NEW YORK, May 6, 2014 (GLOBE NEWSWIRE) -- Criteo S.A. (Nasdaq:CRTO), a global leader in digital performance advertising, today announced its financial results for the first quarter ended March 31, 2014.
Executive Quotes
"We delivered another record quarter, exceeding our expectations," said JB Rudelle, Criteo's co-founder and CEO. "We are pleased with the increasing contribution of mobile driving our growth, as well as the broadening of our client base across all markets."
"We continued to generate profitable growth in the quarter, further demonstrating the robustness and scalability of our financial model," said Benoit Fouilland, Criteo's Chief Financial Officer. "As we progress into 2014, we intend to accelerate our investments to further support our future growth."
Operating Highlights
Acquisition of Tedemis S.A.
On February 19, 2014, Criteo signed a definitive agreement to acquire Tedemis, a leading provider of real-time personalized email marketing solutions that help advertisers turn web visitors into customers.
Revenue ex-TAC
Revenue excluding Traffic Acquisition Costs, or Revenue ex-TAC, in the first quarter 2014 grew 68.2%, or 75.7% at constant currencies, to €62.7 million, compared with €37.3 million in the first quarter 2013. This year-over-year growth was primarily driven by the continued broadening of our client base across our geographies and markets, as well as the deepening of our relationships with our existing clients across markets, in particular in EMEA and the US.
Excluding the contribution of Tedemis, which was consolidated from February 20 to March 31, 2014, revenue ex-TAC increased 66.2%, or 73.7% at constant currencies, to €62.0 million.
Revenue ex-TAC margin as a percentage of revenue in the first quarter 2014 was at 41.1%, representing a 1.8 percentage point increase compared with 39.3% in the first quarter of 2013.
Adjusted EBITDA and Operating Expenses
Adjusted EBITDA for the first quarter 2014 was €14.5 million, an increase of 218.3%, or 223.8% at constant currencies, compared with €4.6 million in the first quarter 2013. This year-over-year increase in Adjusted EBITDA is primarily the result of the strong revenue ex-TAC performance in the quarter. Adjusted EBITDA in the first quarter 2014 included non-recurring expenses related to the Tedemis acquisition and our follow-on equity offering which closed in March 2014, as well as a slightly higher run rate in operating expenses than expected. These additional operating expenses related to accelerated investments are made to support current and anticipated future growth.
Excluding the impact of the acquisition of Tedemis, which was consolidated from February 20 to March 31, 2014, Adjusted EBITDA increased 238.7%, or 244.1% at constant currencies, to €15.4 million.
Operating expenses in the first quarter of 2014 increased by 57.8% to €49.1 million, compared with the first quarter 2013. 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 in the first quarter 2014 were at €44.1 million, an increase of 52.3% compared with the first quarter of 2013. This increase in operating expenses over the period was principally related to headcount growth across our three main functions -Research & Development, Sales & Operations and General & Administrative- as we continued to scale the whole Criteo organization to support anticipated future growth. In particular, our headcount in Sales & Operations increased by 34% year-over-year as we work to capture our market opportunity in our geographies, especially in our mid-market organization. On a non-IFRS basis, our Sales & Operations expenses in the first quarter 2014 expressed as a percentage of revenue decreased by 1.1 percentage point over the period. We intend to further invest significantly and accelerate our investments in Research & Development and Sales & Operations in the current year as we work to capture our full potential.
Net Income and Adjusted Net Income
Net income for the first quarter 2014 was €3.8 million, representing a €3.1 million increase compared with €0.7 million in the first quarter 2013. Net income available to shareholders of Criteo S.A. for the first quarter 2014 was €3.5 million, or €0.055 per diluted share, compared with a €0.8 million net income, or €0.015 per diluted share in the first quarter 2013.
Adjusted Net Income for the first quarter 2014, or our net income adjusted to eliminate the impact of share-based compensation expense, amortization of acquisition-related intangible assets and acquisition-related deferred price consideration and the tax impact of these adjustments was €7.6 million, representing a €5.4 million increase compared with an Adjusted Net Income of €2.2 million in the first quarter 2013.
Cash Flow and Cash Position
Business Outlook
The following forward-looking statements reflect Criteo's expectations as of May 6, 2014 and includes the contribution of Tedemis over the corresponding periods.
Second Quarter 2014 Guidance:
Fiscal Year 2014 Guidance:
The above guidance assumes no additional business acquisitions are closed or realized during the quarter ending June 30, 2014 or the fiscal year ending December 31, 2014.
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, Adjusted Net Income, Free Cash Flow, Non-IFRS Operating Expenses and Revenue ex-TAC margin as well as Revenue ex-TAC and Adjusted EBITDA, each excluding the impact of the Tedemis acquisition. 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 our 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 interest, taxes, depreciation and amortization, adjusted to eliminate the impact of share-based compensation expense, service costs pension 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, amortization of acquisition-related intangible assets and acquisition-related deferred price consideration and the tax impact of these adjustments. 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, amortization of acquisition-related intangible assets and acquisition-related deferred price consideration and the tax impact of these adjustments 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 these measures 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 non-IFRS financial measures has limitations as analytical tools, 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 ending June 30, 2014 and the fiscal year ending December 31, 2014, our expectations regarding our market opportunity and future growth prospects 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 March 21, 2014 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, May 6, 2014, at 7:00am ET, 1:00pm CET, to discuss Criteo's first quarter 2014 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 global leader in digital performance advertising, working with over 5,000 companies around the world. Criteo has over 800 employees in offices across the U.S., Europe and Asia serving more than 40 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 2014 figures with the 2013 average exchange rates.
| CRITEO S.A. | |||
| Consolidated Statement of Income | |||
| (Euros in thousands, except per share data) | |||
| (unaudited) | |||
| Three Months Ended | |||
| March 31, | |||
| Year-over-- | |||
| 2013 | 2014 | year | |
| growth | |||
| Revenue | 94,860 | 152,520 | 60.8% |
| Cost of revenue | |||
| Traffic Acquisition cost (TAC) | -57,553 | -89,787 | 56.0% |
| Other cost of revenue | -5,172 | -7,446 | 44.0% |
| Gross Profit | 32,134 | 55,287 | 72.0% |
| Research & development expenses | -6,252 | -10,028 | 60.4% |
| Sales & operations expenses | -17,296 | -27,222 | 57.4% |
| General & administrative expenses | -7,536 | -11,815 | 56.8% |
| Total operating expenses | -31,084 | -49,065 | 57.8% |
| Income from operations | 1,051 | 6,222 | 491.9% |
| Financial income | 246 | 805 | 227.2% |
| Income before taxes | 1,297 | 7,027 | 441.7% |
| Provision for income taxes | -590 | -3,205 | 443.1% |
| Net income | 707 | 3,822 | 440.6% |
| - Net income available to shareholders of Criteo SA | 781 | 3,491 | |
| - Net income (loss) available to non-controlling interests | -74 | 331 | |
| Net income allocated to shareholders per share | |||
| - Basic | 0.017 | 0.061 | |
| - Diluted | 0.015 | 0.055 | |
| Basic | 47,128,329 | 57,069,106 | |
| Diluted | 50,428,671 | 63,658,402 | |
| CRITEO S.A. | ||
| Consolidated Statement of Financial Position | ||
| (Euros in thousands) | ||
| (As of March 31, 2014, unaudited) | ||
| As of | As of | |
| December 31, | March 31, | |
| 2013 | 2014 | |
| Goodwill | 4,191 | 24,228 |
| Intangible assets | 6,624 | 6,691 |
| Property, plant and equipment | 24,716 | 27,972 |
| Non-current financial assets | 7,627 | 7,762 |
| Deferred tax assets | 4,486 | 3,738 |
| TOTAL NON-CURRENT ASSETS | 47,644 | 70,391 |
| Trade receivables | 87,643 | 99,676 |
| Current tax assets | 8,014 | 6,348 |
| Other current assets | 13,466 | 21,711 |
| Cash and cash equivalents | 234,343 | 241,786 |
| TOTAL CURRENT ASSETS | 343,466 | 369,521 |
| TOTAL ASSETS | 391,110 | 439,912 |
| Share capital | 1,421 | 1,442 |
| Additional paid-in capital | 241,468 | 258,352 |
| Currency translation reserve | 1,384 | 972 |
| Consolidated reserves | 19,523 | 23,966 |
| Retained earnings | 1,065 | 3,492 |
| Equity - attributable to shareholders of Criteo SA | 264,861 | 288,224 |
| Non-controlling interests | 213 | 601 |
| TOTAL EQUITY | 265,074 | 288,825 |
| Financial liabilities - non-current portion | 6,119 | 4,912 |
| Retirement benefit obligation | 925 | 894 |
| Deferred tax liabilities | 303 | 272 |
| TOTAL NON-CURRENT LIABILITIES | 7,347 | 6,078 |
| Financial liabilities - current portion | 5,197 | 5,930 |
| Provisions | 830 | 1,075 |
| Trade payables | 75,889 | 88,406 |
| Current tax liabilities | 1,549 | 2,344 |
| Other current liabilities | 35,224 | 47,254 |
| TOTAL CURRENT LIABILITIES | 118,689 | 145,009 |
| TOTAL LIABILITIES | 126,036 | 151,087 |
| TOTAL EQUITY AND LIABILITIES | 391,110 | 439,912 |
| CRITEO S.A. | ||
| Consolidated Statement of Cash Flows | ||
| (Euros in thousands) | ||
| (unaudited) | ||
| Three Months Ended | ||
| March 31, | ||
| 2013 | 2014 | |
| Net income | 706 | 3,822 |
| Non-cash and non-operating items | 4,457 | 11,226 |
| - Amortization and provisions | 2,332 | 4,836 |
| - Share-based payment expense | 1,526 | 3,255 |
| - Net gain or loss on disposal of non-current assets | 5 | 1 |
| - Interest paid | -- | -- |
| - Non-cash financial income and expenses | 4 | -71 |
| - Change in deferred taxes | -- | 727 |
| - Income tax for the period | 590 | 2,478 |
| Changes in working capital related to operating activities | 1,225 | -3,783 |
| - (Increase) / decrease in trade receivables | -3,378 | -8,906 |
| - Increase / (decrease) in trade payables | 5,102 | 9,404 |
| - (Increase) / decrease in other current assets | -5,738 | -6,975 |
| - Increase / (decrease) in other current liabilities | 5,239 | 2,694 |
| Income taxes paid | -1,802 | 172 |
| CASH FROM OPERATING ACTIVITIES | 4,585 | 11,437 |
| Acquisition of intangible assets, property, plant and equipment | -2,489 | -3,781 |
| Proceeds from disposal of intangible assets, property, plant and equipment | -- | 11 |
| FREE CASH FLOW | 2,096 | 7,667 |
| Investments | -- | -15,980 |
| Sale of investments | -- | -- |
| Change in other non-current financial assets | -997 | -42 |
| CASH USED FOR INVESTING ACTIVITIES | -3,486 | -19,791 |
| Issuance of long-term borrowings | -- | -- |
| Repayment of borrowings | -512 | -1,255 |
| Interests paid | -- | -- |
| Proceeds from capital increase | 51 | 16,788 |
| Change in other financial liabilities | -- | 4 |
| CASH FROM (USED FOR) FINANCING ACTIVITIES | -461 | 15,537 |
| CHANGE IN NET CASH & CASH EQUIVALENTS | 639 | 7,183 |
| Net cash & cash equivalents at beginning of period | 43,262 | 234,342 |
| Effect of exchange rates changes on cash and cash equivalents | -27 | 262 |
| Net cash & cash equivalents at end of period | 43,873 | 241,786 |
| CRITEO S.A. | |||||
| Reconciliation of Revenue ex-TAC by Region to Revenue by Region | |||||
| (Euros in thousands) | |||||
| (unaudited) | |||||
| Three Months Ended | |||||
| March 31, | |||||
| Year-over-year | |||||
| Year-over- | growth at | ||||
| Region | 2013 | 2014 | year | constant | |
| growth | currency | ||||
| Revenue | Americas | 25,025 | 37,630 | 50.4% | 62.4% |
| EMEA | 54,429 | 83,853 | 54.1% | 53.5% | |
| Asia-Pacific | 15,406 | 31,037 | 101.5% | 130.8% | |
| Total | 94,860 | 152,520 | 60.8% | 68.4% | |
| Traffic acquisition costs | Americas | -15,455 | -22,905 | 48.2% | 60.4% |
| EMEA | -33,265 | -48,533 | 45.9% | 45.3% | |
| Asia-Pacific | -8,833 | -18,349 | 107.7% | 138.5% | |
| Total | -57,553 | -89,787 | 56.0% | 63.7% | |
| Revenue ex-TAC | Americas | 9,570 | 14,725 | 53.9% | 65.5% |
| EMEA | 21,164 | 35,320 | 66.9% | 66.4% | |
| Asia-Pacific | 6,573 | 12,688 | 93.0% | 120.3% | |
| Total | 37,307 | 62,733 | 68.2% | 75.7% | |
| CRITEO S.A. | ||
| Reconciliation of Adjusted EBITDA to Net Income | ||
| (Euros in thousands) | ||
| (unaudited) | ||
| Three Months Ended | ||
| March 31, | ||
| 2013 | 2014 | |
| Reconciliation of Adjusted EBITDA to Net income | ||
| Net income | 707 | 3,822 |
| Adjustments: | ||
| Financial income | -246 | -805 |
| Provision for income taxes | 590 | 3,205 |
| Share-based compensation expense | 1,525 | 3,256 |
| Research and development | 281 | 606 |
| Sales and operations | 599 | 1,870 |
| General and administrative | 645 | 780 |
| Service cost-pension | 91 | 109 |
| Research and development | -- | 50 |
| Sales and operations | -- | 26 |
| General and administrative | 91 | 33 |
| Depreciation and amortization expense | 1,890 | 4,507 |
| Cost of revenue | 1,364 | 3,309 |
| Research and development | 152 | 412 |
| Sales and operations | 252 | 599 |
| General and administrative | 122 | 187 |
| Acquisition-related deferred price consideration | 0 | 411 |
| Research and development | -- | 411 |
| Sales and operations | -- | -- |
| General and administrative | -- | -- |
| Total net adjustments | 3,850 | 10,683 |
| Adjusted EBITDA | 4,557 | 14,505 |
| CRITEO S.A. | ||
| Detailed Information on Selected Items | ||
| (Euros in thousands) | ||
| (unaudited) | ||
| Three Months Ended | ||
| March 31, | ||
| 2013 | 2014 | |
| Share-Based Compensation Expense | ||
| Research and development | -281 | -606 |
| Sales and operations | -599 | -1,870 |
| General and administrative | -645 | -780 |
| Total Share-Based Compensation Expense | -1,525 | -3,256 |
| Pension costs | ||
| Research and development | -- | -50 |
| Sales and operations | -- | -26 |
| General and administrative | -91 | -33 |
| Total Pension costs | -91 | -109 |
| Depreciation and Amortization Expense | ||
| Cost of revenue | -1,364 | -3,309 |
| Research and development | -152 | -412 |
| Sales and operations | -252 | -599 |
| General and administrative | -122 | -187 |
| Total Depreciation and Amortization Expense | -1,890 | -4,507 |
| Acquisition-related deferred price consideration | ||
| Research and development | -- | -411 |
| Sales and operations | -- | -- |
| General and administrative | -- | -- |
| Total Acquisition-related deferred price consideration | -- | -411 |
| CRITEO S.A. | ||
| Reconciliation of Adjusted Net Income to Net Income | ||
| (Euros in thousands) | ||
| (unaudited) | ||
| Three Months Ended | ||
| March 31, | ||
| 2013 | 2014 | |
| Net income | 707 | 3,822 |
| Adjustments: | ||
| Share-based compensation expense | 1,525 | 3,256 |
| Amortization of acquisition-related intangible assets | -- | 180 |
| Acquisition-related deferred price consideration | -- | 411 |
| Tax impact of the above adjustments | -- | -38 |
| Total net adjustments | 1,525 | 3,809 |
| Adjusted net income | 2,232 | 7,631 |
| CRITEO S.A. | |||||
| Constant Currency Reconciliation | |||||
| (Euros in thousands) | |||||
| (unaudited) | |||||
| Three Months Ended | |||||
| March 31, | |||||
| Year-over- | |||||
| 2014 | Year- | year | |||
| excluding | over- | growth | |||
| 2013 | 2014 | Tedemis | year | excluding | |
| contribution | growth | Tedemis | |||
| contribution | |||||
| Revenue as reported | 94,860 | 152,520 | 151,527 | 60.8% | 59.7% |
| Conversion impact euro/other currencies | -- | 7,219 | 7,219 | ||
| Revenue at constant currency | 94,860 | 159,738 | 158,745 | 68.4% | 67.3% |
| Traffic acquisition costs as reported | 57,553 | 89,787 | 89,529 | 56.0% | 55.6% |
| Conversion impact euro/other currencies | -- | 4,411 | 4,411 | ||
| Traffic acquisition costs at constant currency | 57,553 | 94,198 | 93,940 | 63.7% | 63.2% |
| Revenue ex-TAC as reported | 37,307 | 62,733 | 61,998 | 68.2% | 66.2% |
| Conversion impact euro/other currencies | -- | 2,808 | 2,808 | ||
| Revenue ex-TAC at constant currency | 37,307 | 65,540 | 64,805 | 75.7% | 73.7% |
| Revenue ex-TAC / Revenue as reported | 39.3% | 41.1% | 40.9% | ||
| Other cost of revenue as reported | 5,172 | 7,446 | 7,328 | 44.0% | 41.7% |
| Conversion impact euro/other currencies | -- | 258 | 258 | ||
| Other cost of revenue at constant currency | 5,172 | 7,704 | 7,586 | 48.9% | 46.7% |
| Adjusted EBITDA | 4,557 | 14,505 | 15,432 | 218.3% | 238.7% |
| Conversion impact euro/other currencies | 251 | 251 | |||
| Adjusted EBITDA at constant currency | 4,557 | 14,756 | 15,683 | 223.8% | 244.1% |
| CRITEO S.A. | ||
| Information on share count | ||
| (unaudited) | ||
| At March 31, | ||
| 2013 | 2014 | |
| Shares outstanding as at January 1, | 47,123,017 | 56,856,070 |
| Weighted average number of shares issued during the period | 5,312 | 213,036 |
| Basic number of shares - Basic EPS basis | 47,128,329 | 57,069,106 |
| Dilutive effect of share options, warrants, employee warrants - Treasury method | 3,300,342 | 6,589,296 |
| Diluted number of shares - Diluted EPS basis | 50,428,671 | 63,658,402 |
| Shares outstanding as at March 31, | 47,133,856 | 57,695,393 |
| Total dilutive effect of share options, warrants, employee warrants | 7,612,223 | 9,258,663 |
| Fully diluted shares as at March 31, | 54,746,079 | 66,954,056 |
| CRITEO S.A. | |||||||||||||
| Supplemental Financial Information and Operating Metrics | |||||||||||||
| (unaudited) | |||||||||||||
| Q2 | Q3 | Q4 | Q1 | Q2 | Q3 | Q4 | Q1 | YoY | QoQ | ||||
| 2012 | 2012 | 2012 | 2013 | 2013 | 2013 | 2013 | 2014 | Change | Change | ||||
| Clients | 2,447 | 2,866 | 3,379 | 3,811 | 4,274 | 4,631 | 5,072 | 5,567 | 46.1% | 9.8% | |||
| Revenue ('000 euros) | 56,649 | 72,142 | 86,571 | 94,862 | 99,400 | 113,811 | 135,889 | 152,520 | 60.8% | 12.2% | |||
| Americas | 12,577 | 18,800 | 25,740 | 25,025 | 28,846 | 30,473 | 38,660 | 37,630 | 50.4% | -2.7% | |||
| EMEA | 37,863 | 43,766 | 48,791 | 54,434 | 53,348 | 59,732 | 70,291 | 83,853 | 54.0% | 19.3% | |||
| APAC | 6,209 | 9,575 | 12,040 | 15,403 | 17,206 | 23,606 | 26,937 | 31,037 | 101.5% | 15.2% | |||
| Revenue ex-TAC ('000 euros) | 24,856 | 29,316 | 35,331 | 37,306 | 40,032 | 46,815 | 54,855 | 62,733 | 68.2% | 14.4% | |||
| Americas | 5,381 | 7,443 | 9,938 | 9,570 | 11,124 | 11,896 | 15,108 | 14,725 | 53.9% | -2.5% | |||
| EMEA | 16,324 | 17,506 | 20,037 | 21,163 | 21,807 | 25,358 | 29,057 | 35,320 | 66.9% | 21.6% | |||
| APAC | 3,152 | 4,367 | 5,355 | 6,573 | 7,101 | 9,561 | 10,690 | 12,688 | 93.0% | 18.7% | |||
| Cash flow from operating activities ('000 euros) | 3,441 | -3,145 | 7,561 | 4,585 | 4,134 | 3,731 | 12,255 | 11,437 | 146.9% | -7.6% | |||
| Capital expenditures ('000 euros) | 1,999 | 2,347 | 7,251 | 2,489 | 6,590 | 5,737 | 7,187 | 3,781 | 51.9% | -47.4% | |||
| Net Cash Position ('000 euros) | 12,784 | 40,381 | 43,262 | 43,876 | 47,893 | 39,839 | 234,343 | 241,786 | 451.1% | 3.2% | |||
| Days Sales Outstanding (days - end of month) | 55.6 | 58.4 | 57.4 | 58.1 | 56.7 | 55.6 | 53.5 | 53.8 | -7.4% | 0.6% | |||
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CONTACT: Criteo Investor Relations
Edouard Lassalle, Head of IR
e.lassalle@criteo.com
Denise Garcia, ICR, Inc.
denise.garcia@icrinc.com
Criteo Public Relations
Emma Ferns, Global PR director
e.ferns@criteo.com