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 |
March 31, 2023 | December 31, 2022 | |||||||||||||
(in thousands) | ||||||||||||||
Assets | ||||||||||||||
Current assets: | ||||||||||||||
Cash and cash equivalents | 4 | $ | $ | |||||||||||
Trade receivables, net of allowances of $ | 5 | |||||||||||||
Income taxes | 13 | |||||||||||||
Other taxes | ||||||||||||||
Other current assets | 6 | |||||||||||||
Restricted cash - current | 4 | |||||||||||||
Marketable securities - current portion | 4 | |||||||||||||
Total current assets | ||||||||||||||
Property, plant and equipment, net | ||||||||||||||
Intangible assets, net | ||||||||||||||
Goodwill | 2 | |||||||||||||
Right of use assets - operating lease | 8 | |||||||||||||
Restricted cash - non-current | 4 | |||||||||||||
Marketable securities - non-current portion | 4 | |||||||||||||
Non-current financial assets | ||||||||||||||
Other non-current assets | ||||||||||||||
Deferred tax assets | ||||||||||||||
Total non-current assets | ||||||||||||||
Total assets | $ | $ | ||||||||||||
Liabilities and shareholders' equity | ||||||||||||||
Current liabilities: | ||||||||||||||
Trade payables | $ | $ | ||||||||||||
Contingencies - current portion | 15 | |||||||||||||
Income taxes | 13 | |||||||||||||
Financial liabilities - current portion | 4 | |||||||||||||
Lease liability - operating - current portion | 8 | |||||||||||||
Other taxes | ||||||||||||||
Employee - related payables | ||||||||||||||
Other current liabilities | 7 | |||||||||||||
Total current liabilities | ||||||||||||||
Deferred tax liabilities | ||||||||||||||
Defined benefit plans | 9 | |||||||||||||
Financial liabilities - non-current portion | 4 | |||||||||||||
Lease liability - operating - non-current portion | 8 | |||||||||||||
Contingencies - non-current portion | 15 | |||||||||||||
Other non-current liabilities | 7 | |||||||||||||
Total non-current liabilities | ||||||||||||||
Total liabilities | ||||||||||||||
Commitments and contingencies | ||||||||||||||
Shareholders' equity: | ||||||||||||||
Common shares, € | ||||||||||||||
Treasury stock, | ( | ( | ||||||||||||
Additional paid-in capital | ||||||||||||||
Accumulated other comprehensive income (loss) | ( | ( | ||||||||||||
Retained earnings | ||||||||||||||
Equity-attributable to shareholders of Criteo S.A. | ||||||||||||||
Non-controlling interests | ||||||||||||||
Total equity | ||||||||||||||
Total equity and liabilities | $ | $ |
Three Months Ended | |||||||||||||||||
Notes | March 31, 2023 | March 31, 2022 | |||||||||||||||
(in thousands, except share per data) | |||||||||||||||||
Revenue | 10 | $ | $ | ||||||||||||||
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 (loss) from operations | ( | ||||||||||||||||
Financial and Other income (expense) | 12 | ||||||||||||||||
Income (loss) before taxes | ( | ||||||||||||||||
Provision for income taxes | 13 | ( | |||||||||||||||
Net income (loss) | $ | ( | $ | ||||||||||||||
Net income (loss) available to shareholders of Criteo S.A. | $ | ( | $ | ||||||||||||||
Net income (loss) available to non-controlling interests | $ | ( | $ | ||||||||||||||
Weighted average shares outstanding used in computing per share amounts: | |||||||||||||||||
Basic | 14 | ||||||||||||||||
Diluted | 14 | ||||||||||||||||
Net income (loss) allocated to shareholders per share: | |||||||||||||||||
Basic | 14 | $ | ( | $ | |||||||||||||
Diluted | 14 | $ | ( | $ |
Three Months Ended | |||||||||||
March 31, 2023 | March 31, 2022 | ||||||||||
(in thousands) | |||||||||||
Net income (loss) | $ | ( | $ | ||||||||
Foreign currency translation differences, net of taxes | ( | ||||||||||
Actuarial gains (losses) 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, 2021 | $ | ( | $( | $ | $( | $ | $ | $ | $ | |||||||||||||||||||||||
Net income (loss) | — | — | — | — | — | — | ||||||||||||||||||||||||||
Other comprehensive income (loss) | — | — | — | — | — | ( | — | ( | ( | ( | ||||||||||||||||||||||
Issuance of ordinary shares | — | — | — | — | — | |||||||||||||||||||||||||||
Change in treasury stocks(*) | — | — | ( | ( | — | — | ( | ( | — | ( | ||||||||||||||||||||||
Share-Based Compensation | — | — | — | — | — | — | ||||||||||||||||||||||||||
Other changes in equity | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||
Balance at March 31, 2022 | $ | ( | $( | $ | $( | $ | $ | $ | $ |
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, 2022 | $ | ( | $( | $ | $( | $ | $ | $ | $ | |||||||||||||||||||||||
Net income (loss) | — | — | — | — | — | — | ( | ( | ( | ( | ||||||||||||||||||||||
Other comprehensive income (loss) | — | — | — | — | — | — | ( | |||||||||||||||||||||||||
Issuance of ordinary shares | — | — | — | — | — | |||||||||||||||||||||||||||
Change in treasury stocks(*) | — | — | ( | ( | — | — | ( | ( | — | ( | ||||||||||||||||||||||
Share-Based Compensation | — | — | — | — | — | — | ||||||||||||||||||||||||||
Other changes in equity | — | — | — | — | — | — | — | — | — | |||||||||||||||||||||||
Balance at March 31, 2023 | $ | ( | $( | $ | $( | $ | $ | $ | $ |
Three Months Ended | ||||||||||||||
March 31, 2023 | March 31, 2022 | |||||||||||||
(in thousands) | ||||||||||||||
Net income (loss) | $ | ( | $ | |||||||||||
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 (2) | ( | |||||||||||||
Changes in working capital related to operating activities | ||||||||||||||
- (Increase) / Decrease in trade receivables | ||||||||||||||
- Increase / (Decrease) in trade payables | ( | ( | ||||||||||||
- (Increase) / 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 business, net of cash acquired | ( | |||||||||||||
Proceeds from disposition of investments | ||||||||||||||
Change in other non-current financial assets | ( | |||||||||||||
Cash (used for) from investing activities | ( | |||||||||||||
Proceeds from borrowings under line-of-credit agreement | ||||||||||||||
Repayment of borrowings | ( | |||||||||||||
Proceeds from exercise of stock options | ||||||||||||||
Repurchase of treasury stocks | ( | ( | ||||||||||||
Change in other financial liabilities | ||||||||||||||
Cash payment for contingent consideration | ( | |||||||||||||
Other (2) | ( | |||||||||||||
Cash used for financing activities | ( | ( | ||||||||||||
Effect of exchange rates changes on cash and cash equivalents | ( | ( | ||||||||||||
Net increase (decrease) in cash and cash equivalents | ( | |||||||||||||
Net cash and cash equivalents at beginning of period | ||||||||||||||
Net cash and cash equivalents and restricted cash at end of period | $ | $ | ||||||||||||
Supplemental disclosures of cash flow information | ||||||||||||||
Cash paid for taxes, net of refunds | ( | ( | ||||||||||||
Cash paid for interest | ( | ( |
Estimated fair values | ||||||||
(in millions) | ||||||||
Cash and cash equivalents | $ | |||||||
Trade receivables | ||||||||
Other current assets | ||||||||
Technology | ||||||||
Customer relationships | ||||||||
Other non-current assets | ||||||||
Trade Payables | ( | |||||||
Other current liabilities | ( | |||||||
Other non-current liabilities | ( | |||||||
Net assets acquired | $ |
Pro Forma Consolidated Statement of Operations Data | |||||||||||||||||
Three Months Ended | |||||||||||||||||
March 31, 2023 | March 31, 2022 | ||||||||||||||||
(in thousands) | |||||||||||||||||
Revenue | $ | $ | |||||||||||||||
Net Income (loss) | ( |
Three Months Ended | |||||||||||
March 31, 2023 | March 31, 2022 | ||||||||||
(in thousands) | |||||||||||
Marketing Solutions | $ | ||||||||||
Retail Media | |||||||||||
Iponweb | |||||||||||
Total Revenue | $ | $ |
Three Months Ended | |||||||||||
March 31, 2023 | March 31, 2022 | ||||||||||
(in thousands) | |||||||||||
Contribution ex-TAC | |||||||||||
Marketing Solutions | $ | $ | |||||||||
Retail Media | |||||||||||
Iponweb | |||||||||||
$ | $ | ||||||||||
Other costs of sales | ( | ( | |||||||||
Gross profit | $ | $ | |||||||||
Operating expenses | |||||||||||
Research and development expenses | ( | ( | |||||||||
Sales and operations expenses | ( | ( | |||||||||
General and administrative expenses | ( | ( | |||||||||
Total Operating expenses | ( | ( | |||||||||
Income (loss) from operations | $ | ( | $ | ||||||||
Financial and Other Income | |||||||||||
Income (loss) before tax | $ | ( | $ |
As of March 31, 2023 | ||||||||||||||
Cash and Cash Equivalent | Marketable Securities | |||||||||||||
(in thousands) | ||||||||||||||
Cash | $ | — | ||||||||||||
Level 2 | ||||||||||||||
Term deposits and notes | ||||||||||||||
Total | $ | $ |
As of December 31, 2022 | ||||||||||||||
Cash and Cash Equivalent | Marketable Securities | |||||||||||||
(in thousands) | ||||||||||||||
Cash | $ | — | ||||||||||||
Level 2 | ||||||||||||||
Term deposits and notes | ||||||||||||||
Total | $ | $ |
March 31, 2023 | December 31, 2022 | |||||||||||||
(in thousands) | ||||||||||||||
Securities Held-to-maturity | ||||||||||||||
Term Deposits | $ | $ | ||||||||||||
Total | $ | $ |
Held-to-maturity | Available-for-sale | |||||||||||||
March 31, 2023 | ||||||||||||||
(in thousands) | ||||||||||||||
Due in one year | $ | $ | ||||||||||||
Due in one to five years | $ | $ | ||||||||||||
Total | $ | $ |
March 31, 2023 | December 31, 2022 | |||||||||||||
(in thousands) | ||||||||||||||
Restricted cash – current | $ | $ | ||||||||||||
Restricted cash – non-current | $ | $ | ||||||||||||
Total | $ | $ |
March 31, 2023 | December 31, 2022 | ||||||||||
(in thousands) | |||||||||||
Trade accounts receivables | $ | $ | |||||||||
(Less) Allowance for credit losses | ( | ( | |||||||||
Net book value at end of period | $ | $ |
March 31, 2023 | December 31, 2022 | ||||||||||
(in thousands) | |||||||||||
Prepayments to suppliers | $ | $ | |||||||||
Other debtors | |||||||||||
Prepaid expenses | |||||||||||
Other current assets | |||||||||||
Net book value at end of period | $ | $ |
March 31, 2023 | December 31, 2022 | ||||||||||
(in thousands) | |||||||||||
Customer prepayments | $ | $ | |||||||||
Rebates | |||||||||||
Accounts payable relating to capital expenditures | |||||||||||
Other creditors | |||||||||||
Deferred revenue | $ | ||||||||||
Earn out liability – current | $ | ||||||||||
Total | $ | $ |
March 31, 2023 | December 31, 2022 | ||||||||||
(in thousands) | |||||||||||
Earn out liability – non-current | $ | $ | |||||||||
Uncertain tax positions | |||||||||||
Other | |||||||||||
Total | $ | $ |
Three Months Ended | |||||||||||||||||||||||||||||||||||
March 31, 2023 | March 31, 2022 | ||||||||||||||||||||||||||||||||||
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 | $ | $ | $ | $ | $ | $ |
Offices | Data Centers | ||||||||||
(in thousands) | |||||||||||
Additional operating lease liabilities | $ | $ | |||||||||
Additional right of use assets | $ | $ |
Projected benefit obligation | |||||
(in thousands) | |||||
Projected benefit obligation present value at January 1, 2022 | $ | ||||
Service cost | |||||
Interest cost | |||||
Actuarial losses (gains) | ( | ||||
Currency translation adjustment | ( | ||||
Projected benefit obligation present value at December 31, 2022 | $ | ||||
Service cost | |||||
Interest cost | |||||
Actuarial losses (gains) | |||||
Currency translation adjustment | |||||
Projected benefit obligation present value at March 31, 2023 | $ |
Three Months Ended | Year ended | ||||||||||
March 31, 2023 | December 31, 2022 | ||||||||||
Discount rate (Corp AA) | |||||||||||
Expected rate of salary increase | |||||||||||
Expected rate of social charges | |||||||||||
Expected staff turnover | |||||||||||
Estimated retirement age | Progressive table | Progressive table | |||||||||
Life table | TH-TF 2000-2002 shifted | TH-TF 2000-2002 shifted |
Three Months Ended | |||||||||||
March 31, 2023 | March 31, 2022 | ||||||||||
(in thousands) | |||||||||||
Defined contributions plans included in personnel expenses | $ | ( | $ | ( |
Marketing Solutions | Retail Media | Iponweb | Total | ||||||||||||||||||||
For the three months ended | (in thousands) | ||||||||||||||||||||||
March 31, 2023 | $ | $ | $ | $ | |||||||||||||||||||
March 31, 2022 | $ | $ | $ | $ |
Three Months Ended | |||||||||||
2023 | 2022 | ||||||||||
(in thousands) | |||||||||||
Research and Development | ( | ( | |||||||||
Sales and Operations | ( | ( | |||||||||
General and Administrative | ( | ( | |||||||||
Total equity awards compensation expense | ( | ( | |||||||||
Tax benefit from equity awards compensation expense | |||||||||||
Total equity awards compensation expense, net of tax effect | $ | ( | $ | ( |
Three Months Ended | |||||||||||
2023 | 2022 | ||||||||||
(in thousands) | |||||||||||
Share options | ( | ( | |||||||||
Lock-up shares | ( | ||||||||||
Restricted stock units / Performance stock units | ( | ( | |||||||||
Non-employee warrants | ( | ( | |||||||||
Total equity awards compensation expense | ( | ( | |||||||||
Tax benefit from equity awards compensation expense | |||||||||||
Total equity awards compensation expense, net of tax effect | $ | ( | $ | ( |
Options Outstanding | |||||||||||||||||||||||
Number of Shares Underlying Outstanding Options | Weighted-Average Exercise Price | Weighted-Average Remaining Contractual Term (Years) | Aggregate Intrinsic Value | ||||||||||||||||||||
Outstanding - December 31, 2022 | |||||||||||||||||||||||
Options granted | |||||||||||||||||||||||
Options exercised | ( | ||||||||||||||||||||||
Options forfeited | ( | ||||||||||||||||||||||
Options canceled | |||||||||||||||||||||||
Options expired | ( | ||||||||||||||||||||||
Outstanding - March 31, 2023 | € | € | |||||||||||||||||||||
Vested and exercisable - March 31, 2023 |
Shares | Weighted-Average Grant date Fair Value Per Share | ||||||||||
Outstanding as of December 31, 2022 | — | ||||||||||
Granted | — | ||||||||||
Vested | — | ||||||||||
Forfeited | — | ||||||||||
Outstanding as of March 31, 2023 | $ |
Shares (RSU) | Weighted-Average Grant date Fair Value Per Share | ||||||||||
Outstanding as of December 31, 2022 | — | ||||||||||
Granted | — | ||||||||||
Vested | ( | — | |||||||||
Forfeited | ( | — | |||||||||
Outstanding as of March 31, 2023 | € |
Shares (PSU) | Weighted-Average Grant date Fair Value Per Share | ||||||||||
Outstanding as of December 31, 2022 | — | ||||||||||
Granted | — | ||||||||||
Vested | ( | — | |||||||||
Forfeited | — | ||||||||||
Outstanding as of March 31, 2023 | € |
Shares | Weighted-Average Grant date Fair Value Per Share | Weighted-Average Remaining Contractual Term (Years) | Aggregate Intrinsic Value | ||||||||||||||||||||
Outstanding - December 31, 2022 | |||||||||||||||||||||||
Granted | |||||||||||||||||||||||
Exercised | ( | ||||||||||||||||||||||
Canceled | |||||||||||||||||||||||
Expired | |||||||||||||||||||||||
Outstanding - March 31, 2023 | € | € | |||||||||||||||||||||
Vested and exercisable - March 31, 2023 |
Three Months Ended | ||||||||||||||
March 31, 2023 | March 31, 2022 | |||||||||||||
(in thousands) | ||||||||||||||
Financial income from cash equivalents | $ | $ | ||||||||||||
Interest and fees | ( | ( | ||||||||||||
Foreign exchange gains (losses) | ( | |||||||||||||
Other financial income (expense) | ( | |||||||||||||
Total Financial and Other income (expense) | $ | $ |
Three Months Ended | |||||||||||
March 31, 2023 | March 31, 2022 | ||||||||||
(in thousands) | |||||||||||
Provision for income tax expense (benefit) | $ | ( | $ |
Three Months Ended | ||||||||||||||
March 31, 2023 | March 31, 2022 | |||||||||||||
Net income (loss) attributable to shareholders of Criteo S.A. | $ | ( | $ | |||||||||||
Weighted average number of shares outstanding | ||||||||||||||
Basic earnings per share | $ | ( | $ |
Three Months Ended | ||||||||||||||
March 31, 2023 | March 31, 2022 | |||||||||||||
Net income (loss) 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 | ||||||||||||||
March 31, 2023 | March 31, 2022 | |||||||||||||
Restricted share awards | ||||||||||||||
Share options and BSPCE | ||||||||||||||
Weighted average number of anti-dilutive securities excluded from diluted earnings per share |
Americas | EMEA | Asia-Pacific | Total | ||||||||||||||||||||
For the three months ended: | (in thousands) | ||||||||||||||||||||||
March 31, 2023 | $ | $ | $ | $ | |||||||||||||||||||
March 31, 2022 | $ | $ | $ | $ |
Three Months Ended | ||||||||||||||
March 31, 2023 | March 31, 2022 | |||||||||||||
(in thousands) | ||||||||||||||
Americas | ||||||||||||||
United States | $ | $ | ||||||||||||
EMEA | ||||||||||||||
Germany | $ | $ | ||||||||||||
France | $ | $ | ||||||||||||
Asia-Pacific | ||||||||||||||
Japan | $ | $ |
Americas | EMEA | Asia-Pacific | Total | |||||||||||||||||||||||
(in thousands) | ||||||||||||||||||||||||||
March 31, 2023 | $ | $ | $ | $ | ||||||||||||||||||||||
December 31, 2022 | $ | $ | $ | $ |
Three Months Ended | ||||||||||||||
March 31, 2023 | March 31, 2022 | |||||||||||||
(in thousands, except client data) | ||||||||||||||
Gross Profit | $ | 181,509 | $ | 184,024 | ||||||||||
Other Cost of Revenue | $ | 39,109 | $ | 32,893 | ||||||||||
Contribution ex-TAC | $ | 220,618 | $ | 216,917 |
Three Months Ended | ||||||||||||||
March 31, | ||||||||||||||
2023 | 2022 | |||||||||||||
Net income (loss) | $ | (12,071) | $ | 21,278 | ||||||||||
Adjustments: | ||||||||||||||
Financial (Income) expense | (6,606) | (4,030) | ||||||||||||
Provision for income taxes | (4,595) | 10,414 | ||||||||||||
Equity awards compensation expense | 26,065 | 9,490 | ||||||||||||
Pension service costs | 176 | 275 | ||||||||||||
Depreciation and amortization expense | 25,320 | 22,144 | ||||||||||||
Acquisition-related costs | 832 | 2,544 | ||||||||||||
Restructuring, integration and transformation costs | 9,602 | 710 | ||||||||||||
Total net adjustments | 50,794 | 41,547 | ||||||||||||
Adjusted EBITDA | $ | 38,723 | $ | 62,825 |
Three Months Ended | ||||||||||||||
March 31, 2023 | March 31, 2022 | |||||||||||||
(in thousands) | ||||||||||||||
(Gain) from forfeitures of share-based compensation awards | (897) | — | ||||||||||||
Facilities related (gain) costs | 618 | 533 | ||||||||||||
Payroll related (gain) costs | 9,631 | — | ||||||||||||
Consulting costs related to transformation | 250 | 177 | ||||||||||||
Restructuring, integration and transformation (gain) costs | $ | 9,602 | $ | 710 |
Three Months Ended | |||||||||||||||||
March 31, 2023 | March 31, 2022 | 2023 vs 2022 | |||||||||||||||
(in thousands) | |||||||||||||||||
Revenue as reported | $ | 445,016 | $ | 510,567 | (13) | % | |||||||||||
Conversion impact U.S. dollar/other currencies | $ | 18,457 | |||||||||||||||
Revenue at constant currency (1) | $ | 463,473 | $ | 510,567 | (9) | % | |||||||||||
Marketing Solutions revenue as reported | $ | 381,907 | $ | 463,888 | (18) | % | |||||||||||
Conversion impact U.S. dollar/other currencies | $ | 18,083 | |||||||||||||||
Marketing Solutions revenue at constant currency (1) | 399,990 | 463,888 | (14) | % | |||||||||||||
Retail Media revenue as reported (2) | 38,021 | 46,679 | (19) | % | |||||||||||||
Conversion impact U.S. dollar/other currencies | $ | 374 | |||||||||||||||
Retail Media revenue at constant currency (1) | 38,395 | 46,679 | (18) | % | |||||||||||||
Iponweb revenue as reported | 25,088 | — | N/A | ||||||||||||||
Conversion impact U.S. dollar/other currencies | $ | — | |||||||||||||||
Iponweb revenue at constant currency (1) | 25,088 | — | N/A |
Three Months Ended | |||||||||||||||||
March 31, 2023 | March 31, 2022 | 2023 vs 2022 | |||||||||||||||
(in thousands) | |||||||||||||||||
Revenue as reported | $ | 445,016 | $ | 510,567 | (13) | % | |||||||||||
Conversion impact U.S. dollar / other currencies | $ | 18,457 | |||||||||||||||
Revenue at constant currency (1) | 463,473 | 510,567 | (9) | % | |||||||||||||
Americas | |||||||||||||||||
Revenue as reported | 188,288 | 194,847 | (3) | % | |||||||||||||
Conversion impact U.S. dollar / other currencies | $ | (65) | |||||||||||||||
Revenue at constant currency (1) | 188,223 | 194,847 | (3) | % | |||||||||||||
EMEA | |||||||||||||||||
Revenue as reported | 160,214 | 193,954 | (17) | % | |||||||||||||
Conversion impact U.S. dollar / other currencies | $ | 8,539 | |||||||||||||||
Revenue at constant currency (1) | 168,753 | 193,954 | (13) | % | |||||||||||||
Asia-Pacific | |||||||||||||||||
Revenue as reported | 96,514 | 121,766 | (21) | % | |||||||||||||
Conversion impact U.S. dollar / other currencies | $ | 9,983 | |||||||||||||||
Revenue at constant currency (1) | $ | 106,497 | $ | 121,766 | (13) | % |
Three Months Ended | % change | ||||||||||||||||
March 31, 2023 | March 31, 2022 | 2023 vs 2022 | |||||||||||||||
(in thousands, except percentages) | |||||||||||||||||
Traffic acquisition costs | $ | (224,398) | $ | (293,650) | (24) | % | |||||||||||
Other cost of revenue | $ | (39,109) | $ | (32,893) | 19 | % | |||||||||||
Total cost of revenue | $ | (263,507) | $ | (326,543) | (19) | % | |||||||||||
% of revenue | (59) | % | (64) | % | |||||||||||||
Gross profit % | 41 | % | 36 | % |
Three Months Ended | % change | % change at Constant Currency (2) | |||||||||||||||||||||
March 31, 2023 | March 31, 2022 | 2023 vs 2022 | 2023 vs 2022 | ||||||||||||||||||||
(in thousands, except percentages) | |||||||||||||||||||||||
Marketing Solutions | $ | (223,729) | $ | (277,800) | (19) | % | (16) | % | |||||||||||||||
Retail Media | $ | (669) | $ | (15,850) | (96) | % | (96) | % | |||||||||||||||
Iponweb (1) | $ | — | $ | — | — | % | — | % | |||||||||||||||
Traffic Acquisition Costs | $ | (224,398) | $ | (293,650) | (24) | % | (21) | % |
Three Months Ended | ||||||||||||||||||||||||||
Segment | March 31, 2023 | March 31, 2022 | YoY Change | YoY Change at Constant Currency (2) | ||||||||||||||||||||||
(amounts in thousands, except percentages) | ||||||||||||||||||||||||||
Revenue | ||||||||||||||||||||||||||
Marketing Solutions | $ | 381,907 | $ | 463,888 | (18) | % | (14) | % | ||||||||||||||||||
Retail Media | 38,021 | 46,679 | (19) | % | (18) | % | ||||||||||||||||||||
Iponweb | 25,088 | — | N/A | N/A | ||||||||||||||||||||||
Total | 445,016 | 510,567 | (13) | % | (9) | % | ||||||||||||||||||||
Contribution ex-TAC (1) | ||||||||||||||||||||||||||
Marketing Solutions | 158,178 | 186,088 | (15) | % | (10) | % | ||||||||||||||||||||
Retail Media | 37,352 | 30,829 | 21 | % | 22 | % | ||||||||||||||||||||
Iponweb(2) | 25,088 | — | N/A | N/A | ||||||||||||||||||||||
Total | 220,618 | 216,917 | 2 | % | 6 | % | ||||||||||||||||||||
Three Months Ended | ||||||||||||||||||||
March 31, 2023 | March 31, 2022 | YoY Change | ||||||||||||||||||
(amounts in thousands, except percentages) | ||||||||||||||||||||
Revenue as reported | $445,016 | $510,567 | (13) | % | ||||||||||||||||
Conversion impact U.S. dollar/other currencies | 18,457 | — | ||||||||||||||||||
Revenue at constant currency | $463,473 | $510,567 | (9) | % | ||||||||||||||||
Traffic acquisition costs as reported | $ | (224,398) | $ | (293,650) | (24) | % | ||||||||||||||
Conversion impact U.S. dollar/other currencies | (8,518) | — | ||||||||||||||||||
Traffic Acquisition Costs at constant currency | $ | (232,916) | $ | (293,650) | (21) | % | ||||||||||||||
Contribution ex-TAC as reported | $ | 220,618 | $ | 216,917 | 2 | % | ||||||||||||||
Conversion impact U.S. dollar/other currencies | 9,939 | — | ||||||||||||||||||
Contribution ex-TAC at constant currency | $ | 230,557 | $ | 216,917 | 6 | % | ||||||||||||||
Contribution ex-TAC/Revenue as reported | 50 | % | 42 | % | ||||||||||||||||
Other cost of revenue as reported | $ | (39,109) | $ | (32,893) | 19 | % | ||||||||||||||
Gross Profit as reported | $ | 181,509 | $ | 184,024 | (1) | % | ||||||||||||||
Three Months Ended | % change | ||||||||||||||||
March 31, 2023 | March 31, 2022 | 2023 vs 2022 | |||||||||||||||
(in thousands, except percentages) | |||||||||||||||||
Research and development expenses | $ | (63,590) | $ | (34,027) | 87% | ||||||||||||
% of revenue | (14) | % | (7) | % |
Three Months Ended | % change | ||||||||||||||||
March 31, 2023 | March 31, 2022 | 2023 vs 2022 | |||||||||||||||
(in thousands, except percentages) | |||||||||||||||||
Sales and operations expenses | $ | (101,242) | $ | (88,999) | 14% | ||||||||||||
% of revenue | (23) | % | (17) | % |
Three Months Ended | % change | ||||||||||||||||
March 31, 2023 | March 31, 2022 | 2023 vs 2022 | |||||||||||||||
(in thousands, except percentages) | |||||||||||||||||
General and administrative expenses | $ | (40,170) | $ | (33,336) | 21% | ||||||||||||
% of revenue | (9) | % | (7) | % |
Three Months Ended | % change | ||||||||||||||||
March 31, 2023 | March 31, 2022 | 2023 vs 2022 | |||||||||||||||
(in thousands, except percentages) | |||||||||||||||||
Financial and Other Income / (Expense) | $ | 6,827 | $ | 4,030 | 69% | ||||||||||||
% of revenue | 2 | % | 1 | % |
Three Months Ended | % change | ||||||||||||||||
March 31, 2023 | March 31, 2022 | 2023 vs 2022 | |||||||||||||||
(in thousands, except percentages) | |||||||||||||||||
Provision for income tax expense (benefit) | $ | (4,595) | $ | 10,414 | NM |
Three Months Ended | % change | ||||||||||||||||
March 31, 2023 | March 31, 2022 | 2023 vs 2022 | |||||||||||||||
(in thousands, except percentages) | |||||||||||||||||
Net income (loss) | $ | (12,071) | 21,278 | (157)% | |||||||||||||
% of revenue | (3) | % | 4 | % |
Three Months Ended | |||||||||||
March 31, 2023 | March 31, 2022 | ||||||||||
(in thousands) | |||||||||||
Cash (used for) from operating activities | $ | 41,964 | $ | 74,930 | |||||||
Cash (used for) from investing activities | $ | (36,102) | $ | 16,925 | |||||||
Cash (used for) from financing activities | $ | (72,217) | $ | (1,367) |
Three Months Ended | |||||||||||||||||||||||
March 31, 2023 | March 31, 2022 | ||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
GBP/USD | +10% | -10% | +10% | -10% | |||||||||||||||||||
Net income (loss) impact | $ | (114) | $ | 114 | $ | (138) | $ | 138 |
Three Months Ended | |||||||||||||||||||||||
March 31, 2023 | March 31, 2022 | ||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
BRL/USD | +10% | -10% | +10% | -10% | |||||||||||||||||||
Net income (loss) impact | $ | 236 | $ | (236) | $ | — | $ | — |
Three Months Ended | |||||||||||||||||||||||
March 31, 2023 | March 31, 2022 | ||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
JPY/USD | +10% | -10% | +10% | -10% | |||||||||||||||||||
Net income (loss) impact | $ | (339) | $ | 339 | $ | 134 | $ | (134) |
Three Months Ended | |||||||||||||||||||||||
March 31, 2023 | March 31, 2022 | ||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||
EUR/USD | +10% | -10% | +10% | -10% | |||||||||||||||||||
Net income (loss) impact | $ | (1,680) | $ | 1,680 | $ | 2,273 | $ | (2,273) |
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) | ||||||||||||||||||||||
January 1 to 31, 2023 | 1,133,552 | $ | 28.21 | 1,133,552 | $ | 212,324,227 | ||||||||||||||||||||
February 1 to 28, 2023 | 362,565 | $ | 32.74 | 362,565 | 200,437,260 | |||||||||||||||||||||
March 1 to 31, 2023 | 235,517 | $ | 30.51 | 235,517 | 193,258,955 | |||||||||||||||||||||
Total | 1,731,634 | 1,731,634 | — |
Incorporated by Reference | ||||||||||||||||||||||||||||||||
Exhibit | Description | Schedule/ Form | File Number | Exhibit | File Date | |||||||||||||||||||||||||||
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/ Sarah Glickman | |||||||
Date: May 3, 2023 | Name: | Sarah Glickman | ||||||
Title: | Chief Financial Officer | |||||||
(Principal financial officer and duly authorized signatory) |
/s/ Megan Clarken | ||
Megan Clarken | ||
Chief Executive Officer (Principal Executive Officer) |
/s/ Sarah Glickman | ||
Sarah Glickman | ||
Chief Financial Officer |
/s/ Megan Clarken | /s/ Sarah Glickman | |||||||
Megan Clarken | Sarah Glickman | |||||||
Chief Executive Officer | Chief Financial Officer |
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (UNAUDITED) (Parenthetical) $ in Thousands |
Mar. 31, 2023
€ / shares
|
Mar. 31, 2023
USD ($)
shares
|
Dec. 31, 2022
€ / shares
|
Dec. 31, 2022
USD ($)
shares
|
---|---|---|---|---|
Statement of Financial Position [Abstract] | ||||
Trade receivables, allowances | $ | $ 50,528 | $ 47,792 | ||
Common shares par value (in euro per share) | € / shares | € 0.025 | € 0.025 | ||
Common shares authorized (in shares) | 63,316,696 | 63,248,728 | ||
Common shares issued (in shares) | 63,316,696 | 63,248,728 | ||
Common shares outstanding (in shares) | 63,316,696 | 63,248,728 | ||
Treasury stock (in shares) | 7,323,153 | 5,985,104 |
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Statement of Comprehensive Income [Abstract] | ||
Net income (loss) | $ (12,071) | $ 21,278 |
Foreign currency translation differences, net of taxes | 6,315 | (19,218) |
Actuarial gains (losses) on employee benefits, net of taxes | (136) | 1,086 |
Other comprehensive income (loss) | 6,179 | (18,132) |
Total comprehensive income (loss) | (5,892) | 3,146 |
Attributable to shareholders of Criteo S.A. | (5,334) | 4,380 |
Attributable to non-controlling interests | $ (558) | $ (1,234) |
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (UNAUDITED) - USD ($) $ in Thousands |
Total |
Equity - attributable to shareholders of Criteo S.A. |
Share capital |
Treasury Stock |
Additional paid-in capital |
Accumulated Other Comprehensive Income (Loss) |
Retained Earnings |
Non controlling interest |
||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Beginning balance (in shares) at Dec. 31, 2021 | 65,883,347 | 5,207,873 | ||||||||||
Beginning balance at Dec. 31, 2021 | $ 1,198,320 | $ 1,163,131 | $ 2,149 | $ (131,560) | $ 731,248 | $ (40,294) | $ 601,588 | $ 35,189 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Net income (loss) | 21,278 | 20,587 | 20,587 | 691 | ||||||||
Other comprehensive income (loss) | (18,132) | (16,207) | (16,207) | (1,925) | ||||||||
Issuance of ordinary shares (in shares) | 22,047 | |||||||||||
Issuance of ordinary shares | 320 | 320 | $ 1 | 319 | ||||||||
Change in treasury stocks (in shares) | [1] | (119,771) | ||||||||||
Change in treasury stocks | [1] | (8,304) | (8,304) | $ (5,770) | (2,534) | |||||||
Share-Based Compensation | 9,041 | 8,948 | 8,948 | 93 | ||||||||
Other changes in equity | 0 | |||||||||||
Ending balance (in shares) at Mar. 31, 2022 | 65,905,394 | 5,327,644 | ||||||||||
Ending balance at Mar. 31, 2022 | 1,202,523 | 1,168,475 | $ 2,150 | $ (137,330) | 740,515 | (56,501) | 619,641 | 34,048 | ||||
Beginning balance (in shares) at Dec. 31, 2022 | 63,248,728 | 5,985,104 | ||||||||||
Beginning balance at Dec. 31, 2022 | 1,081,106 | 1,048,041 | $ 2,079 | $ (174,293) | 734,492 | (91,890) | 577,653 | 33,065 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||||||
Net income (loss) | (12,071) | (11,809) | (11,809) | (262) | ||||||||
Other comprehensive income (loss) | 6,179 | 6,475 | 6,475 | (296) | ||||||||
Issuance of ordinary shares (in shares) | 67,968 | |||||||||||
Issuance of ordinary shares | 1,297 | 1,297 | $ 2 | 1,295 | ||||||||
Change in treasury stocks (in shares) | [2] | 1,338,049 | ||||||||||
Change in treasury stocks | [2] | (51,029) | (51,029) | $ (37,107) | (13,922) | |||||||
Share-Based Compensation | 24,707 | 24,610 | 24,610 | 97 | ||||||||
Other changes in equity | 0 | |||||||||||
Ending balance (in shares) at Mar. 31, 2023 | 63,316,696 | 7,323,153 | ||||||||||
Ending balance at Mar. 31, 2023 | $ 1,050,189 | $ 1,017,585 | $ 2,081 | $ (211,400) | $ 760,397 | $ (85,415) | $ 551,922 | $ 32,604 | ||||
|
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (UNAUDITED) (Parenthetical) - USD ($) $ in Millions |
Feb. 05, 2022 |
Feb. 03, 2022 |
---|---|---|
Statement of Stockholders' Equity [Abstract] | ||
Authorized amount of share repurchase program | $ 480.0 | $ 280.0 |
Change in treasury stocks (in shares) | 1,731,634 | 303,342 |
Treasury stock acquired, average cost per share (in dollars per share) | $ 29.9 | $ 27.4 |
Treasury shares used for RSUs vesting (in shares) | 393,585 | 183,571 |
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Share-based compensation expense | $ 25,168 | $ 9,489 |
Accounting Standards Update 2021-04 | ||
Share-based compensation expense | $ 24,700 | $ 9,000 |
Summary of Significant Accounting Policies |
3 Months Ended |
---|---|
Mar. 31, 2023 | |
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 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, 2022, filed with the SEC on February 24, 2023. 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) gross vs net assessment in revenue recognition (2) allowances for credit losses, (3) income taxes, (4) assumptions used in valuing acquired assets and assumed liabilities in business combinations, (5) assumptions used in the valuation of goodwill, intangible assets and leases, (6) assumptions used in the valuation model to determine the fair value of share-based compensation plan, and (7) assumptions surrounding the recognition and valuation of contingent liabilities and losses. 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, 2022. Accounting Pronouncements Adopted in 2023 No standards were adopted in 2023 which had an impact on the Company's financial statements. Recent Accounting Pronouncements 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.
|
Business acquisitions |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Business Combination and Asset Acquisition [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business acquisitions | Business acquisitions Iponweb On August 1, 2022, the Company, Iponweb Holding Limited, Exezars Limited (a subsidiary of Iponweb Holding Limited and collectively with Iponweb Holding Limited, the “Sellers”), Mr. Ljubisa Bogunovic, in his capacity as trustee of the “IW General Management Trust” and Mr. Boris Mouzykantskii, founder and Chief Executive Officer of Iponweb Holding Limited (the “Founder”) entered into an amended and restated Framework Purchase Agreement (the “FPA”), amending and restating the previously disclosed framework purchase agreement, dated December 22, 2021, which provided for the acquisition of the business of Iponweb Holding Limited (the "Iponweb business"), a market-leading AdTech company with world-class media trading capabilities, by the Company (the “Iponweb Acquisition”). This business combination is composed of an asset purchase of Iponweb intellectual property and other intangible rights and a share purchase of 100% of the share capital and voting rights of nine Iponweb operational legal entities. Purchase price. The purchase price, as per ASC 805, was $290.2 million for the Iponweb business, out of which $61.2 million represents the fair value of the contingent consideration. This contingent consideration is payable in cash to the Sellers in an amount up to $100 million, conditioned upon the achievement of certain net revenue targets by the Iponweb business for the 2022 and 2023 fiscal years. Separate compensation arrangement. The Company transferred Treasury shares with a fair value of $70.2 million to Iponweb's Sellers, subject to lock-up conditions. As these shares are subject to a lock-up period that expires in three installments on each of the first anniversaries of the Iponweb Acquisition, unless the Founder's employment agreement is terminated under certain circumstances during the pendency of such lock-up period, the $70.2 million fair value was not included in the purchase price consideration above and will be accounted for separately from the business combination as a stock compensation expense. See Note 11 for further discussion. Financing. The acquisition was financed by available cash resources, and in connection with the Acquisition, the Company drew down €50.0 million ($51.1 million) for a one-month period on its then-current revolving credit facility (repaid prior to quarter end) to provide additional liquidity. Assets acquired and liabilities assumed. The transaction was accounted for as a business acquisition. The purchase price allocation has been completed. On the Acquisition Date, assets acquired and liabilities assumed by major asset class before purchase price allocation are as follow:
Developed technology represents the estimated fair value of the features underlying the Iponweb products as well as the platform providing services to Iponweb customers. Customer relationships represent the estimated fair value of the underlying relationships with Iponweb customers, including the fair value of unbilled and unrecognized contracts yet to be fulfilled. The estimated useful lives of technologies acquired and customer relationships are and nine years, respectively. In the Iponweb business's opening balance sheet, Criteo recognized a $17.6 million liability related to the Iponweb business's uncertain tax positions in accordance with ASC 740. The Company also recognized a $33.7 million provision in connection with the Iponweb business, accounted for under ASC 450 Contingencies. As part of the Acquisition, the Sellers agreed to indemnify Criteo for losses related to certain liabilities, up to an amount of $50.0 million. As such, we have recognized an indemnification asset of $50.0 million which is recorded as part of "Other non-current assets" on the consolidated statement of financial position. Goodwill. The Company has completed the valuation of assets acquired and liabilities assumed as part of the Iponweb Acquisition, based on facts and circumstances that existed as of the Acquisition Date. The excess of the purchase price over the fair value of net assets acquired has been allocated to goodwill. The goodwill of $187.6 million is primarily attributable to synergies expected to be realized from leveraging our technological capabilities and from the existence of an assembled workforce. Acquisition costs. Acquisition related costs of $12.58 million were recorded within general and administrative expenses on the consolidated statements of comprehensive income for the twelve months ended December 31, 2022. In the period ending March 31, 2023, we did not record any acquisition related costs. Impact on profit and loss. The Company's consolidated statements of operations for the three months ended March 31, 2023 include Iponweb's revenues of $25.1 million and pretax income (loss) of $2.4 million. On a pro-forma basis, assuming the Acquisition occurred on January 1, 2021, Criteo's consolidated pro-forma revenue and net income or loss would have been as follows:
The historical consolidated financial information has been adjusted in the pro forma combined financial statements to give the effect to pro forma events that are directly attributable to the business combination and are reasonably estimable. The pro forma information is for informational purposes only and is not indicative of the results of operations that would have been achieved if the Acquisition had taken place at the beginning the Company's fiscal year 2021. Brandcrush On February 28, 2023 we completed the acquisition of all of the outstanding shares of Brandcrush Inc. ("Brandcrush"). The purchase price for the acquisition of shares was $7.1 million. The acquisition was financed by available cash resources. The transaction has been accounted for as a business combination under the acquisition method of accounting. A preliminary valuation of the fair value of Brandcrush’s assets acquired was performed as of February 28, 2023, resulting in the identification of technology of $3.5 million. Provisional goodwill amounted to $5.0 million, subject to post-closing purchase price adjustments. Once this valuation analysis is finalized, the estimate of the fair value of the assets acquired and liabilities assumed may be adjusted. The Company will finalize these amounts no later than one year from the acquisition date. In addition, acquisition costs amounting to $0.4 million were fully expensed as incurred.
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Segment information | Note 3. Segment information Reportable segments The Company reports segment information based on the "management" approach. The management approach designates the internal reporting used by management for making decisions and assessing performance as the source of the Company's reportable segments. The Company reports its results of operations through the following three segments: Marketing Solutions, Retail Media and Iponweb. –Marketing Solutions: This segment allows commerce companies to address multiple marketing goals by engaging their consumers with personalized ads across the web, mobile and offline store environments. –Retail Media: This segment allows 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. –Iponweb: This segment specializes in building real-time advertising technology and trading infrastructure, delivering advanced media buying, selling, and packaging capabilities for media owners, agencies, performance advertisers, and 3rd-party ad tech platforms. Segment operating results, Contribution ex-TAC, is Criteo's segment profitability measure and reflects our gross profit plus other costs of revenue. The following table shows revenue by reportable segment:
The following table shows Contribution ex-TAC by reportable segment and its reconciliation to the Company’s Consolidated Statements of Operation:
The Company's chief operating decision maker, or CODM, does not review any other financial information for our three segments, other than Contribution ex-TAC, at the reportable segment level. 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 or of the retailers.
Revenue generated in France amounted to $23.3 million and $30.8 million for the three months ended March 31, 2023 and March 31, 2022 respectively. Revenue generated in other significant countries where we operate is presented in the following table:
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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Cash, Cash Equivalents, Marketable Securities and Restricted Cash |
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Fair Value Disclosures [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash, Cash Equivalents, Marketable Securities and Restricted Cash | Cash, Cash Equivalents, Marketable Securities and Restricted Cash Fair Value Measurements
Interest-bearing bank deposits are considered level 2 financial instruments as they are measured using valuation techniques based on observable market data. The fair value of term deposits approximates their carrying amount given the nature of the investments, its maturities and expected future cash flows. Marketable Securities 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 March 31, 2023. Term deposits are considered a level 2 financial instrument as they are measured using valuation techniques based on observable market data. The following table classifies our marketable securities by contractual maturities:
Restricted Cash As part of the Iponweb Acquisition, we had deposited $100.0 million of cash into an escrow account containing withdrawal conditions. The cash secures the Company's potential payment of Iponweb Acquisition contingent consideration to the Sellers, which is conditioned upon the achievement of certain revenue targets by the Iponweb business for the 2022 and 2023 fiscal years. We have paid the contingent consideration of $22.0 million for the 2022 fiscal year in the quarter ended March 31, 2023.
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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:
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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 amounts related to SaaS arrangements.
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Other Current and Non Current Liabilities |
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Other Liabilities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Current and Non Current Liabilities | Other Current and Non-Current Liabilities Other current liabilities are presented in the following table:
Other non-current liabilities are presented in the following table:
Earn out liability As part of the Iponweb Acquisition , the Sellers are entitled to contingent consideration of a maximum of $100.0 million, which is conditioned upon the achievement of certain revenue targets by the Iponweb business for the 2022 and 2023 fiscal years. The related earn out liability is valued and discounted using management's best estimate of the consideration that will be paid in 2024 (current portion). The contingent consideration for fiscal year 2022 of $22.0 million has been paid in the period ended March 31, 2023. Uncertain tax positions Other non-current liabilities also include approximately $18 million related to uncertain tax positions as of March 31, 2023. These uncertain tax positions are related to the Iponweb Acquisition.
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Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases | Leases The components of lease expense are as follows:
As of March 31, 2023, 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 years ending December 31, 2023, 2024 and 2025, respectively.
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Employee Benefits |
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Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Employee Benefits | Employee Benefits Defined Benefit Plans According to the French law and the Syntec Collective Agreement, French employees are entitled to compensation paid on retirement. The following table summarizes the changes in the projected benefit obligation:
The Company does not hold any plan assets for any of the periods presented. The main assumptions used for the purposes of the actuarial valuations are listed below:
Defined Contribution Plans The total expense represents contributions payable to these plans by us at specified rates. In some countries, the Group’s employees are eligible for pension payments and similar financial benefits. The Group provides these benefits via defined contribution plans. Under defined contribution plans, the Group has no obligation other than to pay the agreed contributions, with the corresponding expense charged to income for the year. The main contributions concern France, the United States (for 401k plans), and the United Kingdom.
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Revenue |
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Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue | Revenue Disaggregation of revenue The following table presents our disaggregated revenues:
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Share-Based Compensation |
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Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Compensation | Share-Based Compensation Equity awards Compensation Expense Equity awards compensation expense recorded in the consolidated statements of operations was as follows:
The breakdown of the equity award compensation expense by instrument type was as follows:
A detailed description of each instrument type is provided below. Share Options Stock options granted under the Company’s stock incentive plans generally vest over four years, subject to the holder’s continued service through the vesting date and expire no later than 10 years from the date of grant. In the following tables, exercise prices, grant date share fair values and fair value per equity instruments are provided in euros, as the Company is incorporated in France and the euro is the currency used for the grants.
The aggregate intrinsic value represents the difference between the exercise price of the options and the fair market value of common stock on the date of exercise. No new stock options were granted in the period ending March 31, 2023. As of March 31, 2023, unrecognized stock-based compensation $0.1 million related to unvested stock options will be recognized on a straight-line basis over a weighted average period of 1 year. Lock up shares On August 1, 2022, 2,960,243 Treasury shares were transferred to the Founder (referred to as Lock Up Shares or "LUS", see Note 2), as partial consideration for the Iponweb Acquisition. As these shares are subject to a lock-up period that expires in installments on each of the first anniversaries of the Iponweb Acquisition, unless the Founder's employment agreement is terminated under certain circumstances during the pendency of such lock-up period, they are considered as equity settled share-based payments under ASC 718 and are accounted over the three-year vesting period. The share based compensation expense is included in Research and Development expenses on the Consolidated Statement of Income. The shares were valued based on the volume weighted average price of one ADS traded on Nasdaq during the twenty (20) trading days immediately preceding July 28, 2022.
At March 31, 2023, the Company had unrecognized stock-based compensation relating to restricted stock of approximately $45.3 million, which is expected to be recognized over a period of 3 years starting from the grant date of August 1, 2022. Restricted Stock Units / Performance Stock Units Restricted stock awards generally vest over four years, subject to the holder’s continued service and/or certain performance conditions through the vesting date. In the following tables, exercise prices, grant date share fair values and fair value per equity instruments are provided in euros, as the Company is incorporated in France and the euro is the currency used for the grants.
At March 31, 2023, the Company had unrecognized stock-based compensation relating to restricted stock of approximately $81.1 million, which is expected to be recognized over a weighted-average period of 3.15 years.
At March 31, 2023, the Company had unrecognized stock-based compensation relating to restricted stock of approximately $16.2 million, which is expected to be recognized over a weighted-average period of 3.56 years. Non-employee warrants Non-employee warrants generally vest over four years, subject to the holder’s continued service through the vesting date.
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Financial and Other Income and Expenses |
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Financial and Other Income and Expenses | Financial and Other Income and Expenses The condensed consolidated statements of income line item “Financial and Other income (expense)” can be broken down as follows:
The $6.8 million financial and other income for the three months ended March 31, 2023, were driven by the recognition of a negative impact of foreign exchange reevaluations net of related hedging and the up-front fees amortization, the non-utilization costs, and the financial expense relating to our available Revolving Credit Facility financing, fully offset by the proceeds from disposal of non consolidated investments. At March 31, 2023, our exposure to foreign currency risk was centralized at Criteo S.A. and hedged using foreign currency swaps or forward purchases or sales of foreign currencies.
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Income Taxes |
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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 following table presents provision for income taxes:
For the three months ended March 31, 2023 and March 31, 2022, provision for incomes taxes is $(4.6) million and $10.4 million, respectively. The $(4.6) million tax benefit was driven by the loss from operations. The three months ended March 31, 2023 provision for income taxes mainly differs from the nominal standard French rate of 25.0% due to the application of a reduced income tax rate on the majority of the technology royalties income in France.
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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 or loss 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 or loss 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 (refer to Note 11). There were no other potentially dilutive instruments outstanding as of March 31, 2023 and March 31, 2022. 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, 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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Mar. 31, 2023 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and contingencies | Commitments and contingencies Contingencies From time to time we may become involved in legal proceedings or be subject to claims arising in the ordinary course of our business. We are not presently a party to any legal proceedings that, if determined adversely to us, would individually or taken together have a material adverse effect on our business, results of operations, financial condition or cash flows. Regardless of the outcome, litigation can have an adverse impact on us because of defense and settlement costs, diversion of management resources and other factors. The amount of the provisions represents management’s latest estimate of the expected impact. Regulatory matters In November 2018, Privacy International filed a complaint with certain data protection authorities, including France's Commission Nationale de l'Informatique et des Libertés ("CNIL"), against Criteo and a number of other similarly situated advertising technology companies, arguing that certain of these companies' practices were not in compliance with the European Union's General Data Protection Regulation ("GDPR"). In January 2020, CNIL opened a formal investigation into Criteo in response to this complaint, and on June 23, 2021, CNIL notified the Company of the appointment of an investigator(rapporteur) for the ongoing investigation. The investigation also covers another complaint against Criteo received in November 2018 by CNIL from the European Center for Digital Rights ("NOYB"). On August 3, 2022, the assigned rapporteur issued a report that claimed certain GDPR violations, in particular relating to the Company’s contractual relationships with its advertisers and publishers with respect to consent collection oversight. The report includes a proposed financial sanction against the Company of €60.0 million ($65.3 million).Under the CNIL sanction procedures, Criteo had the right to respond in writing to the report, both with respect to the GDPR findings and the value of the sanction, and did so, following which a formal hearing before the CNIL Sanction Committee occured on March 16, 2023, with both Criteo and the rapporteur presenting their respective positions. The CNIL Sanction Committee is expected to issue a draft decision that will be submitted for consultation to other European data protection authorities as part of the cooperation mechanism mandated by GDPR. A final decision, including regarding potential financial penalties, will likely occur by mid-2023. Pursuant to U.S. GAAP, we establish accruals for specific legal proceedings when it is considered probable that a loss has been incurred and the amount of the loss can be reasonably estimated, and these accruals are reviewed and adjusted each quarter based on the information available at that time. Given the receipt of this report, which included a proposed sanction penalty of €60.0 million ($65.3 million), we have accounted for the proposed penalty as a provision for a loss contingency, which is reflected in our financial statements, as a current liability, for the period ended as of March 31, 2023. Such amount could be lower or higher based on the final resolution and merits of the claims made in the report. Non income tax risks We have recorded a $33.2 million provision related to certain non income tax items accounted for under "ASC 450 Contingencies". These risks were identified and recognized as part of the Iponweb Acquisition. We have recorded an indemnification asset in the full amount of the provision as the Company is indemnified against certain tax liabilities under the FPA. The indemnification asset is recorded as part of "Other non current assets" on the consolidated statement of financial position.
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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 | Note 3. Segment information Reportable segments The Company reports segment information based on the "management" approach. The management approach designates the internal reporting used by management for making decisions and assessing performance as the source of the Company's reportable segments. The Company reports its results of operations through the following three segments: Marketing Solutions, Retail Media and Iponweb. –Marketing Solutions: This segment allows commerce companies to address multiple marketing goals by engaging their consumers with personalized ads across the web, mobile and offline store environments. –Retail Media: This segment allows 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. –Iponweb: This segment specializes in building real-time advertising technology and trading infrastructure, delivering advanced media buying, selling, and packaging capabilities for media owners, agencies, performance advertisers, and 3rd-party ad tech platforms. Segment operating results, Contribution ex-TAC, is Criteo's segment profitability measure and reflects our gross profit plus other costs of revenue. The following table shows revenue by reportable segment:
The following table shows Contribution ex-TAC by reportable segment and its reconciliation to the Company’s Consolidated Statements of Operation:
The Company's chief operating decision maker, or CODM, does not review any other financial information for our three segments, other than Contribution ex-TAC, at the reportable segment level. 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 or of the retailers.
Revenue generated in France amounted to $23.3 million and $30.8 million for the three months ended March 31, 2023 and March 31, 2022 respectively. Revenue generated in other significant countries where we operate is presented in the following table:
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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Subsequent Events |
3 Months Ended |
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Mar. 31, 2023 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events The Company evaluated all subsequent events that occurred after March 31, 2023 through the date of issuance of the unaudited condensed consolidated financial statements and determined there are no significant events that require adjustments or disclosure. |
Summary of Significant Accounting Policies (Policies) |
3 Months Ended |
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Mar. 31, 2023 | |
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 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, 2022, filed with the SEC on February 24, 2023. 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) gross vs net assessment in revenue recognition (2) allowances for credit losses, (3) income taxes, (4) assumptions used in valuing acquired assets and assumed liabilities in business combinations, (5) assumptions used in the valuation of goodwill, intangible assets and leases, (6) assumptions used in the valuation model to determine the fair value of share-based compensation plan, and (7) assumptions surrounding the recognition and valuation of contingent liabilities and losses. 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, 2022.
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Accounting Pronouncements Adopted in 2023 and Recent Accounting Pronouncements | Accounting Pronouncements Adopted in 2023 No standards were adopted in 2023 which had an impact on the Company's financial statements. Recent Accounting Pronouncements 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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Business acquisitions (Tables) |
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Business Combination and Asset Acquisition [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Business Acquisitions, by Acquisition | On the Acquisition Date, assets acquired and liabilities assumed by major asset class before purchase price allocation are as follow:
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Business Acquisition, Pro Forma Information | On a pro-forma basis, assuming the Acquisition occurred on January 1, 2021, Criteo's consolidated pro-forma revenue and net income or loss would have been as follows:
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Segment information (Tables) |
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Segment Reporting [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Segment Reporting Information | The following table shows revenue by reportable segment:
The following table shows Contribution ex-TAC by reportable segment and its reconciliation to the Company’s Consolidated Statements of Operation:
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Cash, Cash Equivalents, Marketable Securities and Restricted Cash (Tables) |
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Fair Value Disclosures [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Fair Value, Assets Measured on Recurring Basis |
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Schedule of Financial Assets | 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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Restrictions on Cash and Cash Equivalents |
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Trade Receivables (Tables) |
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Receivables [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Breakdown in Trade Receivables | The following table shows the breakdown in trade receivables net book value for the presented periods:
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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 | The following table shows the breakdown in other current assets net book value for the presented periods:
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Other Current and Non Current Liabilities (Tables) |
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Other Liabilities Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Other Current Liabilities | Other current liabilities are presented in the following table:
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Schedule of Other Noncurrent Liabilities | Other non-current liabilities are presented in the following table:
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Leases (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Components of Lease Expense | The components of lease expense are as follows:
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Schedule of Additional Operating Lease Liabilities and Right of Use Assets | As of March 31, 2023, 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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Employee Benefits (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Retirement Benefits [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Accumulated and Projected Benefit Obligations | The following table summarizes the changes in the projected benefit obligation:
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Schedule of Assumptions Used for Actuarial Valuations | The main assumptions used for the purposes of the actuarial valuations are listed below:
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Schedule of Defined Contribution Plan |
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Revenue (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Revenue from Contract with Customer [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Disaggregation of Revenue | The following table presents our disaggregated revenues:
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Share-Based Compensation (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Share-Based Payment Arrangement [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs | Equity awards compensation expense recorded in the consolidated statements of operations was as follows:
The breakdown of the equity award compensation expense by instrument type was as follows:
A detailed description of each instrument type is provided below.
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Schedule of Stock Options Roll Forward |
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Schedule of Nonvested Share Activity |
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Schedule of Nonvested Restricted Stock Units Activity |
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Share-Based Payment Arrangement, Performance Shares, Activity |
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Schedule of Stockholders' Equity Note, Warrants or Rights |
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Financial and Other Income and Expenses (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Other Income and Expenses [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Financial Income (Expense) | The condensed consolidated statements of income line item “Financial and Other income (expense)” can be broken down as follows:
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Income Taxes (Tables) |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2023 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Provision for Income Taxes | The following table presents provision for income taxes:
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Earnings Per Share (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Earnings Per Share [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Basic Earnings Per Share |
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Schedule of Diluted Earnings Per Share |
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Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | 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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Breakdown of Revenue and Non-Current Assets by Geographical Areas (Tables) |
3 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Mar. 31, 2023 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Segment Reporting [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Consolidated Revenue by Geographical Area | Revenue by geographical area is based on the location of advertisers’ campaigns or of the retailers.
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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.
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Business acquisitions - Narrative (Details) $ in Thousands, € in Millions |
3 Months Ended | ||||
---|---|---|---|---|---|
Feb. 28, 2023
USD ($)
|
Aug. 01, 2022
USD ($)
entity
|
Mar. 31, 2023
USD ($)
|
Mar. 31, 2023
EUR (€)
|
Dec. 31, 2022
USD ($)
|
|
Business Acquisition [Line Items] | |||||
Uncertain tax positions | $ 18,055 | $ 17,980 | |||
Goodwill | $ 522,788 | 515,140 | |||
Technology | |||||
Business Acquisition [Line Items] | |||||
Useful lives | 4 years | 4 years | |||
Customer relationships | |||||
Business Acquisition [Line Items] | |||||
Useful lives | 9 years | 9 years | |||
Iponweb | |||||
Business Acquisition [Line Items] | |||||
Business acquisition, percentage of voting interests acquired | 100.00% | ||||
Number of legal entities acquired | entity | 9 | ||||
Business combination, consideration transferred | $ 290,200 | ||||
Business combination, contingent consideration, liability | 61,200 | ||||
Business acquisition, equity interest issued or issuable, value assigned | $ 70,200 | ||||
Lock-up period | 3 years | ||||
Uncertain tax positions | $ 17,600 | ||||
Provision for non-income tax risks | 33,700 | ||||
Indemnification assets | 50,000 | ||||
Goodwill | 187,600 | ||||
Transaction costs during the period | $ 12,580 | ||||
Revenue of acquiree since acquisition date | 25,100 | ||||
Earnings or loss of acquiree since acquisition date | 2,400 | ||||
Iponweb | Technology | |||||
Business Acquisition [Line Items] | |||||
Intangible assets | 90,200 | ||||
Iponweb | Customer relationships | |||||
Business Acquisition [Line Items] | |||||
Intangible assets | 7,200 | ||||
Iponweb | Revolving credit facility | |||||
Business Acquisition [Line Items] | |||||
Proceeds from lines of credit | $ 51,100 | € 50.0 | |||
Iponweb | Maximum | |||||
Business Acquisition [Line Items] | |||||
Business combination, contingent consideration, liability | $ 100,000 | $ 100,000 | |||
Brandcrush | |||||
Business Acquisition [Line Items] | |||||
Business combination, consideration transferred | $ 7,100 | ||||
Goodwill | 5,000 | ||||
Acquisition costs | 400 | ||||
Brandcrush | Technology | |||||
Business Acquisition [Line Items] | |||||
Intangible assets | $ 3,500 |
Business acquisitions - Schedule of Net Assets Acquired (Details) - Iponweb $ in Millions |
Aug. 01, 2022
USD ($)
|
---|---|
Business Acquisition [Line Items] | |
Cash and cash equivalents | $ 93.3 |
Trade receivables | 100.7 |
Other current assets | 1.1 |
Other non-current assets | 59.0 |
Trade Payables | (191.5) |
Other current liabilities | (3.1) |
Other non-current liabilities | (54.3) |
Net assets acquired | 102.6 |
Technology | |
Business Acquisition [Line Items] | |
Intangible assets | 90.2 |
Customer relationships | |
Business Acquisition [Line Items] | |
Intangible assets | $ 7.2 |
Business acquisitions - Schedule of Pro-forma Results (Details) - Iponweb - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Business Acquisition [Line Items] | ||
Revenue | $ 445,016 | $ 563,397 |
Net Income (loss) | $ (12,071) | $ 16,722 |
Segment information - Narrative (Details) |
3 Months Ended |
---|---|
Mar. 31, 2023
segment
| |
Segment Reporting [Abstract] | |
Number of reportable segments | 3 |
Number of operating segments | 3 |
Segment information - Schedule of Segment Reporting Information (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Segment Reporting Information [Line Items] | ||
Total Revenue | $ 445,016 | $ 510,567 |
Contribution ex-TAC | 220,618 | 216,917 |
Other costs of sales | (39,109) | (32,893) |
Gross profit | 181,509 | 184,024 |
Operating expenses | ||
Research and development expenses | (63,590) | (34,027) |
Sales and operations expenses | (101,242) | (88,999) |
General and administrative expenses | (40,170) | (33,336) |
Total Operating expenses | (205,002) | (156,362) |
Income (loss) from operations | (23,493) | 27,662 |
Financial and Other Income | 6,827 | 4,030 |
Income (loss) before taxes | (16,666) | 31,692 |
Marketing Solutions | ||
Segment Reporting Information [Line Items] | ||
Total Revenue | 381,907 | 463,888 |
Contribution ex-TAC | 158,178 | 186,088 |
Retail Media | ||
Segment Reporting Information [Line Items] | ||
Total Revenue | 38,021 | 46,679 |
Contribution ex-TAC | 37,352 | 30,829 |
Iponweb | ||
Segment Reporting Information [Line Items] | ||
Total Revenue | 25,088 | 0 |
Contribution ex-TAC | $ 25,088 | $ 0 |
Cash, Cash Equivalents, Marketable Securities and Restricted Cash - Fair Value Measurements (Details) - USD ($) $ in Thousands |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Cash | $ 228,055 | $ 282,293 |
Level 2 | ||
Term deposits and notes | 77,607 | 65,907 |
Marketable Securities | 32,043 | 25,098 |
Cash and cash equivalents | 305,662 | 348,200 |
Level 2 | ||
Level 2 | ||
Marketable Securities | $ 32,043 | $ 25,098 |
Cash, Cash Equivalents, Marketable Securities and Restricted Cash - Schedule of Breakdown of Marketable Securities (Details) - USD ($) $ in Thousands |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Total | $ 32,043 | $ 25,098 |
Term Deposits | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Securities Held-to-maturity | $ 32,043 | $ 25,098 |
Cash, Cash Equivalents, Marketable Securities and Restricted Cash - Schedule of Marketable Securities by Contractual Maturity (Details) - Term Deposits - USD ($) $ in Thousands |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Schedule of Held-to-maturity Securities [Line Items] | ||
Due in one year | $ 21,168 | |
Due in one to five years | 10,875 | |
Securities Held-to-maturity | 32,043 | $ 25,098 |
Due in one year | 0 | |
Due in one to five years | 0 | |
Debt securities, available-for-sale, fair value | $ 0 |
Cash, Cash Equivalents, Marketable Securities and Restricted Cash - Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
Dec. 31, 2022 |
|
Fair Value Disclosures [Abstract] | |||
Restricted cash | $ 75,001 | $ 100,000 | |
Cash payment for contingent consideration | $ 22,025 | $ 0 |
Cash, Cash Equivalents, Marketable Securities and Restricted Cash - Schedule of Restricted Cash (Details) - USD ($) $ in Thousands |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Fair Value Disclosures [Abstract] | ||
Restricted cash - current | $ 75,001 | $ 25,000 |
Restricted cash - non-current | 0 | 75,000 |
Total | $ 75,001 | $ 100,000 |
Trade Receivables - Schedule of Breakdown in Trade Receivables (Details) - USD ($) $ in Thousands |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Receivables [Abstract] | ||
Trade accounts receivables | $ 596,368 | $ 756,741 |
(Less) Allowance for credit losses | (50,528) | (47,792) |
Net book value at end of period | $ 545,840 | $ 708,949 |
Other Current Assets (Details) - USD ($) $ in Thousands |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Prepayments to suppliers | $ 11,910 | $ 12,421 |
Other debtors | 10,806 | 6,768 |
Prepaid expenses | 32,417 | 24,549 |
Other current assets | 2,983 | 8,128 |
Net book value at end of period | $ 58,116 | $ 51,866 |
Other Current and Non Current Liabilities - Schedule of Other Current Liabilities (Details) - USD ($) $ in Thousands |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Other Liabilities Disclosure [Abstract] | ||
Customer prepayments | $ 13,196 | $ 16,334 |
Rebates | 16,871 | 17,671 |
Accounts payable relating to capital expenditures | 28,978 | 25,414 |
Other creditors | 4,846 | 2,388 |
Deferred revenue | 27 | 10 |
Earn out liability – current | 45,449 | 21,640 |
Total | $ 109,367 | $ 83,457 |
Other Current and Non Current Liabilities - Schedule of Other Noncurrent Liabilities (Details) - USD ($) $ in Thousands |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Other Liabilities Disclosure [Abstract] | ||
Earn out liability – non-current | $ 0 | $ 44,696 |
Uncertain tax positions | 18,055 | 17,980 |
Other non-current liabilities | 8,230 | 6,550 |
Other non-current liabilities | $ 26,285 | $ 69,226 |
Other Current and Non Current Liabilities - Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | |||
---|---|---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
Dec. 31, 2022 |
Aug. 01, 2022 |
|
Business Acquisition [Line Items] | ||||
Cash payment for contingent consideration | $ 22,025 | $ 0 | ||
Uncertain tax positions | $ 18,055 | $ 17,980 | ||
Iponweb | ||||
Business Acquisition [Line Items] | ||||
Business combination, contingent consideration, liability | $ 61,200 | |||
Uncertain tax positions | 17,600 | |||
Maximum | Iponweb | ||||
Business Acquisition [Line Items] | ||||
Business combination, contingent consideration, liability | $ 100,000 | $ 100,000 |
Leases - Schedule of Components of Lease Expense (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Lessee, Lease, Description [Line Items] | ||
Lease expense | $ 9,280 | $ 9,616 |
Short term lease expense | 151 | 154 |
Variable lease expense | 93 | 55 |
Sublease income | (229) | (172) |
Total operating lease expense | 9,295 | 9,653 |
Offices | ||
Lessee, Lease, Description [Line Items] | ||
Lease expense | 3,704 | 4,409 |
Short term lease expense | 142 | 151 |
Variable lease expense | 89 | 50 |
Sublease income | (229) | (172) |
Total operating lease expense | 3,706 | 4,438 |
Data Centers | ||
Lessee, Lease, Description [Line Items] | ||
Lease expense | 5,576 | 5,207 |
Short term lease expense | 9 | 3 |
Variable lease expense | 4 | 5 |
Sublease income | 0 | |
Total operating lease expense | $ 5,589 | $ 5,215 |
Leases - Schedule of Additional Operating Lease Liabilities and Right of Use Assets (Details) $ in Thousands |
Mar. 31, 2023
USD ($)
|
---|---|
Offices | |
Lessee, Lease, Description [Line Items] | |
Additional operating lease liabilities | $ 1,081 |
Additional right of use assets | 1,081 |
Data Centers | |
Lessee, Lease, Description [Line Items] | |
Additional operating lease liabilities | 26,954 |
Additional right of use assets | $ 26,954 |
Employee Benefits - Schedule of Accumulated and Projected Benefit Obligations (Details) - USD ($) $ in Thousands |
3 Months Ended | 12 Months Ended |
---|---|---|
Mar. 31, 2023 |
Dec. 31, 2022 |
|
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward] | ||
Projected benefit obligation present value at beginning of period | $ 3,708 | $ 5,531 |
Service cost | 176 | 1,756 |
Interest cost | 41 | 73 |
Actuarial losses (gains) | 136 | (3,311) |
Currency translation adjustment | 77 | (341) |
Projected benefit obligation present value at end of period | $ 4,138 | $ 3,708 |
Employee Benefits - Schedule of Assumptions Used for Actuarial Valuations (Details) |
3 Months Ended | 12 Months Ended |
---|---|---|
Mar. 31, 2023 |
Dec. 31, 2022 |
|
Defined Benefit Plan Disclosure [Line Items] | ||
Discount rate (Corp AA) | 4.10% | 4.25% |
Expected rate of salary increase | 5.00% | 5.00% |
Minimum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Expected rate of social charges | 48.00% | 48.00% |
Expected staff turnover | 0.00% | 0.00% |
Maximum | ||
Defined Benefit Plan Disclosure [Line Items] | ||
Expected staff turnover | 17.80% | 17.80% |
Employee Benefits - Schedule of Defined Contribution Plans (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Retirement Benefits [Abstract] | ||
Defined contributions plans included in personnel expenses | $ (4,078) | $ (3,858) |
Revenue (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Disaggregation of Revenue [Line Items] | ||
Total Revenue | $ 445,016 | $ 510,567 |
Marketing Solutions | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue | 381,907 | 463,888 |
Retail Media | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue | 38,021 | 46,679 |
Iponweb | ||
Disaggregation of Revenue [Line Items] | ||
Total Revenue | $ 25,088 | $ 0 |
Share-Based Compensation - Equity Awards Compensation Expense (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Total equity awards compensation expense | $ (25,168) | $ (9,489) |
Tax benefit from equity awards compensation expense | 1,700 | 1,215 |
Total equity awards compensation expense, net of tax effect | (23,468) | (8,274) |
Share options | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Total equity awards compensation expense | (38) | (58) |
Lock-up shares | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Total equity awards compensation expense | (10,591) | 0 |
Restricted stock units / Performance stock units | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Total equity awards compensation expense | (14,079) | (8,983) |
Non-employee warrants | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Total equity awards compensation expense | (460) | (448) |
Research and Development | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Total equity awards compensation expense | (16,172) | (3,968) |
Sales and Operations | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Total equity awards compensation expense | (4,045) | (2,566) |
General and Administrative | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Total equity awards compensation expense | $ (4,951) | $ (2,955) |
Share-Based Compensation - Narrative (Details) - USD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Aug. 01, 2022 |
Mar. 31, 2023 |
|
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Unrecognized stock-based compensation, stock options | $ 0.1 | |
Granted, options (in shares) | 0 | |
Warrants term | 4 years | |
Iponweb | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Lock-up period | 3 years | |
Iponweb | Tranche 1 | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Vesting schedule of grant (as a percent) | 33.33% | |
Iponweb | Tranche 2 | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Vesting schedule of grant (as a percent) | 33.33% | |
Iponweb | Tranche 3 | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Vesting schedule of grant (as a percent) | 33.33% | |
Share options | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Award vesting period | 4 years | |
Expiration period | 10 years | |
Stock-based compensation, recognition period | 1 year | |
Lock-up shares | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Award vesting period | 3 years | |
Stock-based compensation, recognition period | 3 years | |
Granted, options (in shares) | 2,960,243 | |
Unrecognized stock-based compensation, nonvested awards | $ 45.3 | |
Restricted Stock Units (RSUs) | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Stock-based compensation, recognition period | 3 years 1 month 24 days | |
Unrecognized stock-based compensation, nonvested awards | $ 81.1 | |
Performance Stock Units (PSUs) | ||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||
Stock-based compensation, recognition period | 3 years 6 months 21 days | |
Unrecognized stock-based compensation, nonvested awards | $ 16.2 |
Share-Based Compensation - Options Activity (Details) - € / shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Dec. 31, 2022 |
|
Number of Shares Underlying Outstanding Options | ||
Number outstanding, options (in shares) | 359,266 | 372,329 |
Granted, options (in shares) | 0 | |
Exercised, options (in shares) | (12,363) | |
Forfeited, options (in shares) | (400) | |
Canceled, options (in shares) | 0 | |
Expired, options (in shares) | (300) | |
Vested and exercisable, options (in shares) | 288,866 | |
Weighted-average exercise price, options (in Euro per share) | € 20.65 | |
Weighted-average remaining contractual term outstanding, options | 4 years 5 months 26 days | |
Aggregate intrinsic value, options | € 16.25 |
Share-Based Compensation - Lock Up Shares Activity (Details) - Lock-up shares - $ / shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Dec. 31, 2022 |
|
Shares | ||
Outstanding (in shares) | 2,960,243 | 2,960,243 |
Granted (in shares) | 0 | |
Vested (in shares) | 0 | |
Forfeited (in shares) | 0 | |
Outstanding (in Euro per share) | $ 23.94 |
Share-Based Compensation - RSU Activity (Details) $ in Millions |
3 Months Ended | ||
---|---|---|---|
Mar. 31, 2023
USD ($)
shares
|
Mar. 31, 2023
€ / shares
|
Dec. 31, 2022
shares
|
|
Restricted Stock Units (RSUs) | |||
Shares | |||
Outstanding (in shares) | 5,378,250 | 5,349,955 | |
Granted (in shares) | 497,821 | ||
Vested (in shares) | (273,456) | ||
Forfeited (in shares) | (196,070) | ||
Outstanding (in Euro per share) | € / shares | € 25.69 | ||
Unrecognized stock-based compensation, nonvested awards | $ | $ 81.1 | ||
Performance Stock Units (PSUs) | |||
Shares | |||
Outstanding (in shares) | 760,708 | 522,467 | |
Granted (in shares) | 356,402 | ||
Vested (in shares) | (118,161) | ||
Forfeited (in shares) | 0 | ||
Outstanding (in Euro per share) | € / shares | € 27.20 | ||
Unrecognized stock-based compensation, nonvested awards | $ | $ 16.2 |
Share-Based Compensation - Warrants (Details) - € / shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Dec. 31, 2022 |
|
Shares | ||
Outstanding (in shares) | 250,552 | 302,775 |
Granted (in shares) | 0 | |
Exercised (in shares) | (52,223) | |
Canceled (in shares) | 0 | |
Expired (in shares) | 0 | |
Vested and exercisable (in shares) | 230,737 | |
Weighted-average exercise price (in Euro per share) | € 17.65 | |
Weighted-average remaining contractual term outstanding | 5 years 3 months 7 days | |
Aggregate intrinsic value | € 19.25 |
Financial and Other Income and Expenses - Schedule of Financial Income (Expense) (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Other Income and Expenses [Abstract] | ||
Financial income from cash equivalents | $ 1,063 | $ 133 |
Interest and fees | (486) | (547) |
Foreign exchange gains (losses) | (1,949) | 4,463 |
Other financial income (expense) | 8,199 | (19) |
Total Financial and Other income (expense) | $ 6,827 | $ 4,030 |
Financial and Other Income and Expenses - Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Other Income and Expenses [Abstract] | ||
Financial and other income | $ 6,827 | $ 4,030 |
Income Taxes - Schedule of Provision for Income Taxes (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Income Tax Disclosure [Abstract] | ||
Provision for income tax expense (benefit) | $ (4,595) | $ 10,414 |
Income Taxes - Narrative (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Income Tax Disclosure [Abstract] | ||
Provision for income tax expense (benefit) | $ (4,595) | $ 10,414 |
Earnings Per Share - Schedule of Basic Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Earnings Per Share [Abstract] | ||
Net income (loss) attributable to shareholders of Criteo S.A. | $ (11,809) | $ 20,587 |
Weighted average number of shares outstanding of Criteo S.A. (in shares) | 56,256,082 | 60,738,299 |
Basic earnings per share (in dollars per share) | $ (0.21) | $ 0.34 |
Earnings Per Share - Schedule of Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Earnings Per Share [Abstract] | ||
Net income (loss) attributable to shareholders of Criteo S.A. | $ (11,809) | $ 20,587 |
Weighted average number of shares outstanding of Criteo S.A. (in shares) | 56,256,082 | 60,738,299 |
Dilutive effect of : | ||
Restricted share awards ("RSUs") (in shares) | 4,062,752 | 2,591,530 |
Share options and BSPCE (in shares) | 118,146 | 179,089 |
Share warrants (in shares) | 57,847 | 104,632 |
Weighted average number of shares outstanding used to determine diluted earnings per share (in shares) | 60,494,827 | 63,613,550 |
Diluted earnings per share (in dollars per share) | $ (0.20) | $ 0.32 |
Earnings Per Share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
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) | 497,821 | 58,840 |
Restricted stock 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) | 497,821 | 58,840 |
Share options and 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) | 0 | 0 |
Commitments and contingencies - Narrative (Details) € in Millions, $ in Millions |
Mar. 31, 2023
USD ($)
|
Aug. 03, 2022
EUR (€)
|
Aug. 03, 2022
USD ($)
|
---|---|---|---|
Loss Contingencies [Line Items] | |||
Loss contingency, estimate of possible loss | € 60.0 | $ 65.3 | |
Iponweb | |||
Loss Contingencies [Line Items] | |||
Loss contingency accrual | $ 33.2 |
Breakdown of Revenue and Non-Current Assets by Geographical Areas - Narrative (Details) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2023
USD ($)
market
|
Mar. 31, 2022
USD ($)
|
|
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Number of geographical markets in which entity operates | market | 3 | |
Revenue | $ 445,016 | $ 510,567 |
France | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenue | $ 23,298 | $ 30,781 |
Breakdown of Revenue and Non-Current Assets by Geographical Areas - Schedule of Consolidated Revenue by Geographical Area (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total Revenue | $ 445,016 | $ 510,567 |
Americas | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total Revenue | 188,288 | 194,847 |
EMEA | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total Revenue | 160,214 | 193,954 |
Asia-Pacific | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total Revenue | $ 96,514 | $ 121,766 |
Breakdown of Revenue and Non-Current Assets by Geographical Areas - Schedule of Revenue Generated in Other Significant Countries (Details) - USD ($) $ in Thousands |
3 Months Ended | |
---|---|---|
Mar. 31, 2023 |
Mar. 31, 2022 |
|
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenue | $ 445,016 | $ 510,567 |
United States | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenue | 169,591 | 171,864 |
Germany | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenue | 45,782 | 55,455 |
France | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenue | 23,298 | 30,781 |
Japan | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenue | $ 59,692 | $ 77,975 |
Breakdown of Revenue and Non-Current Assets by Geographical Areas - Schedule of Non-Current Assets by Geographical Area and Country (Details) - USD ($) $ in Thousands |
Mar. 31, 2023 |
Dec. 31, 2022 |
---|---|---|
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | $ 326,088 | $ 307,190 |
Americas | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 91,766 | 92,952 |
EMEA | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 209,760 | 193,007 |
Asia-Pacific | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | $ 24,562 | $ 21,231 |
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