As these facilities are exclusively short-term credit and overdraft facilities, our banks have the ability to terminate such facilities on short notice. Contingencies Changes in provisions during the presented periods are summarized below:
The amount of the provisions represents management’s best estimate of the future outflow.
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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: • Americas (North and South America); • EMEA (Europe, Middle-East and Africa); and • Asia-Pacific. 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, the country of incorporation of the Parent, amounted to $35.2 million and $27.3 for the three months ended June 30, 2019 and 2020, respectively.
Revenue generated in France amounted to $72.6 million and $59.3 million for the six month ended June 30, 2019 and 2020, respectively. Revenue generated in other significant countries where we operate is presented in the following table:
As of June 30, 2019 and 2020, our largest client represented 1.4% and 1.1%, 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, excluding right of use assets related to lease agreements) are presented in the table below. The geographical information includes results from the locations of legal entities.
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Related Parties |
6 Months Ended |
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Jun. 30, 2020 | |
Related Party Transactions [Abstract] | |
Related Parties | Related Parties There were no significant related-party transactions during the period nor any change in the nature of the transactions as described in Note 25 to the consolidated financial statements included in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2019 except as follows: On May 15, 2020, the Group announced the appointment of Dave Anderson as the Company’s Interim Chief Financial Officer for a six-month term in replacement of Benoit Fouilland, effective May 18, 2020. During his engagement, Mr. Anderson is also the Company’s Principal Financial Officer and Principal Accounting Officer. Mr. Fouilland departed Criteo on June 30, 2020. The Executive Officers as of June 30, 2020 were: •Megan Clarken - Chief Executive Officer; •Dave Anderson - Interim Chief Financial Officer; and •Ryan Damon - General Counsel and Corporate Secretary.
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Subsequent Events |
6 Months Ended |
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Jun. 30, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events Given the ongoing impact that the COVID-19 pandemic is having on the Company's clients' business, it will remain a factor in our analysis of estimates residing in the financial statements, including, but not limited to, estimates related to receivable reserves calculated under the CECL model, the impairment analysis, and the income tax calculation. These estimates involve projections and assumptions regarding the future economic environment and as such it is possible that events may occur rapidly or unexpectedly that could lead to their changes. We will continue to closely monitor the effects of the COVID-19 pandemic, and continuously evaluate its impact on our key estimates. The Company evaluated all other subsequent events that occurred after June 30, 2020 through the date of issuance of the unaudited condensed consolidated financial statements and determined there are no other significant events that require adjustments or disclosures.
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Summary of Significant Accounting Policies (Policies) |
6 Months Ended |
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Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The unaudited condensed consolidated financial statements included herein (the "Unaudited Condensed Consolidated Financial Statements") 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 on Form 10-K for the year ended December 31, 2019, filed with the SEC on March 2, 2020. 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) revenue recognition criteria, (2) allowances for credit losses, (3) research tax credits, (4) income taxes, including i) recognition of deferred tax assets arising from the subsidiaries projected taxable profit for future years, ii) evaluation of uncertain tax positions associated with our transfer pricing policy and iii) recognition of income tax position in respect with tax reforms recently enacted in countries we operate, (5) assumptions used in valuing acquired assets and assumed liabilities in business combinations, (6) assumptions used in the valuation of goodwill, intangible assets and right of use assets - operating lease, and (7) assumptions used in the valuation model to determine the fair value of share-based compensation plan. The ongoing impact of COVID-19 increases uncertainty associated with these estimates, in particular those related to allowance for credit losses, assumptions used in the valuation of goodwill and estimates relating to income taxes. 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, 2019, except for the accounting pronouncements adopted below
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Recently Issued Accounting Standards | Accounting Pronouncements adopted in 2020 Effective January 1, 2020, we have adopted the Financial Accounting Standards Board ("FASB") Accounting Standards Update ("ASU") No. 2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, which requires the measurement and recognition of expected credit losses for financial assets held at amortized cost. ASU 2016-13 replaces the existing incurred loss impairment model with an expected loss model which requires the use of forward-looking information to calculate credit loss estimates. This results in earlier recognition of credit losses. We measure loss allowances for all trade receivables using the lifetime expected credit loss approach, as described above. The expected credit losses on these financial assets are estimated using a provision matrix based on the Company’s historical credit loss experience, adjusted for factors that are specific to the debtors, general economic conditions and an assessment of both the current as well as the forecast direction of conditions at the reporting date. Effective January 1, 2020, we have adopted ASU 2017-04, Goodwill and Other (Topic 350). ASU 2017-04 simplifies the subsequent measurement of goodwill and reduces the cost and complexity of evaluating goodwill for impairment. It eliminates the need for entities to calculate the implied fair value of goodwill by assigning the fair value of a reporting unit to all of its assets and liabilities as if that reporting unit had been acquired in a business combination. Under this amendment, an entity will perform its goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An impairment charge is recognized for the amount by which the carrying value exceeds the reporting unit's fair value. The adoption of the ASU did not have an impact on our financial position or results of operations as we did not recognize an impairment loss during the period. Effective January 1, 2020, we have adopted ASU 2018-15, Intangibles - Goodwill and Other - Internal Use Software - Customer’s Accounting for Implementation Costs incurred in a Cloud Computing Arrangement That is a Service Contract. This ASU was issued to clarify the accounting for implementation costs incurred for SaaS agreements. Previously the guidance only referred to development of internal use software and the accounting for SaaS agreements was not clarified. This ASU states that the implementation costs of SaaS agreements should be capitalized. The adoption of the standard did not have an impact on our financial position or results of operations, however, it did have a minor impact on expense classification in current and future periods. Recent Accounting Pronouncements In August 2018, the FASB issued ASU 2018 - 14, Compensation - Retirement Benefits - Defined Benefit Plans - General. The purpose of this update is to modify disclosure requirements for Defined Benefit Plans. It removes requirements to disclose the amounts in accumulated other comprehensive income expected to be recognized as components of net periodic benefit cost over the next fiscal year among others. It adds disclosure requirements for the items such as an explanation of the reasons for significant gains and losses related to changes in the benefit obligation for the period. We intend to adopt the standard on the effective date of January 1, 2021. The adoption of ASU 2018-14 is not expected to have a material impact on our financial position or results of operations but may have an impact on our disclosures. In December 2019, the FASB issued Accounting Standard Update No. 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes (ASU 2019-12), which simplifies the accounting for income taxes. We intend to adopt the standard on the effective date of January 1, 2021. The adoption of ASU 2019-12 is not expected to have a material impact on our financial position or results of operations but may have an impact on our disclosures. Other accounting standards that have been issued or proposed by the FASB or other standards-setting bodies that do not require adoption until a future date are not expected to have a material impact on the Company’s Consolidated Financial Statements upon adoption.
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Revenue | Revenue Recognition We sell personalized display advertisements featuring product-level recommendations either directly to clients or to advertising agencies. Historically, the Criteo model has focused solely on converting our clients' website visitors into customers, enabling us to charge our clients only when users engage with an ad we deliver, usually by clicking on it. More recently, we have expanded our solutions to address a broader range of marketing goals for our clients. We offer two families of solutions to our commerce and brand clients: •Criteo Marketing Solutions allow commerce companies to address multiple marketing goals by engaging their consumers with personalized ads across the web, mobile and offline store environments. •Criteo Retail Media solutions allow retailers to generate advertising revenues from consumer brands, and/or to drive sales for themselves, by monetizing their data and audiences through personalized ads, either on their own digital property or on the open Internet, that address multiple marketing goals. In conjunction with broadening our solutions, we have also started expanding our pricing models to now include a combination of cost-per-install and cost-per-impression for selected new solutions, in addition to cost-per-click. We recognize revenues when we transfer control of promised services directly to our clients or to advertising agencies, which we collectively refer to as our clients, in an amount that reflects the consideration to which we expect to be entitled to in exchange for those services. For campaigns priced on a cost-per-click and cost-per-install basis, we bill our clients when a user clicks on an advertisement we deliver or installs an application by clicking on an advertisement we delivered, respectively. For these pricing models, we recognize revenue when a user clicks on an advertisement or installs an application. For campaigns priced on a cost-per-impression basis, we bill our clients based on the number of times an advertisement is displayed to a user. For this pricing model, we recognize revenue when an advertisement is displayed. We act as principal in our arrangements because (i) we control the advertising inventory (spaces on websites) before it is transferred to our clients; (ii) we bear sole responsibility for fulfillment of the advertising promise and inventory risks and (iii) we have full discretion in establishing prices. Therefore, based on these factors, we report revenue earned and the related costs incurred on a gross basis. Excluding our historical solution for driving Conversion as part of the Criteo Marketing Solutions family (formerly called Criteo Dynamic Retargeting), no individual solution from either the Criteo Marketing Solutions family, nor the Criteo Retail Media family, accounted for more than 10% of total consolidated revenue for the periods presented. Customer Credit Notes We offer credit notes to certain customers as a form of incentive, which are accounted for as variable consideration. We estimate these amounts based on the expected amount to be provided to customers and they are recognized as a reduction of revenue. We believe that there will not be significant changes to our estimates of variable consideration. Deferred Revenues We record deferred revenues when cash payments are received or due in advance of our performance. Our payment terms vary depending on the service or the type of customer. For certain customers, we require payment before the services are delivered. Practical Expedients We do not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less and (ii) contracts for which we recognize revenue at the amount to which we have the right to invoice for services performed. We generally expense sales commissions when incurred because the amortization period would have been one year or less. These costs are recorded within sales and operating expenses.
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Significant Events and Transactions of the Period (Tables) |
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Restructuring and Related Activities [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Balance of Treasury Shares | As of June 30, 2020, we had 5.6 million treasury shares remaining which may be used to satisfy the Company's obligations under its employee equity plans upon RSU vestings in lieu of issuing new shares, and for M&A activity.
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Schedule of Restructuring Reserve by Type of Cost | The following table summarizes restructuring activities as of June 30, 2020 included in other current liabilities on the balance sheet:
The following table summarizes restructuring activities as of June 30, 2020 included in other current liabilities on the balance sheet:
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Financial Instruments (Tables) |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedules of concentration of risk | The maximum exposure to credit risk at the end of each reported period is represented by the carrying amount of financial assets and summarized in the following table:
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Schedule of financial liabilities |
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Schedule of derivative financial instruments |
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Schedule of assets and liabilities carried at fair value |
The following table presents for each reporting period, the breakdown of the fair value of marketable securities:
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Debt Securities, Available-for-sale | The following table classifies our marketable securities by contractual maturities:
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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 credit accounts are summarized below:
(*) From January 1, 2020, we adopted ASU 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments which requires the measurement and recognition of expected credit losses for financial assets held at amortized cost issued by the Financial Accounting Standards Board (FASB). ASU 2016-13 replaces the existing incurred loss impairment model with an expected loss model which requires the use of forward-looking information to calculate credit loss estimates. This results in earlier recognition of credit losses. We adopted ASU 2016-13 effective January 1, 2020 with the cumulative effect of adoption recorded as an adjustment to retained earnings (note 1).
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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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Leases (Tables) |
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Components of leases | The components of lease expense are as follows:
The weighted average remaining lease term and discount rates as of June 30, 2020 are as follows:
Supplemental cash flow information related to our operating leases is as follows for the three months and six month period ended June 30, 2020:
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Schedule of future minimum lease payments | As of June 30, 2020, we had future minimum lease payments as follows:
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Additional operating lease liabilities and right of use assets | As of June 30, 2020, we have additional operating leases, that have not yet commenced which will result in additional operating lease liabilities and right of use assets:
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Schedule of Restructuring Reserve by Type of Cost | The following table summarizes restructuring activities as of June 30, 2020 included in other current liabilities on the balance sheet:
The following table summarizes restructuring activities as of June 30, 2020 included in other current liabilities on the balance sheet:
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Revenue (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Disaggregation of Revenue | The following table presents our revenues disaggregated by geographical area:
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Share-Based Compensation (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-based Payment Arrangement [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 | Reconciliation with the Unaudited Consolidated Statements of Income
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Financial Income and Expenses (Tables) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of basic earnings per share |
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Schedule of diluted earnings per share | 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 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).
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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) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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) |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2020 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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, the country of incorporation of the Parent, amounted to $35.2 million and $27.3 for the three months ended June 30, 2019 and 2020, respectively.
Revenue generated in France amounted to $72.6 million and $59.3 million for the six month ended June 30, 2019 and 2020, respectively.
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Schedule of revenue generated in other significant countries | Revenue generated in other significant countries where we operate is presented in the following table:
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Schedule of non-current assets by geographical area and country | For each reported period, non-current assets (corresponding to the net book value of tangible and intangible assets, excluding right of use assets related to lease agreements) are presented in the table below. The geographical information includes results from the locations of legal entities.
|
Significant Events and Transactions of the Period - Narrative (Details) |
3 Months Ended | 6 Months Ended | |||||||||
---|---|---|---|---|---|---|---|---|---|---|---|
May 04, 2020
USD ($)
|
May 04, 2020
EUR (€)
|
Feb. 08, 2019
shares
|
Jun. 30, 2020
USD ($)
shares
|
Jun. 30, 2020
USD ($)
shares
|
Jun. 30, 2020
EUR (€)
shares
|
Apr. 23, 2020
USD ($)
|
Dec. 31, 2019
USD ($)
shares
|
Jul. 26, 2019
USD ($)
|
Dec. 31, 2018
shares
|
Oct. 25, 2018
USD ($)
|
|
Restructuring Cost and Reserve [Line Items] | |||||||||||
Treasury stock (in shares) | shares | 5,589,408 | 5,589,408 | 5,589,408 | 3,903,673 | 3,500,000 | ||||||
Treasury stock, retired (in shares) | shares | 1,600,000 | ||||||||||
Marketable securities | $ 22,396,000 | $ 22,396,000 | $ 0 | ||||||||
Revolving credit facility | Amended RCF To The End Of March 2022 Through March 2023 | Line of Credit [Member] | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Revolving credit facility, maximum borrowing capacity | 329,000,000 | 329,000,000 | € 294,000,000 | ||||||||
Revolving credit facility | Bank Syndicate RCF | Line of Credit [Member] | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Revolving credit facility, maximum borrowing capacity | 235,200,000 | 235,200,000 | 210,000,000.0 | ||||||||
Proceeds from lines of credit | $ 156,800,000 | € 140,000,000 | |||||||||
Investments [Member] | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Marketable securities | $ 22,000,000 | $ 22,000,000 | € 20,000,000 | ||||||||
Interest rate percentage | 0.25% | 0.25% | 0.25% | ||||||||
Closing R&D Operations In Palo Alto | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring costs | $ (50,000.00) | $ (497,000) | |||||||||
New Organization Structure | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring costs | (400,000) | (1,133,000) | |||||||||
New Organization Structure | Research and Development expense | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring costs | (40,000.00) | (200,000) | |||||||||
New Organization Structure | Sales and Operations expense | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Restructuring costs | $ (320,000) | $ (900,000) | |||||||||
American Depositary Shares | |||||||||||
Restructuring Cost and Reserve [Line Items] | |||||||||||
Authorized amount of share repurchase program | $ 30,000,000.0 | $ 80,000,000.0 | $ 80,000,000.0 | ||||||||
Treasury stock (in shares) | shares | 3,200,000 |
Significant Events and Transactions of the Period - Treasury Shares (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Jun. 30, 2020 |
Mar. 31, 2020 |
Jun. 30, 2019 |
Mar. 31, 2019 |
Jun. 30, 2020 |
|
Number of Treasury Shares | |||||
Beginning Balance (in shares) | 3,903,673 | 3,500,000 | 3,903,673 | ||
Ending Balance (in shares) | 5,589,408 | 5,589,408 | |||
Amount (in thousands of dollars) | |||||
Beginning Balance | $ 74,900 | $ 74,900 | |||
Treasury Shares Repurchased | $ 14,861 | $ 18,239 | |||
Ending Balance | $ 90,714 | $ 90,714 | |||
Treasury Stock | |||||
Number of Treasury Shares | |||||
Beginning Balance (in shares) | 3,903,673 | 3,903,673 | |||
Treasury Shares Repurchased (in shares) | (1,055,758) | (629,977) | 553,435 | 1,786,715 | |
Ending Balance (in shares) | 5,589,408 | 5,589,408 | |||
Amount (in thousands of dollars) | |||||
Beginning Balance | $ 74,900 | $ 74,900 | |||
Treasury Shares Repurchased | $ 10,880 | $ 4,934 | $ (12,515) | $ (40,080) | |
Ending Balance | $ 90,714 | $ 90,714 | |||
Treasury Shares Repurchased for RSU Vesting | |||||
Number of Treasury Shares | |||||
Treasury Shares Repurchased (in shares) | 2,525,492 | ||||
Amount (in thousands of dollars) | |||||
Treasury Shares Repurchased | $ 33,100 | ||||
Treasury Shares Issued for RSU Vesting | |||||
Number of Treasury Shares | |||||
Treasury Shares Issued for RSU Vesting (in shares) | (839,757) | ||||
Amount (in thousands of dollars) | |||||
Treasury Shares Issued for RSU Vesting | $ (17,286) |
Significant Events and Transactions of the Period - Schedule of Restructuring Costs (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended |
---|---|---|
Jun. 30, 2020 |
Jun. 30, 2020 |
|
Closing R&D Operations In Palo Alto | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring costs | $ (50) | $ (497) |
New Organization Structure | ||
Restructuring Cost and Reserve [Line Items] | ||
Restructuring costs | $ (400) | $ (1,133) |
Significant Events and Transactions of the Period - Summary of Restructuring Reserve (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended |
---|---|---|
Jun. 30, 2020 |
Jun. 30, 2020 |
|
Closing R&D Operations In Palo Alto | ||
Restructuring Reserve [Roll Forward] | ||
Beginning balance | $ 5,581 | |
Restructuring costs | $ 50 | 497 |
Restructuring costs - non cash item | 0 | |
Amount paid | (5,030) | |
Ending balance | 1,048 | 1,048 |
New Organization Structure | ||
Restructuring Reserve [Roll Forward] | ||
Beginning balance | 510 | |
Restructuring costs | 400 | 1,133 |
Amount paid | (1,529) | |
Ending balance | $ 114 | $ 114 |
Financial Instruments - Financial Assets and Credit Risk (Details) - USD ($) $ in Thousands |
6 Months Ended | 12 Months Ended |
---|---|---|
Jun. 30, 2020 |
Dec. 31, 2019 |
|
Concentration Risk [Line Items] | ||
Maximum exposure | $ 443,498 | $ 581,628 |
Trade receivables, net of allowance | ||
Concentration Risk [Line Items] | ||
Maximum exposure | 329,979 | 481,732 |
Other taxes | ||
Concentration Risk [Line Items] | ||
Maximum exposure | 54,008 | 60,924 |
Other current assets | ||
Concentration Risk [Line Items] | ||
Maximum exposure | 17,306 | 17,225 |
Non-current financial assets | ||
Concentration Risk [Line Items] | ||
Maximum exposure | $ 19,809 | $ 21,747 |
Financial Instruments - Financial Liabilities (Details) - Fair value - USD ($) $ in Thousands |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trade payables | $ 280,626 | $ 390,277 |
Other taxes | 44,085 | 50,099 |
Employee-related payables | 61,963 | 74,781 |
Other current liabilities | 38,982 | 35,886 |
Financial liabilities | 159,425 | 4,405 |
Total | $ 585,081 | $ 555,448 |
Financial Instruments - Derivative Financial Instruments (Details) - Fair Value, Inputs, Level 2 - Fair value - USD ($) $ in Thousands |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Derivative Assets: | ||
Included in other current assets | $ 389 | $ 0 |
Derivative Liabilities: | ||
Included in financial liabilities - current portion | $ 0 | $ 1,284 |
Financial Instruments - Cash and Cash Equivalents (Details) - Fair Value, Inputs, Level 2 - Fair value - USD ($) $ in Thousands |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | $ 578,181 | $ 418,763 |
Cash equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 174,005 | 189,119 |
Cash on hand | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | $ 404,176 | $ 229,644 |
Financial Instruments - Narrative (Details) |
6 Months Ended | 12 Months Ended | ||||
---|---|---|---|---|---|---|
May 04, 2020
USD ($)
|
May 04, 2020
EUR (€)
|
Jun. 30, 2020
USD ($)
|
Dec. 31, 2019
USD ($)
|
Jun. 30, 2020
EUR (€)
|
Jan. 01, 2020
USD ($)
|
|
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Net change in allowance for credit losses | $ 17,200,000 | $ 9,900,000 | ||||
Retained earnings | $ 452,247,000 | 451,725,000 | ||||
Line of credit facility, cost expressed as a percentage of extended amount | 0.025% | |||||
Accounting Standards Update [Extensible List] | us-gaap:AccountingStandardsUpdate201613Member | |||||
Marketable securities | $ 22,396,000 | $ 0 | ||||
Investments [Member] | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Marketable securities | $ 22,000,000 | € 20,000,000 | ||||
Interest rate percentage | 0.25% | 0.25% | ||||
RCF | Amended RCF Through March 2022 | Revolving credit facility | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Revolving credit facility, maximum borrowing capacity | $ 392,000,000 | € 350,000,000 | ||||
RCF | Amended RCF To The End Of March 2022 Through March 2023 | Revolving credit facility | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Revolving credit facility, maximum borrowing capacity | 329,000,000 | 294,000,000 | ||||
RCF | Bank Syndicate RCF | Revolving credit facility | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Revolving credit facility, maximum borrowing capacity | $ 235,200,000 | € 210,000,000.0 | ||||
Proceeds from lines of credit | $ 156,800,000 | € 140,000,000 | ||||
Cumulative Effect, Period Of Adoption, Adjustment | ||||||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | ||||||
Retained earnings | $ 3,500,000 |
Financial Instruments - Fair Value of Marketable Securities (Details) - USD ($) $ in Thousands |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Marketable securities | $ 22,396 | $ 0 |
Fair value | Term Deposits | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Marketable securities | $ 22,396 | $ 0 |
Financial Instruments - Marketable Securities Maturities (Details) - USD ($) $ in Thousands |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Fair Value Disclosures [Abstract] | ||
Due in one year | $ 0 | |
Due in one to five years | 22,396 | |
Marketable securities | $ 22,396 | $ 0 |
Trade Receivables - Breakdown in Trade Receivables (Details) - USD ($) $ in Thousands |
Jun. 30, 2020 |
Dec. 31, 2019 |
Jun. 30, 2019 |
Dec. 31, 2018 |
---|---|---|---|---|
Receivables [Abstract] | ||||
Trade accounts receivables | $ 363,273 | $ 497,800 | ||
(Less) Allowance for credit losses | (33,294) | (16,068) | $ (19,546) | $ (25,918) |
Net book value at end of period | $ 329,979 | $ 481,732 |
Trade Receivables - Allowance for Doubtful Accounts Rollforward (Details) - USD ($) $ in Thousands |
6 Months Ended | |
---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
January 1 | $ (16,068) | $ (25,918) |
Allowance for credit losses through retained earnings | (21,040) | (6,042) |
Reversal of provision | 6,974 | 12,318 |
Currency translation adjustment | 323 | 96 |
June 30 | (33,294) | (19,546) |
Retained Earnings | ||
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Allowance for credit losses through retained earnings | $ (3,483) | $ 0 |
Trade Receivables - Narrative (Details) $ in Millions |
6 Months Ended |
---|---|
Jun. 30, 2020
USD ($)
| |
Receivables [Abstract] | |
Accounts receivable, allowance for credit loss, recovery | $ 2.3 |
Other Current Assets (Details) - USD ($) $ in Thousands |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Prepayments to suppliers | $ 5,671 | $ 5,109 |
Other debtors | 2,809 | 4,225 |
Prepaid expenses | 8,437 | 7,891 |
Derivative instruments | 389 | 0 |
Gross book value at end of period | 17,306 | 17,225 |
Net book value at end of period | $ 17,306 | $ 17,225 |
Intangible Assets and Goodwill (Details) $ in Thousands |
Jun. 30, 2020
USD ($)
|
---|---|
Estimated Amortization Expense Maturity | |
From July 1 to December 31, 2020 | $ 10,360 |
2021 | 19,920 |
2022 | 17,277 |
2023 | 14,239 |
2024 | 9,400 |
Thereafter | 6,989 |
Total | 78,185 |
Software | |
Estimated Amortization Expense Maturity | |
From July 1 to December 31, 2020 | 4,639 |
2021 | 8,479 |
2022 | 5,836 |
2023 | 3,291 |
2024 | 700 |
Thereafter | 61 |
Total | 23,006 |
Technology and customer relationships | |
Estimated Amortization Expense Maturity | |
From July 1 to December 31, 2020 | 5,721 |
2021 | 11,441 |
2022 | 11,441 |
2023 | 10,948 |
2024 | 8,700 |
Thereafter | 6,928 |
Total | $ 55,179 |
Other Current Liabilities (Details) - USD ($) $ in Thousands |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Other Liabilities Disclosure [Abstract] | ||
Clients' prepayments | $ 10,700 | $ 13,618 |
Credit notes | 11,913 | 16,420 |
Accounts payable relating to capital expenditures | 14,576 | 4,408 |
Other creditors | 1,718 | 1,213 |
Deferred revenue | 75 | 227 |
Total | $ 38,982 | $ 35,886 |
Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Lessee, Lease, Description [Line Items] | ||||
Lease expense | $ 14,271 | $ 14,728 | $ 27,121 | $ 28,255 |
Short term lease expense | (125) | 1,048 | 217 | 2,503 |
Variable lease expense | (424) | 2,060 | 101 | 2,174 |
Sublease income | 26 | (693) | (176) | (1,769) |
Total operating lease expense | 13,748 | 17,143 | 27,263 | 31,163 |
Offices | ||||
Lessee, Lease, Description [Line Items] | ||||
Lease expense | 7,487 | 8,574 | 13,801 | 16,914 |
Short term lease expense | (69) | 523 | 217 | 1,448 |
Variable lease expense | 4 | 1,821 | 13 | 1,821 |
Sublease income | 26 | (693) | (176) | (1,769) |
Total operating lease expense | 7,448 | 10,225 | 13,855 | 18,414 |
Data Centers | ||||
Lessee, Lease, Description [Line Items] | ||||
Lease expense | 6,784 | 6,154 | 13,320 | 11,341 |
Short term lease expense | (56) | 525 | 0 | 1,055 |
Variable lease expense | (428) | 239 | 88 | 353 |
Sublease income | 0 | 0 | 0 | 0 |
Total operating lease expense | $ 6,300 | $ 6,918 | $ 13,408 | $ 12,749 |
Leases - Future Minimum Lease Payments (Details) $ in Thousands |
Jun. 30, 2020
USD ($)
|
---|---|
Lessee, Lease, Description [Line Items] | |
Remainder of 2020 | $ 28,567 |
2021 | 49,528 |
2022 | 38,519 |
2023 | 22,784 |
2024 | 11,622 |
Thereafter | 14,658 |
Total minimum lease payments | 165,678 |
Impact of Discount Rate | (8,470) |
Total Lease Liability | 157,208 |
Offices | |
Lessee, Lease, Description [Line Items] | |
Remainder of 2020 | 16,037 |
2021 | 30,042 |
2022 | 27,794 |
2023 | 18,387 |
2024 | 9,379 |
Thereafter | 14,283 |
Total minimum lease payments | 115,922 |
Impact of Discount Rate | (7,500) |
Total Lease Liability | 108,422 |
Data Centers | |
Lessee, Lease, Description [Line Items] | |
Remainder of 2020 | 12,530 |
2021 | 19,486 |
2022 | 10,725 |
2023 | 4,397 |
2024 | 2,243 |
Thereafter | 375 |
Total minimum lease payments | 49,756 |
Impact of Discount Rate | (970) |
Total Lease Liability | $ 48,786 |
Leases - Weighted Average Remaining Lease Term and Discount Rates (Details) |
Jun. 30, 2020 |
Jun. 30, 2019 |
---|---|---|
Offices | ||
Weighted average remaining lease term (years) | ||
Weighted average remaining lease term (years) | 4 years 3 months 10 days | 5 years 2 months 8 days |
Weighted average discount rate | ||
Weighted average discount rate | 2.59% | 2.64% |
Data Centers | ||
Weighted average remaining lease term (years) | ||
Weighted average remaining lease term (years) | 2 years 7 months 9 days | 2 years 9 months 21 days |
Weighted average discount rate | ||
Weighted average discount rate | 1.59% | 1.75% |
Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Cash Flow, Operating Activities, Lessee [Abstract] | ||||
Cash flow for operating activities | $ (12,733) | $ (13,967) | $ (26,781) | $ (27,931) |
Right of use assets obtained in exchange for new operating lease liabilities | $ 0 | $ 594 | $ 0 | $ 11,520 |
Leases - Additional Operating Leases and Right of Use Assets (Details) $ in Thousands |
Jun. 30, 2020
USD ($)
|
---|---|
Offices | |
Lessee, Lease, Description [Line Items] | |
Additional operating lease liabilities | $ 12,291 |
Additional right of use assets | 9,380 |
Data Centers | |
Lessee, Lease, Description [Line Items] | |
Additional operating lease liabilities | 7,864 |
Additional right of use assets | $ 7,864 |
Revenue (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 437,614 | $ 528,147 | $ 940,990 | $ 1,086,270 |
Americas | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 185,674 | 213,974 | 377,419 | 431,967 |
EMEA | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 159,621 | 194,359 | 349,735 | 404,002 |
Asia-Pacific | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 92,319 | $ 119,814 | $ 213,836 | $ 250,301 |
Share-Based Compensation - Narrative (Details) - shares |
6 Months Ended | |||
---|---|---|---|---|
Jun. 22, 2020 |
Apr. 23, 2020 |
Mar. 02, 2020 |
Jun. 30, 2020 |
|
RSUs | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Granted (in shares) | 1,825,935 | |||
RSUs | Plan 12 | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Granted (in shares) | 1,626,850 | 72,411 | 40,240 | |
RSUs | Plan 12 | Management | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Granted (in shares) | 43,217 | |||
PSUs | Plan 12 | Management | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Granted (in shares) | 43,217 | |||
OSAs | Management | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Granted, options (in shares) | 140,513 |
Share-Based Compensation - Change in Number of BSPCE/OSA/RSU/BSA (Details) |
6 Months Ended |
---|---|
Jun. 30, 2020
shares
| |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments [Roll Forward] | |
Beginning balance (in shares) | 7,902,287 |
Granted (in shares) | 1,966,448 |
Exercised (in shares) | (7,700) |
Vested (in shares) | (856,938) |
Forfeited (in shares) | (658,571) |
Expired (in shares) | (3,600) |
Ending balance (in shares) | 8,341,926 |
OSA/BSPCE | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Beginning balance, options (in shares) | 2,559,534 |
Granted, options (in shares) | 140,513 |
Exercised, options (in shares) | (7,700) |
Vested, options (in shares) | 0 |
Forfeited, options (in shares) | (166,459) |
Expired, options (in shares) | (3,600) |
Ending balance, options (in shares) | 2,522,288 |
RSU/PSU | |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | |
Beginning balance (in shares) | 4,978,986 |
Granted (in shares) | 1,825,935 |
Exercised (in shares) | 0 |
Vested (in shares) | (856,938) |
Forfeited (in shares) | (479,370) |
Expired (in shares) | 0 |
Ending balance (in shares) | 5,468,613 |
BSAs | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |
Beginning balance, options (in shares) | 363,767 |
Granted, options (in shares) | 0 |
Exercised, options (in shares) | 0 |
Vested, options (in shares) | 0 |
Forfeited, options (in shares) | (12,742) |
Expired, options (in shares) | 0 |
Ending balance, options (in shares) | 351,025 |
Share-Based Compensation - Breakdown of the Closing Balance (Details) - € / shares |
6 Months Ended | |
---|---|---|
Jun. 30, 2020 |
Dec. 31, 2019 |
|
OSA/BSPCE | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number outstanding, options (in shares) | 2,522,288 | 2,559,534 |
Weighted-average exercise price, options (in Euro per share) | € 22.02 | |
Number vested, options (in shares) | 1,808,388 | |
Weighted-average exercise price, options (in Euro per share) | € 24.24 | |
Weighted-average remaining contractual life of options outstanding | 5 years 9 months 18 days | |
RSU/PSU | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number outstanding (in shares) | 5,468,613 | 4,978,986 |
BSAs | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number outstanding, options (in shares) | 351,025 | 363,767 |
Weighted-average exercise price, options (in Euro per share) | € 14.82 | |
Number vested, options (in shares) | 165,291 | |
Weighted-average exercise price, options (in Euro per share) | € 17.13 | |
Weighted-average remaining contractual life of options outstanding | 7 years 1 month 24 days |
Share-Based Compensation - Share-based compensation expense (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Share-based compensation expense | $ (6,804) | $ (11,362) | $ (14,935) | $ (24,884) |
Total equity awards compensation expense | (7,159) | (11,713) | (15,662) | (25,595) |
R&D | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Share-based compensation expense | (2,068) | (3,328) | (4,438) | (7,353) |
Total equity awards compensation expense | (2,068) | (3,328) | (4,438) | (7,353) |
S&O | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Share-based compensation expense | (1,572) | (3,892) | (5,190) | (10,093) |
Total equity awards compensation expense | (1,572) | (3,892) | (5,190) | (10,093) |
G&A | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Share-based compensation expense | (3,164) | (4,142) | (5,307) | (7,438) |
Total equity awards compensation expense | (3,519) | (4,493) | (6,034) | (8,149) |
RSUs | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Share-based compensation expense | (6,169) | (12,117) | (14,146) | (24,434) |
RSUs | R&D | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Share-based compensation expense | (2,068) | (3,952) | (4,438) | (7,798) |
RSUs | S&O | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Share-based compensation expense | (1,516) | (4,669) | (5,135) | (10,624) |
RSUs | G&A | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Share-based compensation expense | (2,585) | (3,496) | (4,573) | (6,012) |
Share options / BSPCE | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Share-based compensation expense | (635) | 755 | (789) | (450) |
Share options / BSPCE | R&D | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Share-based compensation expense | 0 | 624 | 445 | |
Share options / BSPCE | S&O | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Share-based compensation expense | (56) | 777 | (55) | 531 |
Share options / BSPCE | G&A | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Share-based compensation expense | (579) | (646) | (734) | (1,426) |
BSAs | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Issuance of Stock and Warrants for Services or Claims | (355) | (351) | (727) | (711) |
BSAs | R&D | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Issuance of Stock and Warrants for Services or Claims | 0 | 0 | 0 | 0 |
BSAs | S&O | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Issuance of Stock and Warrants for Services or Claims | 0 | 0 | 0 | 0 |
BSAs | G&A | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Issuance of Stock and Warrants for Services or Claims | $ (355) | $ (351) | $ (727) | $ (711) |
Financial Income and Expenses - Financial income (expense) (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Other Income and Expenses [Abstract] | ||||
Financial income from cash equivalents | $ 61 | $ 608 | $ 443 | $ 785 |
Interest and fees | (811) | (481) | (1,243) | (1,004) |
Interest on debt | (638) | (443) | (1,018) | (873) |
Fees | (173) | (38) | (225) | (131) |
Foreign exchange gain (loss) | (235) | (1,089) | (496) | (2,687) |
Other financial expense | (18) | (392) | (41) | (422) |
Total financial income (expense) | $ (1,003) | $ (1,354) | $ (1,337) | $ (3,328) |
Financial Income and Expenses - Narrative (Details) $ in Thousands, € in Millions |
3 Months Ended | 6 Months Ended | ||||
---|---|---|---|---|---|---|
May 04, 2020
USD ($)
|
May 04, 2020
EUR (€)
|
Jun. 30, 2020
USD ($)
|
Jun. 30, 2019
USD ($)
|
Jun. 30, 2020
USD ($)
|
Jun. 30, 2019
USD ($)
|
|
Other Income and Expenses [Abstract] | ||||||
Financial income (expense) | $ 1,003 | $ 1,354 | $ 1,337 | $ 3,328 | ||
Revolving credit facility | Bank Syndicate RCF | Line of Credit [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Proceeds from lines of credit | $ 156,800 | € 140 |
Income Taxes (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Income Tax Disclosure [Abstract] | ||||
Current income tax | $ (17,293) | $ (14,365) | ||
Net change in deferred taxes | $ 4,939 | $ (7,252) | 7,617 | (1,336) |
Provision for income taxes | $ (2,636) | $ (5,683) | $ (9,676) | $ (15,701) |
Income Taxes - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | 6 Months Ended | |||
---|---|---|---|---|---|
Sep. 27, 2017 |
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Income Tax Examination [Line Items] | |||||
Estimated tax rate | 30.00% | 30.00% | |||
Effective tax rate | 30.00% | 32.00% | |||
Internal Revenue Service (IRS) | |||||
Income Tax Examination [Line Items] | |||||
Estimate of possible loss | $ 15.0 |
Earnings Per Share - Basic (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Earnings Per Share [Abstract] | ||||
Net income attributable to shareholders of Criteo S.A. | $ 5,716 | $ 10,823 | $ 21,175 | $ 29,943 |
Weighted average number of shares outstanding (in shares) | 61,415,467 | 64,581,476 | 61,553,875 | 64,459,867 |
Basic earnings per share (in USD per share) | $ 0.09 | $ 0.17 | $ 0.34 | $ 0.46 |
Earnings Per Share - Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Earnings Per Share [Abstract] | ||||
Net income attributable to shareholders of Criteo S.A. | $ 5,716 | $ 10,823 | $ 21,175 | $ 29,943 |
Weighted average number of shares outstanding (in shares) | 61,415,467 | 64,581,476 | 61,553,875 | 64,459,867 |
Dilutive effect of : | ||||
Restricted share awards (RSU's) (in shares) | 247,062 | 737,992 | 255,685 | 1,027,671 |
Share options and (BSPCEs) (in shares) | 119,516 | 274,298 | 136,651 | 305,473 |
Share warrants (in shares) | 8,090 | 30,739 | 12,288 | 40,631 |
Weighted average number of shares outstanding used to determine diluted earnings per share (in shares) | 61,790,135 | 65,624,505 | 61,958,499 | 65,833,642 |
Diluted earnings per share (in USD per share) | $ 0.09 | $ 0.16 | $ 0.34 | $ 0.45 |
Earnings Per Share - Anti-Dilutive Securities (Details) - shares |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
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) | 4,324,027 | 1,308,667 | 3,282,625 | 928,159 |
Restricted share awards | ||||
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) | 4,183,514 | 1,305,872 | 3,212,368 | 894,012 |
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) | 140,513 | 2,795 | 70,257 | 34,147 |
Commitments and contingencies - Commitments (Details) - Jun. 30, 2020 - Revolving credit facility - RCF |
EUR (€) |
USD ($) |
---|---|---|
Bank Syndicate RCF | ||
Debt Instrument [Line Items] | ||
Revolving credit facility, maximum borrowing capacity | € 210,000,000.0 | $ 235,200,000 |
HSBC and LCL Facilities | ||
Debt Instrument [Line Items] | ||
Revolving credit facility, maximum borrowing capacity | € 21,500,000 | $ 24,100,000 |
Commitments and contingencies - Contingencies (Details) $ in Thousands |
6 Months Ended |
---|---|
Jun. 30, 2020
USD ($)
| |
Loss Contingency Accrual [Roll Forward] | |
Contingencies accrual, beginning balance | $ 6,385 |
Increase | 91 |
Provision used | (446) |
Provision released not used | (1,770) |
Currency translation adjustments | (134) |
Contingencies accrual, ending balance | 4,126 |
Contingencies accrual, of which current | 4,126 |
Provision for employee-related litigation | |
Loss Contingency Accrual [Roll Forward] | |
Contingencies accrual, beginning balance | 620 |
Increase | 91 |
Provision used | (4) |
Provision released not used | 0 |
Currency translation adjustments | 1 |
Contingencies accrual, ending balance | 708 |
Contingencies accrual, of which current | 708 |
Other provisions | |
Loss Contingency Accrual [Roll Forward] | |
Contingencies accrual, beginning balance | 5,765 |
Increase | 0 |
Provision used | (442) |
Provision released not used | (1,770) |
Currency translation adjustments | (135) |
Contingencies accrual, ending balance | 3,418 |
Contingencies accrual, of which current | $ 3,418 |
Breakdown of Revenue and Non-Current Assets by Geographical Areas - Narrative (Details) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020
USD ($)
market
|
Jun. 30, 2019
USD ($)
|
Jun. 30, 2020
USD ($)
market
|
Jun. 30, 2019
USD ($)
|
|
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Number of geographical markets | market | 3 | 3 | ||
Revenue | $ 437,614 | $ 528,147 | $ 940,990 | $ 1,086,270 |
Sales Revenue, Net | Customer Concentration Risk | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Concentration risk, percentage | 1.10% | 1.40% | ||
France | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue | $ 27,300 | $ 35,200 | $ 59,300 | $ 72,600 |
Breakdown of Revenue and Non-Current Assets by Geographical Areas - Revenue by Geographical Area (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue | $ 437,614 | $ 528,147 | $ 940,990 | $ 1,086,270 |
Americas | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue | 185,674 | 213,974 | 377,419 | 431,967 |
EMEA | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue | 159,621 | 194,359 | 349,735 | 404,002 |
Asia-Pacific | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue | $ 92,319 | $ 119,814 | $ 213,836 | $ 250,301 |
Breakdown of Revenue and Non-Current Assets by Geographical Areas - Revenue by Significant Other Countries (Details) - USD ($) $ in Thousands |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2020 |
Jun. 30, 2019 |
Jun. 30, 2020 |
Jun. 30, 2019 |
|
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue | $ 437,614 | $ 528,147 | $ 940,990 | $ 1,086,270 |
United States | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue | 169,879 | 192,815 | 342,906 | 388,606 |
Germany | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue | 39,621 | 46,998 | 90,239 | 100,593 |
United Kingdom | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue | 20,857 | 21,180 | 41,677 | 42,948 |
Japan | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue | $ 67,782 | $ 82,263 | $ 152,419 | $ 175,431 |
Breakdown of Revenue and Non-Current Assets by Geographical Areas - Other Information (Details) - USD ($) $ in Thousands |
Jun. 30, 2020 |
Dec. 31, 2019 |
---|---|---|
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Non-current assets | $ 273,921 | $ 281,047 |
Americas | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Non-current assets | 98,751 | 104,389 |
United States | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Non-current assets | 98,538 | 100,107 |
EMEA | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Non-current assets | 17,016 | 20,336 |
Asia-Pacific | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Non-current assets | 32,751 | 19,701 |
Japan | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Non-current assets | 20,405 | 9,617 |
Singapore | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Non-current assets | 8,460 | 5,970 |
Holding | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Non-current assets | $ 125,403 | $ 136,621 |
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