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Criteo Reports Financial Results For The Fourth Quarter And Fiscal Year 2018

NEW YORK, Feb. 13, 2019 /PRNewswire/ -- Criteo S.A. (NASDAQ: CRTO), the advertising platform for the open Internet, today announced financial results for the fourth quarter and fiscal year ended December 31, 2018.

Q4 2018

  • Revenue decreased 1% year-over-year, or increased 1% at constant currency1, to $670 million.
  • Revenue excluding Traffic Acquisition Costs, or Revenue ex-TAC2, decreased 2% year-over-year, or increased 0.1% at constant currency, to $272 million, or 41% of revenue.
  • Adjusted EBITDA2 decreased 13% year-over-year, or 12% at constant currency, to $105 million, or 39% of Revenue ex-TAC.
  • Cash flow from operating activities increased 8% year-over-year to $86 million.
  • Free Cash Flow2 was $40 million.
  • Net income decreased 20% year-over-year to $42 million.
  • Adjusted net income per diluted share2 decreased 31% year-over-year to $0.84.

Fiscal Year 2018

  • Revenue increased 0.2% year-over-year, or decreased 1% at constant currency, to $2,300 million.
  • Revenue ex-TAC increased 3% year-over-year, or 2% at constant currency, to $966 million, or 42% of revenue.
  • Adjusted EBITDA increased 4% year-over-year, or 0.1% at constant currency, to $321 million, or 33% of Revenue ex-TAC.
  • Cash flow from operating activities increased 6% year-over-year to $261 million.
  • Free Cash Flow was $135 million.
  • Net income decreased 1% year-over-year to $96 million.
  • Adjusted net income per diluted share decreased 8% year-over-year to $2.49.

"The recurring nature of our business reflects the great value our clients place in our performance," said JB Rudelle, CEO. "We are building on this trust to expand our client partnerships with new solutions."

"Our Q4 results mark an inflection point in our trajectory," commented Benoit Fouilland, CFO. "We expect to see positive momentum in 2019 driven by healthy fundamentals and our broader multi-solution platform."

Q4 2018 Operating Highlights

  • Revenue ex-TAC from our new solutions represented over 13% of our total business, growing 54% year-over-year.
  • Same-client Revenue ex-TAC3 was flat year-over-year at constant currency despite continued headwinds over the period.
  • We grew clients 7% year-over-year, ending the quarter with close to 19,500 commerce and brand clients, while maintaining client retention at close to 90% for our all our solutions combined.
  • Our app business grew 54% year-over-year on a Revenue ex-TAC basis.
  • We had 13% of our live clients using at least two of our solutions, up from only 4% in the prior year.
  • Our header bidding technology is now connected to the vast majority of our direct publishers, with close to 3,500 large publishers now using Criteo Direct Bidder, compared to 2,600 at the end of Q3.

Revenue and Revenue ex-TAC

Q4 2018
Revenue decreased 1% year-over-year, or increased 1% at constant currency1, to $670 million (Q4 2017: $674 million).

Revenue ex-TAC decreased 2% year-over-year, or increased 0.1% at constant currency, to $272 million (Q4 2017: $277 million). This year-over-year growth at constant currency was largely driven by a strong Holiday season across the U.S. and Europe, and was well balanced between the contribution of new clients and our existing clients, despite external headwinds. This return to growth at constant currency marks an inflection point in our growth trajectory.

  • In the Americas, Revenue ex-TAC decreased 0.1% year-over-year, or increased 1% at constant currency, to $121 million and represented 45% of total Revenue ex-TAC.
  • In EMEA, Revenue ex-TAC decreased 7% year-over-year, or 4% at constant currency, to $93 million and represented 34% of total Revenue ex-TAC.
  • In Asia-Pacific, Revenue ex-TAC increased 5% year-over-year, or 6% at constant currency, to $58 million and represented 21% of total Revenue ex-TAC.

Revenue ex-TAC margin as a percentage of revenue decreased 50 basis points year-over-year to 41%.

Fiscal Year 2018
Revenue increased 0.2% year-over-year, or decreased 1% at constant currency, to $2,300 million (2017: $2,297 million).

Revenue ex-TAC increased 3% year-over-year, or 2% at constant currency, to $966 million (2017: $941 million). The year-over-year growth was primarily driven by the contribution of new clients, as the lower contribution of existing clients compared to 2017 was largely driven by significant external headwinds. Our growth in 2018 reflects the resilient and recurring nature of our business.

  • In the Americas, Revenue ex-TAC increased 1% year-over-year, or 2% at constant currency, to $374 million and represented 39% of total Revenue ex-TAC.
  • In EMEA, Revenue ex-TAC increased 3% year-over-year, and was flat at constant currency, to $368 million and represented 38% of total Revenue ex-TAC.
  • In Asia-Pacific, Revenue ex-TAC increased 6% year-over-year, or 5% at constant currency, to $223 million and represented 23% of total Revenue ex-TAC.

Revenue ex-TAC margin as a percentage of revenue increased 100 basis points year-over-year to 42%.

Net Income and Adjusted Net Income

Q4 2018
Net income decreased 20% year-over-year to $42 million (Q4 2017: $52 million). Net income available to shareholders of Criteo S.A. was $38 million, or $0.57 per share on a diluted basis (Q4 2017: $53 million, or $0.78 per share on a diluted basis).

Adjusted net income, or net income adjusted to eliminate the impact of equity awards compensation expense, amortization of acquisition-related intangible assets, acquisition-related costs and deferred price consideration, restructuring costs and the tax impact of these adjustments, decreased 31% year-over-year to $56 million, or $0.84 per share on a diluted basis (Q4 2017: $82 million, or $1.21 per share on a diluted basis).

Fiscal Year 2018
Net income decreased 1% year-over-year to $96 million (2017: $97 million). Net income available to shareholders of Criteo S.A. was $89 million, or $1.31 per share on a diluted basis (2017: $91 million, or $1.34 per share on a diluted basis).

Adjusted net income decreased 8% year-over-year to $169 million, or $2.49 per share on a diluted basis (2017: $183 million, or $2.70 per share on a diluted basis).

Adjusted EBITDA and Operating Expenses

Q4 2018
Adjusted EBITDA decreased 13%, or 12% at constant currency, to $105 million (Q4 2017: $120 million). This decrease was primarily driven by the Revenue ex-TAC performance across regions as well as slightly higher Non-GAAP operating expenses, in particular in General & Administrative.

Adjusted EBITDA margin as a percentage of Revenue ex-TAC was 39% (Q4 2017: 43%).

Operating expenses decreased 2% year-over-year to $171 million (Q4 2017: $175 million), reflecting a flat headcount over the period and lower equity award compensation expense. Operating expenses, excluding the impact of equity awards compensation expense, pension costs, restructuring costs, depreciation and amortization and acquisition-related costs and deferred price consideration, which we refer to as Non-GAAP Operating Expenses, increased 6% year-over-year to $149 million (Q4 2017: $141 million).

Fiscal Year 2018
Adjusted EBITDA increased 4%, or 0.1% at constant currency, to $321 million (2017: $310 million). This increase was primarily driven by the Revenue ex-TAC performance across regions.

Adjusted EBITDA margin as a percentage of Revenue ex-TAC was 33% (2017: 33%).

Operating expenses increased 1% year-over-year to $687 million (2017: $682 million), reflecting a flat headcount over the period and lower equity award compensation expense. Non-GAAP Operating Expenses increased 2% year-over-year to $581 million (2017: $566 million).

Cash Flow and Cash Position

Q4 2018
Cash flow from operating activities increased 8% year-over-year to $86 million (Q4 2017: $79 million). Free Cash Flow, defined as cash flow from operating activities less acquisition of intangible assets, property, plant and equipment and change in accounts payable related to intangible assets, property, plant and equipment, decreased 25% year-over-year to $40 million (Q4 2017: $54 million).

Total cash and cash equivalents decreased $50 million compared to the end of 2017 to $364 million. This is the net result of the free cash flow generation over the period, offset by our acquisitions of both Storetail and Manage, the completion of our $80 million share buyback program and a $21 million negative currency impact on the cash position over the period.

Fiscal Year 2018
Cash flow from operating activities increased 6% year-over-year to $261 million (2017: $245 million).

Free Cash Flow decreased 1% year-over-year to $135 million (2017: $137 million).

Successful completion of a $80 million Share Repurchase Program

Demonstrating our confidence in our ability to achieve our vision over the medium-term and to return to growth while continuing to generate healthy Free Cash Flow, we had announced on October 31, 2018, that our Board of Directors had authorized a share repurchase program of up to $80 million of our outstanding American Depositary Shares.

We successfully completed this $80 million program in the fourth quarter of 2018 and, in total, repurchased 3,499,258 shares at an average price of $22.86, including expenses, under the program.

Business Outlook

The following forward-looking statements reflect Criteo's expectations as of February 13, 2019.

First Quarter 2019 Guidance:

  • We expect Revenue ex-TAC to be between $233 million and $235 million. This implies year-over-year growth of 1% to 2% at constant-currency.
  • We expect Adjusted EBITDA to be between $59 million and $61 million.

Fiscal Year 2019 Guidance:

  • We expect Revenue ex-TAC for fiscal year 2019 to grow between 3% and 6% at constant currency.
  • We expect Adjusted EBITDA margin for fiscal year 2019 to be approximately 30% of Revenue ex-TAC.

The above guidance for the first quarter ending March 31, 2019, and the fiscal year ending December 31, 2019, assumes the following average exchange rates for the main currencies impacting our business: a U.S. dollar-euro rate of 0.88, a U.S. dollar-Japanese Yen rate of 109, a U.S. dollar-British pound rate of 0.78 and a U.S. dollar-Brazilian real rate of 3.75.

The above guidance assumes no acquisitions are completed during the first quarter ending March 31, 2019 and the fiscal year ending December 31, 2019.

Reconciliation of Revenue ex-TAC and Adjusted EBITDA guidance to the closest corresponding U.S. GAAP 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-GAAP measures; in particular, the measures and effects of equity awards compensation expense specific to equity compensation awards that are directly impacted by unpredictable fluctuations in our share price. We expect the variability of the above charges to have a significant, and potentially unpredictable, impact on our future U.S. GAAP financial results.

Non-GAAP Financial Measures

This press release and its attachments include the following financial measures defined as non-GAAP financial measures by the U.S. Securities and Exchange Commission (the "SEC"): Revenue ex-TAC, Revenue ex-TAC by Region, Revenue ex-TAC margin, Adjusted EBITDA, Adjusted EBITDA margin, Adjusted Net Income, Adjusted Net Income per diluted share, Free Cash Flow and Non-GAAP Operating Expenses. These measures are not calculated in accordance with U.S. GAAP.

Revenue ex-TAC is our revenue excluding Traffic Acquisition Costs ("TAC") generated over the applicable measurement period and Revenue ex-TAC by Region reflects our Revenue ex-TAC by our geographies. Revenue ex-TAC, Revenue ex-TAC by Region and Revenue ex-TAC margin are key measures 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 business and across our geographies. Accordingly, we believe that Revenue ex-TAC, Revenue ex-TAC by Region and Revenue ex-TAC margin provide useful information to investors and the market generally in understanding and evaluating our operating results in the same manner as our management and board of directors.

Adjusted EBITDA is our consolidated earnings before financial income (expense), income taxes, depreciation and amortization, adjusted to eliminate the impact of equity awards compensation expense, pension service costs, restructuring costs, acquisition-related costs and deferred price consideration. Adjusted EBITDA and Adjusted EBITDA margin are key measures 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 by eliminating equity awards compensation expense, pension service costs, restructuring costs, acquisition-related costs and deferred price consideration, Adjusted EBITDA and Adjusted EBITDA margin can provide useful measures for period-to-period comparisons of our business. Accordingly, we believe that Adjusted EBITDA and Adjusted EBITDA margin provide useful information to investors and the market generally in understanding and evaluating our results of operations in the same manner as our management and board of directors.

Adjusted Net Income is our net income adjusted to eliminate the impact of equity awards compensation expense, amortization of acquisition-related intangible assets, acquisition-related costs and deferred price consideration, restructuring costs and the tax impact of these adjustments. Adjusted Net Income and Adjusted Net Income per diluted share are key measures 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 by eliminating equity awards compensation expense, amortization of acquisition-related intangible assets, acquisition-related costs and deferred price consideration, restructuring costs and the tax impact of these adjustments, Adjusted Net Income and Adjusted Net Income per diluted share can provide useful measures for period-to-period comparisons of our business. Accordingly, we believe that Adjusted Net Income and Adjusted Net Income per diluted share provide useful information to investors and the market generally in understanding and evaluating our results of operations in the same manner as our management and board of directors.

Free Cash Flow is defined as cash flow from operating activities less acquisition of intangible assets, property, plant and equipment and change in accounts payable related to intangible assets, property, plant and equipment. Free Cash Flow is a key measure used by our management and board of directors to evaluate the Company's ability to generate cash. Accordingly, we believe that Free Cash Flow permits a more complete and comprehensive analysis of our available cash flows.

Non-GAAP Operating Expenses are our consolidated operating expenses adjusted to eliminate the impact of depreciation and amortization, equity awards compensation expense, pension service costs, restructuring costs, acquisition-related costs and deferred price consideration. The Company uses Non-GAAP Operating Expenses to understand and compare operating results across accounting periods, for internal budgeting and forecasting purposes, for short-term and long-term operational plans, and to assess and measure our financial performance and the ability of our operations to generate cash. We believe Non-GAAP Operating Expenses reflects our ongoing operating expenses in a manner that allows for meaningful period-to-period comparisons and analysis of trends in our business. As a result, we believe that Non-GAAP Operating Expenses provides useful information to investors in understanding and evaluating our core operating performance and trends in the same manner as our management and in comparing financial results across periods. In addition, Non-GAAP Operating Expenses is a key component in calculating Adjusted EBITDA, which is one of the key measures the Company uses to provide its quarterly and annual business outlook to the investment community.

Please refer to the supplemental financial tables provided in the appendix of this press release for a reconciliation of Revenue ex-TAC to revenue, Revenue ex-TAC by Region to revenue by region, Adjusted EBITDA to net income, Adjusted Net Income to net income, Free Cash Flow to cash flow from operating activities, and Non-GAAP Operating Expenses to operating expenses, in each case, the most comparable U.S. GAAP measure. Our use of non-GAAP financial measures has limitations as an analytical tool, and you should not consider such non-GAAP measures in isolation or as a substitute for analysis of our financial results as reported under U.S. GAAP.  Some of these limitations are: 1) other companies, including companies in our industry which have similar business arrangements, may address the impact of TAC differently; and 2) other companies may report Revenue ex-TAC, Revenue ex-TAC by Region, Adjusted EBITDA, Adjusted Net Income, Free Cash Flow, Non-GAAP Operating Expenses or similarly titled measures but calculate them differently or over different regions, which reduces their usefulness as comparative measures. Because of these and other limitations, you should consider these measures alongside our U.S. GAAP financial results, including revenue and net income.

Forward-Looking Statements Disclosure

This press release contains forward-looking statements, including projected financial results for the quarter ending March 31, 2019 and the fiscal year ending December 31, 2019, our expectations regarding our market opportunity and future growth prospects and other statements that are not historical facts and 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: failure related to our technology and our ability to respond to changes in technology, uncertainty regarding our ability to access a consistent supply of internet display advertising inventory and expand access to such inventory, investments in new business opportunities and the timing of these investments, whether the projected benefits of acquisitions materialize as expected, uncertainty regarding international growth and expansion, the impact of competition, uncertainty regarding legislative, regulatory or self-regulatory developments regarding data privacy matters and the impact of efforts by other participants in our industry to comply therewith, failure to enhance our brand cost-effectively, recent growth rates not being indicative of future growth, our ability to manage growth, potential fluctuations in operating results, our ability to grow our base of clients, and the financial impact of 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 the Company's SEC filings and reports, including the Company's Annual Report on Form 10-K filed with the SEC on March 1, 2018, including the Risk Factors set forth therein and the exhibits thereto, the Quarterly Report on Form 10-Q for the quarter ended March 31, 2018, filed with the SEC on May 4, 2018, and the Quarterly Report on Form 10-Q for the quarter ended June 30, 2018, filed with the SEC on August 2, the Quarterly Report on Form 10-Q for the quarter ended September 30, 2018, filed with the SEC on November 5, 2018, as well as future filings and reports by the Company. Except as required by law, the Company undertakes no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events, changes in expectations or otherwise.

Conference Call Information

Criteo's earnings conference call will take place today, February 13, 2019, at 8:00 AM ET, 2:00 PM CET. The conference call will be webcast live on the Company's website http://ir.criteo.com and will be available for replay.

Conference call details: 

  • U.S. callers: +1 855 209 8212 
  • International callers: +1 412 317 0788 or +33 1 76 74 05 02

Please ask to be joined into the "Criteo S.A." call.

About Criteo

Criteo (NASDAQ: CRTO) is the advertising platform for the open Internet, an ecosystem that favors neutrality, transparency and inclusiveness. 2,700 Criteo team members partner with over 19,000 customers and thousands of publishers around the globe to deliver effective advertising across all channels, by applying advanced machine learning to unparalleled data sets. Criteo empowers companies of all sizes with the technology they need to better know and serve their customers. For more information, please visit www.criteo.com.



1 Growth at constant currency excludes the impact of foreign currency fluctuations and is computed by applying the 2017 average exchange rates for the relevant period to 2018 figures.
2 Revenue ex-TAC, Adjusted EBITDA, Adjusted net Income per diluted share and Free Cash Flow are not measures calculated in accordance with U.S. GAAP.
3 Same-client Revenue ex-TAC  is the Revenue ex-TAC generated by clients that were live with us in a given quarter and still live with us the same quarter in the following year.

Contacts

Criteo Investor Relations
Edouard Lassalle, VP, Head of IR, e.lassalle@criteo.com
Friederike Edelmann, IR Director, f.edelmann@criteo.com

Criteo Public Relations
Isabelle Leung-Tack, VP, Global Communications, i.leungtack@criteo.com
Kenya Hayes, Director, Global Public Relations, k.hayes@criteo.com

Financial information to follow

 

CRITEO S.A.

Consolidated Statement of Financial Position

(U.S. dollars in thousands, unaudited)




December 31, 2017


December 31, 2018

Assets





Current assets:





Cash and cash equivalents


$

414,111



$

364,426


Trade receivables, net of allowances of $20.8 million and
$25.9 million at December 31, 2017 and 2018, respectively.


484,101



473,901


Income taxes


8,882



19,370


Other taxes


58,346



53,338


Other current assets


26,327



22,816


Total current assets


991,767



933,851


Property, plant and equipment, net


161,738



184,013


Intangible assets, net


96,223



112,036


Goodwill


236,826



312,881


Non-current financial assets


19,525



20,460


Deferred tax assets


25,221



33,894


    Total non-current assets


539,533



663,284


Total assets


$

1,531,300



$

1,597,135







Liabilities and shareholders' equity





Current liabilities:





Trade payables


$

417,032



$

425,376


Contingencies


1,798



2,640


Income taxes


9,997



7,725


Financial liabilities - current portion


1,499



1,018


Other taxes


58,783



55,592


Employee - related payables


66,219



65,878


Other current liabilities


65,677



47,115


Total current liabilities


621,005



605,344


Deferred tax liabilities


2,497



10,770


Retirement benefit obligation


5,149



5,537


Financial liabilities - non-current portion


2,158



2,490


Other non-current liabilities


2,793



5,103


    Total non-current liabilities


12,597



23,900


Total liabilities


633,602



629,244


Commitments and contingencies





Shareholders' equity:





Common shares, €0.025 par value, 66,085,097 and 67,708,203
shares authorized, issued and outstanding at December 31, 2017
and 2018, respectively.


2,152



2,201


Treasury stock, 3,459,119 shares at cost as of December 31, 2018




(79,159)


Additional paid-in capital


591,404



663,281


Accumulated other comprehensive income (loss)


(12,241)



(30,522)


Retained earnings


300,210



387,869


Equity - attributable to shareholders of Criteo S.A.


881,525



943,670


Non-controlling interests


16,173



24,221


Total equity


897,698



967,891


Total equity and liabilities


$

1,531,300



$

1,597,135


 

CRITEO S.A.

Consolidated Statement of Income

(U.S. dollars in thousands, except share and per share data, unaudited)




Three Months Ended




Twelve Months Ended





December 31,




December 31,





2017


2018


YoY
Change


2017


2018


YoY
Change














Revenue


$

674,031



$

670,096



(1)

%


$

2,296,692



$

2,300,314



0.2

%














Cost of revenue













Traffic acquisition cost


(397,087)



(398,238)



0.3

%


(1,355,556)



(1,334,334)



(2)

%

Other cost of revenue


(31,727)



(38,807)



22

%


(121,641)



(131,744)



8

%














Gross profit


245,217



233,051



(5)

%


819,495



834,236



2

%














Operating expenses:













Research and development expenses


(46,933)



(44,605)



(5)

%


(173,925)



(179,263)



3

%

Sales and operations expenses


(96,834)



(93,806)



(3)

%


(380,649)



(372,707)



(2)

%

General and administrative expenses


(30,934)



(32,461)



5

%


(127,077)



(135,159)



6

%

Total Operating expenses


(174,701)



(170,872)



(2)

%


(681,651)



(687,129)



1

%

Income from operations


70,516



62,179



(12)

%


137,844



147,107



7

%

Financial income (expense), net


(2,221)



(1,746)



(21)

%


(9,534)



(5,084)



(47)

%

Income before taxes


68,295



60,433



(12)

%


128,310



142,023



11

%

Provision for income taxes


(15,927)



(18,299)



15

%


(31,651)



(46,144)



46

%

Net Income


$

52,368



$

42,134



(20)

%


$

96,659



$

95,879



(1)

%














Net income available to shareholders of Criteo S.A.


$

53,030



$

37,966





$

91,214



$

88,644




Net income available to non-controlling interests


$

(662)



$

4,168





$

5,445



$

7,235

















Weighted average shares outstanding used in computing per share amounts:













Basic


65,919,533



66,220,030





65,143,036



66,456,890




Diluted


67,770,156



67,043,794





67,851,971



67,662,904

















Net income allocated  to shareholders per share:













Basic


$

0.80



$

0.57





$

1.40



$

1.33




Diluted


$

0.78



$

0.57





$

1.34



$

1.31




 

CRITEO S.A.

Consolidated Statement of Cash Flows

(U.S. dollars in thousands, unaudited)




Three Months Ended




Twelve Months Ended





December 31,


YoY
Change


December 31,


YoY
Change



2017


2018



2017


2018















Net income


$

52,368



$

42,134



(20)

%


$

96,659



$

95,879



(1)

%

Non-cash and non-operating items


65,811



61,499



(7)

%


212,254



221,481



4

%

           - Amortization and provisions


31,344



32,785



5

%


104,025



111,825



7

%

           - Equity awards compensation expense (1)


19,725



10,267



(48)

%


71,612



66,600



(7)

%

           - Net gain or (loss) on disposal of non-current assets


794



(869)



NM



794



(869)



NM


           - Interest accrued and non-cash financial income and expense


59



20



(66)

%


66



86



30

%

           - Change in deferred taxes


7,300



1,184



(84)

%


(13,269)



(8,157)



(39)

%

           - Income tax for the period


8,628



17,115



98

%


44,921



54,301



21

%

           - Other (2)


(2,039)



997



NM



4,105



(2,305)



NM


Changes in working capital related to operating activities


(20,513)



(7,162)



(65)

%


(7,095)



10,411



NM


           - (Increase)/decrease in trade receivables


(112,127)



(113,019)



1

%


(76,907)



1,358



NM


           - Increase in trade payables


64,199



85,646



33

%


32,915



9,047



(73)

%

           - (Increase)/decrease in other current assets


(9,962)



(1,576)



(84)

%


(3,381)



3,974



NM


           - Increase/(decrease) in other current liabilities (2)


37,377



21,787



(42)

%


40,278



(3,968)



NM


Income taxes paid


(18,664)



(10,871)



(42)

%


(56,360)



(67,045)



19

%

CASH FROM OPERATING ACTIVITIES


79,002



85,600



8

%


245,458



260,726



6

%

Acquisition of intangible assets, property, plant and equipment


(47,928)



(30,064)



(37)

%


(122,203)



(116,984)



(4)

%

Change in accounts payable related to intangible assets, property, plant and equipment


22,452



(15,344)



NM



13,692



(8,494)



NM


Disposal of (Payments for) business, net of cash acquired (disposed)


(15)



(52,269)



NM



1,110



(101,180)



NM


Change in other non-current financial assets


31



(56)



NM



1,148



(59)



NM


CASH USED FOR INVESTING ACTIVITIES


(25,460)



(97,733)



NM



(106,253)



(226,717)



NM


Issuance of long-term borrowings


26





(100)

%


3,700





(100)

%

Repayment of borrowings (3)


(5,838)



(243)



(96)

%


(89,731)



(964)



(99)

%

Proceeds from capital increase


2,342



699



(70)

%


31,961



1,473



(95)

%

Change in other financial liabilities (2)


9,256



141



(98)

%


24,602



16,815



(32)

%

Change in treasury stock




(80,000)



%




(80,000)



%

CASH FROM (USED FOR) FINANCING ACTIVITIES


5,786



(79,403)



NM



(29,468)



(62,676)



113

%














CHANGE IN NET CASH AND CASH EQUIVALENTS


59,328



(91,536)



NM



109,737



(28,667)



NM


Net cash and cash equivalents at beginning of period


357,983



458,690



28

%


270,317



414,111



53

%

Effect of exchange rates changes on cash and cash equivalents (2)


(3,200)



(2,728)



(15)

%


34,057



(21,018)



NM


Net cash and cash equivalents at end of period


$

414,111



$

364,426



(12)

%


$

414,111



$

364,426



(12)

%


(1) Of which $19.2 million and $9.8 million of equity awards compensation expense consisted of share-based compensation expense according to ASC 718 Compensation - stock compensation for the quarter ended December 31, 2017 and 2018, respectively, and $69.9 million and $65.1 million for the twelve month period ended December 31, 2017 and 2018, respectively.


(2) During the quarter ended December 31, 2017 and 2018, respectively, and the twelve months ended December 31, 2017, and 2018, respectively, the Company reported the cash impact of the settlement of hedging derivatives related to financing activities in cash from (used for) financing activities in the unaudited consolidated statements of cash flows.


(3) Interest paid for the quarter ended December 31, 2017 and 2018 amounted to $0.5 million and $0.2 million, respectively and for the twelve months ended December 31, 2017 and 2018 amounted to $2.9 million and $1.4 million, respectively.

 

CRITEO S.A.

Reconciliation of Cash from Operating Activities to Free Cash Flow

(U.S. dollars in thousands, unaudited)




Three Months Ended




Twelve Months Ended





December 31,


YoY
Change


December 31,


YoY
Change



2017


2018



2017


2018















CASH FROM OPERATING ACTIVITIES


$

79,002



$

85,600



8

%


$

245,458



$

260,726



6

%

Acquisition of intangible assets, property, plant and equipment


(47,928)



(30,064)



(37)

%


(122,203)



(116,984)



(4)

%

Change in accounts payable related to intangible assets, property, plant and equipment


22,452



(15,344)



NM



13,692



(8,494)



NM


FREE CASH FLOW (1)


$

53,526



$

40,192



(25)

%


$

136,947



$

135,248



(1)

%


(1) Free Cash Flow is defined as cash flow from operating activities less acquisition of intangible assets, property, plant and equipment and change in accounts payable related to intangible assets, property, plant and equipment.

 

CRITEO S.A.

Reconciliation of Revenue ex-TAC by Region to Revenue by Region

(U.S. dollars in thousands, unaudited)





Three Months Ended






Twelve Months Ended








December 31,






December 31,






Region


2017


2018


YoY
Change


YoY
Change at
Constant
Currency


2017


2018


YoY
Change


YoY
Change at
Constant
Currency

Revenue


















Americas


$

324,696



$

317,350



(2)

%


(1)

%


$

990,424



$

954,073



(4)

%


(3)

%


EMEA


221,019



220,904



(0.1)

%


4

%


808,961



839,825



4

%


1

%


Asia-Pacific


128,316



131,842



3

%


4

%


497,307



506,416



2

%


1

%


Total


674,031



670,096



(1)

%


1

%


2,296,692



2,300,314



0.2

%


(1)

%



















Traffic acquisition costs


















Americas


(203,368)



(196,168)



(4)

%


(3)

%


(619,393)



(579,597)



(6)

%


(6)

%


EMEA


(120,662)



(128,053)



6

%


10

%


(450,297)



(471,654)



5

%


2

%


Asia-Pacific


(73,057)



(74,017)



1

%


2

%


(285,866)



(283,083)



(1)

%


(2)

%


Total


(397,087)



(398,238)



0.3

%


2

%


(1,355,556)



(1,334,334)



(2)

%


(2)

%



















Revenue ex-TAC (1)


















Americas


121,328



121,182



(0.1)

%


1

%


371,031



374,476



1

%


2

%


EMEA


100,357



92,851



(7)

%


(4)

%


358,664



368,171



3

%


%


Asia-Pacific


55,259



57,825



5

%


6

%


211,441



223,333



6

%


5

%


Total


$

276,944



$

271,858



(2)

%


0.1

%


$

941,136



$

965,980



3

%


2

%


(1) We define Revenue ex-TAC as our revenue excluding traffic acquisition costs generated over the applicable measurement period. Revenue ex-TAC and Revenue, Traffic Acquisition Costs and Revenue ex-TAC by Region are not measures calculated in accordance with U.S. GAAP. We have included Revenue ex-TAC and Revenue, Traffic Acquisition Costs and Revenue ex-TAC by Region because they are key measures 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 and review of these measures by region can provide useful measures for period-to-period comparisons of our business. Accordingly, we believe that Revenue ex-TAC and Revenue, Traffic Acquisition Costs and Revenue ex-TAC by Region provide 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. Our use of Revenue ex-TAC and Revenue, Traffic Acquisition Costs and Revenue ex-TAC by Region has 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 U.S. GAAP. Some of these limitations are: (a) other companies, including companies in our industry which have similar business arrangements, may address the impact of TAC differently; (b) other companies may report Revenue, Traffic Acquisition Costs and Revenue ex-TAC by Region or similarly titled measures but define the regions differently, which reduces their effectiveness as a comparative measure; and (c) other companies may report Revenue ex-TAC or similarly titled measures but calculate them differently, which reduces their usefulness as a comparative measure. Because of these and other limitations, you should consider Revenue ex-TAC and Revenue, Traffic Acquisition Costs and Revenue ex-TAC by Region alongside our other U.S. GAAP financial results, including revenue. The above table provides a reconciliation of Revenue ex-TAC to revenue and Revenue ex-TAC by Region to revenue by region.

 

CRITEO S.A.

Reconciliation of Adjusted EBITDA to Net Income

(U.S. dollars in thousands, unaudited)




Three Months Ended




Twelve Months Ended





December 31,


YoY

Change


December 31,


YoY

Change



2017


2018



2017


2018


Net income


$

52,368



$

42,134



(20)

%


$

96,659



$

95,879



(1)

%

Adjustments:













Financial (income) expense, net


2,221



1,746



(21)

%


9,534



5,084



(47)

%

Provision for income taxes


15,927



18,299



15

%


31,651



46,144



46

%

Equity awards compensation expense


20,464



10,267



(50)

%


72,351



67,076



(7)

%

Research and development


6,355



5,005



(21)

%


21,093



21,232



1

%

Sales and operations


8,377



5,793



(31)

%


31,386



29,244



(7)

%

General and administrative


5,732



(531)



NM



19,872



16,600



(16)

%

Pension service costs


321



419



31

%


1,231



1,691



37

%

Research and development


162



204



26

%


621



844



36

%

Sales and operations


63



88



40

%


247



325



32

%

General and administrative


96



127



32

%


363



522



44

%

Depreciation and amortization expense


24,570



30,675



25

%


90,796



103,500



14

%

Cost of revenue


15,575



20,477



31

%


53,988



67,347



25

%

Research and development


2,369



3,412



44

%


11,226



10,602



(6)%

%

Sales and operations


4,856



4,831



(1)

%


19,844



18,245



(8)

%

General and administrative


1,770



1,955



10

%


5,738



7,306



27

%

Acquisition-related costs




1,222



%


6



1,738



NM


General and administrative




1,222



%


6



1,738



NM


Restructuring


4,057





(100)

%


7,356



(53)



NM


Cost of revenue






%


2,497





(100)

%

Research and development


2,911





(100)

%


2,911



(332)



NM


Sales and operations


1,135





(100)

%


1,825



290



(84)

%

General and administrative


11





(100)

%


123



(11)



NM


Total net adjustments


67,560



62,628



(7)

%


212,925



225,180



6

%

Adjusted EBITDA(1)


$

119,928



$

104,762



(13)

%


$

309,584



$

321,059



4

%


(1) We define Adjusted EBITDA as our consolidated earnings before financial income (expense), income taxes, depreciation and amortization, adjusted to eliminate the impact of equity awards compensation expense, pension service costs, restructuring costs, acquisition-related costs and deferred price consideration. Adjusted EBITDA is not a measure calculated in accordance with U.S. GAAP. We have included Adjusted EBITDA because it 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-term and long-term operational plans. In particular, we believe that the elimination of equity awards compensation expense, pension service costs, restructuring costs, acquisition-related costs and deferred price consideration in calculating Adjusted EBITDA can provide a useful measure for period-to-period comparisons of our business. Accordingly, we believe that Adjusted EBITDA 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. Our use of Adjusted EBITDA has limitations as an analytical tool, and you should not consider it in isolation or as a substitute for analysis of our financial results as reported under U.S. GAAP. Some of these limitations are: (a) although depreciation and amortization are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future, and Adjusted EBITDA does not reflect cash capital expenditure requirements for such replacements or for new capital expenditure requirements; (b) Adjusted EBITDA does not reflect changes in, or cash requirements for, our working capital needs; (c) Adjusted EBITDA does not reflect the potentially dilutive impact of equity-based compensation; (d) Adjusted EBITDA does not reflect tax payments that may represent a reduction in cash available to us; and (e) other companies, including companies in our industry, may calculate Adjusted EBITDA or similarly titled measures differently, which reduces their usefulness as a comparative measure. Because of these and other limitations, you should consider Adjusted EBITDA alongside our U.S. GAAP financial results, including net income.

 

CRITEO S.A.

Reconciliation from Non-GAAP Operating Expenses to Operating Expenses under GAAP

(U.S. dollars in thousands, unaudited)




Three Months Ended




Twelve Months Ended





December 31,


YoY
Change


December 31,


YoY
Change



2017


2018



2017


2018















Research and Development expenses


$

(46,933)



$

(44,605)



(5)

%


$

(173,925)



$

(179,263)



3

%

Equity awards compensation expense


6,355



5,005



(21)

%


21,093



21,232



1

%

Depreciation and Amortization expense


2,369



3,412



44

%


11,226



10,602



(6)

%

Pension service costs


162



204



26

%


621



844



36

%

Restructuring


2,911





(100)

%


2,911



(332)



NM


Non GAAP - Research and Development expenses


(35,136)



(35,984)



2.4

%


(138,074)



(146,917)



6

%

Sales and Operations expenses


(96,834)



(93,806)



(3)

%


(380,649)



(372,707)



(2)

%

Equity awards compensation expense


8,377



5,793



(31)

%


31,386



29,244



(7)

%

Depreciation and Amortization expense


4,856



4,831



(1)

%


19,844



18,245



(8)

%

Pension service costs


63



88



40

%


247



325



32

%

Restructuring


1,135





(100)

%


1,825



290



(84)

%

Non GAAP - Sales and Operations expenses


(82,403)



(83,094)



1

%


(327,347)



(324,603)



(1)

%

General and Administrative expenses


(30,934)



(32,461)



5

%


(127,077)



(135,159)



6

%

Equity awards compensation expense


5,732



(531)



NM



19,872



16,600



(16)

%

Depreciation and Amortization expense


1,770



1,955



10

%


5,738



7,306



27

%

Pension service costs


96



127



32

%


363



522



44

%

Acquisition related costs




1,222



%


6



1,738



NM


Restructuring


11





(100)

%


123



(11)



NM


Non GAAP - General and Operations expenses


(23,325)



(29,688)



27

%


(100,975)



(109,004)



8

%

Total Operating expenses


(174,701)



(170,872)



(2)

%


(681,651)



(687,129)



1

%

Equity awards compensation expense


20,464



10,267



(50)

%


72,351



67,076



(7)

%

Depreciation and Amortization expense


8,995



10,198



13

%


36,808



36,153



(2)

%

Pension service costs


321



419



31

%


1,231



1,691



37

%

Acquisition-related costs




1,222



%


6



1,738



NM


Restructuring


4,057





(100)

%


4,859



(53)



NM


Total Non GAAP Operating expenses (1)


$

(140,864)



$

(148,766)



6

%


$

(566,396)



$

(580,524)



2

%


(1) We define Non-GAAP Operating Expenses as our consolidated operating expenses adjusted to eliminate the impact of depreciation and amortization, equity awards compensation expense, pension service costs, restructuring costs, acquisition-related costs and deferred price consideration. The Company uses Non-GAAP Operating Expenses to understand and compare operating results across accounting periods, for internal budgeting and forecasting purposes, for short-term and long-term operational plans, and to assess and measure our financial performance and the ability of our operations to generate cash. We believe Non-GAAP Operating Expenses reflects our ongoing operating expenses in a manner that allows for meaningful period-to-period comparisons and analysis of trends in our business. As a result, we believe that Non-GAAP Operating Expenses provides useful information to investors in understanding and evaluating our core operating performance and trends in the same manner as our management and in comparing financial results across periods. In addition, Non-GAAP Operating Expenses is a key component in calculating Adjusted EBITDA, which is one of the key measures we use to provide our quarterly and annual business outlook to the investment community.

 

CRITEO S.A.

Detailed Information on Selected Items

(U.S. dollars in thousands, unaudited)




Three Months Ended




Twelve Months Ended





December 31,


YoY
Change


December 31,


YoY
Change



2017


2018



2017


2018


Equity awards compensation expense













Research and development


$

6,355



$

5,005



(21)

%


$

21,093



$

21,232



1

%

Sales and operations


8,377



5,793



(31)

%


31,386



29,244



(7)

%

General and administrative


5,732



(531)



NM



19,872



16,600



(16)

%

Total equity awards compensation expense


20,464



10,267



(50)

%


72,351



67,076



(7)

%














Pension service costs













Research and development


162



204



26

%


621



844



36

%

Sales and operations


63



88



40

%


247



325



32

%

General and administrative


96



127



32

%


363



522



44

%

Total pension service costs


321



419



31

%


1,231



1,691



37

%














Depreciation and amortization expense













Cost of revenue


15,575



20,477



31

%


53,988



67,347



25

%

Research and development


2,369



3,412



44

%


11,226



10,602



(6)

%

Sales and operations


4,856



4,831



(1)

%


19,844



18,245



(8)

%

General and administrative


1,770



1,955



10

%


5,738



7,306



27

%

Total depreciation and amortization expense


24,570



30,675



25

%


90,796



103,500



14

%














Acquisition-related costs













General and administrative




1,222



%


6



1,738



NM


Total acquisition-related costs




1,222



%


6



1,738



NM















Restructuring













Cost of revenue






%


2,497





(100)

%

Research and development


2,911





(100)

%


2,911



(332)



NM


Sales and operations


1,135





(100)

%


1,825



290



(84)

%

General and administrative


11





(100)

%


123



(11)



NM


Total restructuring


$

4,057



$



(100)

%


$

7,356



$

(53)



NM


 

CRITEO S.A.

Reconciliation of Adjusted Net Income to Net Income

(U.S. dollars in thousands except share and per share data, unaudited)




Three Months Ended




Twelve Months Ended





December 31,


YoY

Change


December 31,


YoY

Change



2017


2018



2017


2018















Net income


$

52,368



$

42,134



(20)

%


$

96,659



$

95,879



(1)

%

Adjustments:













Equity awards compensation expense


20,464



10,267



(50)

%


72,351



67,076



(7)

%

Amortization of acquisition-related intangible assets


3,852



4,996



30

%


17,731



15,821



(11)

%

Acquisition-related costs




1,222



%


6



1,738



NM


Restructuring costs


4,057





NM



7,356



(53)



NM


Tax impact of the above adjustments


1,088



(2,218)



NM



(10,792)



(11,723)



9

%

Total net adjustments


29,461



14,267



(52)

%


86,652



72,859



(16)

%

Adjusted net income(1)


$

81,829



$

56,401



(31)

%


$

183,311



$

168,738



(8)

%














Weighted average shares outstanding













 - Basic


65,919,533



66,220,030





65,143,036



66,456,890




 - Diluted


67,770,156



67,043,794





67,851,971



67,662,904

















Adjusted net income per share













 - Basic


$

1.24



$

0.85



(31)

%


$

2.81



$

2.54



(10)

%

 - Diluted


$

1.21



$

0.84



(31)

%


$

2.70



$

2.49



(8)

%


(1) We define Adjusted Net Income as our net income adjusted to eliminate the impact of equity awards compensation expense, amortization of acquisition-related intangible assets, restructuring costs, acquisition-related costs and deferred price consideration and the tax impact of the foregoing adjustments. Adjusted Net Income is not a measure calculated in accordance with U.S. GAAP. We have included Adjusted Net Income because it 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 equity awards compensation expense, amortization of acquisition-related intangible assets, acquisition-related costs and deferred price consideration, restructuring costs and the tax impact of the foregoing adjustments in calculating Adjusted Net Income can provide a useful measure for period-to-period comparisons of our 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. Our use of Adjusted Net Income has limitations as an analytical tool, and you should not consider it in isolation or as a substitute for analysis of our financial results as reported under U.S. GAAP. Some of these limitations are: (a) Adjusted Net Income does not reflect the potentially dilutive impact of equity-based compensation or the impact of certain acquisition related costs; and (b) other companies, including companies in our industry, may calculate Adjusted Net Income or similarly titled measures differently, which reduces their usefulness as a comparative measure. Because of these and other limitations, you should consider Adjusted Net Income alongside our other U.S. GAAP-based financial results, including net income.

 

CRITEO S.A.

Constant Currency Reconciliation

(U.S. dollars in thousands, unaudited)




Three Months Ended




Twelve Months Ended





December 31,




December 31,





2017


2018


YoY
Change


2017


2018


YoY
Change














Revenue as reported


$

674,031



$

670,096



(1)

%


$

2,296,692



$

2,300,314



0.2

%

Conversion impact U.S. dollar/other currencies




12,007







(19,118)




Revenue at constant currency(1)


674,031



682,103



1

%


2,296,692



2,281,196



(1)

%














Traffic acquisition costs as reported


(397,087)



(398,238)



0.3

%


(1,355,556)



(1,334,334)



(2)

%

Conversion impact U.S. dollar/other currencies




(6,643)







10,433




Traffic Acquisition Costs at constant currency(1)


(397,087)



(404,881)



2

%


(1,355,556)



(1,323,901)



(2)

%














Revenue ex-TAC as reported(2)


276,944



271,858



(2)

%


941,136



965,980



3

%

Conversion impact U.S. dollar/other currencies




5,362







(8,686)




Revenue ex-TAC at constant currency(2)


276,944



277,220



0.1

%


941,136



957,294



2

%

Revenue ex-TAC(2)/Revenue as reported


41

%


41

%




41

%


42

%
















Other cost of revenue as reported


(31,727)



(38,807)



22

%


(121,641)



(131,744)



8

%

Conversion impact U.S. dollar/other currencies




(237)







(114)




Other cost of revenue at constant currency(1)


(31,727)



(39,044)



23

%


(121,641)



(131,858)



8

%














Adjusted EBITDA(3)


119,928



104,762



(13)

%


309,584



321,059



4

%

Conversion impact U.S. dollar/other currencies




1,305







(11,271)




Adjusted EBITDA(3) at constant currency(1)


$

119,928



$

106,067



(12)

%


$

309,584



$

309,788



0.1

%

Adjusted EBITDA(3)/Revenue ex-TAC(2)


43

%


39

%




33

%


33

%



Adjusted EBITDA(3) at constant currency(1)/Revenue ex-TAC(2) at constant currency(1)


43

%


38

%




33

%


32

%




(1) Information herein with respect to results presented on a constant currency basis is computed by applying prior period average exchange rates to current period results. We have included results on a constant currency basis because it is a key measure used by our management and Board of directors to evaluate operating performance. Management reviews and analyzes business results excluding the effect of foreign currency translation because they believe this better represents our underlying business trends. The table above reconciles the actual results presented in this section with the results presented on a constant currency basis.


(2) Revenue ex-TAC is not a measure calculated in accordance with U.S. GAAP. See the table entitled "Reconciliation of Revenue ex-TAC by Region to Revenue by Region" for a reconciliation of Revenue ex-TAC to revenue.


(3) Adjusted EBITDA is not a measure calculated in accordance with U.S. GAAP. See the table entitled "Reconciliation of Adjusted EBITDA to Net Income" for a reconciliation of Adjusted EBITDA to net income.

 

CRITEO S.A.

Information on Share Count

(unaudited) 



Twelve Months Ended



December 31,



2017


2018

Shares outstanding as at January 1,


63,978,204


66,085,097

Weighted average number of shares issued during the period


1,164,832


371,793

Basic number of shares - Basic EPS basis


65,143,036


66,456,890

Dilutive effect of share options, warrants, employee warrants - Treasury method


2,708,935


1,206,014

Diluted number of shares - Diluted EPS basis


67,851,971


67,662,904






Shares outstanding as of December 31, before Treasury stocks


66,085,097


67,708,203

Treasury stock as of December 31,



(3,459,119)

Shares outstanding as of December 31, after Treasury stocks


66,085,097


64,249,084

Total dilutive effect of share options, warrants, employee warrants


7,591,493


8,259,272

Fully diluted shares as of December 31,


73,676,590


72,508,356

 

CRITEO S.A.

Supplemental Financial Information and Operating Metrics

(U.S. dollars in thousands except where stated, unaudited)



Q1
 2017

Q2
 2017

Q3
 2017

Q4
2017

Q1
2018

Q2
 2018

Q3
 2018

Q4
 2018

YoY
Change

QoQ
Change












Clients

15,423

16,370

17,299

18,118

18,528

18,396

19,213

19,419

7%

1%












Revenue

516,667

542,022

563,973

674,031

564,164

537,185

528,869

670,096

(1)%

27%

Americas

208,013

229,392

228,326

324,696

212,695

212,781

211,247

317,350

(2)%

50%

EMEA

189,092

191,682

207,168

221,019

222,611

201,080

195,230

220,904

(0.1)%

13%

APAC

119,562

120,948

128,479

128,316

128,858

123,324

122,392

131,842

3%

8%












TAC

(306,693)

(322,200)

(329,576)

(397,087)

(323,746)

(306,963)

(305,387)

(398,238)

0.3%

30%

Americas

(128,867)

(145,289)

(141,869)

(203,368)

(131,521)

(125,502)

(126,406)

(196,168)

(4)%

55%

EMEA

(107,583)

(106,605)

(115,446)

(120,662)

(119,893)

(112,577)

(111,131)

(128,053)

6%

15%

APAC

(70,243)

(70,306)

(72,261)

(73,057)

(72,332)

(68,884)

(67,850)

(74,017)

1%

9%












Revenue ex-TAC

209,974

219,822

234,397

276,944

240,418

230,222

223,482

271,858

(2)%

22%

Americas

79,146

84,103

86,457

121,328

81,174

87,279

84,841

121,182

(0.1)%

43%

EMEA

81,509

85,077

91,722

100,357

102,718

88,503

84,099

92,851

(7)%

10%

APAC

49,319

50,642

56,218

55,259

56,526

54,440

54,542

57,825

5%

6.0%












Adjusted EBITDA

56,454

54,086

79,116

119,928

77,932

68,774

69,591

104,762

(13)%

51%












Cash flow from operating activities

44,238

60,491

61,727

79,002

84,527

40,341

50,256

85,600

8%

70%












Capital expenditures

28,206

27,055

27,773

25,476

32,567

17,847

29,656

45,408

78%

53%












Capital expenditures / Revenue

5%

5%

5%

4%

6%

3%

6%

7%

75%

17%












Net cash position

303,813

308,185

357,983

414,111

483,874

480,285

458,690

364,426

(12)%

(21)%












Headcount

2,582

2,690

2,712

2,764

2,675

2,678

2,737

2,744

(1)%

0.3%












Days Sales Outstanding (days - end of month)

56

57

56

57

60

61

60

58

N.A.

N.A.

 

SOURCE Criteo S.A.