Financial Income and Expenses

9 Months Ended

Sep. 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
	September 30, 2019		September 30, 2020
	(in thousands)
Financial income from cash equivalents	$	442	$	108
Interest and fees	(454)		(677)
Interest on debt	(421)		(437)
Fees	(33)		(240)
Foreign exchange gain (loss)	(869)		107
Other financial expense	(19)		(29)
Total financial expense	$	(900)	$	(491)

	Nine Months Ended
	September 30, 2019		September 30, 2020
	(in thousands)
Financial income from cash equivalents	$	1,227	$	551
Interest and fees	(1,458)		(1,920)
Interest on debt	(1,294)		(1,455)
Fees	(164)		(465)
Foreign exchange gain (loss)	(3,556)		(389)
Other financial expense	(441)		(70)
Total financial expense	$	(4,228)	$	(1,828)

The $0.5 million and the $1.8 million financial expenses for the three and nine months ended September 30, 2020, respectively, were driven by the up-front fees amortization, the non-utilization costs and the financial expense relating to the €140 million ($163.9 million) drawdown 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.