Financial Income and Expenses

6 Months Ended

Jun. 30, 2020

Other Income and Expenses [Abstract]

Financial Income and Expenses

Financial Income and Expenses

The condensed consolidated statements of income line item “Financial income (expense)” can be broken down as follows:

	Three Months Ended
	June 30, 2019		June 30, 2020
	(in thousands)
Financial income from cash equivalents	$	608	$	61
Interest and fees	(481)		(811)
Interest on debt	(443)		(638)
Fees	(38)		(173)
Foreign exchange gain (loss)	(1,089)		(235)
Other financial expense	(392)		(18)
Total financial income (expense)	$	(1,354)	$	(1,003)

	Six Months Ended
	June 30, 2019		June 30, 2020
	(in thousands)
Financial income from cash equivalents	$	785	$	443
Interest and fees	(1,004)		(1,243)
Interest on debt	(873)		(1,018)
Fees	(131)		(225)
Foreign exchange gain (loss)	(2,687)		(496)
Other financial expense	(422)		(41)
Total financial income (expense)	$	(3,328)	$	(1,337)

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.