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

By GlobeNewswire,  August 05, 2014, 04:01:00 PM EDT


NEW YORK, Aug. 5, 2014 (GLOBE NEWSWIRE) -- Criteo S.A. (Nasdaq:CRTO), the performance advertising technology company, today announced its financial results for the second quarter ended June 30, 2014.

  • Revenue in the second quarter 2014 increased 66.3% (or 71.5% at constant currency1) to €165.3 million, compared with €99.4 million in the second quarter 2013.
  • Revenue excluding Traffic Acquisition Costs, or Revenue ex-TAC, in the second quarter 2014 grew 67.4% (or 72.1% at constant currency) to €67.0 million, or 40.5% of revenue, compared with €40.0 million, or 40.3% of revenue, in the second quarter 2013.
  • Net income in the second quarter 2014 increased by €8.0 million to €2.4 million, compared with a net loss of €5.6 million in the second quarter 2013.
  • Adjusted EBITDA for the second quarter 2014 was €13.2 million, an increase of €12.6 million (or €12.6 million at constant currency), compared with €0.7 million in the second quarter 2013.
  • Cash flow from operating activities in the second quarter 2014 increased 170.0% to €11.2 million, compared with €4.1 million in the second quarter 2013.
  • Free Cash Flow for the second quarter 2014 was €0.7 million, an increase of €3.2 million compared with a negative €2.5 million free cash flow in the second 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, driven by focused execution across the business in all regions" said JB Rudelle, Criteo's co-founder and CEO. "We are very pleased by the success of our significant technology enhancements and the broadening of our client base across geographies."

Operating Highlights

  • We rolled-out the new Criteo Engine to approximately 60% of our client base in the quarter, delivering a significant increase in post-click sales for those clients.
  • With our complete mobile solution on all leading browsers, we showed personalized mobile ads to 69% of our client base in the second quarter 2014.
  • Criteo's year-over-year growth at constant currency in the Americas accelerated from 66% in the first quarter to 78% in the second quarter, driven by strong growth in the US.
  • Total number of clients grew by 564 in the second quarter to 6,131, representing a 43% year-over-year growth, including strong acceleration in the mid-market segment.
  • New client additions in the second quarter 2014 included:
    • In the Americas: Orvis, PartyCity
    • In EMEA: Abritel (Homeaway group), ING, PayPal, Samsung, VoyageSNCF.com
    • In Asia-Pacific: AB Road, music.jp

Revenue ex-TAC

Revenue ex-TAC grew 67.4% in the second quarter 2014, or 72.1% at constant currency, to €67.0 million, compared with €40.0 million in the second quarter 2013. This year-over-year performance was primarily driven by the broad-based growth of operations across our geographies, the expansion of our client base, particularly in the midmarket segment, and the continued roll-out of our product set to a greater share of clients across all markets.

  • In the Americas, revenue ex-TAC in the second quarter 2014 grew by 67.2% over the comparable quarter in 2013, or 77.7% at constant currency, to €18.6 million. The Americas represented approximately 28% of our global revenue ex-TAC in the second quarter 2014.
  • Revenue ex-TAC in EMEA in the second quarter 2014 increased by 61.0% over the same period last year, or 60.1% at constant currency, to €35.1 million. EMEA represented approximately 52% of our global revenue ex-TAC in the second quarter 2014.
  • Revenue ex-TAC in Asia-Pacific in the second quarter 2014 increased by 87.6% over the comparable quarter in 2013, or 100.5% at constant currency, to €13.3 million. Asia-Pacific accounted for approximately 20% of our global revenue ex-TAC in the second quarter 2014.

Revenue ex-TAC margin as a percentage of revenue in the second quarter 2014 was at 40.5%, representing a 0.2 percentage point increase compared with 40.3% in the second quarter of 2013.

Adjusted EBITDA and Operating Expenses

Adjusted EBITDA for the second quarter 2014 was €13.2 million, an increase of €12.6 million, or €12.6 million at constant currency, compared with €0.7 million in the second quarter 2013. This year-over-year increase in Adjusted EBITDA is primarily the result of the strong revenue ex-TAC performance in the quarter, as well as the favorable impact of some exceptional items, primarily an increase in R&D tax credit to be recognized in 2014, which were partially offset by our continued strong investments in the quarter.

Operating expenses in the second quarter of 2014 increased by 43.6% to €53.7 million, compared with the second 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 second quarter 2014 were €49.1 million, an increase of 38.6% compared with the second quarter of 2013. This increase in operating expenses over the period was principally related to headcount growth across our three main functions - Research & Development, Sales & Operations and General & Administrative - as we continued to scale the whole Criteo organization to support anticipated future growth. In particular, our headcount in Sales & Operations increased by 60% 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 through the remainder of the year, as well as accelerate our investments in Research & Development and Sales & Operations, as we progress toward our full potential.

Net Income and Adjusted Net Income

Net income for the second quarter 2014 was €2.4 million, representing a €8.0 million increase compared with a net loss of €5.6 million in the second quarter 2013. Net income available to shareholders of Criteo S.A. for the second quarter 2014 was €2.2 million, or €0.04 per diluted share, compared with a net loss of €5.6 million, or €0.11 per diluted share, in the second quarter 2013.

Adjusted Net Income for the second 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 €5.5 million, representing a €10.0 million increase compared with an Adjusted Net Loss of €4.4 million in the second quarter 2013.

Cash Flow and Cash Position

  • Our cash flow generated by operating activities in the second quarter 2014 increased by 170.0% to €11.2 million, compared with €4.1 million in the second 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 €0.7 million in the second quarter 2014, an increase of €3.2 million, compared with a negative €2.5 million free cash flow in the second quarter 2013.
  • Total cash, cash equivalents and short-term investments were at €242.9 million as of June 30, 2014. This represented an increase of €8.6 million compared with December 31, 2013, primarily the result of €8.4 million free cash flow generation over the period and proceeds from capital increases of €18.8 million, including the net proceeds of €16.4 million from the primary portion of the follow-on equity offering on the NASDAQ Global Market in March 2014, 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 August 5, 2014.

Third Quarter 2014 Guidance:

  • Revenue ex-TAC for the third quarter ending September 30, 2014 is expected to be between €71 million and €73 million.
  • Adjusted EBITDA for the third quarter ending September 30, 2014 is expected to be between €10.5 million and €12.5 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 €280 million and €284 million.
  • The Company is increasing its Adjusted EBITDA outlook for the fiscal year ending December 31, 2014, now expected to be between €55.5 million and €59.5 million.

The above guidance assumes no additional acquisitions are completed during the quarter ending September 30, 2014 or the fiscal year ending December 31, 2014.

Non-IFRS Financial Measures

This press release and its attachments include the following financial measures defined as non-IFRS financial measures by the U.S. Securities and Exchange Commission (SEC): Revenue ex-TAC, Adjusted EBITDA, Adjusted Net Income, Free Cash Flow, Non-IFRS Operating Expenses and Revenue ex-TAC margin. 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 that are inherently difficult to predict, including projected financial results for the quarter ending September 30, 2014 and the fiscal year ending December 31, 2014, our expectations regarding our market opportunity and future growth prospects and other statements that are not historical facts, 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 internet 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 advertising 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, August 5, 2014, at 5:00pm ET, 11:00pm CET, to discuss Criteo's second 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 3361, Conference ID: 6167661
  • International callers: +33 1 76 77 22 31, Conference ID: 6167661

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

About Criteo

Criteo delivers personalized performance advertising 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 17 offices across the Americas, Europe and Asia-Pacific, serving over 6,000 advertisers worldwide with direct relationships with over 7,000 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 Six Months Ended
  June 30, June 30,
      Year-over-     Year-over-
  2013 2014 year 2013 2014 year
      growth     growth
Revenue 99,400 165,317 66.3% 194,260 317,836 63.6%
             
Cost of revenue            
Traffic Acquisition cost (TAC) -59,368 -98,294 65.6% -116,922 -188,081 60.9%
Other cost of revenue -5,708 -8,303 45.5% -10,880 -15,749 44.7%
             
Gross Profit 34,323 58,720 71.1% 66,458 114,007 71.5%
             
Research & development expenses -6,941 -10,829 56.0% -13,194 -20,858 58.1%
Sales & operations expenses -22,787 -31,787 39.5% -40,083 -59,009 47.2%
General & administrative expenses -7,659 -11,083 44.7% -15,195 -22,898 50.7%
Total operating expenses -37,387 -53,700 43.6% -68,472 -102,765 50.1%
             
Income from operations -3,064 5,020 -263.8% -2,014 11,241 -658.2%
Financial income -2,791 957 -134.3% -2,545 1,762 -169.2%
Income before taxes -5,855 5,977 -202.1% -4,559 13,003 -385.2%
Provision for income taxes 236 -3,549 -1603.7% -354 -6,754 1807.9%
Net income (loss) -5,619 2,427 -143.2% -4,913 6,249 -227.2%
- Net income (loss) available to shareholders of Criteo SA -5,579 2,231   -4,799 5,722  
- Net income (loss) available to non-controlling interests -40 196   -114 527  
             
Net income (loss) allocated to shareholders per share            
- Basic -0.12 0.04   -0.10 0.10  
- Diluted -0.11 0.04   -0.09 0.09  
             
Basic 47,142,162 57,776,805   47,142,162 57,776,805  
Diluted 51,673,826 62,351,902   51,673,826 62,351,902  
             
             
CRITEO S.A.
Consolidated Statement of Financial Position
(Euros in thousands)
(unaudited)
     
  December 31, June 30,
  2013 2014
Goodwill 4,191 22,828
Intangible assets 6,624 11,833
Property, plant and equipment 24,716 31,751
Non-current financial assets 7,627 8,504
Deferred tax assets 4,486 3,327
TOTAL NON-CURRENT ASSETS 47,644 78,243
Trade receivables 87,643 115,948
Current tax assets 8,014 3,885
Other current assets 13,466 22,126
Cash and cash equivalents 234,343 242,895
TOTAL CURRENT ASSETS 343,466 384,854
TOTAL ASSETS 391,110 463,097
     
Share capital 1,421 1,480
Additional paid-in capital 241,468 260,470
Currency translation reserve 1,384 744
Consolidated reserves 19,523 26,215
Retained earnings 1,065 5,724
Equity - attributable to shareholders of Criteo SA 264,861 294,633
Non-controlling interests 213 879
TOTAL EQUITY 265,074 295,512
Financial liabilities - non-current portion 6,119 6,779
Retirement benefit obligation 925 1,220
Deferred tax liabilities 303 2,296
TOTAL NON-CURRENT LIABILITIES 7,347 10,295
Financial liabilities - current portion 5,197 5,710
Provisions 830 1,020
Trade payables 75,889 97,237
Current tax liabilities 1,549 5,267
Other current liabilities 35,224 48,056
TOTAL CURRENT LIABILITIES 118,689 157,290
TOTAL LIABILITIES 126,036 167,585
TOTAL EQUITY AND LIABILITIES 391,110 463,097
     
     
CRITEO S.A.
Consolidated Statement of Cash Flows
(Euros in thousands)
(unaudited)
  Three Months Ended Six Months Ended
  June 30, June 30,
  2013 2014 2013 2014
Net income (loss) -5,619 2,429 -4,913 6,251
Non-cash and non-operating items 4,069 11,819 8,526 23,045
- Amortization and provisions 3,108 5,806 5,440 10,642
- Share-based payment expense 1,189 2,368 2,715 5,623
- Net gain or loss on disposal of non-current assets -- 37 5 38
- Interest paid 4 9 4 9
- Non-cash financial income and expenses 4 50 8 -21
- Change in deferred taxes -- 182 -- 909
- Income tax for the period -236 3,367 354 5,845
Changes in working capital related to operating activities 10,356 -5,330 11,581 -9,113
- (Increase) / decrease in trade receivables -4,306 -14,912 -7,684 -23,818
- Increase / (decrease) in trade payables 13,948 6,935 19,050 16,339
- (Increase) / decrease in other current assets -3,742 -162 -9,480 -7,137
- Increase / (decrease) in other current liabilities 4,456 2,809 9,695 5,503
Income taxes paid -4,673 2,244 -6,475 2,416
CASH FROM OPERATING ACTIVITIES 4,134 11,162 8,719 22,599
Acquisition of intangible assets, property, plant and equipment -6,590 -10,459 -9,079 -14,240
Proceeds from disposal of intangible assets, property, plant and equipment -- 3 -- 14
FREE CASH FLOW -2,456 706 -360 8,373
Investments   -2,795   -18,775
Change in other non-current financial assets 231 -696 -766 -738
CASH USED FOR INVESTING ACTIVITIES -6,359 -13,948 -9,845 -33,739
Issuance of long-term borrowings 8,000 3,000 8,000 3,000
Repayment of borrowings -547 -1,211 -1,059 -2,466
Interests paid -4 -9 -4 -9
Proceeds from capital increase 102 1,990 153 18,778
Change in other financial liabilities   3 -- 7
CASH FROM (USED FOR) FINANCING ACTIVITIES 7,551 3,773 7,090 19,310
         
CHANGE IN NET CASH & CASH EQUIVALENTS 5,324 987 5,963 8,170
Net cash & cash equivalents at beginning of period 43,873 241,786 43,262 234,342
Effect of exchange rates changes on cash and cash equivalents -1,306 122 -1,334 383
Net cash & cash equivalents at end of period 47,891 242,895 47,891 242,895
         
         
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,
          Year-over-year         Year-over-year
        Year-over- growth at       Year-over- growth at
  Region 2013 2014 year constant Region 2013 2014 year constant
        growth currency       growth currency
                     
Revenue Americas 28,846 46,942 62.7% 73.3% Americas 53,871 84,572 57.0% 68.0%
  EMEA 53,348 84,187 57.8% 57.0% EMEA 107,777 168,040 55.9% 55.3%
  Asia-Pacific 17,206 34,187 98.7% 113.5% Asia-Pacific 32,612 65,224 100.0% 121.7%
  Total 99,400 165,316 66.3% 71.5% Total 194,260 317,836 63.6% 70.0%
                     
                     
Traffic acquisition costs Americas -17,722 -28,342 59.9% 70.6% Americas -33,177 -51,247 54.5% 65.5%
  EMEA -31,541 -49,086 55.6% 54.9% EMEA -64,807 -97,619 50.6% 50.1%
  Asia-Pacific -10,105 -20,866 106.5% 122.6% Asia-Pacific -18,938 -39,215 107.1% 130.1%
  Total -59,368 -98,294 65.6% 71.1% Total -116,922 -188,081 60.9% 67.4%
                     
                     
Revenue ex-TAC Americas 11,124 18,600 67.2% 77.7% Americas 20,694 33,325 61.0% 72.1%
  EMEA 21,807 35,101 61.0% 60.1% EMEA 42,970 70,421 63.9% 63.2%
  Asia-Pacific 7,101 13,321 87.6% 100.5% Asia-Pacific 13,674 26,009 90.2% 110.0%
  Total 40,032 67,022 67.4% 72.1% Total 77,338 129,755 67.8% 73.8%
                     
                     
CRITEO S.A.
Reconciliation of Adjusted EBITDA to Net Income
(Euros in thousands)
(unaudited)
 
  Three Months Ended Six Months Ended
  June 30, June 30,
  2013 2014 2013 2014
Reconciliation of Adjusted EBITDA to Net income        
Net income (loss) -5,619 2,427 -4,913 6,249
Adjustments:        
Financial income (expense) 2,791 -957 2,545 -1,762
Provision for income taxes -236 3,549 354 6,754
Share-based compensation expense 1,190 2,367 2,715 5,623
Research and development 278 487 559 1,093
Sales and operations 227 2,051 826 3,921
General and administrative 685 -171 1,330 609
Service cost-pension 80 73 171 182
Research and development 67 13 67 63
Sales and operations 58 41 58 67
General and administrative -45 19 46 52
Depreciation and amortization expense 2,479 5,678 4,369 10,185
Cost of revenue 1,779 3,614 3,143 6,923
Research and development 77 1,252 229 1,664
Sales and operations 501 609 753 1,208
General and administrative 122 203 244 390
Acquisition-related deferred price consideration 0 108 0 519
Research and development -- 108 -- 519
Sales and operations -- -- --  
General and administrative -- -- --  
Total net adjustments 6,304 10,818 10,154 21,501
Adjusted EBITDA 685 13,245 5,241 27,750
         
         
CRITEO S.A.
Detailed Information on Selected Items
(Euros in thousands)
(unaudited)
 
  Three Months Ended Six Months Ended
  June 30, June 30,
  2013 2014 2013 2014
Share-Based Compensation Expense        
Research and development 278 487 559 1,093
Sales and operations 227 2,051 826 3,921
General and administrative 685 -171 1,330 609
Total Share-Based Compensation Expense 1,190 2,367 2,715 5,623
         
Pension costs        
Research and development 67 13 67 63
Sales and operations 58 41 58 67
General and administrative -45 19 46 52
Total Pension costs 80 73 171 182
         
Depreciation and Amortization Expense        
Cost of revenue 1,779 3,614 3,143 6,923
Research and development 77 1,252 229 1,664
Sales and operations 501 609 753 1,208
General and administrative 122 203 244 390
Total Depreciation and Amortization Expense 2,479 5,678 4,369 10,185
         
Acquisition-related deferred price consideration        
Research and development -- 108 -- 519
Sales and operations -- -- -- --
General and administrative -- -- -- --
Total Acquisition-related deferred price consideration -- 108 -- 519
         
         
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,
  2013 2014 2013 2014
         
Net income (loss) -5,619 2,427 -4,913 6,249
Adjustments:        
Share-based compensation expense 1,190 2,367 2,715 5,623
Amortization of acquisition-related intangible assets -- 946 -- 1,126
Acquisition-related deferred price consideration -- 108 -- 519
Tax impact of the above adjustments -- -301 -- -339
Total net adjustments 1,190 3,119 2,715 6,928
Adjusted net income (loss) -4,429 5,547 -2,198 13,178
         
         
CRITEO S.A.
Constant Currency Reconciliation
(Euros in thousands)
(unaudited)
 
  Three Months Ended  Six Months Ended 
  June 30, June 30,
      Year-     Year-
      over-     over-
  2013 2014 year 2013 2014 year
      growth     growth
Revenue as reported 99,400 165,317 66.3% 194,260 317,836 63.6%
Conversion impact euro/other currencies -- 5,170   -- 12,389  
Revenue at constant currency 99,400 170,486 71.5% 194,260 330,225 70.0%
             
Traffic acquisition costs as reported 59,368 98,294 65.6% 116,922 188,081 60.9%
Conversion impact euro/other currencies -- 3,281   -- 7,693  
Traffic acquisition costs at constant currency 59,368 101,575 71.1% 116,922 195,774 67.4%
             
Revenue ex-TAC as reported 40,032 67,023 67.4% 77,338 129,755 67.8%
Conversion impact euro/other currencies -- 1,888   -- 4,696  
Revenue ex-TAC at constant currency 40,032 68,911 72.1% 77,338 134,451 73.8%
Revenue ex-TAC / Revenue as reported 40.3% 40.5%   39.8% 40.8%  
             
Other cost of revenue as reported 5,708 8,303 45.5% 10,880 15,749 44.8%
Conversion impact euro/other currencies -- 318   -- 576  
Other cost of revenue at constant currency 5,708 8,621 51.0% 10,880 16,325 50.0%
             
Adjusted EBITDA 685 13,245 1833.6% 5,241 27,750 429.5%
Conversion impact euro/other currencies -- 11     241  
Adjusted EBITDA at constant currency 685 13,256 1835.1% 5,241 27,991 434.1%
             
             
CRITEO S.A.
Information on share count
(unaudited)
     
     
  At June 30,
  2013 2014
Shares outstanding as at January 1, 47,123,017 56,856,070
Weighted average number of shares issued during the period 19,145 920,735
Basic number of shares - Basic EPS basis 47,142,162 57,776,805
Dilutive effect of share options, warrants, employee warrants - Treasury method 4,531,664 4,575,097
Diluted number of shares - Diluted EPS basis 51,673,826 62,351,902
     
Shares outstanding as at June 30, 47,177,430 59,204,524
Total dilutive effect of share options, warrants, employee warrants 8,049,544 7,106,755
Fully diluted shares as at June 30, 55,226,974 66,311,279
     
     
CRITEO S.A.
Supplemental Financial Information and Operating Metrics
(unaudited)
                     
  Q3 Q4 Q1 Q2 Q3 Q4 Q1 Q2 YoY QoQ
   2012  2012  2013  2013  2013  2013  2014  2014  Change  Change
Clients 2,866 3,379 3,811 4,274 4,631 5,072 5,567 6,131 43.4% 10.1%
                     
Revenue ('000 euros) 72,142 86,571 94,862 99,400 113,811 135,889 152,520 165,316 66.3% 8.4%
Americas 18,800 25,740 25,025 28,846 30,473 38,660 37,630 46,942 62.7% 24.7%
EMEA 43,766 48,791 54,434 53,348 59,732 70,291 83,853 84,187 57.8% 0.4%
APAC 9,575 12,040 15,403 17,206 23,606 26,937 31,037 34,187 98.7% 10.1%
                     
Revenue ex-TAC ('000 euros) 29,316 35,331 37,306 40,032 46,815 54,855 62,733 67,022 67.4% 6.8%
Americas 7,443 9,938 9,570 11,124 11,896 15,108 14,725 18,600 67.2% 26.3%
EMEA 17,506 20,037 21,163 21,807 25,358 29,057 35,320 35,101 61.0% -0.6%
APAC 4,367 5,355 6,573 7,101 9,561 10,690 12,688 13,321 87.6% 5.0%
                     
Cash flow from operating activities ('000 euros) -3,145 7,561 4,585 4,134 3,731 12,255 11,437 11,162 170.0% -2.4%
                     
Capital expenditures ('000 euros) 2,347 7,251 2,489 6,590 5,737 7,187 3,781 10,459 58.7% 176.6%
                     
Net Cash Position ('000 euros) 40,381 43,262 43,876 47,893 39,839 234,343 241,785 242,895 407.2% 0.5%
                     
Days Sales Outstanding (days - end of month) 58.4 57.4 58.1 56.7 55.6 53.5 53.8 57.1 0.8% 6.2%
                     
                     
CONTACT: Criteo Investor Relations

         Edouard Lassalle, Head of IR
         e.lassalle@criteo.comDenise Garcia, ICR, Inc.denise.garcia@icrinc.com

         Criteo Public Relations

         Emma Ferns, Global PR director
         e.ferns@criteo.com

Source: Criteo

This article appears in: News Headlines

Referenced Stocks: CRTO


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