PARIS, Nov. 14, 2013 (GLOBE NEWSWIRE) -- Criteo S.A. (Nasdaq:CRTO), a leading global technology company that specializes in performance display advertising, today announced its financial results for the third quarter ended September 30, 2013.
"We had a very solid quarter which came out at the higher end of our expectations, as our value proposition continued to demonstrate strong adoption and retention momentum within our client base," said JB Rudelle, co-founder and CEO of Criteo. "Our predictive technology coupled with our large volumes of granular shopping data enabled more e-commerce companies to engage and convert their customers on all devices. Our business grew across all geographies this quarter and, as we further expand our product offering on mobile devices and execute on our growth strategies, we believe there continues to be a tremendous market potential ahead of us."
Operating Highlights
Acquisition of Ad-X Limited
On July 12, 2013, we closed the acquisition of 100% of the share capital of Ad-X Ltd on a fully diluted basis for €5.5 million in upfront cash plus €3.7 million payable in cash over a 3-year period. Ad-X Ltd is a mobile technology company, that allows brands and agencies to track, monitor and report advertising performance on mobile applications across hundreds of advertising solutions worldwide. The contribution of Ad-X to revenue and revenue ex-TAC was not material in the third quarter 2013.
Revenue ex-TAC
Revenue excluding Traffic Acquisition Costs, or Revenue ex-TAC, grew 59.7% or 73.3% at constant currencies to €46.8 million in the third quarter, compared with €29.3 million in the third quarter 2012, primarily driven by our continued rapid geographic expansion.
Revenue ex-TAC margin as a percentage of revenue was at 41.1% in the third quarter, a 0.5 point improvement compared with 40.6% in the third quarter of 2012.
Adjusted EBITDA and Operating Expenses
Adjusted EBITDA for the third quarter 2013 was €11.6 million, an increase of 163.8% compared with €4.4 million in the third quarter 2012, despite significant investments made over the period.
Operating expenses increased by 51.4% to €36.4 million in the third quarter of 2013, compared with the third quarter 2012. Excluding the impact of share-based compensation, pension costs, depreciation and amortization and acquisition-related deferred price consideration, which we refer to as on a non-IFRS basis, our operating expenses were at €32.5 million in the third quarter of 2013, an increase of 42.6% compared with the third quarter of 2012. This increase in operating expenses over the period was in particular related to headcount growth in Research & Development, as we accelerated our investments to further develop our technology platform to support future growth. On a non-IFRS basis, our Sales & Operations and General & Administrative expenses expressed as a percentage of revenue decreased by 2.2 points and 2.0 points respectively over the period.
Net Income and Adjusted Net Income
Net income was €3.0 million for the third quarter of 2013, representing a 90.4% increase compared with €1.6 million in the third quarter 2012. Net income available to shareholders of Criteo S.A. for the third quarter of 2013 was €2.8 million, or €0.05 per diluted share, compared with €1.6 million, or €0.03 per diluted share in the third quarter 2012.
Adjusted Net Income, or our net income adjusted to eliminate the impact of share-based compensation expense, was €4.9 million for the third quarter of 2013, representing a 97.2% increase compared with an Adjusted Net Income of €2.5 million for the third quarter of 2012.
Cash Flow and Cash Position
Business Outlook
The following forward-looking statements reflect Criteo's expectations as of November 14, 2013.
Fourth Quarter 2013 Guidance:
Fiscal Year 2013 Guidance:
Non-IFRS Financial Measures
This press release and its attachments include the following financial measures defined as non-IFRS financial measures by the U.S. Securities and Exchange Commission (SEC): Revenue ex-TAC, Adjusted EBITDA and Adjusted Net Income. These measures are not calculated in accordance with IFRS.
Revenue ex-TAC is our revenue excluding traffic acquisition costs (TAC) generated over the applicable measurement period. Revenue ex-TAC is a key measure used by our management and board of directors to evaluate operating performance, generate future operating plans and make strategic decisions regarding the allocation of capital. In particular, we believe that the elimination of TAC from revenue can provide a useful measure for period-to-period comparisons of our core business. Accordingly, we believe that Revenue ex-TAC provides useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and board of directors.
Adjusted EBITDA is our income from operations before interests, taxes, depreciation and amortization, adjusted to eliminate the impact of share-based compensation expense, pension costs and acquisition-related deferred price consideration. Adjusted EBITDA is a key measure used by our management and board of directors to understand and evaluate our core operating performance and trends, to prepare and approve our annual budget and to develop short‑ and long-term operational plans. In particular, we believe that the elimination of non-cash compensation expense, pension costs and acquisition-related deferred price consideration in calculating Adjusted EBITDA can provide a useful measure for period-to-period comparisons of our core business.
Adjusted Net Income is our net income adjusted to eliminate the impact of share-based compensation expense. Adjusted Net Income is not a measure calculated in accordance with IFRS. Adjusted Net Income is a key measure used by our management and board of directors to evaluate our operating performance, generate future operating plans and make strategic decisions regarding the allocation of capital. In particular, we believe that the elimination of share-based compensation expense in calculating Adjusted Net Income can provide a useful measure for period-to-period comparisons of our core business. Accordingly, we believe that Adjusted Net Income provides useful information to investors and others in understanding and evaluating our results of operations in the same manner as our management and board of directors.
Accordingly, we believe that Revenue-ex TAC, Adjusted EBITDA and Adjusted Net Income provide useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and board of directors. Please refer to supplemental financial tables provided in the appendix of this press release for a reconciliation of Revenue ex-TAC to revenue, Adjusted EBITDA to net income and Adjusted Net Income to net income, the most comparable IFRS measurements. Our use of Revenue ex-TAC, Adjusted EBITDA and Adjusted Net Income have limitations as an analytical tool, and you should not consider them in isolation or as a substitute for analysis of our financial results as reported under IFRS.
With respect to our expectations under "Business Outlook" above, reconciliation of Revenue ex-TAC and Adjusted EBITDA guidance to the closest corresponding IFRS measure is not available without unreasonable efforts on a forward-looking basis due to the high variability, complexity and low visibility with respect to the charges excluded from these non-IFRS measures, in particular, the measures and effects of stock-based compensation expense specific to equity compensation awards that are directly impacted by unpredictable fluctuations in our stock price. We expect the variability of the above charges to have a significant, and potentially unpredictable, impact on our future IFRS financial results.
These measures may be different than non-IFRS financial measures used by other companies. The presentation of this financial information is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB). Explanations of the Company's non-IFRS financial measures and reconciliations of these financial measures to the IFRS financial measures the Company considers most comparable are included in the accompanying relevant tables below.
Forward-Looking Statements Disclosure
This press release contains forward-looking statements that are inherently difficult to predict, including projected financial results for the quarter and the fiscal year ending December 31, 2013, our expectations regarding our market opportunity and other statements that are not historical facts, which involve risks and uncertainties that could cause actual results to differ materially. Factors that might cause or contribute to such differences include, but are not limited to: our recent growth rates may not be indicative of our future growth, uncertainty regarding regulatory, legislative or self-regulatory developments regarding internet privacy matters, uncertainty regarding our ability to access a consistent supply of internet display advertising inventory and expand our access to such inventory, the amount that Criteo invests in new business opportunities and the timing of these investments, the impact of competition, our ability to manage our growth, potential fluctuations in operating results, our ability to grow our base of advertising clients, uncertainty regarding our international growth and expansion and the financial impact of our focus on maximizing revenue ex-TAC as well as risks related to future opportunities and plans, including the uncertainty of expected future financial performance and results and those risks detailed from time-to-time under the caption "Risk Factors" and elsewhere in Criteo S.A.'s Securities and Exchange Commission filings and reports, including in the Company's prospectus filed with the SEC on October 30, 2013 and future filings and reports by the Company. Criteo undertakes no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events or changes in its expectations.
Conference Call Information
Criteo will hold a conference call today at 8am ET, 5am PDT, 2pm CET, to discuss Criteo's third quarter 2013 operating and financial results, as well as other forward-looking information about Criteo's business.
Conference call details are:
The conference call will also be webcast simultaneously at http://ir.criteo.com.
About Criteo
Criteo is a leading global technology company that specializes in performance display advertising, working with over 4,000 e-commerce companies around the world. Criteo has over 700 employees in offices across the U.S., Europe and Asia serving more than 35 countries.
For more information, please visit http://www.criteo.com
1 Variations at constant currencies exclude the impact of foreign currency fluctuations and are computed by restating 2013 figures with the 2012 average exchange rates.
| CRITEO S.A. | ||||||
| Consolidated Statement of Income | ||||||
| (Euros in thousands) | ||||||
| (unaudited) | ||||||
| Three Months Ended | Nine Months Ended | |||||
| September 30, | September 30, | |||||
| 2012 | 2013 | Year-over- year growth |
2012 | 2013 | Year-over- year growth |
|
| Revenue | 72,142 | 113,811 | 57.8% | 185,285 | 308,071 | 66.3% |
| Cost of revenue | ||||||
| Traffic Acquisition cost (TAC) | -42,826 | -66,996 | 56.4% | -106,467 | -183,918 | 72.7% |
| Other cost of revenue | -3,150 | -4,742 | 50.5% | -7,815 | -15,622 | 99.9% |
| Gross Profit | 26,166 | 42,073 | 60.8% | 71,003 | 108,531 | 52.9% |
| Research & development expenses | -3,647 | -9,008 | 147.0% | -10,028 | -22,202 | 121.4% |
| Sales & operations expenses | -14,456 | -20,427 | 41.3% | -40,496 | -60,510 | 49.4% |
| General & administrative expenses | -5,906 | -6,919 | 17.2% | -12,938 | -22,114 | 70.9% |
| Total operating expenses | -24,009 | -36,354 | 51.4% | -63,462 | -104,826 | 65.2% |
| Income from operations | 2,156 | 5,719 | 165.3% | 7,541 | 3,705 | -50.9% |
| Financial income (expense) | -231 | -1,054 | 356.3% | 88 | -3,599 | -4189.8% |
| Income before taxes | 1,925 | 4,665 | 142.3% | 7,629 | 106 | -98.6% |
| Provision for incomes taxes | -330 | -1,627 | 393.0% | -2,065 | -1,981 | -4.1% |
| Net income (loss) | 1,596 | 3,038 | 90.4% | 5,564 | -1,875 | -133.7% |
| - Net income available to Shareholders of Criteo SA | 1,620 | 2,818 | 5,588 | -1,981 | ||
| - Net income available to non-controlling interests | -24 | 220 | -24 | 106 | ||
| Net income allocated to shareholders per share | ||||||
| - Basic | 0.04 € | 0.06 € | 0.13 € | - 0.04 € | ||
| - Diluted | 0.03 € | 0.05 € | 0.12 € | - 0.04 € | ||
| Basic | 44,324,379 | 47,163,824 | 44,324,379 | 47,163,824 | ||
| Diluted | 47,646,835 | 52,081,380 | 47,646,835 | 52,081,380 | ||
| CRITEO S.A. | |||
| Consolidated Statement of Financial Position | |||
| (Euros in thousands) | |||
| (unaudited) | |||
| September 30, | December 31, | September 30, | |
| 2012 | 2012 | 2013 | |
| Goodwill | 5,597 | ||
| Intangible assets | 74 | 721 | 2,151 |
| Property, plant and equipment | 11,080 | 14,566 | 22,511 |
| Non-current financial assets | 6,665 | 6,924 | 7,631 |
| Deferred tax assets | 1,260 | 1,026 | 2,179 |
| TOTAL NON-CURRENT ASSETS | 19,080 | 23,237 | 40,068 |
| Trade receivables | 50,650 | 60,685 | 73,241 |
| Current tax assets | 1,667 | 1,866 | 6,208 |
| Other current assets | 8,538 | 8,080 | 18,310 |
| Cash and cash equivalents | 40,382 | 43,262 | 39,839 |
| TOTAL CURRENT ASSETS | 101,237 | 113,893 | 137,598 |
| TOTAL ASSETS | 120,317 | 137,130 | 177,667 |
| Share capital | 1,178 | 1,178 | 1,182 |
| Additional paid-in capital | 46,600 | 46,542 | 46,989 |
| Currency translation reserve | -320 | 72 | 1,110 |
| Consolidated reserves | 10,878 | 11,913 | 17,341 |
| Retained earnings | 5,587 | 981 | -1,982 |
| Equity - attributable to stockholders of Criteo SA | 63,922 | 60,686 | 64,641 |
| Non-controlling interests | -209 | -245 | -44 |
| TOTAL STOCKHOLDERS' EQUITY | 63,713 | 60,441 | 64,597 |
| Financial liabilities - non-current portion | 1,636 | 4,181 | 7,386 |
| Retirement benefit obligation | 277 | 582 | 857 |
| Deferred tax liabilities | 10 | 15 | 11 |
| TOTAL NON-CURRENT LIABILITIES | 1,923 | 4,778 | 8,254 |
| Financial liabilities - current portion | 864 | 2,072 | 5,018 |
| Bank overdrafts | 0 | 2 | |
| Provisions | 737 | 755 | 875 |
| Trade payables | 37,256 | 50,340 | 67,003 |
| Current tax liabilities | 1,254 | 3,203 | 1,295 |
| Other current liabilities | 14,570 | 15,541 | 30,623 |
| TOTAL CURRENT LIABILITIES | 54,682 | 71,911 | 104,816 |
| TOTAL LIABILITIES | 56,604 | 76,689 | 113,069 |
| TOTAL EQUITY AND LIABILITIES | 120,317 | 137,130 | 177,667 |
| CRITEO S.A. | ||||
| Consolidated Statement of Cash Flows | ||||
| (Euros in thousands) | ||||
| (unaudited) | ||||
| Three Months Ended | Nine Months Ended | |||
| September 30, | September 30, | |||
| 2012 | 2013 | 2012 | 2013 | |
| Net income | 1,596 | 3,038 | 5,563 | -1,875 |
| Non-cash and non-operating items | 2,537 | 6,462 | 8,252 | 14,988 |
| - Amortization and provisions | 1,362 | 2,993 | 3,996 | 8,433 |
| - Stock-based payment expense | 873 | 1,829 | 2,184 | 4,544 |
| - Net gain or loss on disposal of non-current assets | -30 | 6 | 11 | |
| - Interest paid | 3 | 7 | ||
| - Non-cash financial income and expenses | 2 | 4 | 6 | 12 |
| - Change in deferred taxes | -1,266 | -1,266 | ||
| - Income tax for the period | 330 | 2,893 | 2,065 | 3,247 |
| Changes in working capital related to operating activities | -4,791 | -2,458 | -3,646 | 9,123 |
| - (Increase) / decrease in trade receivables | -13,413 | -7,424 | -17,793 | -15,108 |
| - Increase / (decrease) in trade payables | 9,319 | 2,261 | 14,849 | 21,311 |
| - (Increase) / decrease in other current assets | 1,805 | -919 | -3,009 | -10,399 |
| - Increase / (decrease) in other current liabilities | -2,501 | 3,624 | 2,307 | 13,319 |
| Income taxes paid | -2,487 | -3,311 | -5,917 | -9,786 |
| CASH FROM (USED FOR) OPERATING ACTIVITIES | -3,145 | 3,731 | 4,252 | 12,450 |
| Acquisition of intangible assets, property, plant and equipment | -2,347 | -5,737 | -6,333 | -14,816 |
| Proceeds from disposal of intangible assets, property, plant and equipment | 70 | 70 | ||
| Investments | -5,285 | -5,285 | ||
| Sale of investments | 38 | 38 | 0 | |
| Change in other non-current financial assets | 488 | -5 | -5,743 | -771 |
| CASH FROM (USED FOR) INVESTING ACTIVITIES | -1,821 | -10,957 | -12,038 | -20,802 |
| Issuance of long-term borrowings | 2,500 | 0 | 2,500 | 8,000 |
| Repayment of borrowings | -1,199 | -2,258 | ||
| Interests paid | -3 | -7 | ||
| Proceeds from capital increase | 30,164 | 297 | 30,164 | 450 |
| Change in other financial liabilities | 0 | -180 | 0 | |
| CASH FROM (USED FOR) FINANCING ACTIVITIES | 32,664 | -905 | 32,484 | 6,185 |
| 0 | ||||
| CHANGE IN NET CASH & CASH EQUIVALENTS | 27,698 | -8,131 | 24,698 | -2,167 |
| Net cash & cash equivalents at beginning of period | 12,784 | 47,891 | 15,685 | 43,262 |
| Effect of exchange rates changes on cash and cash equivalents | -100 | 78 | -2 | -1,257 |
| Net cash & cash equivalents at end of period | 40,381 | 39,838 | 40,381 | 39,838 |
| CRITEO S.A. | |||||
| Reconciliation of Revenue ex-TAC by Region to Revenue by Region | |||||
| (Euros in thousands) | |||||
| (unaudited) | |||||
| Three Months Ended | Nine Months Ended | ||||
| September 30, | September 30, | ||||
| Region | 2012 | 2013 | 2012 | 2013 | |
| Revenue | Americas | 18,800 | 30,473 | 42,047 | 84,344 |
| EMEA | 43,767 | 59,732 | 123,708 | 167,509 | |
| Asia-Pacific | 9,575 | 23,606 | 19,530 | 56,218 | |
| Total | 72,142 | 113,811 | 185,285 | 308,071 | |
| Traffic acquisition costs | Americas | -11,358 | -18,577 | -24,242 | -51,754 |
| EMEA | -26,260 | -34,374 | -71,952 | -99,181 | |
| Asia-Pacific | -5,208 | -14,045 | -10,273 | -32,983 | |
| Total | -42,826 | -66,996 | -106,467 | -183,918 | |
| Revenue ex-TAC | Americas | 7,442 | 11,896 | 17,805 | 32,590 |
| EMEA | 17,507 | 25,358 | 51,756 | 68,328 | |
| Asia-Pacific | 4,367 | 9,561 | 9,257 | 23,235 | |
| Total | 29,316 | 46,815 | 78,818 | 124,153 | |
| CRITEO S.A. | ||||
| Reconciliation of Adjusted EBITDA to Net Income | ||||
| (Euros in thousands) | ||||
| (unaudited) | ||||
| Three Months Ended | Nine Months Ended | |||
| September 30, | September 30, | |||
| 2012 | 2013 | 2012 | 2013 | |
| Reconciliation of Adjusted EBITDA to Net income | ||||
| Net income (loss) | 1,596 | 3,038 | 5,564 | -1,875 |
| Adjustments: | ||||
| Financial income (expense) | -231 | -1,054 | 88 | -3,599 |
| Provision for income taxes | -330 | -1,627 | -2,065 | -1,981 |
| Share-based compensation expense | -872 | -1,829 | -2,184 | -4,544 |
| Service cost-pension | -16 | -67 | -106 | -238 |
| Depreciation and amortization expense | -1,340 | -2,851 | -3,119 | -7,220 |
| Acquisition-related deferred price consideration | -1,102 | -1,102 | ||
| Total net adjustments | -2,789 | -8,530 | -7,386 | -18,684 |
| Adjusted EBITDA | 4,385 | 11,568 | 12,950 | 16,809 |
| CRITEO S.A. | ||||
| Detailed Information on Selected Non-Cash Items | ||||
| (Euros in thousands) | ||||
| (unaudited) | ||||
| Three Months Ended | Nine Months Ended | |||
| September 30, | September 30, | |||
| 2012 | 2013 | 2012 | 2013 | |
| Share-Based Compensation Expense | ||||
| Research and development | -110 | -909 | -245 | -1,468 |
| Sales and operations | -449 | -683 | -1,151 | -1,509 |
| General and administrative | -314 | -237 | -788 | -1,567 |
| Total Share-Based Compensation Expense | -873 | -1,829 | -2,184 | -4,544 |
| Total Pension costs | -16 | -67 | -106 | -238 |
| Depreciation and Amortization Expense | ||||
| Cost of revenue | -1,014 | -2,007 | -2,345 | -5,150 |
| Research and development | -33 | -168 | -114 | -397 |
| Sales and operations | -274 | -516 | -588 | -1,269 |
| General and administrative | -19 | -160 | -72 | -404 |
| Total Depreciation and Amortization Expense | -1,340 | -2,851 | -3,119 | -7,220 |
| CRITEO S.A. | ||||
| Reconciliation of Adjusted Net Income to Net Income | ||||
| (Euros in thousands) | ||||
| (unaudited) | ||||
| Three Months Ended | Nine Months Ended | |||
| September 30, | September 30, | |||
| 2012 | 2013 | 2012 | 2013 | |
| Net income (loss) | 1,596 | 3,038 | 5,564 | -1,875 |
| Adjustments: | ||||
| Share-based compensation expense | -872 | -1,829 | -2,184 | -4,544 |
| Total net adjustments | -872 | -1,829 | -2,184 | -4,544 |
| Adjusted net income (loss) | 2,468 | 4,867 | 7,748 | 2,669 |
| CRITEO S.A. | ||||||
| Constant Currency Reconciliation | ||||||
| (Euros in thousands) | ||||||
| (unaudited) | ||||||
| Three Months Ended | Nine Months Ended | |||||
| September 30, | September 30, | |||||
| 2012 | 2013 | Year- over- year growth |
2012 | 2013 | Year- over- year growth |
|
| Revenue as reported | 72,142 | 113,811 | 57.8% | 185,285 | 308,071 | 66.3% |
| Conversion impact euro/other currencies | 10,108 | 18,030 | ||||
| Revenue at constant currency | 72,142 | 123,919 | 71.8% | 185,285 | 326,101 | 76.0% |
| Traffic acquisition costs as reported | -42,826 | -66,996 | 56.4% | -106,467 | -183,918 | 72.7% |
| Conversion impact euro/other currencies | -6,108 | -10,937 | ||||
| Traffic acquisition costs at constant currency | -42,826 | -73,104 | 70.7% | -106,467 | -194,855 | 83.0% |
| Revenue ex-TAC as reported | 29,316 | 46,815 | 59.7% | 78,818 | 124,153 | 57.5% |
| Conversion impact euro/other currencies | 4,000 | 7,093 | ||||
| Revenue ex-TAC at constant currency | 29,316 | 50,815 | 73.3% | 78,818 | 131,246 | 66.5% |
| Other cost of revenue as reported | -3,150 | -4,742 | 50.5% | -7,815 | -15,622 | 99.9% |
| Conversion impact euro/other currencies | -342 | -762 | ||||
| Other cost of revenue at constant currency | -3,150 | -5,084 | 61.4% | -7,815 | -16,384 | 109.6% |
| CRITEO S.A. | ||||||||||||||||||||||
| Supplemental Financial Information and Operating Metrics | ||||||||||||||||||||||
| (unaudited) | ||||||||||||||||||||||
| Q3 2011 | Q4 2011 | Q1 2012 | Q2 2012 | Q3 2012 | Q4 2012 | Q1 2013 | Q2 2013 | Q3 2013 | YoY Change |
QoQ Change |
||||||||||||
| Clients | 1,335 | 1,712 | 2,026 | 2,447 | 2,866 | 3,379 | 3,811 | 4,274 | 4,631 | 61.6% | 8.4% | |||||||||||
| Revenue ('000 euros) | 34,975 | 48,469 | 56,493 | 56,649 | 72,142 | 86,571 | 94,862 | 99,400 | 113,811 | 57.8% | 14.5% | |||||||||||
| Americas | 5,365 | 9,807 | 10,669 | 12,577 | 18,800 | 25,740 | 25,025 | 28,846 | 30,473 | 62.1% | 5.6% | |||||||||||
| EMEA | 29,434 | 37,214 | 42,079 | 37,863 | 43,766 | 48,791 | 54,434 | 53,348 | 59,732 | 36.5% | 12.0% | |||||||||||
| APAC | 176 | 1,448 | 3,745 | 6,209 | 9,575 | 12,040 | 15,403 | 17,206 | 23,606 | 146.5% | 37.2% | |||||||||||
| Revenue ex-TAC ('000 euros) | 15,492 | 21,809 | 24,646 | 24,856 | 29,316 | 35,331 | 37,306 | 40,032 | 46,815 | 59.7% | 16.9% | |||||||||||
| Americas | 1,997 | 3,923 | 4,982 | 5,381 | 7,443 | 9,938 | 9,570 | 11,124 | 11,896 | 59.8% | 6.9% | |||||||||||
| EMEA | 13,359 | 17,334 | 17,927 | 16,324 | 17,506 | 20,037 | 21,163 | 21,807 | 25,358 | 44.9% | 16.3% | |||||||||||
| APAC | 136 | 552 | 1,737 | 3,152 | 4,367 | 5,355 | 6,573 | 7,101 | 9,561 | 118.9% | 34.6% | |||||||||||
| Cash flow from operating activities ('000 euros) | 1,515 | -1,151 | 3,956 | 3,441 | -3,145 | 7,561 | 4,737 | 4,134 | 3,731 | -218.6% | -9.7% | |||||||||||
| Capital expenditures ('000 euros) | 1,258 | 2,455 | 1,987 | 1,999 | 2,347 | 7,251 | 2,489 | 6,590 | 5,737 | 144.5% | -12.9% | |||||||||||
| Net Cash Position ('000 euros) | 18,736 | 15,685 | 11,571 | 12,784 | 40,381 | 43,262 | 43,876 | 47,893 | 39,839 | -1.3% | -16.8% | |||||||||||
| Days Sales Outstanding (days - end of month) | 51.3 | 51.7 | 57.2 | 55.6 | 58.4 | 57.4 | 58.1 | 56.7 | 55.6 | -4.8% | -1.9% | |||||||||||
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CONTACT: Criteo Investor Relations
Edouard Lassalle, Criteo, +33 1 70 56 78 03
Denise Garcia, ICR, Inc., +1 203 682 8335