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Criteo Reports Record Results for the Second Quarter 2015 and Raises Full-Year 2015 Guidance for Revenue ex-TAC

NEW YORK, Aug. 4, 2015 (GLOBE NEWSWIRE) -- Criteo S.A. (NASDAQ:CRTO), the performance marketing technology company, today announced its financial results for the second quarter ended June 30, 2015.

  • Revenue in the second quarter 2015 increased 64% (or 51% at constant currency1) to €271 million, compared with €165 million in the second quarter 2014.
  • Revenue excluding Traffic Acquisition Costs, or Revenue ex-TAC, in the second quarter 2015 grew 65% (or 52% at constant currency) to €110 million, compared with €67 million in the second quarter 2014.
  • Net income in the second quarter 2015 increased to €4 million, compared with €2 million in the second quarter 2014.
  • Adjusted EBITDA for the second quarter 2015 was €22 million, an increase of 64% (or 60% at constant currency), compared with €13 million in the second quarter 2014.
  • Cash flow from operating activities in the second quarter 2015 was €11 million, compared with €11 million in the second quarter 2014.

"We believe we are well positioned to capture the massive opportunity ahead of us," said JB Rudelle, co-founder & CEO.

"We have successfully executed on our growth plans for seven quarters in a row," said Benoit Fouilland, Chief Financial Officer, "and we will continue to invest in 2015 to maximize our growth potential."

Operating Highlights

  • We set a new record in client wins in the second quarter 2015 adding over 730 net clients.
  • Clients that were live in both Q2 2014 and Q2 2015 spent more with us, resulting in 25% more Revenue ex-TAC at constant currency for us compared with the prior-year period.
  • Our Q2 "State of Mobile Commerce" report revealed that 40% of ecommerce transactions in the U.S. involve multiple devices prior to purchase, highlighting how critical it has become to match users across devices.
  • In the second quarter 2015, Revenue ex-TAC in the Americas grew 81% year-over-year at constant currency, compared with 78% in the prior-year period, driven by strong performance in the U.S.

Revenue ex-TAC

Revenue ex-TAC grew 65% in the second quarter 2015, or 52% at constant currency, to €110 million, compared with €67 million in the second quarter 2014. This year-over-year performance was primarily driven by the continued roll-out of our improved technology on all screens, an all-time high number of client additions, and the expansion of our publisher relationships.

  • In the Americas, Revenue ex-TAC in the second quarter 2015 grew by 114% year-over-year, or 81% at constant currency, to €40 million. The Americas represented over 36% of global Revenue ex-TAC in the second quarter 2015.
  • In EMEA, Revenue ex-TAC in the second quarter 2015 increased by 38% year-over-year, or 37% at constant currency, to €49 million. EMEA represented approximately 44% of global Revenue ex-TAC in the second quarter 2015.
  • In Asia-Pacific, Revenue ex-TAC in the second quarter 2015 increased by 66% year-over-year, or 53% at constant currency, to €22 million. Asia-Pacific represented approximately 20% of global Revenue ex-TAC in the second quarter 2015.

Revenue ex-TAC margin in the second quarter 2015 was 40.8%, in line with prior quarters.

Adjusted EBITDA and Operating Expenses

Adjusted EBITDA for the second quarter 2015 was €22 million, an increase of 64%, or 60% at constant currency, compared with €13 million in the second quarter 2014. This year-over-year increase in Adjusted EBITDA is primarily the result of the strong Revenue ex-TAC performance in the quarter.

Operating expenses in the second quarter 2015 increased by 68% to €90 million compared with the second quarter 2014. Operating expenses in the second quarter 2015, excluding the impact of share-based compensation, pension costs, depreciation and amortization and acquisition-related deferred price consideration, which we refer to as Non-IFRS Operating Expenses, were €82 million, an increase of 67% compared with the second quarter 2014. This increase is primarily related to headcount growth in Research & Development (42% year-over year) and Sales & Operations (48% year-over-year), as we continued to scale the organization. We intend to continue to invest significantly into Research & Development and Sales & Operations for the remainder of the year to support current and anticipated future growth

Net Income and Adjusted Net Income

Net income in the second quarter 2015 was €4 million compared with €2 million in the second quarter 2014. Net income available to shareholders of Criteo S.A. in the second quarter 2015 was €3 million, or €0.05 per diluted share, compared with €2 million, or €0.04 per diluted share, in the second quarter 2014.

Adjusted Net Income, or net income adjusted to eliminate the impact of share-based compensation expense, amortization of acquisition-related intangible assets, acquisition-related deferred price consideration, and the tax impact of these adjustments, in the second quarter 2015 was €10 million, or €0.15 per diluted share, representing a 78% increase compared with €6 million, or €0.09 per diluted share, in the second quarter 2014.

Cash Flow and Cash Position

  • Cash flow from operating activities in the second quarter 2015 was €11 million, compared with €11 million in the second quarter 2014. This is primarily due to a reversal of the exceptionally positive change in working capital in the first quarter, in part due to a catch up in trade payables and a less favorable working capital seasonality in the second quarter. In the first half 2015, cash flow from operating activities increased 110% to €47 million, compared with the first half 2014.
  • Total cash, cash equivalents and short-term investments were €287 million as of June 30, 2015. This represented a decrease of €3 million compared with December 31, 2014, primarily resulting from €19 million in Free Cash Flow generation and €3 million positive cash flow from financing activities over the period. This cash flow was more than offset by the cash consideration paid for the acquisition of DataPop, Inc. in February 2015, a €5 million outflow of other non-current financial assets as well as €2 million negative impact of changes in foreign exchange rates over the period.

Business Outlook

The following forward-looking statements reflect Criteo's expectations as of August 4, 2015.

Third Quarter 2015 Guidance:

  • We expect Revenue ex-TAC in the third quarter ending September 30, 2015 to be between €116 million and €118 million.
  • We expect Adjusted EBITDA in the third quarter ending September 30, 2015 to be between €21 million and €23 million.

Fiscal Year 2015 Guidance:

  • We increase our Revenue ex-TAC outlook for the fiscal year ending December 31, 2015 and now expect Revenue ex-TAC to be between €470 million and €475 million.
  • We expect Adjusted EBITDA for the fiscal year ending December 31, 2015 to be between €120 million and €127 million.

The above guidance assumes no additional acquisitions are completed during the third quarter or the fiscal year 2015.

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, Revenue ex-TAC by Region, Revenue ex-TAC margin, Adjusted EBITDA, Adjusted Net Income, Adjusted Net Income per diluted share, Free Cash Flow, and Non-IFRS Operating Expenses. These measures are not calculated in accordance with the International Financial Reporting Standards, as issued by the International Accounting Standards Board (IFRS).

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 core geographies. Revenue ex-TAC and Revenue ex-TAC by region 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 core business and across our core geographies. Accordingly, we believe that Revenue ex-TAC and Revenue ex-TAC by Region 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 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 by eliminating non-cash compensation expense, pension costs and acquisition-related deferred price consideration, 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, acquisition-related deferred price consideration, and the tax impact of these adjustments. Adjusted Net Income 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 by eliminating 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 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, Revenue ex-TAC by Region to revenue by region, Adjusted EBITDA to net income, Adjusted Net Income to net income and Free Cash Flow to cash flow from operating activities, 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. 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 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 other IFRS-based financial performance measures, such as revenue, net income and our other financial results.

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 ending September 30, 2015 and the fiscal year ending December 31, 2015, 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 Annual Report on Form 20-F filed with the SEC on March 27, 2015, 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, August 4, 2015, at 8:00am ET, 2:00pm CET, to discuss second quarter 2015 operating and financial results, as well as other forward-looking information about the business.

Conference call details are:

  • U.S. callers: +1 212 444 0895, Conference ID: 5519209
  • International callers: +33 1 76 77 22 30, Conference ID: 5519209

The conference call will also be webcast simultaneously at 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 1,600 employees in 27 offices across the Americas, EMEA and Asia-Pacific, serving over 8,500 advertisers worldwide and with direct relationships with over 10,000 publishers.

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 2014 average exchange rates to 2015 figures.

CRITEO S.A.
Consolidated Statement of Income
(Euros in thousands, except per share data)
(unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
2014 2015 Year-over-
year
growth
2014 2015 Year-over-
year
growth
Revenue 165,317 270,859 63.8% 317,836 532,382 67.5%
Cost of revenue
Traffic Acquisition costs (TAC) (98,294) (160,404) 63.2% (188,081) (316,768) 68.4%
Other cost of revenue (8,303) (12,881) 55.1% (15,749) (24,411) 55.0%
Gross Profit 58,720 97,574 66.2% 114,007 191,204 67.7%
Research & development expenses (10,829) (17,913) 65.4% (20,858) (33,964) 62.8%
Sales & operations expenses (31,787) (53,821) 69.3% (59,009) (100,924) 71.0%
General & administrative expenses (11,083) (18,414) 66.1% (22,898) (34,115) 49.0%
Total operating expenses (53,700) (90,148) 67.9% (102,765) (169,002) 64.5%
Income from operations 5,020 7,427 48.0% 11,241 22,202 97.5%
Financial income 957 (2,257) -335.8% 1,762 1,232 -30.1%
Income before taxes 5,977 5,171 -13.5% 13,003 23,434 80.2%
Provision for income taxes (3,549) (1,328) -62.6% (6,754) (7,650) 13.3%
Net income (loss) 2,427 3,843 58.4% 6,249 15,783 152.6%
- Net income (loss) available to shareholders of Criteo SA 2,231 3,489 5,722 14,865
- Net income (loss) available to non-controlling interests 196 354 527 918
Net income (loss) allocated to shareholders per share
- Basic 0.04 0.06 0.10 0.24
- Diluted 0.04 0.05 0.09 0.23
Weighted average shares outstanding used in computing per share amounts
Basic 58,474,125 61,719,367 57,776,805 61,448,678
Diluted 62,971,540 65,279,611 62,439,051 64,820,780
CRITEO S.A.
Consolidated Statement of Financial Position
(Euros in thousands)
(unaudited)
December 31, June 30,
2014 2015
Goodwill 22,944 38,290
Intangible assets 10,560 14,212
Property, plant and equipment 43,027 68,301
Non-current financial assets 9,494 14,323
Deferred tax assets 7,113 9,536
TOTAL NON-CURRENT ASSETS 93,138 144,663
Trade receivables 158,633 176,758
Current tax assets 2,883 5,837
Other current assets 21,021 35,665
Cash and cash equivalents 289,784 286,986
TOTAL CURRENT ASSETS 472,321 505,247
TOTAL ASSETS 565,459 649,909
Share capital 1,523 1,548
Additional paid-in capital 265,522 271,251
Currency translation reserve 4,804 6,403
Consolidated reserves 35,302 81,479
Retained earnings 34,354 14,865
Equity - attributable to shareholders of Criteo SA 341,505 375,546
Non-controlling interests 1,433 2,500
TOTAL EQUITY 342,938 378,046
Financial liabilities - non-current portion 4,333 3,786
Retirement benefit obligation 1,024 1,042
Deferred tax liabilities 946 3,667
TOTAL NON-CURRENT LIABILITIES 6,303 8,495
Financial liabilities - current portion 7,841 7,758
Provisions 1,131 297
Trade payables 135,557 165,044
Current tax liabilities 7,969 12,835
Other current liabilities 63,719 77,434
TOTAL CURRENT LIABILITIES 216,217 263,367
TOTAL LIABILITIES 222,520 271,862
TOTAL EQUITY AND LIABILITIES 565,459 649,909
CRITEO S.A.
Consolidated Statement of Cash Flows
(Euros in thousands)
(unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
2014 2015 2014 2015
Net income (loss) 2,427 3,843 6,249 15,783
Non-cash and non-operating items 11,819 16,063 23,045 35,501
- Amortization and provisions 5,806 9,886 10,642 17,232
- Share-based payment expense 2,368 4,829 5,623 10,457
- Net gain or loss on disposal of non-current assets 37 20 38 23
- Interest paid 9 3 9 6
- Non-cash financial income and expenses(*) 50 (4) (21) 132
- Change in deferred taxes 182 (1,927) 909 (1,927)
- Income tax for the period 3,367 3,255 5,845 9,578
Changes in working capital related to operating activities (5,328) (3,889) (9,113) 4,174
- (Increase) / decrease in trade receivables (14,912) (2,969) (23,818) (11,344)
- Increase / (decrease) in trade payables 6,935 3,509 16,339 24,776
- (Increase) / decrease in other current assets (161) (4,787) (7,137) (14,245)
- Increase / (decrease) in other current liabilities 2,810 359 5,503 4,988
Income taxes paid 2,244 (4,971) 2,416 (7,992)
CASH FROM OPERATING ACTIVITIES 11,162 11,045 22,597 47,467
Acquisition of intangible assets, property, plant and equipment (10,459) (16,561) (14,240) (27,996)
Proceeds from disposal of intangible assets, property, plant and equipment 2 0 14 1
FREE CASH FLOW 704 (5,516) 8,371 19,471
Investments (2,795) (2,735) (18,775) (18,008)
Change in other non-current financial assets (696) (1,368) (738) (4,703)
CASH USED FOR INVESTING ACTIVITIES (13,948) (20,664) (33,739) (50,707)
Issuance of long-term borrowings 3,000 1,412 3,000 2,147
Repayment of borrowings (1,211) (1,262) (2,466) (4,212)
Interests paid (9) 28 (9) 25
Proceeds from capital increase 1,990 3,309 18,778 5,772
Change in other financial liabilities 3 4 7 (907)
CASH FROM (USED FOR) FINANCING ACTIVITIES 3,773 3,492 19,310 2,825
CHANGE IN NET CASH & CASH EQUIVALENTS 987 (6,128) 8,168 (415)
Net cash & cash equivalents at beginning of period 241,786 294,057 234,342 289,784
Effect of exchange rates changes on cash and cash equivalents 122 (943) 385 (2,383)
Net cash & cash equivalents at end of period 242,895 286,986 242,895 286,986
(*) from Q2 2015, the market value of derivative financial instruments is considered as a cash item in connection with the hedged item.
CRITEO S.A.
Reconciliation of Revenue ex-TAC by Region to Revenue by Region
(Euros in thousands)
(unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
Region 2014 2015 Year-over-
year
growth
Year-over-year
growth at
constant
currency
Region 2014 2015 Year-over-
year
growth
Year-over-year
growth at
constant
currency
Revenue Americas 46,942 100,262 113.6% 80.5% Americas 84,572 189,722 124.3% 89.6%
EMEA 84,187 114,824 36.4% 35.0% EMEA 168,040 232,356 38.3% 36.4%
Asia-Pacific 34,188 55,773 63.1% 51.2% Asia-Pacific 65,224 110,303 69.1% 56.9%
Total 165,317 270,859 63.8% 51.3% Total 317,836 532,382 67.5% 54.8%
Traffic acquisition costs Americas (28,342) (60,459) 113.3% 80.4% Americas (51,247) (114,905) 124.2% 89.7%
EMEA (49,086) (66,255) 35.0% 33.4% EMEA (97,619) (135,738) 39.0% 37.0%
Asia-Pacific (20,866) (33,690) 61.5% 50.0% Asia-Pacific (39,215) (66,125) 68.6% 56.9%
Total (98,294) (160,404) 63.2% 50.5% Total (188,081) (316,768) 68.4% 55.5%
Revenue ex-TAC Americas 18,600 39,803 114.0% 80.7% Americas 33,325 74,818 124.5% 89.6%
EMEA 35,101 48,569 38.4% 37.2% EMEA 70,421 96,619 37.2% 35.6%
Asia-Pacific 13,322 22,083 65.8% 53.0% Asia-Pacific 26,009 44,178 69.9% 56.9%
Total 67,023 110,455 64.8% 52.42% Total 129,755 215,615 66.2% 53.7%
CRITEO S.A.
Reconciliation of Adjusted EBITDA to Net Income
(Euros in thousands)
(unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
2014 2015 2014 2015
Net income (loss) 2,427 3,843 6,249 15,783
Adjustments:
Financial (income) expense (957) 2,257 (1,762) (1,232)
Provision for income taxes 3,549 1,328 6,754 7,650
Share-based compensation expense 2,367 4,831 5,623 10,458
Research and development 487 1,056 1,093 2,377
Sales and operations 2,051 2,633 3,921 5,708
General and administrative (171) 1,142 609 2,373
Service cost - Pension 73 99 182 199
Research and development 13 36 63 73
Sales and operations 41 35 67 70
General and administrative 19 28 52 56
Depreciation and amortization expense 5,678 9,295 10,185 16,787
Cost of revenue 3,614 6,159 6,923 11,467
Research and development 1,252 1,791 1,664 2,808
Sales and operations 609 1,006 1,208 1,887
General and administrative 203 339 390 625
Acquisition-related deferred price consideration 108 103 519 201
Research and development 108 103 519 201
Sales and operations -- -- -- --
General and administrative -- -- -- --
Total net adjustments 10,818 17,912 21,501 34,063
Adjusted EBITDA 13,245 21,755 27,750 49,846
CRITEO S.A.
Detailed Information on Selected Items
(Euros in thousands)
(unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
2014 2015 2014 2015
Share-Based Compensation Expense
Research and development 487 1,056 1,093 2,377
Sales and operations 2,051 2,633 3,921 5,708
General and administrative (171) 1,142 609 2,373
Total Share-Based Compensation Expense 2,367 4,831 5,623 10,458
Service Cost - Pension
Research and development 13 36 63 73
Sales and operations 41 35 67 70
General and administrative 19 28 52 56
Total Service Cost - Pension 73 99 182 199
Depreciation and Amortization Expense
Cost of revenue 3,614 6,159 6,923 11,467
Research and development 1,252 1,791 1,664 2,808
Sales and operations 609 1,006 1,208 1,887
General and administrative 203 339 390 625
Total Depreciation and Amortization Expense 5,678 9,295 10,185 16,787
Acquisition-related deferred price consideration
Research and development 108 103 519 201
Sales and operations -- -- -- --
General and administrative -- -- -- --
Total Acquisition-related deferred price consideration 108 103 519 201
CRITEO S.A.
Reconciliation of Adjusted Net Income to Net Income
(Euros in thousands)
(unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
2014 2015 2014 2015
Net income (loss) 2,427 3,843 6,249 15,783
Adjustments:
Share-based compensation expense 2,367 4,831 5,623 10,458
Amortization of acquisition-related intangible assets 946 1,502 1,126 2,327
Acquisition-related deferred price consideration 108 103 519 201
Tax impact of the above adjustments (301) (382) (339) (499)
Total net adjustments 3,119 6,054 6,928 12,487
Adjusted net income (loss) 5,547 9,897 13,178 28,270
Adjusted net income (loss) per share
- Basic 0.09 0.16 0.23 0.46
- Diluted 0.09 0.15 0.21 0.44
Weighted average shares outstanding used in computing per share amounts
Basic 58,474,125 61,719,367 57,776,805 61,448,678
Diluted 62,971,540 65,279,611 62,439,051 64,820,780
CRITEO S.A.
Constant Currency Reconciliation
(Euros in thousands)
(unaudited)
Three Months Ended Six Months Ended
June 30, June 30,
2014 2015 Year-
over-
year
growth
2014 2015 Year-
over-
year
growth
Revenue as reported 165,317 270,859 63.8% 317,836 532,382 67.5%
Conversion impact euro/other currencies (20,777) (40,456)
Revenue at constant currency 165,317 250,082 51.3% 317,836 491,927 54.8%
Traffic acquisition costs as reported 98,294 160,404 63.2% 188,081 316,768 68.4%
Conversion impact euro/other currencies (12,480) (24,298)
Traffic acquisition costs at constant currency 98,294 147,924 50.5% 188,081 292,469 55.5%
Revenue ex-TAC as reported 67,023 110,455 64.8% 129,755 215,615 66.2%
Conversion impact euro/other currencies (8,297) (16,157)
Revenue ex-TAC at constant currency 67,023 102,158 52.4% 129,755 199,457 53.7%
Revenue ex-TAC / Revenue as reported 40.5% 40.8% 40.8% 40.5%
Other cost of revenue as reported 8,303 12,881 55.1% 15,749 24,411 55.0%
Conversion impact euro/other currencies (1,525) (2,731)
Other cost of revenue at constant currency 8,303 11,356 36.8% 15,749 21,680 37.7%
Adjusted EBITDA 13,245 21,755 64.3% 27,750 49,846 79.6%
Conversion impact euro/other currencies (622) (1,360)
Adjusted EBITDA at constant currency 13,245 21,133 59.6% 27,750 48,487 74.7%
CRITEO S.A.
Information on Share Count
(unaudited)
2014 2015
Shares outstanding as at January 1, 56,856,070 60,902,695
Weighted average number of shares issued during the period 920,735 545,983
Basic number of shares as at June 30, - Basic EPS basis 57,776,805 61,448,678
Dilutive effect of share options, warrants, employee warrants - Treasury method 4,662,246 3,372,102
Diluted number of shares as at June 30, - Diluted EPS basis 62,439,051 64,820,780
Shares outstanding as at June 30, 59,204,524 61,913,692
Total dilutive effect of share options, warrants, employee warrants 7,106,755 7,119,504
Fully diluted shares as at June 30, 66,311,279 69,033,196
CRITEO S.A.
Supplemental Financial Information and Operating Metrics
(unaudited)
Q3
2013
Q4
2013
Q1
2014
Q2
2014
Q3
2014
Q4
2014
Q1
2015
Q2
2015
YoY
Change
QoQ
Change
Clients 4,631 5,072 5,567 6,131 6,581 7,190 7,832 8,564 39.7% 9.3%
Revenue ('000 euros) 113,811 135,889 152,520 165,317 194,449 232,796 261,523 270,859 63.8% 3.6%
Americas 30,473 38,660 37,630 46,942 58,602 85,598 89,460 100,262 113.6% 12.1%
EMEA 59,732 70,291 83,853 84,187 93,885 104,480 117,532 114,824 36.4% -2.3%
APAC 23,606 26,937 31,037 34,187 41,962 42,718 54,531 55,773 63.1% 2.3%
Revenue ex-TAC ('000 euros) 46,815 54,855 62,733 67,022 77,596 96,303 105,160 110,455 64.8% 5.0%
Americas 11,896 15,108 14,725 18,600 23,106 33,432 35,015 39,803 114.0% 13.7%
EMEA 25,358 29,057 35,320 35,101 38,666 46,030 48,050 48,569 38.4% 1.1%
APAC 9,561 10,690 12,688 13,321 15,824 16,841 22,095 22,083 65.8% -0.1%
Cash flow from operating activities ('000 euros) 3,731 12,255 11,437 11,162 25,481 39,555 36,421 11,045 -1.0% -69.7%
Capital expenditures ('000 euros) 5,737 7,187 3,781 10,459 11,156 9,993 11,436 16,561 58.3% 44.8%
Net Cash Position ('000 euros) 39,839 234,343 241,786 242,895 256,719 289,784 294,057 286,986 18.2% -2.4%
Days Sales Outstanding (days - end of month) 55.6 53.5 53.8 57.1 56.6 54.7 56.5 55.4 5.0% 3.2%

CONTACT: Criteo Investor Relations Edouard Lassalle, Head of IR e.lassalle@criteo.com Friederike Edelmann f.edelmann@criteo.com Criteo Public Relations Emma Ferns, Global PR director e.ferns@criteo.com

Source:Criteo