Criteo (CRTO) 10-Q 4 May 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2016	Apr. 30, 2016
Document and Entity Information [Abstract]
Entity Registrant Name	Criteo S.A.
Entity Central Index Key	1,576,427
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2016
Entity Common Stock, Shares Outstanding		63,063,279

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (UNAUDITED) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents	$ 386,110	$ 353,537
Trade receivables, net of allowances	262,524	261,581
Current tax assets	2,977	2,714
Other current assets	57,706	45,582
Total current assets	709,317	663,414
Property, plant and equipment, net	85,845	82,482
Intangible assets, net	17,024	16,470
Goodwill	42,736	41,973
Non-current financial assets	16,880	17,184
Deferred tax assets	21,911	20,196
Total non current assets	184,396	178,305
Total assets	893,713	841,719
Current liabilities:
Trade payables	241,119	246,382
Contingencies	688	668
Current tax liabilities	13,288	15,365
Financial liabilities - current portion	6,202	7,156
Other current liabilities	95,081	88,269
Total current liabilities	356,378	357,840
Deferred tax liabilities	410	139
Retirement benefit obligation	1,900	1,445
Financial liabilities - non current portion	3,201	3,272
Total non-current liabilities	5,511	4,856
Total liabilities	$ 361,889	$ 362,696
Commitments and contingencies
Shareholders' equity:
Common shares, €0.025 par value, 62,470,881 and 62,896,180 shares authorized, issued and outstanding at December 31, 2015 and March 31, 2016, respectively.	$ 2,063	$ 2,052
Additional paid-in capital	438,945	425,220
Accumulated other comprehensive (loss)	(48,904)	(69,023)
Retained earnings	133,206	116,076
Equity - attributable to shareholders of Criteo S.A.	525,310	474,325
Non-controlling interests	6,514	4,698
Total equity	531,824	479,023
Total equity and liabilities	$ 893,713	$ 841,719

CONDENSED CONSOLIDATED STATEME3

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (UNAUDITED) (PARENTHETICAL) - € / shares	Mar. 31, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Common shares, par value (in Euro per share)	€ 0.025	€ 0.025
Common shares authorized (in shares)	62,896,180	62,470,881
Common shares issued (in shares)	62,896,180	62,470,881
Common shares outstanding (in shares)	62,896,180	62,470,881

CONDENSED CONSOLIDATED STATEME4

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Income Statement [Abstract]
Revenue	$ 401,253	$ 294,172
Cost of revenue
Traffic acquisition costs	(238,755)	(175,888)
Other cost of revenue	(18,338)	(12,969)
Gross profit	144,160	105,315
Operating expenses:
Research and development expenses	(27,162)	(17,846)
Sales and operations expenses	(64,473)	(53,083)
General and administrative expenses	(24,737)	(17,546)
Total operating expenses	(116,372)	(88,475)
Income from operations	27,788	16,840
Financial income (expense)	(1,317)	3,920
Income before taxes	26,471	20,760
Provision for income taxes	(7,944)	(7,143)
Net income	18,527	13,617
Net income available to shareholders of Criteo S.A.	17,131	12,982
Net income available to non-controlling interests	$ 1,396	$ 635
Net income allocated to shareholders of Criteo S.A. per share:
Net income allocated to shareholders per share, Basic (in USD per share)	$ 0.27	$ 0.21
Net income allocated to shareholders per share, Diluted (in USD per share)	$ 0.26	$ 0.20
Weighted average shares outstanding used in computing per share amounts, Basic (in shares)	62,610,013	61,174,168
Weighted average shares outstanding used in computing per share amounts, Diluted (in shares)	64,841,134	64,741,942

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Statement of Comprehensive Income [Abstract]
Net income	$ 18,527	$ 13,617
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax [Abstract]
Foreign currency translation differences, net of taxes	20,689	(43,126)
Foreign currency translation differences	20,689	(43,126)
Income tax effect	0	0
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax [Abstract]
Actuarial losses on employee benefits, net of taxes	(200)	(146)
Actuarial losses on employee benefits	(238)	(176)
Income tax effect	38	30
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax [Abstract]
Financial instruments, net of taxes	0	0
Fair value change on financial instruments	0	0
Income tax effect	0	0
Comprehensive (loss) income	39,016	(29,655)
Comprehensive income, Attributable to shareholders of Criteo S.A	37,245	(30,282)
Comprehensive income, Attributable to non-controlling interests	$ 1,771	$ 627

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Cash From (Used in) Operating Activities [Abstract]
Net income	$ 18,527	$ 13,617
Non-cash and non-operating items [Abstract]
Non-cash and non-operating items	29,506	21,882
Amortization and provisions	13,180	8,262
Shared-based compensation expense	8,370	6,318
Net gain on disposal of non-current assets	0	3
Interest accrued	2	2
Non-cash financial expenses	10	153
Change in deferred taxes	(1,138)	31
Income tax for the period	9,082	7,113
Change in working capital requirement [Abstract]
Change in working capital requirement	(17,140)	8,905
(Increase) decrease in trade receivables	4,758	(9,421)
Increase (decrease) in trade payables	(13,906)	23,937
(Increase) in other current assets	(10,368)	(10,639)
Increase in other current liabilities	2,376	5,028
Income taxes paid	(11,986)	(3,397)
Cash from operating activities	18,907	41,007
Cash From (Used in) Investing Activities [Abstract]
Acquisition of intangibles assets, property, plant and equipment	(13,615)	(11,528)
Change in accounts payable related to intangible assets, property, plant and equipment	1,507	(1,334)
Payments for acquired business, net of cash	0	(17,209)
Change in other financial non-current assets	781	(3,751)
Cash used for investing activities	(11,327)	(33,822)
Cash From (Used in) Financing Activities [Abstract]
Issuance of long term borrowings	764	827
Repayment of borrowings	(1,503)	(3,277)
Proceeds from capital increase	5,476	2,771
Change in other financial liabilities	0	(1,000)
Cash (used for) from financing activities	4,737	(679)
Change in net cash and cash equivalents	12,317	6,506
Net cash and cash equivalents - beginning of period	353,537	351,827
Effect of exchange rate changes on cash and cash equivalents	20,256	(41,957)
Net cash and cash equivalents - end of period	$ 386,110	$ 316,376

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation The unaudited condensed consolidated financial statements included herein have been prepared by Criteo S.A. pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC"). Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") have been condensed or omitted pursuant to such rules and regulations. However, the Company believes that the disclosures are adequate to make the information presented not misleading. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and the notes thereto included in the Company's Annual Report filed on Form 10-K for the year ended December 31, 2015 , filed with the SEC on February 29, 2016. The unaudited condensed consolidated financial statements included herein reflect all adjustments (consisting of normal, recurring adjustments) which are, in the opinion of management, necessary to state fairly the results for the interim periods presented. The results of operations for the interim periods presented are not necessarily indicative of the operating results to be expected for any subsequent interim period or for the fiscal year. Conformity with U.S. GAAP requires the use of estimates and judgments that affect the reported amounts of assets, liabilities, revenue and expenses in the condensed consolidated financial statements and accompanying notes. We base our estimates and judgments on historical information and on various other assumptions that we believe are reasonable under the circumstances. Our actual results may differ from these estimates. U.S. GAAP requires us to make estimates and judgments in several areas, including, but not limited to (1) the recognition of revenue; (2) the evaluation of our trade receivables and the recognition of a valuation allowance; (3) the recognition and measurement of goodwill and intangible assets and particularly costs capitalized in relation to our customized internal-use software; (4) the measurement of share-based compensation and (5) the tax provision determination and particularly the estimate of our annual effective tax rate. There have been no changes to our significant accounting policies described in our Annual Report on Form 10-K for the fiscal year ended December 31, 2015 that have had a material impact on our unaudited condensed consolidated financial statements and related notes. Recently Issued Accounting Standards In September 2015, the FASB issued ASU 2015-16 , Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments . ASU 2015-16 requires an acquirer to recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined, including the cumulative effect of the change in provisional amount, as if the accounting had been completed at the acquisition date. The Company does not expect the provision of ASU 2015-16 to have a material impact on its consolidated financial statements. This update will be effective for fiscal years beginning after December 15, 2016, and interim periods within fiscal years beginning after December 15, 2017. Early adoption is permitted for financial statements that have not yet been made available for issuance. In January 2016, the FASB issued ASU 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities . ASU 2016-01 requires that all financial assets and liabilities not accounted for under the equity method be measured at fair value, with the changes in fair value recognized in net income. The amendments in this update also require an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. In addition, the amendments in this update supersede the requirement to disclose the methods and significant assumptions used in calculating the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet for public business entities. The Company can early adopt the provision requiring it to recognize in other comprehensive income the fair value change from instrument-specific credit risk measured using the fair value option for financial instruments. Except for this early application guidance, early adoption is not permitted. The Company is still evaluating the effects that the provision of ASU 2016-01 will have on its consolidated financial statements. This update will be effective for fiscal years beginning after December 15, 2018, and interim periods within fiscal years beginning after December 15, 2019. Early adoption as of fiscal years beginning after December 15, 2017, including interim periods within those fiscal year, is permitted. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) . ASU 2016-02 requires an entity to recognize a right-of-use asset and lease liability for all leases with terms of more than 12 months. Recognition, measurement and presentation of expenses will depend on classification as a finance or operating lease. The amendments also require certain quantitative and qualitative disclosures about leasing arrangements. Early adoption is permitted. The updated guidance requires a modified retrospective adoption. The Company is still evaluating the effects that the provision of ASU 2016-02 will have on its consolidated financial statements. This update will be effective for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. Early application is permitted. In March 2016, the FASB issued ASU 2016-08, Principal Versus Agent Considerations (Reporting Revenue Gross Versus Net) . ASU 2016-08 amends the principal-versus-agent implementation guidance and illustrations in the FASB's new revenue standard Revenue from Contracts with Customers (ASC Topic 606) . The Company is currently evaluating the impact of ASU 2016-08 on its consolidated financial statements. This update will be effective for fiscal years beginning after December 15, 2018, and interim periods within annual reporting periods beginning after December 15, 2019. Earlier application is permitted only as of fiscal years beginning after December 15, 2016, including interim periods within that fiscal year, or fiscal years beginning after December 15, 2016, and interim periods within fiscal years beginning one year after the fiscal year in which an entity first applies the guidance in Update 2014-09. In March 2016 the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting . ASU 2016-09 was issued as part of FASB’s initiative to reduce complexity in accounting standards. The areas for simplification in this update involve several aspects of the accounting for employee share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. This update will be effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Early adoption is permitted in any interim or annual period. In April 2016 the FASB issued ASU 2016-10, Identifying Performance Obligations and Licensing . ASU 2016-10 clarifies guidance related to identifying performance obligations and licensing implementation guidance contained in the new revenue standard Revenue from Contracts with Customers (ASC Topic 606) . The Company is currently evaluating the impact of ASU 2016-10 on its consolidated financial statements. The effective date of ASU 2016-10 is the same as for requirements of ASC Topic 606.

Significant Events and Transact

Significant Events and Transactions of the Period	3 Months Ended
	Mar. 31, 2016
Business Combinations [Abstract]
Significant Events and Transactions of the Period	Significant Events and Transactions of the Period The Company evaluated events and transactions of the period and determined that there are no significant events that require specific disclosure in such condensed consolidated financial statements.

Financial Instruments

Financial Instruments	3 Months Ended
	Mar. 31, 2016
Fair Value Disclosures [Abstract]
Financial Instruments	Financial Instruments Financial Assets The following schedules disclose our financial assets categories for the presented periods: December 31, 2015 Carrying Value Loans and receivables Assets designated at FVTPL (1) Fair value (in thousands) Cash and cash equivalents $ 353,537 $ — $ 353,537 $ 353,537 Trade receivables, net of allowances 261,581 261,581 — 261,581 Other current assets 45,582 45,582 — 45,582 Non-current financial assets 17,184 17,184 — 17,184 Total $ 677,884 $ 324,347 $ 353,537 $ 677,884 (1) Fair value through profit or loss. March 31, 2016 Carrying Value Loans and receivables Assets designated at FVTPL (1) Fair value (in thousands) Cash and cash equivalents $ 386,110 $ — $ 386,110 $ 386,110 Trade receivables, net of allowances 262,524 262,524 — 262,524 Other current assets 57,706 56,915 791 57,706 Non-current financial assets 16,880 16,880 — 16,880 Total $ 723,220 $ 336,319 $ 386,901 $ 723,220 (1) Fair value through profit or loss. Financial Liabilities December 31, 2015 Carrying Value Amortized Cost Liabilities designated at FVTPL (1) Fair value (in thousands) Trade payables $ 246,382 $ 246,382 $ — $ 246,382 Other current liabilities 88,269 88,269 — 88,269 Financial liabilities 10,428 9,876 552 10,428 Total $ 345,079 $ 344,527 $ 552 $ 345,079 (1) Fair value through profit or loss. March 31, 2016 Carrying Value Amortized Cost Liabilities designated at FVTPL (1) Fair value (in thousands) Trade payables $ 241,119 $ 241,119 $ — $ 241,119 Other current liabilities 95,081 95,081 — 95,081 Financial liabilities 9,403 9,403 — 9,403 Total $ 345,603 $ 345,603 $ — $ 345,603 (1) Fair value through profit or loss. Fair Value Measurements We measure the fair value of our cash equivalents, which include money market funds and interest bearing deposits, as level 1 and level 2 measurements because they are valued using quoted market prices and observable market data, respectively. Financial assets or liabilities include derivative financial instruments used to manage our exposure to the risk of exchange rate fluctuations. These instruments are considered level 2 financial instruments as they are measured using valuation techniques based on observable market data. The following tables provide information for the assets and liabilities carried at fair value as of December 31, 2015 and March 31, 2016: Fair Value Measurements Using December 31, 2015 Level 1 Level 2 Level 3 (in thousands) Money market funds $ 54,188 $ 54,188 $ — $ — Interest-bearing bank deposits 114,127 — 114,127 — Cash 185,222 185,222 — — Total assets measured at fair value $ 353,537 $ 239,410 $ 114,127 $ — Derivative instruments $ 552 $ — $ 552 $ — Total liabilities measured at fair value $ 552 $ — $ 552 $ — Fair Value Measurements Using March 31, 2016 Level 1 Level 2 Level 3 (in thousands) Money market funds $ 79,273 $ 79,273 $ — $ — Interest-bearing bank deposits 107,618 — 107,618 — Cash 199,219 199,219 — — Derivative instruments 791 — 791 — Total assets measured at fair value $ 386,901 $ 278,492 $ 108,409 $ —

Trade Receivables

Trade Receivables	3 Months Ended
	Mar. 31, 2016
Receivables [Abstract]
Trade Receivables	Trade Receivables The following table shows the breakdown in trade receivables net book value for the presented periods: December 31, 2015 March 31, 2016 (in thousands) Trade accounts receivables $ 267,845 $ 269,475 (Less) Allowance for doubtful accounts (6,264 ) (6,951 ) Net book value at end of period $ 261,581 $ 262,524 Changes in allowance for doubtful accounts are summarized below: 2015 2016 (in thousands) Balance at January 1 $ (3,930 ) $ (6,264 ) Allowance for doubtful accounts (783 ) (906 ) Reversal of provision 157 366 Change in consolidation scope (135 ) — Currency translation adjustment 375 (147 ) Balance at March 31 $ (4,316 ) $ (6,951 )

Other Current Assets

Other Current Assets	3 Months Ended
	Mar. 31, 2016
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Other Current Assets	Other Current Assets The following table shows the breakdown in other current assets net book value for the presented periods: December 31, 2015 March 31, 2016 (in thousands) Prepayments to suppliers $ 2,774 $ 4,879 Employee-related receivables 94 24 Tax receivables 29,552 35,332 Other debtors 3,687 1,795 Prepaid expenses 9,475 14,885 Derivative instruments — 791 Gross book value at end of period 45,582 57,706 (Less) Allowance for doubtful accounts — — Net book value at end of period $ 45,582 $ 57,706 Tax receivables primarily consist of VAT receivables and research tax credit receivables. Prepaid expenses mainly consist of office rental advance payments.

Intangible assets and Goodwill

Intangible assets and Goodwill	3 Months Ended
	Mar. 31, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible assets and Goodwill	Intangible assets and Goodwill There have been no significant changes in intangible assets or goodwill since December 31, 2015. In addition, no triggering events have occurred which would indicate impairment in the balance of either intangible assets or goodwill. The estimated amortization expense related to intangible assets for the next five years and thereafter is as follows: Software Technology and customer relationships Total Remainder of 2016 $ (2,439 ) $ (2,632 ) $ (5,071 ) 2017 (3,105 ) (2,336 ) (5,441 ) 2018 (2,463 ) (2,024 ) (4,487 ) 2019 (1,196 ) (244 ) (1,440 ) 2020 (585 ) — (585 ) Thereafter — — — Total $ (9,788 ) $ (7,236 ) $ (17,024 )

Other Current Liabilities

Other Current Liabilities	3 Months Ended
	Mar. 31, 2016
Other Liabilities Disclosure [Abstract]
Other Current Liabilities	Other Current Liabilities Other current liabilities are presented in the following table: December 31, 2015 March 31, (in thousands) Clients' prepayments $ 6,244 $ 8,051 Employee-related payables 42,275 41,807 Taxes payable 30,463 33,861 Accounts payable relating to capital expenditures 8,037 10,024 Other creditors 1,091 736 Deferred revenue 159 602 Total $ 88,269 $ 95,081

Financial Liabilities

Financial Liabilities	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Financial Liabilities	Financial Liabilities The changes in current and non-current financial liabilities during the period ended March 31, 2016 are illustrated in the following schedules: As of January 1, 2016 New borrowings Repayments Change in scope Other (1) Currency translation adjustment As of March 31, 2016 (in thousands) Borrowings $ 5,973 $ 807 $ (1,518 ) $ — $ 213 $ 91 $ 5,566 Financial liabilities relating to finance leases 23 — (23 ) — — — — Other financial liabilities 608 — — — — 28 636 Derivative instruments 552 — — — (560 ) 8 — Current portion 7,156 807 (1,541 ) — (347 ) 127 6,202 Borrowings 3,272 — — — (213 ) 142 3,201 Financial liabilities relating to finance leases — — — — — — — Other financial liabilities — — — — — — — Non current portion 3,272 — — — (213 ) 142 3,201 Borrowings 9,245 807 (1,518 ) — — 233 8,767 Financial liabilities relating to finance leases 23 — (23 ) — — — — Other financial liabilities 608 — — — — 28 636 Derivative instruments 552 — — — (560 ) 8 — Total $ 10,428 $ 807 $ (1,541 ) $ — $ (560 ) $ 269 $ 9,403 (1) Includes reclassification from non-current to current portion based on maturity of the financial liabilities. Borrowings are financial liabilities with amortized costs and are measured using level 2 fair value measurements. We are party to loan agreements with Le Credit Lyonnais, or LCL, Bpifrance Financement (French Public Investment Bank), HSBC as well as with a bank syndicate composed of Natixis (coordinator and documentation agent), LCL (facility agent), HSBC France, Société Générale Corporate & Investment Banking and BNP Paribas (each acting individually as bookrunners and mandated lead arrangers). There have been no changes in the terms of our loan agreement and other financial liabilities, including maturity and allocation by currency, from what was disclosed in Note 14 to the consolidated financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2015.

Share-Based Compensation

Share-Based Compensation	3 Months Ended
	Mar. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share-Based Compensation	Share-Based Compensation The Board of Directors has been authorized by the general meeting of the shareholders to grant employee warrants (Bons de Souscription de Parts de Créateur d’Entreprise or "BSPCEs"), share options (Options de Souscription d'Actions or "OSAs"), restricted share units ("RSUs") and non-employee warrants ( Bons de Souscription d'Actions or "BSAs") . During the quarter ended March 31, 2016, there were two grants of RSUs under the Employee Share Option Plan 8, as defined in Note 19 to our audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2015: • On January 29, 2016, 33,010 RSUs were granted to senior management subject to achievement of internal performance objectives and continued employment. Based on the assumptions known as of March 31, 2016, we determined share-based compensation expense by applying a probability ratio on performance objectives completion. • On February 25, 2016, 181,885 RSUs were granted to Criteo employees subject to continued employment. There have been no changes in the vesting and method of valuation of the BSPCE, OSA, RSU, or BSA from what was disclosed in Note 19 to the consolidated financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2015, filed with the SEC on February 29, 2016. Change in Number of BSPCE / OSA / RSU / BSA OSA/BSPCE RSU BSA Total Balance at January 1, 2016 6,547,854 1,095,585 154,910 7,798,349 Granted — 214,895 — 214,895 Exercised (401,299 ) — — (401,299 ) Forfeited (129,097 ) (13,779 ) — (142,876 ) Expired — — — — Balance at March 31, 2016 6,017,458 1,296,701 154,910 7,469,069 Breakdown of the Closing Balance OSA/BSPCE RSU BSA Number outstanding 6,017,458 1,296,701 154,910 Weighted-average exercise price € 21.40 NA € 15.72 Number exercisable 2,760,417 NA 123,558 Weighted-average exercise price € 13.90 NA € 10.10 Weighted-average remaining contractual life of options outstanding 7.75 NA 7.1 Share-based compensation expense Three Months Ended March 31, 2015 March 31, 2016 (in thousands) R&D S&O G&A Total R&D S&O G&A Total RSUs $ — $ — $ — $ — $ (1,256 ) $ (1,668 ) $ (1,101 ) $ (4,025 ) Share options / BSPCE (1,478 ) (3,454 ) (1,365 ) (6,297 ) (1,146 ) (1,722 ) (1,388 ) (4,256 ) BSA — — (20 ) (20 ) — — (89 ) (89 ) Total $ (1,478 ) $ (3,454 ) $ (1,385 ) $ (6,317 ) $ (2,402 ) $ (3,390 ) $ (2,578 ) $ (8,370 )

Financial Income and Expenses

Financial Income and Expenses	3 Months Ended
	Mar. 31, 2016
Other Income and Expenses [Abstract]
Financial Income and Expenses	Financial Income and Expenses The Condensed Consolidated Statements of Income line item “Financial income (expense)” can be broken down as follows: Three Months Ended March 31, March 31, (in thousands) Financial income from cash equivalents $ 552 $ 388 Interest on debt (169 ) (476 ) Foreign exchange gain (loss) 3,690 (1,216 ) Other financial expense (153 ) (13 ) Total financial income (expense) $ 3,920 $ (1,317 ) The $1.2 million foreign exchange loss for the period ended March 31, 2016 mainly results from the revaluation of the intra-group positions between Criteo S.A. and its Brazilian subsidiary. At the end of March 2016, the main positions bearing a risk of foreign currency are centralized at the Parent company level and hedged using foreign currency swaps or forward purchases or sales of foreign currencies. The $3.7 million foreign exchange gain for the period ended March 31, 2015 was a result of the translation of the remaining funds of our initial public offering proceeds into euros at the foreign exchange closing rate (the euro remains the Group functional currency), then translated into the U.S. dollar (the Group presentation currency) according to the average euro / U.S. dollar exchange rate, partially offset by the cost of premiums on related hedging instruments.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2016
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Breakdown of Income Taxes The Condensed Consolidated Statements of Income line item “Provision for income taxes” can be broken down as follows: Three Months Ended March 31, March 31, (in thousands) Current income tax $ (7,112 ) $ (9,082 ) France (4,586 ) (3,121 ) International (2,526 ) (5,961 ) Net change in deferred taxes (31 ) 1,138 France (31 ) 1,216 International — (78 ) Provision for income taxes $ (7,143 ) $ (7,944 ) Our tax provision for interim periods is determined using an estimate of our annual effective tax rate (“AETR”). To calculate our estimated AETR, we estimate our income before taxes and the related tax expense or benefit for the full fiscal year (total of expected current and deferred tax provisions), excluding the effect of significant unusual or infrequently occurring items or comprehensive income items not recognized in the statement of of income. Each quarter, we update our estimate of the annual effective tax rate, and if our estimated annual tax rate changes, we make a cumulative adjustment in that quarter. Our quarterly tax provision, and our quarterly estimate of our annual effective tax rate, are subject to significant volatility due to several factors including our ability to accurately predict our income (loss) before provision for income taxes in multiple jurisdictions and the changes in foreign exchange rates. Our effective tax rate in the future will depend on the portion of our profits earned within and outside of France. Current tax assets and liabilities The total amount of current tax assets consists mainly of prepayments of income taxes by Criteo do Brasil LTDA and withholding taxes accountable to future income taxes of Criteo Corp. The current tax liabilities refers mainly to the net corporate tax payable of Criteo S.A. and Criteo KK.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2016
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share Basic Earnings Per Share We calculate basic earnings per share by dividing the net income for the period attributable to shareholders of the Parent by the weighted average number of shares outstanding. Three Months Ended March 31, 2015 March 31, 2016 (in thousands, except share and per share data) Net income attributable to shareholders of Criteo S.A. $ 12,982 $ 17,131 Weighted average number of shares outstanding 61,174,168 62,610,013 Basic earnings per share $ 0.21 $ 0.27 Diluted Earnings Per Share We calculate diluted earnings per share by dividing the net income attributable to shareholders of the Parent by the weighted average number of shares outstanding plus any potentially dilutive shares not yet issued from share-based compensation plans (see note 9). There were no other potentially dilutive instruments outstanding as of March 31, 2015 and 2016 . Consequently all potential dilutive effects from shares are considered. For each period presented, a contract to issue a certain number of shares (i.e. share option, share warrant, restricted share award or BSPCE contracts) is assessed as potentially dilutive, if it is “in the money” (i.e., the exercise or settlement price is lower than the average market price). Three Months Ended March 31, 2015 March 31, 2016 (in thousands, except share and per share data) Net income attributable to shareholders of Criteo S.A. $ 12,982 $ 17,131 Weighted average number of shares outstanding of Criteo S.A. 61,174,168 62,610,013 Dilutive effect of : Restricted share awards — — Share options and BSPCE 3,421,375 2,144,884 Share warrants 146,399 86,237 Weighted average number of shares outstanding used to determine diluted earnings per share 64,741,942 64,841,134 Diluted earnings per share $ 0.20 $ 0.26 The weighted average number of securities that were anti-dilutive for diluted EPS for the periods presented but which could potentially dilute EPS in the future are as follows: Three Months Ended March 31, 2015 March 31, 2016 Restricted share awards — 1,038,691 Share options and BSPCE 754,644 — Share warrants — — Weighted average number of anti-dilutive securities excluded from diluted earnings per share 754,644 1,038,691

Commitments and contingencies

Commitments and contingencies	3 Months Ended
	Mar. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and contingencies	Commitments and contingencies Commitments Leases We are party to various operating lease agreements mainly related to our offices as well as hosting services. Certain of these arrangements have free rent periods or escalating rent payment provisions, and we recognize rent expense under such arrangements on a straight-line basis. Operating lease expenses totaled $4.9 million and $7.4 million for the three month period ended March 31, 2015 and 2016, respectively. Hosting costs totaled $6.5 million and $9.3 million for the three month period ended March 31, 2015 and 2016, respectively. Revolving Credit Facilities, Credit Line Facilities and Bank Overdrafts As mentioned in Note 8, we are party to various credit facilities, short term credit lines, and overdraft facilities. There have been no significant changes in the terms, conditions, or the amounts drawn on these facilities since December 31, 2015. All of these credit facilities are unsecured and contain customary events of default but do not contain any affirmative, financial or negative covenants, with the exception of the €250.0 million ( $284.6 million ) revolving credit facility which contains covenants, including compliance with a total net debt to adjusted EBITDA ratio and restrictions on incurring additional indebtedness. At March 31, 2016 , we were in compliance with the required leverage ratio. Contingencies Changes in provisions during the presented periods are summarized below: Provision for employee related litigation Provision for tax related litigation Other provisions Total (in thousands) Balance at January 1, 2016 $ 236 $ 44 $ 388 $ 668 Charges 275 — — 275 Provision used — — — — Provision released not used — — (272 ) (272 ) Change in consolidation scope — — — — Currency translation adjustments 21 2 (6 ) 17 Other — — — — Balance at March 31, 2016 $ 532 $ 46 $ 110 $ 688 - of which current 532 46 110 688 - of which non-current — — — — The amount of the provisions represent management’s best estimate of the future outflow. Provisions are mainly in relation to employee related litigations and other provisions which consist of estimated restoration costs following the end of leases in 2015. The remaining provisions are for tax contingencies.

Breakdown of Revenue and Non-Cu

Breakdown of Revenue and Non-Current Assets by Geographical Areas	3 Months Ended
	Mar. 31, 2016
Segment Reporting [Abstract]
Breakdown of Revenue and Non-Current Assets by Geographical Areas	Breakdown of Revenue and Non-Current Assets by Geographical Areas The Company operates in the following three geographical markets: • Americas: North and South America, • EMEA: Europe, Middle-East and Africa, and • Asia-Pacific. The following tables disclose our consolidated revenue for each geographical area for each of the reported periods. Revenue by geographical area is based on the location of advertisers’ campaigns. Americas EMEA Asia-Pacific Total (in thousands) March 31, 2015 $ 100,624 $ 132,208 $ 61,340 $ 294,172 March 31, 2016 $ 147,174 $ 159,405 $ 94,674 $ 401,253 Revenue generated in France amounted to $30.5 million and $32.5 million for the three months ended March 31, 2015 and 2016 , respectively. Revenue generated in other significant countries where we operate is presented in the following table: Three Months Ended 2015 2016 (in thousands) Americas United States $ 80,661 $ 126,913 EMEA Germany $ 28,446 $ 33,696 United Kingdom $ 25,943 $ 28,509 Asia-Pacific Japan $ 44,508 $ 65,973 As of March 31, 2015 and 2016, our largest client represented 2.1% and 2.0% , respectively, of our consolidated revenue. Other Information For each reported period, non-current assets (corresponding to the net book value of tangible and intangible assets) are presented in the table below. The geographical information results from the locations of legal entities. Of which Of which Holding Americas United States Europe Asia-Pacific Japan Total (in thousands) December 31, 2015 $ 48,160 $ 24,437 $ 23,332 $ 8,847 $ 17,508 $ 7,807 $ 98,952 March 31, 2016 $ 49,875 $ 26,435 $ 25,390 $ 8,159 $ 18,400 $ 7,923 $ 102,869

Related Parties

Related Parties	3 Months Ended
	Mar. 31, 2016
Related Party Transactions [Abstract]
Related Parties	Related Parties There were no significant related-party transactions during the period nor any evolution in the nature of the transactions as described in Note 24 to the consolidated financial statements included in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2015.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2016
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events The Company evaluated subsequent events that occurred after March 31, 2016 through the date of issuance of the unaudited condensed consolidated financial statements and determined that there are no significant events that require adjustments or disclosure.

Summary of Significant Accoun23

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The unaudited condensed consolidated financial statements included herein have been prepared by Criteo S.A. pursuant to the rules and regulations of the Securities and Exchange Commission ("SEC"). Certain information and footnote disclosures normally included in financial statements prepared in accordance with accounting principles generally accepted in the United States of America ("U.S. GAAP") have been condensed or omitted pursuant to such rules and regulations. However, the Company believes that the disclosures are adequate to make the information presented not misleading. These unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and the notes thereto included in the Company's Annual Report filed on Form 10-K for the year ended December 31, 2015 , filed with the SEC on February 29, 2016. The unaudited condensed consolidated financial statements included herein reflect all adjustments (consisting of normal, recurring adjustments) which are, in the opinion of management, necessary to state fairly the results for the interim periods presented. The results of operations for the interim periods presented are not necessarily indicative of the operating results to be expected for any subsequent interim period or for the fiscal year.
Use of Estimates	Conformity with U.S. GAAP requires the use of estimates and judgments that affect the reported amounts of assets, liabilities, revenue and expenses in the condensed consolidated financial statements and accompanying notes. We base our estimates and judgments on historical information and on various other assumptions that we believe are reasonable under the circumstances. Our actual results may differ from these estimates. U.S. GAAP requires us to make estimates and judgments in several areas, including, but not limited to (1) the recognition of revenue; (2) the evaluation of our trade receivables and the recognition of a valuation allowance; (3) the recognition and measurement of goodwill and intangible assets and particularly costs capitalized in relation to our customized internal-use software; (4) the measurement of share-based compensation and (5) the tax provision determination and particularly the estimate of our annual effective tax rate.
Recently Issued Accounting Standards	Recently Issued Accounting Standards In September 2015, the FASB issued ASU 2015-16 , Business Combinations (Topic 805): Simplifying the Accounting for Measurement-Period Adjustments . ASU 2015-16 requires an acquirer to recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined, including the cumulative effect of the change in provisional amount, as if the accounting had been completed at the acquisition date. The Company does not expect the provision of ASU 2015-16 to have a material impact on its consolidated financial statements. This update will be effective for fiscal years beginning after December 15, 2016, and interim periods within fiscal years beginning after December 15, 2017. Early adoption is permitted for financial statements that have not yet been made available for issuance. In January 2016, the FASB issued ASU 2016-01, Financial Instruments - Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities . ASU 2016-01 requires that all financial assets and liabilities not accounted for under the equity method be measured at fair value, with the changes in fair value recognized in net income. The amendments in this update also require an entity to present separately in other comprehensive income the portion of the total change in the fair value of a liability resulting from a change in the instrument-specific credit risk when the entity has elected to measure the liability at fair value in accordance with the fair value option for financial instruments. In addition, the amendments in this update supersede the requirement to disclose the methods and significant assumptions used in calculating the fair value that is required to be disclosed for financial instruments measured at amortized cost on the balance sheet for public business entities. The Company can early adopt the provision requiring it to recognize in other comprehensive income the fair value change from instrument-specific credit risk measured using the fair value option for financial instruments. Except for this early application guidance, early adoption is not permitted. The Company is still evaluating the effects that the provision of ASU 2016-01 will have on its consolidated financial statements. This update will be effective for fiscal years beginning after December 15, 2018, and interim periods within fiscal years beginning after December 15, 2019. Early adoption as of fiscal years beginning after December 15, 2017, including interim periods within those fiscal year, is permitted. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) . ASU 2016-02 requires an entity to recognize a right-of-use asset and lease liability for all leases with terms of more than 12 months. Recognition, measurement and presentation of expenses will depend on classification as a finance or operating lease. The amendments also require certain quantitative and qualitative disclosures about leasing arrangements. Early adoption is permitted. The updated guidance requires a modified retrospective adoption. The Company is still evaluating the effects that the provision of ASU 2016-02 will have on its consolidated financial statements. This update will be effective for fiscal years beginning after December 15, 2019, and interim periods within fiscal years beginning after December 15, 2020. Early application is permitted. In March 2016, the FASB issued ASU 2016-08, Principal Versus Agent Considerations (Reporting Revenue Gross Versus Net) . ASU 2016-08 amends the principal-versus-agent implementation guidance and illustrations in the FASB's new revenue standard Revenue from Contracts with Customers (ASC Topic 606) . The Company is currently evaluating the impact of ASU 2016-08 on its consolidated financial statements. This update will be effective for fiscal years beginning after December 15, 2018, and interim periods within annual reporting periods beginning after December 15, 2019. Earlier application is permitted only as of fiscal years beginning after December 15, 2016, including interim periods within that fiscal year, or fiscal years beginning after December 15, 2016, and interim periods within fiscal years beginning one year after the fiscal year in which an entity first applies the guidance in Update 2014-09. In March 2016 the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting . ASU 2016-09 was issued as part of FASB’s initiative to reduce complexity in accounting standards. The areas for simplification in this update involve several aspects of the accounting for employee share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. This update will be effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Early adoption is permitted in any interim or annual period. In April 2016 the FASB issued ASU 2016-10, Identifying Performance Obligations and Licensing . ASU 2016-10 clarifies guidance related to identifying performance obligations and licensing implementation guidance contained in the new revenue standard Revenue from Contracts with Customers (ASC Topic 606) . The Company is currently evaluating the impact of ASU 2016-10 on its consolidated financial statements. The effective date of ASU 2016-10 is the same as for requirements of ASC Topic 606.

Financial Instruments (Tables)

Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2016
Fair Value Disclosures [Abstract]
Schedule of financial assets	The following schedules disclose our financial assets categories for the presented periods: December 31, 2015 Carrying Value Loans and receivables Assets designated at FVTPL (1) Fair value (in thousands) Cash and cash equivalents $ 353,537 $ — $ 353,537 $ 353,537 Trade receivables, net of allowances 261,581 261,581 — 261,581 Other current assets 45,582 45,582 — 45,582 Non-current financial assets 17,184 17,184 — 17,184 Total $ 677,884 $ 324,347 $ 353,537 $ 677,884 (1) Fair value through profit or loss. March 31, 2016 Carrying Value Loans and receivables Assets designated at FVTPL (1) Fair value (in thousands) Cash and cash equivalents $ 386,110 $ — $ 386,110 $ 386,110 Trade receivables, net of allowances 262,524 262,524 — 262,524 Other current assets 57,706 56,915 791 57,706 Non-current financial assets 16,880 16,880 — 16,880 Total $ 723,220 $ 336,319 $ 386,901 $ 723,220 (1) Fair value through profit or loss.
Schedule of financial liabilities	Financial Liabilities December 31, 2015 Carrying Value Amortized Cost Liabilities designated at FVTPL (1) Fair value (in thousands) Trade payables $ 246,382 $ 246,382 $ — $ 246,382 Other current liabilities 88,269 88,269 — 88,269 Financial liabilities 10,428 9,876 552 10,428 Total $ 345,079 $ 344,527 $ 552 $ 345,079 (1) Fair value through profit or loss. March 31, 2016 Carrying Value Amortized Cost Liabilities designated at FVTPL (1) Fair value (in thousands) Trade payables $ 241,119 $ 241,119 $ — $ 241,119 Other current liabilities 95,081 95,081 — 95,081 Financial liabilities 9,403 9,403 — 9,403 Total $ 345,603 $ 345,603 $ — $ 345,603 (1) Fair value through profit or loss.
Schedule of assets and liabilities carried at fair value	The following tables provide information for the assets and liabilities carried at fair value as of December 31, 2015 and March 31, 2016: Fair Value Measurements Using December 31, 2015 Level 1 Level 2 Level 3 (in thousands) Money market funds $ 54,188 $ 54,188 $ — $ — Interest-bearing bank deposits 114,127 — 114,127 — Cash 185,222 185,222 — — Total assets measured at fair value $ 353,537 $ 239,410 $ 114,127 $ — Derivative instruments $ 552 $ — $ 552 $ — Total liabilities measured at fair value $ 552 $ — $ 552 $ — Fair Value Measurements Using March 31, 2016 Level 1 Level 2 Level 3 (in thousands) Money market funds $ 79,273 $ 79,273 $ — $ — Interest-bearing bank deposits 107,618 — 107,618 — Cash 199,219 199,219 — — Derivative instruments 791 — 791 — Total assets measured at fair value $ 386,901 $ 278,492 $ 108,409 $ —

Trade Receivables (Tables)

Trade Receivables (Tables)	3 Months Ended
	Mar. 31, 2016
Receivables [Abstract]
Schedules of trade receivables net book value and Changes in allowance for doubtful accounts	The following table shows the breakdown in trade receivables net book value for the presented periods: December 31, 2015 March 31, 2016 (in thousands) Trade accounts receivables $ 267,845 $ 269,475 (Less) Allowance for doubtful accounts (6,264 ) (6,951 ) Net book value at end of period $ 261,581 $ 262,524 Changes in allowance for doubtful accounts are summarized below: 2015 2016 (in thousands) Balance at January 1 $ (3,930 ) $ (6,264 ) Allowance for doubtful accounts (783 ) (906 ) Reversal of provision 157 366 Change in consolidation scope (135 ) — Currency translation adjustment 375 (147 ) Balance at March 31 $ (4,316 ) $ (6,951 )

Other Current Assets (Tables)

Other Current Assets (Tables)	3 Months Ended
	Mar. 31, 2016
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Schedule of other current assets net book value	The following table shows the breakdown in other current assets net book value for the presented periods: December 31, 2015 March 31, 2016 (in thousands) Prepayments to suppliers $ 2,774 $ 4,879 Employee-related receivables 94 24 Tax receivables 29,552 35,332 Other debtors 3,687 1,795 Prepaid expenses 9,475 14,885 Derivative instruments — 791 Gross book value at end of period 45,582 57,706 (Less) Allowance for doubtful accounts — — Net book value at end of period $ 45,582 $ 57,706

Intangible assets and Goodwill

Intangible assets and Goodwill (Tables)	3 Months Ended
	Mar. 31, 2016
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of estimated future amortization expense related to intangible assets	The estimated amortization expense related to intangible assets for the next five years and thereafter is as follows: Software Technology and customer relationships Total Remainder of 2016 $ (2,439 ) $ (2,632 ) $ (5,071 ) 2017 (3,105 ) (2,336 ) (5,441 ) 2018 (2,463 ) (2,024 ) (4,487 ) 2019 (1,196 ) (244 ) (1,440 ) 2020 (585 ) — (585 ) Thereafter — — — Total $ (9,788 ) $ (7,236 ) $ (17,024 )

Other Current Liabilities (Tabl

Other Current Liabilities (Tables)	3 Months Ended
	Mar. 31, 2016
Other Liabilities Disclosure [Abstract]
Other current liabilities	Other current liabilities are presented in the following table: December 31, 2015 March 31, (in thousands) Clients' prepayments $ 6,244 $ 8,051 Employee-related payables 42,275 41,807 Taxes payable 30,463 33,861 Accounts payable relating to capital expenditures 8,037 10,024 Other creditors 1,091 736 Deferred revenue 159 602 Total $ 88,269 $ 95,081

Financial Liabilities (Tables)

Financial Liabilities (Tables)	3 Months Ended
	Mar. 31, 2016
Debt Disclosure [Abstract]
Schedule of changes in current and non-current financial liabilities	The changes in current and non-current financial liabilities during the period ended March 31, 2016 are illustrated in the following schedules: As of January 1, 2016 New borrowings Repayments Change in scope Other (1) Currency translation adjustment As of March 31, 2016 (in thousands) Borrowings $ 5,973 $ 807 $ (1,518 ) $ — $ 213 $ 91 $ 5,566 Financial liabilities relating to finance leases 23 — (23 ) — — — — Other financial liabilities 608 — — — — 28 636 Derivative instruments 552 — — — (560 ) 8 — Current portion 7,156 807 (1,541 ) — (347 ) 127 6,202 Borrowings 3,272 — — — (213 ) 142 3,201 Financial liabilities relating to finance leases — — — — — — — Other financial liabilities — — — — — — — Non current portion 3,272 — — — (213 ) 142 3,201 Borrowings 9,245 807 (1,518 ) — — 233 8,767 Financial liabilities relating to finance leases 23 — (23 ) — — — — Other financial liabilities 608 — — — — 28 636 Derivative instruments 552 — — — (560 ) 8 — Total $ 10,428 $ 807 $ (1,541 ) $ — $ (560 ) $ 269 $ 9,403 (1) Includes reclassification from non-current to current portion based on maturity of the financial liabilities.

Share-Based Compensation (Table

Share-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2016
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Disclosure of share-based compensation by share-based payment award	Change in Number of BSPCE / OSA / RSU / BSA OSA/BSPCE RSU BSA Total Balance at January 1, 2016 6,547,854 1,095,585 154,910 7,798,349 Granted — 214,895 — 214,895 Exercised (401,299 ) — — (401,299 ) Forfeited (129,097 ) (13,779 ) — (142,876 ) Expired — — — — Balance at March 31, 2016 6,017,458 1,296,701 154,910 7,469,069 Breakdown of the Closing Balance OSA/BSPCE RSU BSA Number outstanding 6,017,458 1,296,701 154,910 Weighted-average exercise price € 21.40 NA € 15.72 Number exercisable 2,760,417 NA 123,558 Weighted-average exercise price € 13.90 NA € 10.10 Weighted-average remaining contractual life of options outstanding 7.75 NA 7.1
Schedule of share-based compensation reconciliation with the Consolidated Statements of Income	Share-based compensation expense Three Months Ended March 31, 2015 March 31, 2016 (in thousands) R&D S&O G&A Total R&D S&O G&A Total RSUs $ — $ — $ — $ — $ (1,256 ) $ (1,668 ) $ (1,101 ) $ (4,025 ) Share options / BSPCE (1,478 ) (3,454 ) (1,365 ) (6,297 ) (1,146 ) (1,722 ) (1,388 ) (4,256 ) BSA — — (20 ) (20 ) — — (89 ) (89 ) Total $ (1,478 ) $ (3,454 ) $ (1,385 ) $ (6,317 ) $ (2,402 ) $ (3,390 ) $ (2,578 ) $ (8,370 )

Financial Income and Expenses (

Financial Income and Expenses (Tables)	3 Months Ended
	Mar. 31, 2016
Other Income and Expenses [Abstract]
Schedule of Financial income (expense)	The Condensed Consolidated Statements of Income line item “Financial income (expense)” can be broken down as follows: Three Months Ended March 31, March 31, (in thousands) Financial income from cash equivalents $ 552 $ 388 Interest on debt (169 ) (476 ) Foreign exchange gain (loss) 3,690 (1,216 ) Other financial expense (153 ) (13 ) Total financial income (expense) $ 3,920 $ (1,317 )

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
	Mar. 31, 2016
Income Tax Disclosure [Abstract]
Schedule of Provision for income taxes	The Condensed Consolidated Statements of Income line item “Provision for income taxes” can be broken down as follows: Three Months Ended March 31, March 31, (in thousands) Current income tax $ (7,112 ) $ (9,082 ) France (4,586 ) (3,121 ) International (2,526 ) (5,961 ) Net change in deferred taxes (31 ) 1,138 France (31 ) 1,216 International — (78 ) Provision for income taxes $ (7,143 ) $ (7,944 )

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2016
Earnings Per Share [Abstract]
Schedule of basic earnings per share	Three Months Ended March 31, 2015 March 31, 2016 (in thousands, except share and per share data) Net income attributable to shareholders of Criteo S.A. $ 12,982 $ 17,131 Weighted average number of shares outstanding 61,174,168 62,610,013 Basic earnings per share $ 0.21 $ 0.27
Schedule of diluted earnings per share	Three Months Ended March 31, 2015 March 31, 2016 (in thousands, except share and per share data) Net income attributable to shareholders of Criteo S.A. $ 12,982 $ 17,131 Weighted average number of shares outstanding of Criteo S.A. 61,174,168 62,610,013 Dilutive effect of : Restricted share awards — — Share options and BSPCE 3,421,375 2,144,884 Share warrants 146,399 86,237 Weighted average number of shares outstanding used to determine diluted earnings per share 64,741,942 64,841,134 Diluted earnings per share $ 0.20 $ 0.26
Schedule of weighted average number of anti-dilutive securities	The weighted average number of securities that were anti-dilutive for diluted EPS for the periods presented but which could potentially dilute EPS in the future are as follows: Three Months Ended March 31, 2015 March 31, 2016 Restricted share awards — 1,038,691 Share options and BSPCE 754,644 — Share warrants — — Weighted average number of anti-dilutive securities excluded from diluted earnings per share 754,644 1,038,691

Commitments and contingencies (

Commitments and contingencies (Tables)	3 Months Ended
	Mar. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Changes in provisions for contingencies	Changes in provisions during the presented periods are summarized below: Provision for employee related litigation Provision for tax related litigation Other provisions Total (in thousands) Balance at January 1, 2016 $ 236 $ 44 $ 388 $ 668 Charges 275 — — 275 Provision used — — — — Provision released not used — — (272 ) (272 ) Change in consolidation scope — — — — Currency translation adjustments 21 2 (6 ) 17 Other — — — — Balance at March 31, 2016 $ 532 $ 46 $ 110 $ 688 - of which current 532 46 110 688 - of which non-current — — — —

Breakdown of Revenue and Non-35

Breakdown of Revenue and Non-Current Assets by Geographical Areas (Tables)	3 Months Ended
	Mar. 31, 2016
Segment Reporting [Abstract]
Schedule of consolidated revenue for each geographical area	The following tables disclose our consolidated revenue for each geographical area for each of the reported periods. Revenue by geographical area is based on the location of advertisers’ campaigns. Americas EMEA Asia-Pacific Total (in thousands) March 31, 2015 $ 100,624 $ 132,208 $ 61,340 $ 294,172 March 31, 2016 $ 147,174 $ 159,405 $ 94,674 $ 401,253
Schedule of revenue generated in other significant countries	Revenue generated in other significant countries where we operate is presented in the following table: Three Months Ended 2015 2016 (in thousands) Americas United States $ 80,661 $ 126,913 EMEA Germany $ 28,446 $ 33,696 United Kingdom $ 25,943 $ 28,509 Asia-Pacific Japan $ 44,508 $ 65,973
Schedule of non-current assets by geographical area and country	For each reported period, non-current assets (corresponding to the net book value of tangible and intangible assets) are presented in the table below. The geographical information results from the locations of legal entities. Of which Of which Holding Americas United States Europe Asia-Pacific Japan Total (in thousands) December 31, 2015 $ 48,160 $ 24,437 $ 23,332 $ 8,847 $ 17,508 $ 7,807 $ 98,952 March 31, 2016 $ 49,875 $ 26,435 $ 25,390 $ 8,159 $ 18,400 $ 7,923 $ 102,869

Financial Instruments - Financi

Financial Instruments - Financial Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	$ 386,901	$ 353,537
Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	723,220	677,884
Carrying Value | Cash and cash equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	386,110	353,537
Carrying Value | Trade receivables, net of allowances
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	262,524	261,581
Carrying Value | Other current assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	57,706	45,582
Carrying Value | Non-current financial assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	16,880	17,184
Fair value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	723,220	677,884
Fair value | Loans and receivables
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	336,319	324,347
Fair value | Assets designated at FVTPL
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	386,901	353,537
Fair value | Cash and cash equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	386,110	353,537
Fair value | Cash and cash equivalents | Assets designated at FVTPL
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	386,110	353,537
Fair value | Trade receivables, net of allowances
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	262,524	261,581
Fair value | Trade receivables, net of allowances | Loans and receivables
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	262,524	261,581
Fair value | Other current assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	57,706	45,582
Fair value | Other current assets | Loans and receivables
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	56,915	45,582
Fair value | Other current assets | Assets designated at FVTPL
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	791	0
Fair value | Non-current financial assets
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	16,880	17,184
Fair value | Non-current financial assets | Loans and receivables
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Assets	$ 16,880	$ 17,184

Financial Instruments - Finan37

Financial Instruments - Financial Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total liabilities, Fair value		$ 552
Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trade payables	$ 241,119	246,382
Trade payables, Amortized Cost	241,119	246,382
Other current liabilities	95,081	88,269
Other current liabilities, Amortized Cost	95,081	88,269
Financial liabilities	9,403	10,428
Financial liabilities, Amortized Cost	9,403	9,876
Total liabilities, Amortized Cost	345,603	344,527
Total liabilities, Fair value	345,603	345,079
Fair value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trade payables	241,119	246,382
Other current liabilities	95,081	88,269
Financial liabilities	9,403	10,428
Financial liabilities, Liabilities designated at FVTPL	0	552
Total liabilities, Liabilities designated at FVTPL	0	552
Total liabilities, Fair value	$ 345,603	$ 345,079

Financial Instruments - Fair Va

Financial Instruments - Fair Value Measurements (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments	$ 791
Total assets measured at fair value	386,901	$ 353,537
Derivative instruments	0	552
Total liabilities measured at fair value		552
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	278,492	239,410
Derivative instruments		0
Total liabilities measured at fair value		0
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Derivative instruments	791
Total assets measured at fair value	108,409	114,127
Derivative instruments		552
Total liabilities measured at fair value		552
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Total assets measured at fair value	0	0
Derivative instruments		0
Total liabilities measured at fair value		0
Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	79,273	54,188
Money market funds | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	79,273	54,188
Money market funds | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Money market funds | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Interest-bearing bank deposits
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	107,618	114,127
Interest-bearing bank deposits | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Interest-bearing bank deposits | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	107,618	114,127
Interest-bearing bank deposits | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Cash
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	199,219	$ 185,222
Cash | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0
Cash | Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	$ 0

Trade Receivables (Details)

Trade Receivables (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015	Mar. 31, 2015	Dec. 31, 2014
Receivables [Abstract]
Trade accounts receivables	$ 269,475	$ 267,845
(Less) Allowance for doubtful accounts	(6,951)	(6,264)	$ (4,316)	$ (3,930)
Net book value at end of period	$ 262,524	$ 261,581

Trade Receivables - Allowance f

Trade Receivables - Allowance for Doubtful Accounts Rollforward (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Allowance for Doubtful Accounts Receivable [Roll Forward]
Balance at January 1	$ (6,264)	$ (3,930)
Allowance for doubtful accounts	(906)	(783)
Reversal of provision	366	157
Change in consolidation scope	0	(135)
Currency translation adjustment	(147)	375
Balance at March 31	$ (6,951)	$ (4,316)

Other Current Assets (Details)

Other Current Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepayments to suppliers	$ 4,879	$ 2,774
Employee-related receivables	24	94
Tax receivables	35,332	29,552
Other debtors	1,795	3,687
Prepaid expenses	14,885	9,475
Derivative instruments	791	0
Gross book value at end of period	57,706	45,582
(Less) Allowance for doubtful accounts	0	0
Net book value at end of period	$ 57,706	$ 45,582

Intangible assets and Goodwil42

Intangible assets and Goodwill (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Finite-Lived Intangible Assets [Line Items]
Remainder of 2016	$ (5,071)
2,017	(5,441)
2,018	(4,487)
2,019	(1,440)
2,020	(585)
Thereafter	0
Total	(17,024)	$ (16,470)
Software
Finite-Lived Intangible Assets [Line Items]
Remainder of 2016	(2,439)
2,017	(3,105)
2,018	(2,463)
2,019	(1,196)
2,020	(585)
Thereafter	0
Total	(9,788)
Technology and customer relationships
Finite-Lived Intangible Assets [Line Items]
Remainder of 2016	(2,632)
2,017	(2,336)
2,018	(2,024)
2,019	(244)
2,020	0
Thereafter	0
Total	$ (7,236)

Other Current Liabilities (Deta

Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Other Liabilities Disclosure [Abstract]
Clients' prepayments	$ 8,051	$ 6,244
Employee-related payables	41,807	42,275
Taxes payable	33,861	30,463
Accounts payable relating to capital expenditures	10,024	8,037
Other creditors	736	1,091
Deferred revenue	602	159
Total	$ 95,081	$ 88,269

Financial Liabilities - Changes

Financial Liabilities - Changes in Current and Non-Current Financial Liabilities (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)
Financial Liabilities Activity [Roll Forward]
Borrowings, Current portion, Beginning balance	$ 5,973
Financial liabilities relating to finance leases, Current portion, Beginning balance	23
Other financial liabilities, Current portion, Beginning balance	608
Derivative instruments, Current portion, Beginning balance	552
Financial liabilities, Current portion, Beginning balance	7,156
Borrowings, Non current portion, Beginning balance	3,272
Financial liabilities relating to finance leases, Non current portion, Beginning balance	0
Other financial liabilities, Non current portion, Beginning balance	0
Financial liabilities, Non current portion, Beginning balance	3,272
Borrowings, Beginning balance	9,245
Financial liabilities relating to finance leases, Beginning balance	23
Other financial liabilities, Beginning balance	608
Derivative instruments, Beginning balance	552
Financial liabilities, Beginning balance	10,428
New borrowings	807
Repayments of financial liabilities	(1,541)
Change in scope	0
Other	(560)
Currency translation adjustment	269
Borrowings, Current portion, Ending balance	5,566
Financial liabilities relating to finance leases, Current portion, Ending balance	0
Other financial liabilities, Current portion, Ending balance	636
Derivative instruments, Current portion, Ending balance	0
Financial liabilities, Current portion, Ending balance	6,202
Borrowings, Non current portion, Ending balance	3,201
Financial liabilities relating to finance leases, Non current portion, Ending balance	0
Other financial liabilities, Non current portion, Ending balance	0
Financial liabilities, Non current portion, Ending balance	3,201
Borrowings, Ending balance	8,767
Financial liabilities relating to finance leases, Ending balance	0
Other financial liabilities, Ending balance	636
Derivative instruments, Ending balance	0
Financial liabilities, Ending balance	9,403
Borrowings
Financial Liabilities Activity [Roll Forward]
New borrowings	807
Repayments of borrowings	(1,518)
Change in scope	0
Other	0
Currency translation adjustment	233
Financial liabilities relating to finance leases
Financial Liabilities Activity [Roll Forward]
Repayments of financial liabilities relating to finance leases	(23)
Change in scope	0
Other	0
Currency translation adjustment	0
Other financial liabilities
Financial Liabilities Activity [Roll Forward]
Repayments of other financial liabilities	0
Change in scope	0
Other	0
Currency translation adjustment	28
Financial derivatives
Financial Liabilities Activity [Roll Forward]
Change in scope	0
Other	(560)
Currency translation adjustment	8
Financial liabilities, Current portion
Financial Liabilities Activity [Roll Forward]
New borrowings	807
Repayments of financial liabilities	(1,541)
Change in scope	0
Other	(347)
Currency translation adjustment	127
Financial liabilities, Current portion | Borrowings
Financial Liabilities Activity [Roll Forward]
New borrowings	807
Repayments of borrowings	(1,518)
Change in scope	0
Other	213
Currency translation adjustment	91
Financial liabilities, Current portion | Financial liabilities relating to finance leases
Financial Liabilities Activity [Roll Forward]
Repayments of financial liabilities relating to finance leases	(23)
Change in scope	0
Other	0
Currency translation adjustment	0
Financial liabilities, Current portion | Other financial liabilities
Financial Liabilities Activity [Roll Forward]
Repayments of other financial liabilities	0
Change in scope	0
Other	0
Currency translation adjustment	28
Financial liabilities, Current portion | Financial derivatives
Financial Liabilities Activity [Roll Forward]
Change in scope	0
Other	(560)
Currency translation adjustment	8
Financial liablities, Non current portion
Financial Liabilities Activity [Roll Forward]
New borrowings	0
Repayments of financial liabilities	0
Change in scope	0
Other	(213)
Currency translation adjustment	142
Financial liablities, Non current portion | Borrowings
Financial Liabilities Activity [Roll Forward]
New borrowings	0
Repayments of borrowings	0
Change in scope	0
Other	(213)
Currency translation adjustment	142
Financial liablities, Non current portion | Financial liabilities relating to finance leases
Financial Liabilities Activity [Roll Forward]
Repayments of financial liabilities relating to finance leases	0
Change in scope	0
Other	0
Currency translation adjustment	0
Financial liablities, Non current portion | Other financial liabilities
Financial Liabilities Activity [Roll Forward]
Repayments of other financial liabilities	0
Change in scope	0
Other	0
Currency translation adjustment	$ 0

Share-Based Compensation - Chan

Share-Based Compensation - Change in Number of BSPCE / OSA / RSU/BSA (Details) - shares	Feb. 25, 2016	Mar. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments [Roll Forward]
Beginning balance (in shares)		7,798,349
Granted (in shares)		214,895
Exercised (in shares)		(401,299)
Forfeited (in shares)		(142,876)
Expired (in shares)		0
Ending balance (in shares)		7,469,069
OSA/BSPCE
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Beginning balance, options (in shares)		6,547,854
Granted, options (in shares)		0
Exercised, options (in shares)		(401,299)
Forfeited, options (in shares)		(129,097)
Expired, options (in shares)		0
Ending balance, options (in shares)		6,017,458
RSU
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward]
Beginning balance (in shares)		1,095,585
Granted (in shares)	181,885	214,895
Forfeited (in shares)		(13,779)
Ending balance (in shares)		1,296,701
BSA
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Beginning balance, options (in shares)		154,910
Granted, options (in shares)		0
Exercised, options (in shares)		0
Forfeited, options (in shares)		0
Expired, options (in shares)		0
Ending balance, options (in shares)		154,910

Share-Based Compensation - Narr

Share-Based Compensation - Narrative (Details) - RSUs	Feb. 25, 2016shares	Jan. 29, 2016shares	Mar. 31, 2016grantshares
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of grants | grant			2
RSUs granted (in shares)	181,885		214,895
Senior management
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
RSUs granted (in shares)		33,010

Share-Based Compensation - Brea

Share-Based Compensation - Breakdown of the Closing Balance (Details) - € / shares	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
OSA/BSPCE
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number outstanding, options (in shares)	6,017,458	6,547,854
Weighted-average exercise price, options (in Euro per share)	€ 21.40
Number exercisable, options (in shares)	2,760,417
Weighted-average exercise price, options (in Euro per share)	€ 13.90
Weighted-average remaining contractual life of options outstanding	7 years 9 months
RSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number outstanding (in shares)	1,296,701	1,095,585
BSA
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number outstanding, options (in shares)	154,910	154,910
Weighted-average exercise price, options (in Euro per share)	€ 15.72
Number exercisable, options (in shares)	123,558
Weighted-average exercise price, options (in Euro per share)	€ 10.10
Weighted-average remaining contractual life of options outstanding	7 years 1 month 6 days

Share-Based Compensation - Shar

Share-Based Compensation - Share-based compensation expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation expense	$ (8,370)	$ (6,317)
R&D
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation expense	(2,402)	(1,478)
S&O
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation expense	(3,390)	(3,454)
G&A
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation expense	(2,578)	(1,385)
RSUs
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation expense	(4,025)	0
RSUs | R&D
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation expense	(1,256)	0
RSUs | S&O
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation expense	(1,668)	0
RSUs | G&A
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation expense	(1,101)	0
Share options / BSPCE
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation expense	(4,256)	(6,297)
Share options / BSPCE | R&D
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation expense	(1,146)	(1,478)
Share options / BSPCE | S&O
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation expense	(1,722)	(3,454)
Share options / BSPCE | G&A
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation expense	(1,388)	(1,365)
BSA
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation expense	(89)	(20)
BSA | R&D
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation expense	0	0
BSA | S&O
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation expense	0	0
BSA | G&A
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation expense	$ (89)	$ (20)

Financial Income and Expenses -

Financial Income and Expenses - Financial income (expense) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Other Income and Expenses [Abstract]
Financial income from cash equivalents	$ 388	$ 552
Interest on debt	(476)	(169)
Foreign exchange gain (loss)	(1,216)	3,690
Other financial expense	(13)	(153)
Total financial income (expense)	$ (1,317)	$ 3,920

Financial Income and Expenses50

Financial Income and Expenses - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Other Income and Expenses [Abstract]
Foreign exchange gain (loss)	$ (1,216)	$ 3,690

Income Taxes - Breakdown of Inc

Income Taxes - Breakdown of Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Income Tax Disclosure [Abstract]
Current income tax	$ (9,082)	$ (7,112)
France	(3,121)	(4,586)
International	(5,961)	(2,526)
Net change in deferred taxes	1,138	(31)
France	1,216	(31)
International	(78)	0
Provision for income taxes	$ (7,944)	$ (7,143)

Earnings Per Share - Basic Earn

Earnings Per Share - Basic Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Earnings Per Share [Abstract]
Net income attributable to shareholders of Criteo S.A.	$ 17,131	$ 12,982
Weighted average number of shares outstanding (in shares)	62,610,013	61,174,168
Basic earnings per share (in USD per share)	$ 0.27	$ 0.21

Earnings Per Share - Diluted Ea

Earnings Per Share - Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Earnings Per Share [Abstract]
Net income attributable to shareholders of Criteo S.A.	$ 17,131	$ 12,982
Weighted average number of shares outstanding (in shares)	62,610,013	61,174,168
Dilutive effect of :
Share awards (in shares)	0	0
Share options and BSPCE (in shares)	2,144,884	3,421,375
Share warrants (in shares)	86,237	146,399
Weighted average number of shares outstanding used to determine diluted earnings per share (in shares)	64,841,134	64,741,942
Diluted earnings per share (in USD per share)	$ 0.26	$ 0.20

Earnings Per Share - Weighted A

Earnings Per Share - Weighted Average Number of Anti-Dilutive Securities (Details) - shares	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted average number of anti-dilutive securities excluded from diluted earnings per share (in shares)	1,038,691	754,644
Restricted share awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted average number of anti-dilutive securities excluded from diluted earnings per share (in shares)	1,038,691	0
Share options / BSPCE
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted average number of anti-dilutive securities excluded from diluted earnings per share (in shares)	0	754,644
BSA
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted average number of anti-dilutive securities excluded from diluted earnings per share (in shares)	0	0

Commitments and contingencies -

Commitments and contingencies - Commitments (Details) € in Millions, $ in Millions	3 Months Ended
	Mar. 31, 2016USD ($)	Mar. 31, 2015USD ($)	Mar. 31, 2016EUR (€)
Commitments and Contingencies Disclosure [Abstract]
Operating lease expenses	$ 7.4	$ 4.9
Hosting costs	9.3	$ 6.5
Revolving credit facility | RCF | Bank syndicate RCF
Debt Instrument [Line Items]
Revolving credit facility, maximum borrowing capacity	$ 284.6		€ 250

Commitments and contingencies56

Commitments and contingencies - Contingencies (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)
Loss Contingency Accrual [Roll Forward]
Contingencies accrual, beginning balance	$ 668
Charges	275
Provision used	0
Provision released not used	(272)
Change in consolidation scope	0
Currency translation adjustments	17
Other	0
Contingencies accrual, ending balance	688
Contingencies accrual, of which current	688
Contingencies accrual, of which non-current	0
Provision for employee related litigation
Loss Contingency Accrual [Roll Forward]
Contingencies accrual, beginning balance	236
Charges	275
Provision used	0
Provision released not used	0
Change in consolidation scope	0
Currency translation adjustments	21
Other	0
Contingencies accrual, ending balance	532
Contingencies accrual, of which current	532
Contingencies accrual, of which non-current	0
Provision for tax related litigation
Loss Contingency Accrual [Roll Forward]
Contingencies accrual, beginning balance	44
Charges	0
Provision used	0
Provision released not used	0
Change in consolidation scope	0
Currency translation adjustments	2
Other	0
Contingencies accrual, ending balance	46
Contingencies accrual, of which current	46
Contingencies accrual, of which non-current	0
Other provisions
Loss Contingency Accrual [Roll Forward]
Contingencies accrual, beginning balance	388
Charges	0
Provision used	0
Provision released not used	(272)
Change in consolidation scope	0
Currency translation adjustments	(6)
Other	0
Contingencies accrual, ending balance	110
Contingencies accrual, of which current	110
Contingencies accrual, of which non-current	$ 0

Breakdown of Revenue and Non-57

Breakdown of Revenue and Non-Current Assets by Geographical Areas - Revenue by Geographical Area (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 401,253	$ 294,172
Americas
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	147,174	100,624
EMEA
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	159,405	132,208
Asia-Pacific
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 94,674	$ 61,340

Breakdown of Revenue and Non-58

Breakdown of Revenue and Non-Current Assets by Geographical Areas - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 401,253	$ 294,172
Consolidated revenue
Revenues from External Customers and Long-Lived Assets [Line Items]
Largest client percent of consolidated revenue, percentage	2.00%	2.10%
France
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 32,500	$ 30,500

Breakdown of Revenue and Non-59

Breakdown of Revenue and Non-Current Assets by Geographical Areas - Revenue by Significant Other Countries (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 401,253	$ 294,172
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	126,913	80,661
Germany
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	33,696	28,446
United Kingdom
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	28,509	25,943
Japan
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 65,973	$ 44,508

Breakdown of Revenue and Non-60

Breakdown of Revenue and Non-Current Assets by Geographical Areas - Other Information (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Revenues from External Customers and Long-Lived Assets [Line Items]
Non-current assets	$ 102,869	$ 98,952
Americas
Revenues from External Customers and Long-Lived Assets [Line Items]
Non-current assets	26,435	24,437
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Non-current assets	25,390	23,332
Europe
Revenues from External Customers and Long-Lived Assets [Line Items]
Non-current assets	8,159	8,847
Asia-Pacific
Revenues from External Customers and Long-Lived Assets [Line Items]
Non-current assets	18,400	17,508
Japan
Revenues from External Customers and Long-Lived Assets [Line Items]
Non-current assets	7,923	7,807
Holding
Revenues from External Customers and Long-Lived Assets [Line Items]
Non-current assets	$ 49,875	$ 48,160