×

Criteo Reports Record Results for the Third Quarter 2014 and Increases Full-Year 2014 Guidance

NEW YORK, Nov. 4, 2014 (GLOBE NEWSWIRE) -- Criteo S.A. (Nasdaq:CRTO), the performance marketing technology company, today announced its financial results for the third quarter ended September 30, 2014.

  • Revenue in the third quarter 2014 increased 70.9% (or 71.9% at constant currency1) to €194.4 million, compared with €113.8 million in the third quarter 2013.
  • Revenue excluding Traffic Acquisition Costs, or Revenue ex-TAC, in the third quarter 2014 grew 65.8% (or 66.5% at constant currency) to €77.6 million, compared with €46.8 million in the third quarter 2013.
  • Net income in the third quarter 2014 increased by €8.4 million to €11.5 million, compared with €3.0 million in the third quarter 2013.
  • Adjusted EBITDA for the third quarter 2014 was €19.8 million, an increase of 71.4% (or 73.1% at constant currency), compared with €11.6 million in the third quarter 2013.
  • Cash flow from operating activities in the third quarter 2014 increased by €21.7 million to €25.5 million, compared with €3.7 million in the third quarter 2013.
  • Free Cash Flow for the third quarter 2014 was €14.4 million, an increase of €16.3 million compared with a negative €1.9 million free cash flow in the third quarter 2013.

1 Variations at constant currency exclude the impact of foreign currency fluctuations and are computed by restating 2014 figures with the 2013 average exchange rates.

Executive Quote

"We delivered another record quarter exceeding our expectations," said JB Rudelle, Criteo's co-founder and CEO. "Performance is the cornerstone of our company and we remain focused on our single goal of generating more sales for our clients."

Operating Highlights

  • Our newly enhanced Criteo Engine, optimized for maximizing the conversion of our clients' customers, was rolled out to over 78% of our client base at the end of the third quarter.
  • 74% of our client base used our multi-screen solution in the third quarter 2014.
  • Year-over-year growth in the Americas continued to accelerate to 97% at constant currency in the third quarter from 78% in the second quarter, driven by strong performance in the US.
  • Total number of clients grew by 450 in the third quarter to a record 6,581, representing a 42% year-over-year growth.
  • New client additions in the third quarter 2014 included:
    • In the Americas: Carrentals.com, Online Shoes, Shoeme, Thredup and Travelocity
    • In EMEA: Ford, Fotocasa, Openbank and Sephora
    • In Asia-Pacific: Airbnb, Hyundai Hmall, Lazada and MakeMyTrip

Revenue ex-TAC

Revenue ex-TAC grew 65.8% in the third quarter 2014, or 66.5% at constant currency, to €77.6 million, compared with €46.8 million in the third quarter 2013. This year-over-year performance was primarily driven by the continued roll-out of our technology and products, the steady growth in our client base across geographies and our continued success in broadening our publisher base.

  • In the Americas, revenue ex-TAC in the third quarter 2014 grew by 94.2% over the comparable quarter in 2013, or 96.6% at constant currency, to €23.1 million. The Americas represented approximately 30% of our global revenue ex-TAC in the third quarter 2014.
  • Revenue ex-TAC in EMEA in the third quarter 2014 increased by 52.5% over the same period last year, or 50.8% at constant currency, to €38.7 million. EMEA represented approximately 50% of our global revenue ex-TAC in the third quarter 2014.
  • Revenue ex-TAC in Asia-Pacific in the third quarter 2014 increased by 65.5% over the comparable quarter in 2013, or 70.4% at constant currency, to €15.8 million. Asia-Pacific accounted for approximately 20% of our global revenue ex-TAC in the third quarter 2014.

Revenue ex-TAC margin as a percentage of revenue in the third quarter 2014 was at 39.9%, consistent with prior quarters.

Adjusted EBITDA and Operating Expenses

Adjusted EBITDA for the third quarter 2014 was €19.8 million, an increase of 71.4%, or 73.1% at constant currency, compared with €11.6 million in the third quarter 2013. This year-over-year increase in Adjusted EBITDA is primarily the result of the strong revenue ex-TAC performance in the quarter. In addition, a slightly slower hiring pace during the summer, combined with the postponed signature of a lease for new facilities to the fourth quarter, contributed to increasing our Adjusted EBITDA this quarter.

Operating expenses in the third quarter of 2014 increased by 62.7% to €59.2 million, compared with the third quarter 2013. Excluding the impact of share-based compensation, pension costs, depreciation and amortization and acquisition-related deferred price consideration, which, taking all exclusions together, we reference as operating expenses on a "Non-IFRS basis," our operating expenses in the third quarter 2014 were €52.7 million, an increase of 62.0% compared with the third 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. In particular, our headcount in Sales & Operations increased by 67% year-over-year in an effort to capture market opportunity in our geographies, especially in our mid-market organization. We intend to continue to invest significantly in Research & Development and Sales & Operations in the fourth quarter, to support our current and anticipated future growth.

Net Income and Adjusted Net Income

Net income for the third quarter 2014 was €11.5 million, representing a €8.4 million increase compared with €3.0 million in the third quarter 2013. Net income available to shareholders of Criteo S.A. for the third quarter 2014 was €11.4 million, or €0.18 per diluted share, compared with €2.8 million, or €0.05 per diluted share, in the third quarter 2013.

Adjusted Net Income for the third 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 €16.7 million, representing a €10.6 million increase compared with €6.1 million in the third quarter 2013.

Cash Flow and Cash Position

  • Our cash flow generated by operating activities in the third quarter 2014 increased by €21.7 million to €25.5 million, compared with €3.7 million in the third quarter 2013.
  • Our free cash flow, defined as cash flow from operating activities less acquisition of intangible assets, property, plant and equipment, net of proceeds from disposal, was €14.4 million in the third quarter 2014, an increase of €16.3 million, compared with a negative €1.9 million free cash flow in the third quarter 2013.
  • Total cash, cash equivalents and short-term investments were at €256.7 million as of September 30, 2014. This represented an increase of €22.4 million compared with December 31, 2013, primarily the result of €22.7 million free cash flow generation over the period and proceeds from capital increases of €20.1 million, which were offset by the €18.8 million cash consideration for the acquisitions of Tedemis S.A. and AdQuantic SAS, in February 2014 and April 2014, respectively.

Business Outlook

The following forward-looking statements reflect Criteo's expectations as of November 4, 2014.

Fourth Quarter 2014 Guidance:

  • Revenue ex-TAC for the fourth quarter ending December 31, 2014 is expected to be between €89 million and €91 million.
  • Adjusted EBITDA for the fourth quarter ending December 31, 2014 is expected to be between €27 million and €29 million.

Fiscal Year 2014 Guidance:

  • The Company is increasing its Revenue ex-TAC outlook for the fiscal year ending December 31, 2014, now expected to be between €296 million and €298 million.
  • The Company is increasing its Adjusted EBITDA outlook for the fiscal year ending December 31, 2014, now expected to be between €74.6 million and €76.6 million.

The above guidance assumes no additional acquisitions are completed during the quarter 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. 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 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 income (loss) from operations before interest, taxes, depreciation and amortization, adjusted to eliminate the impact of share-based compensation expense, pension service 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, 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. 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 the market generally in understanding and evaluating our results of operations 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 the International Financial Reporting Standards (IFRS), as issued by the International Accounting Standards Board.

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 IFRS. 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 tables below.

Forward-Looking Statements Disclosure

This press release contains forward-looking statements, including projected financial results for the quarter 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, 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: recent growth rates not being indicative of future growth, uncertainty regarding legislative, regulatory or self-regulatory developments regarding data privacy matters, uncertainty regarding our ability to access a consistent supply of internet display advertising inventory and expand access to such inventory, the investments in new business opportunities and the timing of these investments, the impact of competition, our ability to manage growth, potential fluctuations in operating results, our ability to grow our base of clients, uncertainty regarding international growth and expansion, 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 Registration Statement on Form F-1 filed with the SEC on March 20, 2014, as well as future filings and reports by the Company. 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 will hold a conference call today, November 4, 2014, at 5:00pm ET, 11:00pm CET, to discuss Criteo's third quarter 2014 operating and financial results, as well as other forward-looking information about Criteo's business.

Conference call details are:

  • US callers: +1 646 254 3367, Conference ID: 2017352
  • International callers: +33 1 76 77 22 28, Conference ID: 2017352

The conference call will also be webcast simultaneously at http://ir.criteo.com.

About Criteo

Criteo delivers personalized performance marketing at an extensive scale. Measuring return on post-click sales, Criteo makes ROI transparent and easy to measure. Criteo has over 1,000 employees in 21 offices across the Americas, Europe and Asia-Pacific, serving over 6,000 advertisers worldwide with direct relationships with over 8,000 publishers.

For more information, please visit http://www.criteo.com.

CRITEO S.A.
Consolidated Statement of Income
(Euros in thousands, except per share data)
(unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
2013 2014 Year-over-year
growth
2013 2014 Year-over-year
growth
Revenue 113,811 194,449 70.9% 308,071 512,285 66.3%
Cost of revenue
Traffic Acquisition cost (TAC) -66,996 -116,853 74.4% -183,918 -304,933 65.8%
Other cost of revenue -4,742 -9,347 97.1% -15,622 -25,096 60.6%
Gross Profit 42,073 68,249 62.2% 108,531 182,256 67.9%
Research & development expenses -9,008 -12,244 35.9% -22,202 -33,102 49.1%
Sales & operations expenses -20,427 -34,715 69.9% -60,510 -93,724 54.9%
General & administrative expenses -6,919 -12,192 76.2% -22,114 -35,090 58.7%
Total operating expenses -36,355 -59,151 62.7% -104,826 -161,916 54.5%
Income from operations 5,719 9,098 59.1% 3,705 20,340 448.9%
Financial income -1,054 5,560 -627.8% -3,599 7,323 -303.5%
Income before taxes 4,665 14,658 214.2% 106 27,663 26094.6%
Provision for income taxes -1,627 -3,185 95.7% -1,981 -9,939 401.8%
Net income (loss) 3,038 11,473 277.7% -1,875 17,724 -1045.2%
- Net income (loss) available to shareholders of Criteo SA 2,818 11,377 -1,981 17,102
- Net income (loss) available to non-controlling interests 220 96 106 622
Net income (loss) allocated to shareholders per share
- Basic 0.06 0.19 -0.04 0.29
- Diluted 0.05 0.18 -0.04 0.27
Basic 47,163,824 58,392,127 47,163,824 58,392,127
Diluted 52,081,380 62,569,592 52,081,380 62,569,592
CRITEO S.A.
Consolidated Statement of Financial Position
(Euros in thousands)
(unaudited)
September 30, December 31, September 30,
2013 2013 2014
Goodwill 5,597 4,191 22,952
Intangible assets 2,151 6,624 10,421
Property, plant and equipment 22,511 24,716 38,954
Non-current financial assets 7,631 7,627 9,033
Deferred tax assets 2,179 4,486 3,937
TOTAL NON-CURRENT ASSETS 40,068 47,643 85,297
Trade receivables 73,241 87,643 131,080
Current tax assets 6,208 8,014 2,930
Other current assets 18,310 13,466 21,617
Cash and cash equivalents 39,839 234,343 256,725
TOTAL CURRENT ASSETS 137,598 343,466 412,352
TOTAL ASSETS 177,667 391,109 497,649
Share capital 1,182 1,421 1,500
Additional paid-in capital 46,989 241,468 261,799
Currency translation reserve 1,110 1,384 3,230
Consolidated reserves 17,341 19,523 30,306
Retained earnings -1,982 1,065 17,103
Equity - attributable to shareholders of Criteo SA 64,641 264,861 313,937
Non-controlling interests -44 213 1,045
TOTAL EQUITY 64,597 265,074 314,982
Financial liabilities - non-current portion 7,386 6,208 5,632
Retirement benefit obligation 857 925 1,513
Deferred tax liabilities 11 303 2,341
TOTAL NON-CURRENT LIABILITIES 8,254 7,436 9,486
Financial liabilities - current portion 5,018 5,107 5,877
Bank overdrafts 2 1 6
Provisions 875 830 1,056
Trade payables 67,003 75,889 106,825
Current tax liabilities 1,295 1,549 6,953
Other current liabilities 30,623 35,224 52,463
TOTAL CURRENT LIABILITIES 104,816 118,600 173,181
TOTAL LIABILITIES 113,069 126,036 182,667
TOTAL EQUITY AND LIABILITIES 177,667 391,109 497,649
CRITEO S.A.
Consolidated Statement of Cash Flows
(Euros in thousands)
(unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
2013 2014 2013 2014
Net income (loss) 3,038 11,473 -1,875 17,724
Non-cash and non-operating items 6,462 14,507 14,988 37,552
- Amortization and provisions 2,993 6,842 8,433 17,484
- Share-based payment expense 1,829 4,315 4,544 9,938
- Net gain or loss on disposal of non-current assets 6 -42 11 -4
- Interest paid 3 3 7 12
- Non-cash financial income and expenses 4 204 12 183
- Change in deferred taxes -1,266 -343 -1,266 566
- Income tax for the period 2,893 3,528 3,247 9,373
Changes in working capital related to operating activities -2,458 374 9,123 -8,739
- (Increase) / decrease in trade receivables -7,424 -12,434 -15,108 -36,253
- Increase / (decrease) in trade payables 2,261 8,179 21,311 24,518
- (Increase) / decrease in other current assets -919 550 -10,399 -6,586
- Increase / (decrease) in other current liabilities 3,624 4,079 13,319 9,582
Income taxes paid -3,311 -873 -9,786 1,543
CASH FROM OPERATING ACTIVITIES 3,731 25,480 12,450 48,079
Acquisition of intangible assets, property, plant and equipment -5,737 -11,156 -14,816 -25,396
Proceeds from disposal of intangible assets, property, plant and equipment 70 36 70 50
FREE CASH FLOW -1,936 14,361 -2,296 22,734
Investments -5,285 0 -5,285 -18,775
Change in other non-current financial assets -5 -469 -771 -1,207
CASH USED FOR INVESTING ACTIVITIES -10,957 -11,589 -20,802 -45,328
Issuance of long-term borrowings 54 8,000 3,054
Repayment of borrowings -1,199 -1,240 -2,258 -3,706
Interests paid -3 -3 -7 -12
Proceeds from capital increase 297 1,346 450 20,124
Change in other financial liabilities 150 157
CASH FROM (USED FOR) FINANCING ACTIVITIES -905 307 6,185 19,617
CHANGE IN NET CASH & CASH EQUIVALENTS -8,131 14,199 -2,167 22,369
Net cash & cash equivalents at beginning of period 47,891 242,895 43,262 234,342
Effect of exchange rates changes on cash and cash equivalents 78 -374 -1,257 8
Net cash & cash equivalents at end of period 39,838 256,719 39,838 256,719
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 2013 2014 Year-over-
year
growth
Year-over-year
growth at
constant
currency
Region 2013 2014 Year-over-
year
growth
Year-over-year
growth at
constant
currency
Revenue Americas 30,473 58,602 92.3% 94.1% Americas 84,344 143,174 69.8% 77.4%
EMEA 59,732 93,885 57.2% 55.6% EMEA 167,509 261,925 56.4% 55.4%
Asia-Pacific 23,606 41,962 77.8% 84.7% Asia-Pacific 56,218 107,186 90.7% 106.2%
Total 113,811 194,449 70.9% 71.9% Total 308,071 512,285 66.3% 70.7%
Traffic acquisition costs Americas -18,577 -35,496 91.1% 92.4% Americas -51,754 -86,743 67.6% 75.2%
EMEA -34,374 -55,219 60.6% 59.0% EMEA -99,181 -152,836 54.1% 53.2%
Asia-Pacific -14,045 -26,138 86.1% 94.5% Asia-Pacific -32,983 -65,354 98.1% 114.9%
Total -66,996 -116,853 74.4% 75.7% Total -183,918 -304,933 65.8% 70.5%
Revenue ex-TAC Americas 11,896 23,106 94.2% 96.6% Americas 32,590 56,431 73.2% 81.0%
EMEA 25,358 38,666 52.5% 50.8% EMEA 68,328 109,089 59.7% 58.6%
Asia-Pacific 9,561 15,824 65.5% 70.4% Asia-Pacific 23,235 41,832 80.0% 93.7%
Total 46,815 77,596 65.8% 66.5% Total 124,153 207,352 67.0% 71.1%
CRITEO S.A.
Reconciliation of Adjusted EBITDA to Net Income
(Euros in thousands)
(unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
2013 2014 2013 2014
Reconciliation of Adjusted EBITDA to Net income
Net income (loss) 3,038 11,473 -1,875 17,724
Adjustments:
Financial (income) expense 1,054 -5,560 3,599 -7,323
Provision for income taxes 1,627 3,185 1,981 9,939
Share-based compensation expense 1,829 4,315 4,544 9,938
Research and development 909 984 1,468 2,076
Sales and operations 683 2,531 1,509 6,452
General and administrative 237 800 1,567 1,409
Service cost-pension 67 95 238 277
Research and development 25 32 92 95
Sales and operations 26 38 84 105
General and administrative 16 25 62 77
Depreciation and amortization expense 2,851 6,217 7,220 16,401
Cost of revenue 2,007 4,245 5,150 11,167
Research and development 168 1,059 397 2,723
Sales and operations 516 701 1,269 1,908
General and administrative 160 213 404 604
Acquisition-related deferred price consideration 1,102 101 1,102 620
Research and development 1,102 101 1,102 620
Sales and operations -- -- -- --
General and administrative -- -- -- --
Total net adjustments 8,529 8,351 18,684 29,852
Adjusted EBITDA 11,568 19,828 16,809 47,578
CRITEO S.A.
Detailed Information on Selected Items
(Euros in thousands)
(unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
2013 2014 2013 2014
Share-Based Compensation Expense
Research and development 909 984 1,468 2,076
Sales and operations 683 2,531 1,509 6,452
General and administrative 237 800 1,567 1,409
Total Share-Based Compensation Expense 1,829 4,315 4,544 9,938
Pension costs
Research and development 25 32 92 95
Sales and operations 26 38 84 105
General and administrative 16 25 62 77
Total Pension costs 67 95 238 277
Depreciation and Amortization Expense
Cost of revenue 2,007 4,245 5,150 11,167
Research and development 168 1,059 397 2,723
Sales and operations 516 701 1,269 1,908
General and administrative 160 213 404 604
Total Depreciation and Amortization Expense 2,851 6,217 7,220 16,401
Acquisition-related deferred price consideration
Research and development 1,102 101 1,102 620
Sales and operations -- -- -- --
General and administrative -- -- -- --
Total Acquisition-related deferred price consideration 1,102 101 1,102 620
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,
2013 2014 2013 2014
Net income (loss) 3,038 11,473 -1,875 17,724
Adjustments:
Share-based compensation expense 1,829 4,315 4,544 9,938
Amortization of acquisition-related intangible assets 174 976 174 2,102
Acquisition-related deferred price consideration 1,102 101 1,102 620
Tax impact of the above adjustments -37 -132 -37 -348
Total net adjustments 3,068 5,260 5,783 12,311
Adjusted net income (loss) 6,106 16,732 3,908 30,036
CRITEO S.A.
Constant Currency Reconciliation
(Euros in thousands)
(unaudited)
Three Months Ended Nine Months Ended
September 30, September 30,
2013 2014 Year-
over-
year
growth
2013 2014 Year-
over-
year
growth
Revenue as reported 113,811 194,449 70.9% 308,071 512,285 66.3%
Conversion impact euro/other currencies -- 1,217 -- 13,606
Revenue at constant currency 113,811 195,666 71.9% 308,071 525,891 70.7%
Traffic acquisition costs as reported 66,996 116,853 74.4% 183,918 304,933 65.8%
Conversion impact euro/other currencies -- 888 -- 8,581
Traffic acquisition costs at constant currency 66,996 117,741 75.7% 183,918 313,514 70.5%
Revenue ex-TAC as reported 46,815 77,596 65.8% 124,153 207,352 67.0%
Conversion impact euro/other currencies -- 329 -- 5,025
Revenue ex-TAC at constant currency 46,815 77,925 66.5% 124,153 212,377 71.1%
Revenue ex-TAC / Revenue as reported 41.1% 39.9% 40.3% 40.5%
Other cost of revenue as reported 4,742 9,347 97.1% 15,622 25,096 60.6%
Conversion impact euro/other currencies -- 65 -- 640
Other cost of revenue at constant currency 4,742 9,412 98.5% 15,622 25,736 64.7%
Adjusted EBITDA 11,568 19,828 71.4% 16,809 47,578 183.0%
Conversion impact euro/other currencies -- 191 433
Adjusted EBITDA at constant currency 11,568 20,019 73.1% 16,809 48,011 185.6%
CRITEO S.A.
Information on share count
(unaudited)
At September 30,
2013 2014
Shares outstanding as at January 1, 47,123,017 56,856,070
Weighted average number of shares issued during the period 40,807 1,536,057
Basic number of shares - Basic EPS basis 47,163,824 58,392,127
Dilutive effect of share options, warrants, employee warrants - Treasury method 4,917,556 4,177,465
Diluted number of shares - Diluted EPS basis 52,081,380 62,569,592
Shares outstanding as at September 30, 47,268,823 60,019,594
Total dilutive effect of share options, warrants, employee warrants 9,222,612 7,949,211
Fully diluted shares as at September 30, 56,491,435 67,968,805
CRITEO S.A.
Supplemental Financial Information and Operating Metrics
(unaudited)
Q4
2012
Q1
2013
Q2
2013
Q3
2013
Q4
2013
Q1
2014
Q2
2014
Q3
2014
YoY
Change
QoQ Change
Clients 3,379 3,811 4,274 4,631 5,072 5,567 6,131 6,581 42.1% 7.3%
Revenue ('000 euros) 86,571 94,862 99,400 113,811 135,889 152,520 165,317 194,449 70.9% 17.6%
Americas 25,740 25,025 28,846 30,473 38,660 37,630 46,942 58,602 92.3% 24.8%
EMEA 48,791 54,434 53,348 59,732 70,291 83,853 84,187 93,885 57.2% 11.5%
APAC 12,040 15,403 17,206 23,606 26,937 31,037 34,187 41,962 77.8% 22.7%
Revenue ex-TAC ('000 euros) 35,331 37,306 40,032 46,815 54,855 62,733 67,022 77,596 65.8% 15.8%
Americas 9,938 9,570 11,124 11,896 15,108 14,725 18,600 23,106 94.2% 24.2%
EMEA 20,037 21,163 21,807 25,358 29,057 35,320 35,101 38,666 52.5% 10.2%
APAC 5,355 6,573 7,101 9,561 10,690 12,688 13,321 15,824 65.5% 18.8%
Cash flow from operating activities ('000 euros) 7,561 4,585 4,134 3,731 12,255 11,437 11,162 25,481 583.0% 128.3%
Capital expenditures ('000 euros) 7,251 2,489 6,590 5,737 7,187 3,781 10,459 11,156 94.5% 6.7%
Net Cash Position ('000 euros) 43,262 43,876 47,893 39,839 234,343 241,785 242,895 256,719 544.4% 5.7%
Days Sales Outstanding (days - end of month) 57.4 58.1 56.7 55.6 53.5 53.8 57.1 56.6 1.8% -0.9%

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

Source:Criteo