Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2016 | Jul. 31, 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 | Q2 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2016 | |
Entity Common Stock, Shares Outstanding | 63,616,177 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (UNAUDITED) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 377,407 | $ 353,537 |
Trade receivables, net of allowances | 266,436 | 261,581 |
Income taxes | 5,277 | 2,714 |
Other taxes | 39,527 | 29,552 |
Other current assets | 23,164 | 16,030 |
Total current assets | 711,811 | 663,414 |
Property, plant and equipment, net | 97,236 | 82,482 |
Intangible assets, net | 17,170 | 16,470 |
Goodwill | 46,859 | 41,973 |
Non-current financial assets | 17,010 | 17,184 |
Deferred tax assets | 25,330 | 20,196 |
Total non-current assets | 203,605 | 178,305 |
Total assets | 915,416 | 841,719 |
Current liabilities: | ||
Trade payables | 240,757 | 246,382 |
Contingencies | 283 | 668 |
Income taxes | 9,455 | 15,365 |
Financial liabilities - current portion | 6,011 | 7,156 |
Other taxes | 33,880 | 30,463 |
Employee - related payables | 46,372 | 42,275 |
Other current liabilities | 21,531 | 15,531 |
Total current liabilities | 358,289 | 357,840 |
Deferred tax liabilities | 518 | 139 |
Retirement benefit obligation | 1,996 | 1,445 |
Financial liabilities - non current portion | 2,907 | 3,272 |
Total non-current liabilities | 5,421 | 4,856 |
Total liabilities | 363,710 | 362,696 |
Commitments and contingencies | ||
Shareholders' equity: | ||
Common shares, €0.025 par value, 62,470,881 and 63,562,863 shares authorized, issued and outstanding at December 31, 2015 and June 30, 2016, respectively. | 2,082 | 2,052 |
Additional paid-in capital | 456,242 | 425,220 |
Accumulated other comprehensive (loss) | (60,329) | (69,023) |
Retained earnings | 145,407 | 116,076 |
Equity-attributable to shareholders of Criteo S.A. | 543,402 | 474,325 |
Non-controlling interests | 8,304 | 4,698 |
Total equity | 551,706 | 479,023 |
Total equity and liabilities | $ 915,416 | $ 841,719 |
CONDENSED CONSOLIDATED STATEME3
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (UNAUDITED) (PARENTHETICAL) - € / shares | Jun. 30, 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) | 63,562,863 | 62,470,881 |
Common shares issued (in shares) | 63,562,863 | 62,470,881 |
Common shares outstanding (in shares) | 63,562,863 | 62,470,881 |
CONDENSED CONSOLIDATED STATEME4
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Income Statement [Abstract] | ||||
Revenue | $ 407,201 | $ 299,306 | $ 808,454 | $ 593,478 |
Cost of revenue: | ||||
Traffic acquisition costs | (240,969) | (177,239) | (479,724) | (353,127) |
Other cost of revenue | (20,279) | (14,243) | (38,618) | (27,212) |
Gross profit | 145,953 | 107,824 | 290,112 | 213,139 |
Operating expenses: | ||||
Research and development expenses | (30,235) | (19,853) | (57,396) | (37,699) |
Sales and operations expenses | (69,225) | (59,727) | (133,698) | (112,810) |
General and administrative expenses | (28,610) | (20,404) | (53,347) | (37,950) |
Total operating expenses | (128,070) | (99,984) | (244,441) | (188,459) |
Income from operations | 17,883 | 7,840 | 45,671 | 24,680 |
Financial income (expense) | (94) | (2,546) | (1,412) | 1,374 |
Income before taxes | 17,789 | 5,294 | 44,259 | 26,054 |
Provision for income taxes | (4,450) | (1,365) | (12,394) | (8,508) |
Net income | 13,339 | 3,929 | 31,865 | 17,546 |
Net income available to shareholders of Criteo S.A. | 12,200 | 3,540 | 29,330 | 16,522 |
Net income available to non-controlling interests | $ 1,139 | $ 389 | $ 2,535 | $ 1,024 |
Net income allocated to shareholders of Criteo S.A. per share: | ||||
Net income allocated to shareholders per share, Basic (in USD per share) | $ 0.19 | $ 0.06 | $ 0.47 | $ 0.27 |
Net income allocated to shareholders per share, Diluted (in USD per share) | $ 0.19 | $ 0.05 | $ 0.45 | $ 0.25 |
Weighted average shares outstanding used in computing per share amounts, Basic (in shares) | 63,246,785 | 61,719,367 | 62,928,221 | 61,448,678 |
Weighted average shares outstanding used in computing per share amounts, Diluted (in shares) | 65,625,097 | 65,279,611 | 65,232,938 | 65,012,687 |
CONDENSED CONSOLIDATED STATEME5
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 13,339 | $ 3,929 | $ 31,865 | $ 17,546 |
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax [Abstract] | ||||
Foreign currency translation differences, net of taxes | (10,660) | 13,745 | 10,028 | (29,379) |
Foreign currency translation differences | (10,660) | 13,745 | 10,028 | (29,379) |
Income tax effect | 0 | 0 | 0 | 0 |
Other Comprehensive (Income) Loss, Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax [Abstract] | ||||
Actuarial (losses) gains on employee benefits, net of taxes | (10) | 359 | (209) | 213 |
Actuarial losses on employee benefits | (11) | 433 | (251) | 257 |
Income tax effect | 1 | (74) | 42 | (44) |
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax [Abstract] | ||||
Financial instruments, net of taxes | 0 | 0 | 0 | 0 |
Fair value change on financial instruments | 0 | 0 | 0 | 0 |
Income tax effect | 0 | 0 | 0 | 0 |
Comprehensive income (loss) | 2,669 | 18,033 | 41,684 | (11,620) |
Comprehensive income (loss), Attributable to shareholders of Criteo S.A | 878 | 17,696 | 38,122 | (12,584) |
Comprehensive income, Attributable to non-controlling interests | $ 1,791 | $ 337 | $ 3,562 | $ 964 |
CONDENSED CONSOLIDATED STATEME6
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | ||
Cash From (Used in) Operating Activities [Abstract] | |||||
Net income | $ 13,339 | $ 3,929 | $ 31,865 | $ 17,546 | |
Non-cash and non-operating items [Abstract] | |||||
Adjustments to reconcile to cash from operating activities | 30,121 | 17,646 | 59,626 | 39,530 | |
Amortization and provisions | 16,345 | 10,938 | 29,525 | 19,201 | |
Equity awards compensation expense | [1] | 7,695 | 5,325 | 16,065 | 11,642 |
Net gain on disposal of non-current assets | 0 | 22 | 0 | 26 | |
Interest accrued | 1,578 | 2 | 1,580 | 7 | |
Non-cash financial expenses | 8 | (6) | 18 | 147 | |
Change in deferred taxes | (3,285) | (2,200) | (4,424) | (2,170) | |
Income tax for the period | 7,780 | 3,565 | 16,862 | 10,677 | |
Change in working capital requirement [Abstract] | |||||
Change in working capital requirement | (10,297) | (4,125) | (27,436) | 4,779 | |
(Increase)/decrease in trade receivables | (7,126) | (3,218) | (2,368) | (12,639) | |
Increase/(decrease) in trade payables | (1,244) | 3,682 | (15,149) | 27,619 | |
(Increase)/decrease in other current assets | (5,969) | (5,243) | (15,777) | (15,883) | |
Increase/(decrease) in other current liabilities | 4,042 | 654 | 5,858 | 5,682 | |
Income taxes paid | (13,889) | (5,512) | (25,874) | (8,909) | |
Cash from operating activities | 19,274 | 11,938 | 38,181 | 52,946 | |
Cash From (Used in) Investing Activities [Abstract] | |||||
Acquisition of intangibles assets, property, plant and equipment | (25,564) | (29,630) | (39,178) | (41,156) | |
Change in accounts payable related to intangible assets, property, plant and equipment | 3,178 | 11,282 | 4,685 | 9,948 | |
Payments for acquired business, net of cash | (5,074) | (2,867) | (5,074) | (20,075) | |
Change in other financial non-current assets | (207) | (1,492) | 574 | (5,244) | |
Cash used for investing activities | (27,667) | (22,707) | (38,993) | (56,527) | |
Cash From (Used in) Financing Activities [Abstract] | |||||
Issuance of long-term borrowings | 2,295 | 1,567 | 3,059 | 2,394 | |
Repayment of borrowings | (3,944) | (1,369) | (5,448) | (4,647) | |
Proceeds from capital increase | 10,106 | 3,664 | 15,582 | 6,434 | |
Change in other financial liabilities | (171) | 0 | (171) | (1,000) | |
Cash from financing activities | 8,286 | 3,862 | 13,022 | 3,181 | |
Change in net cash and cash equivalents | (107) | (6,907) | 12,210 | (400) | |
Net cash and cash equivalents - beginning of period | 386,110 | 316,376 | 353,537 | 351,827 | |
Effect of exchange rate changes on cash and cash equivalents | (8,596) | 11,640 | 11,660 | (30,318) | |
Net cash and cash equivalents - end of period | 377,407 | 321,109 | 377,407 | 321,109 | |
Share-based compensation expense | 7,695 | 5,325 | 16,065 | 11,642 | |
Share-based compensation | |||||
Cash From (Used in) Financing Activities [Abstract] | |||||
Share-based compensation expense | $ 7,233 | $ 5,247 | $ 15,514 | $ 11,544 | |
[1] | Out of which $7.2 million and $15.5 million is share-based compensation expense according to ASC 718 - Compensation - Stock compensation for the quarter ended and year to date June 30, 2016, respectively. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 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. In May 2016 the FASB issued ASU 2016-11, Rescission of SEC Guidance Because of Accounting Standards Updates 2015-09 and 2014-06 Pursuant to Staff Announcements at the March 3, 2016 EITF Meeting (SEC Update). ASU 2016-11 rescinds certain SEC Staff Guidance relating to ASC topics 605 (Revenue Recognition), 932 (Extractive Activities - Oil and Gas), and 815 (Derivatives and Hedging). The ASU became effective immediately. The Company has evaluated the rescinded SEC Staff Guidance and determined it does not have an impact on the consolidated financial statements. In May 2016 the FASB issued ASU 2016-12, Narrow Scope Improvements and Practical Expedients. ASU 2016 - 12 amends narrow aspects of the new revenue standard Revenue from Contracts with Customers (ASC Topic 606) including guidance on assessing collectability, presentation of sales taxes, noncash consideration, and completed contracts and contract modifications at transition. The Company is currently evaluating the impact of ASU 2016-12 on its consolidated financial statements. The effective date of ASU 2016-12 is the same as for requirements of ASC Topic 606. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326) Measurement of Credit Losses on Financial Statements . ASU 2016-13 amends the guidance on the impairment of financial instruments. Under the new guidance, an entity recognizes as an allowance its estimate of expected credit losses rather than incurred credit losses. In addition, this amendment broadens the information an entity must consider in developing its expected credit loss estimate including the use of forecasts in order to ensure more timely information is used to develop the estimate. The Company is currently evaluating the impact of ASU 2016-13 on its consolidated financial statements. This update will be effective for fiscal years beginning after December 15, 2020, including interim periods within that fiscal year. |
Significant Events and Transact
Significant Events and Transactions of the Period | 6 Months Ended |
Jun. 30, 2016 | |
Significant Events and Transactions of the Period Disclosure [Abstract] | |
Significant Events and Transactions of the Period | Significant Events and Transactions of the Period Changes in the scope of consolidation Business combination Monsieur Drive Acquisition On May 31, 2016, we acquired all of the outstanding shares of Monsieur Drive S.A.S., a Paris-based company building advertising products for the consumer packaged goods vertical. The total consideration paid was $5.1 million ( €4.6 million ) for the acquisition of the shares, financed by the available cash resources at the acquisition date (Note 6). This business combination will be accounted for under the acquisition method in accordance with ASC 805 – Business Combinations . The determination of the fair value of assets acquired and liabilities assumed is in progress and the impact of the transaction will be reflected in our consolidated financial statements as of December 31, 2016. Consolidation scope Creation of Criteo India Pvt Ltd (India) This new subsidiary is 100% held and controlled by the Parent company. It is included in the Company’s consolidation scope as of June 30, 2016, but its contribution to the unaudited condensed consolidated financial statements is not material. |
Financial Instruments
Financial Instruments | 6 Months Ended |
Jun. 30, 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 taxes 29,552 29,552 — 29,552 Other current assets 16,030 16,030 — 16,030 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. June 30, 2016 Carrying Value Loans and receivables Assets designated at FVTPL (1) Fair value (in thousands) Cash and cash equivalents $ 377,407 $ — $ 377,407 $ 377,407 Trade receivables, net of allowances 266,436 266,436 — 266,436 Other taxes 39,527 39,527 — 39,527 Other current assets 23,164 23,013 151 23,164 Non-current financial assets 17,010 17,010 — 17,010 Total $ 723,544 $ 345,986 $ 377,558 $ 723,544 (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 taxes 30,463 30,463 — 30,463 Employee-related payables 42,275 42,275 — 42,275 Other current liabilities 15,531 15,531 — 15,531 Financial liabilities 10,428 9,876 552 10,428 Total $ 345,079 $ 344,527 $ 552 $ 345,079 (1) Fair value through profit or loss. June 30, 2016 Carrying Value Amortized Cost Liabilities designated at FVTPL (1) Fair value (in thousands) Trade payables $ 240,757 $ 240,757 $ — $ 240,757 Other taxes 33,880 33,880 — 33,880 Employee-related payables 46,372 46,372 — 46,372 Other current liabilities 21,531 21,531 — 21,531 Financial liabilities 8,918 8,918 — 8,918 Total $ 351,458 $ 351,458 $ — $ 351,458 (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 June 30, 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 June 30, 2016 Level 1 Level 2 Level 3 (in thousands) Money market funds $ 84,008 $ 84,008 $ — $ — Interest-bearing bank deposits 132,825 — 132,825 — Cash 160,574 160,574 — — Derivative instruments 151 — 151 — Total assets measured at fair value $ 377,558 $ 244,582 $ 132,976 $ — |
Trade Receivables
Trade Receivables | 6 Months Ended |
Jun. 30, 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 June 30, 2016 (in thousands) Trade accounts receivables $ 267,845 $ 276,574 (Less) Allowance for doubtful accounts (6,264 ) (10,138 ) Net book value at end of period $ 261,581 $ 266,436 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 (1,363 ) (4,652 ) Reversal of provision 159 806 Change in consolidation scope (135 ) — Currency translation adjustment 208 (28 ) Balance at June 30 $ (5,061 ) $ (10,138 ) |
Other Current Assets
Other Current Assets | 6 Months Ended |
Jun. 30, 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 June 30, 2016 (in thousands) Prepayments to suppliers $ 2,774 $ 7,122 Employee-related receivables 94 153 Prepaid expenses 9,475 12,296 Other debtors 3,687 3,442 Derivative instruments — 151 Gross book value at end of period 16,030 23,164 (Less) Allowance for doubtful accounts — — Net book value at end of period $ 16,030 $ 23,164 Prepaid expenses mainly consist of office rental advance payments. |
Intangible assets and Goodwill
Intangible assets and Goodwill | 6 Months Ended |
Jun. 30, 2016 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible assets and Goodwill | Intangible assets and Goodwill Intangible assets There have been no significant changes in intangible assets 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 $ 2,088 $ 1,656 $ 3,744 2017 3,765 2,253 6,018 2018 3,157 1,950 5,107 2019 1,486 244 1,730 2020 571 — 571 Thereafter — — — Total $ 11,067 $ 6,103 $ 17,170 Goodwill On May 31, 2016, we acquired all of the outstanding shares of Monsieur Drive S.A.S., a Paris-based company building advertising products for the consumer packaged goods vertical. The total consideration paid was $5.1 million ( €4.6 million ) for the acquisition of the shares, financed by the available cash resources at the acquisition date. This business combination will be accounted for under the acquisition method in accordance with ASC 805 – Business Combinations . The determination of the fair value of assets acquired and liabilities assumed is in progress and the impact of the transaction will be reflected in our consolidated financial statements as of December 31, 2016. The preliminary goodwill as of June 30, 2016 is $5.0 million ( €4.5 million ). Acquisition costs amounting to $0.1 million ( €0.1 million ) were fully expensed as incurred. |
Other Current Liabilities
Other Current Liabilities | 6 Months Ended |
Jun. 30, 2016 | |
Other Liabilities Disclosure [Abstract] | |
Other Current Liabilities | Other Current Liabilities Other current liabilities are presented in the following table: December 31, 2015 June 30, (in thousands) Clients' prepayments $ 6,244 $ 7,604 Accounts payable relating to capital expenditures 8,037 12,787 Other creditors 1,091 836 Deferred revenue 159 304 Total $ 15,531 $ 21,531 |
Financial Liabilities
Financial Liabilities | 6 Months Ended |
Jun. 30, 2016 | |
Debt Disclosure [Abstract] | |
Financial Liabilities | Financial Liabilities The changes in current and non-current financial liabilities during the period ended June 30, 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 June 30, 2016 (in thousands) Borrowings $ 5,973 $ 3,197 $ (3,979 ) $ — $ 432 $ (61 ) $ 5,562 Financial liabilities relating to finance leases 23 — (24 ) — — 1 — Other financial liabilities 608 — (171 ) — — 12 449 Derivative instruments 552 — — — (567 ) 15 — Current portion 7,156 3,197 (4,174 ) — (135 ) (33 ) 6,011 Borrowings 3,272 — — — (432 ) 67 2,907 Financial liabilities relating to finance leases — — — — — — — Other financial liabilities — — — — — — — Non current portion 3,272 — — — (432 ) 67 2,907 Borrowings 9,245 3,197 (3,979 ) — — 6 8,469 Financial liabilities relating to finance leases 23 — (24 ) — — 1 — Other financial liabilities 608 — (171 ) — — 12 449 Derivative instruments 552 — — — (567 ) 15 — Total $ 10,428 $ 3,197 $ (4,174 ) $ — $ (567 ) $ 34 $ 8,918 (1) Includes reclassification from non-current to current portion based on maturity of the financial liabilities. Borrowings are financial liabilities at amortized cost 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. |
Equity awards compensation expe
Equity awards compensation expense | 6 Months Ended |
Jun. 30, 2016 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Equity awards compensation expense | Equity awards compensation expense 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 six months ended June 30, 2016, there were four grants of RSUs and one grant of OSAs under the Employee Share Option Plan 8 and one grant of BSAs under the Plan E, 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 June 30, 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. • On April 20, 2016, 140,135 RSUs were granted to Criteo employees subject to continued employment and 9,100 BSAs were granted to a board member subject to continued engagement on the board of directors. • On June 28, 2016, 1,075,827 RSUs and 429,043 OSAs were granted to Criteo employees subject to continued employment. There have been no changes in the vesting and method of valuation of the BSPCEs, OSAs, RSUs, or BSAs 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 429,043 1,430,857 9,100 1,869,000 Exercised (1,055,982 ) — (12,000 ) (1,067,982 ) Forfeited (315,788 ) (83,026 ) (2,440 ) (401,254 ) Expired — — — — Balance at June 30, 2016 5,605,127 2,443,416 149,570 8,198,113 Breakdown of the Closing Balance OSA/BSPCE RSU BSA Number outstanding 5,605,127 2,443,416 149,570 Weighted-average exercise price € 23.36 NA € 14.96 Number exercisable 2,442,449 NA 110,567 Weighted-average exercise price € 14.92 NA € 10.03 Weighted-average remaining contractual life of options outstanding, in years 7.7 NA 7.1 Equity awards compensation expense Three Months Ended June 30, 2015 June 30, 2016 (in thousands) R&D S&O G&A Total R&D S&O G&A Total RSUs $ — $ — $ — $ — $ (1,459 ) $ (1,816 ) $ (1,184 ) $ (4,459 ) Share options / BSPCE (1,162 ) (2,903 ) (1,182 ) (5,247 ) (720 ) (672 ) (1,382 ) (2,774 ) Total share-based compensation (1,162 ) (2,903 ) (1,182 ) (5,247 ) (2,179 ) (2,488 ) (2,566 ) (7,233 ) BSAs — — (78 ) (78 ) — — (462 ) (462 ) Total equity awards compensation expense $ (1,162 ) $ (2,903 ) $ (1,260 ) $ (5,325 ) $ (2,179 ) $ (2,488 ) $ (3,028 ) $ (7,695 ) Six Months Ended June 30, 2015 June 30, 2016 (in thousands) R&D S&O G&A Total R&D S&O G&A Total RSUs $ — $ — $ — $ — $ (2,715 ) $ (3,484 ) $ (2,284 ) $ (8,483 ) Share options / BSPCE (2,640 ) (6,357 ) (2,547 ) (11,544 ) (1,866 ) (2,394 ) (2,771 ) (7,031 ) Total share-based compensation (2,640 ) (6,357 ) (2,547 ) (11,544 ) (4,581 ) (5,878 ) (5,055 ) (15,514 ) BSAs — — (98 ) (98 ) — — (551 ) (551 ) Total equity awards compensation expense $ (2,640 ) $ (6,357 ) $ (2,645 ) $ (11,642 ) $ (4,581 ) $ (5,878 ) $ (5,606 ) $ (16,065 ) |
Financial Income and Expenses
Financial Income and Expenses | 6 Months Ended |
Jun. 30, 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 June 30, June 30, (in thousands) Financial income from cash equivalents $ 391 $ 482 Interest on debt (289 ) (612 ) Foreign exchange gain (loss) (2,654 ) 41 Other financial expense 6 (5 ) Total financial income (expense) $ (2,546 ) $ (94 ) The $0.1 million financial expense for the three month period ended June 30, 2016 was mainly the result of a neutral impact of foreign exchange reevaluations and related hedging, partially offset by the recognition of the fees related to the revolving credit facility contracted in September 2015. The $2.5 million financial expense for the three months ended June 30, 2015 included the reevaluation and related hedging of the remaining proceeds from our initial public offering. As of June 30, 2016, the main positions bearing a risk of foreign currency are centralized at the Parent company level and hedged using foreign currency swaps and forward purchases or sales of foreign currencies. Six Months Ended June 30, June 30, (in thousands) Financial income from cash equivalents $ 942 $ 870 Interest on debt (459 ) (1,088 ) Foreign exchange gain (loss) 1,036 (1,175 ) Other financial expense (145 ) (19 ) Total financial income (expense) $ 1,374 $ (1,412 ) The $1.4 million financial expense for the six months ended June 30, 2016 was mainly a result of the recognition of negative impact of foreign exchange reevaluations and related hedging negative foreign recorded during the first quarter, together with the fees related to the revolving credit facility contracted in September 2015. The $1.4 million financial income for the six months ended June 30, 2015 included the positive reevaluation and related hedging of the remaining proceeds from our initial public offering. As of June 30, 2016, the main positions bearing a risk of foreign currency are centralized at the Parent company level and hedged using foreign currency swaps and forward purchases or sales of foreign currencies. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 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 June 30, June 30, (in thousands) Current income tax $ (3,565 ) $ (7,735 ) France (1,347 ) (5,050 ) International (2,218 ) (2,685 ) Net change in deferred taxes 2,200 3,285 France 980 3,001 International 1,220 284 Provision for income taxes $ (1,365 ) $ (4,450 ) Six Months Ended June 30, June 30, (in thousands) Current income tax $ (10,678 ) $ (16,818 ) France (5,934 ) (8,172 ) International (4,744 ) (8,646 ) Net change in deferred taxes 2,170 4,424 France 949 4,216 International 1,221 208 Provision for income taxes $ (8,508 ) $ (12,394 ) 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 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 payables of Criteo S.A., Criteo BV and Criteo KK. |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 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 Six Months Ended June 30, 2015 June 30, 2016 June 30, 2015 June 30, 2016 (in thousands, except share and per share data) Net income attributable to shareholders of Criteo S.A. $ 3,540 $ 12,200 $ 16,522 $ 29,330 Weighted average number of shares outstanding 61,719,367 63,246,785 61,448,678 62,928,221 Basic earnings per share $ 0.06 $ 0.19 $ 0.27 $ 0.47 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 June 30, 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, non-employee warrant ("BSA"), restricted share unit ("RSU") or non-employee warrant ("BSPCE") 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 Six Months Ended June 30, 2015 June 30, 2016 June 30, 2015 June 30, 2016 (in thousands, except share and per share data) Net income attributable to shareholders of Criteo S.A. $ 3,540 $ 12,200 $ 16,522 $ 29,330 Weighted average number of shares outstanding of Criteo S.A. 61,719,367 63,246,785 61,448,678 62,928,221 Dilutive effect of : Restricted share units ("RSUs") — 189,980 — 94,990 Share options and employee warrants ("BSPCEs") 3,423,409 2,104,298 3,422,392 2,124,592 Non-employees warrants ("BSAs") 136,835 84,034 141,617 85,135 Weighted average number of shares outstanding used to determine diluted earnings per share 65,279,611 65,625,097 65,012,687 65,232,938 Diluted earnings per share $ 0.05 $ 0.19 $ 0.25 $ 0.45 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 Six Months Ended June 30, 2015 June 30, 2016 June 30, 2015 June 30, 2016 Restricted share units ("RSUs") — 134,112 — 502,511 Share options and employee warants ("BSPCEs") 1,069,738 824,858 749,032 412,429 Non-employees warrants ("BSAs") 25,630 — 12,815 — Weighted average number of anti-dilutive securities excluded from diluted earnings per share 1,095,368 958,970 761,847 914,940 |
Commitments and contingencies
Commitments and contingencies | 6 Months Ended |
Jun. 30, 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 $6.7 million and $7.6 million for the three month period ended June 30, 2015 and 2016, respectively, and $11.6 million and $15.0 million for the six month period ended June 30, 2015 and 2016, respectively. Hosting costs totaled $7.1 million and $10.5 million for the three month period ended June 30, 2015 and 2016, respectively and $13.6 million and $19.8 million for the six month period ended June 30, 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. As of June 30, 2016, an additional RMB 5.0 million ( $0.7 million ) had been drawn by Criteo China, our wholly owned subsidiary, on the RMB 40.0 million ( $6.0 million )revolving loan facility with HSBC China, increasing the total amount drawn from RMB 25.0 million ( $3.8 million ) as of December 31, 2015 to RMB 30.0 million ( $4.5 million ) as of June 30, 2016. Other than this draw, 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 ( $277.6 million ) revolving credit facility disclosed in note 2 to our consolidated financial statements for the year ended December 31, 2015 which contains covenants, including compliance with a total net debt to adjusted EBITDA ratio and restrictions on incurring additional indebtedness. At June 30, 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 444 — — 444 Provision used (405 ) — (40 ) (445 ) Provision released not used — (44 ) (345 ) (389 ) Change in consolidation scope — — — — Currency translation adjustments 8 — (3 ) 5 Other — — — — Balance at June 30, 2016 $ 283 $ — $ — $ 283 - of which current 283 — — 283 - of which non-current — — — — The amount of the provisions represent management’s best estimate of the future outflow. As of June 30, 2016, provisions are mainly in relation to employee related litigations. |
Breakdown of Revenue and Non-Cu
Breakdown of Revenue and Non-Current Assets by Geographical Areas | 6 Months Ended |
Jun. 30, 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 For the three months ended: (in thousands) June 30, 2015 $ 110,872 $ 126,807 $ 61,627 $ 299,306 June 30, 2016 $ 156,522 $ 153,899 $ 96,780 $ 407,201 Revenue generated in France amounted to $27.3 million and $30.9 million for the three months ended June 30, 2015 and 2016 , respectively. Americas EMEA Asia-Pacific Total For the six months ended: (in thousands) June 30, 2015 $ 211,496 $ 259,015 $ 122,967 $ 593,478 June 30, 2016 $ 303,695 $ 313,305 $ 191,454 $ 808,454 Revenue generated in France amounted to $57.9 million and $63.4 million for the six months ended June 30, 2015 and 2016 , respectively. Revenue generated in other significant countries where we operate is presented in the following table: Three Months Ended Six Months Ended June 30, 2015 June 30, 2016 2015 2016 (in thousands) Americas United States $ 90,346 $ 134,351 $ 171,007 $ 261,264 EMEA Germany $ 25,161 $ 30,891 $ 53,607 $ 64,586 United Kingdom $ 26,331 $ 27,230 $ 52,274 $ 55,739 Asia-Pacific Japan $ 42,255 $ 66,590 $ 86,762 $ 132,564 As of June 30, 2015 and 2016, our largest client represented 2.0% and 2.3% , 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 June 30, 2016 $ 48,893 $ 26,219 $ 25,170 $ 7,601 $ 31,693 $ 10,619 $ 114,406 |
Related Parties
Related Parties | 6 Months Ended |
Jun. 30, 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 | 6 Months Ended |
Jun. 30, 2016 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events The Company evaluated subsequent events that occurred after June 30, 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) | 6 Months Ended |
Jun. 30, 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. In May 2016 the FASB issued ASU 2016-11, Rescission of SEC Guidance Because of Accounting Standards Updates 2015-09 and 2014-06 Pursuant to Staff Announcements at the March 3, 2016 EITF Meeting (SEC Update). ASU 2016-11 rescinds certain SEC Staff Guidance relating to ASC topics 605 (Revenue Recognition), 932 (Extractive Activities - Oil and Gas), and 815 (Derivatives and Hedging). The ASU became effective immediately. The Company has evaluated the rescinded SEC Staff Guidance and determined it does not have an impact on the consolidated financial statements. In May 2016 the FASB issued ASU 2016-12, Narrow Scope Improvements and Practical Expedients. ASU 2016 - 12 amends narrow aspects of the new revenue standard Revenue from Contracts with Customers (ASC Topic 606) including guidance on assessing collectability, presentation of sales taxes, noncash consideration, and completed contracts and contract modifications at transition. The Company is currently evaluating the impact of ASU 2016-12 on its consolidated financial statements. The effective date of ASU 2016-12 is the same as for requirements of ASC Topic 606. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses (Topic 326) Measurement of Credit Losses on Financial Statements . ASU 2016-13 amends the guidance on the impairment of financial instruments. Under the new guidance, an entity recognizes as an allowance its estimate of expected credit losses rather than incurred credit losses. In addition, this amendment broadens the information an entity must consider in developing its expected credit loss estimate including the use of forecasts in order to ensure more timely information is used to develop the estimate. The Company is currently evaluating the impact of ASU 2016-13 on its consolidated financial statements. This update will be effective for fiscal years beginning after December 15, 2020, including interim periods within that fiscal year. |
Financial Instruments (Tables)
Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 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 taxes 29,552 29,552 — 29,552 Other current assets 16,030 16,030 — 16,030 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. June 30, 2016 Carrying Value Loans and receivables Assets designated at FVTPL (1) Fair value (in thousands) Cash and cash equivalents $ 377,407 $ — $ 377,407 $ 377,407 Trade receivables, net of allowances 266,436 266,436 — 266,436 Other taxes 39,527 39,527 — 39,527 Other current assets 23,164 23,013 151 23,164 Non-current financial assets 17,010 17,010 — 17,010 Total $ 723,544 $ 345,986 $ 377,558 $ 723,544 (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 taxes 30,463 30,463 — 30,463 Employee-related payables 42,275 42,275 — 42,275 Other current liabilities 15,531 15,531 — 15,531 Financial liabilities 10,428 9,876 552 10,428 Total $ 345,079 $ 344,527 $ 552 $ 345,079 (1) Fair value through profit or loss. June 30, 2016 Carrying Value Amortized Cost Liabilities designated at FVTPL (1) Fair value (in thousands) Trade payables $ 240,757 $ 240,757 $ — $ 240,757 Other taxes 33,880 33,880 — 33,880 Employee-related payables 46,372 46,372 — 46,372 Other current liabilities 21,531 21,531 — 21,531 Financial liabilities 8,918 8,918 — 8,918 Total $ 351,458 $ 351,458 $ — $ 351,458 (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 June 30, 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 June 30, 2016 Level 1 Level 2 Level 3 (in thousands) Money market funds $ 84,008 $ 84,008 $ — $ — Interest-bearing bank deposits 132,825 — 132,825 — Cash 160,574 160,574 — — Derivative instruments 151 — 151 — Total assets measured at fair value $ 377,558 $ 244,582 $ 132,976 $ — |
Trade Receivables (Tables)
Trade Receivables (Tables) | 6 Months Ended |
Jun. 30, 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 June 30, 2016 (in thousands) Trade accounts receivables $ 267,845 $ 276,574 (Less) Allowance for doubtful accounts (6,264 ) (10,138 ) Net book value at end of period $ 261,581 $ 266,436 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 (1,363 ) (4,652 ) Reversal of provision 159 806 Change in consolidation scope (135 ) — Currency translation adjustment 208 (28 ) Balance at June 30 $ (5,061 ) $ (10,138 ) |
Other Current Assets (Tables)
Other Current Assets (Tables) | 6 Months Ended |
Jun. 30, 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 June 30, 2016 (in thousands) Prepayments to suppliers $ 2,774 $ 7,122 Employee-related receivables 94 153 Prepaid expenses 9,475 12,296 Other debtors 3,687 3,442 Derivative instruments — 151 Gross book value at end of period 16,030 23,164 (Less) Allowance for doubtful accounts — — Net book value at end of period $ 16,030 $ 23,164 |
Intangible assets and Goodwill
Intangible assets and Goodwill (Tables) | 6 Months Ended |
Jun. 30, 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 $ 2,088 $ 1,656 $ 3,744 2017 3,765 2,253 6,018 2018 3,157 1,950 5,107 2019 1,486 244 1,730 2020 571 — 571 Thereafter — — — Total $ 11,067 $ 6,103 $ 17,170 |
Other Current Liabilities (Tabl
Other Current Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Other Liabilities Disclosure [Abstract] | |
Other current liabilities | Other current liabilities are presented in the following table: December 31, 2015 June 30, (in thousands) Clients' prepayments $ 6,244 $ 7,604 Accounts payable relating to capital expenditures 8,037 12,787 Other creditors 1,091 836 Deferred revenue 159 304 Total $ 15,531 $ 21,531 |
Financial Liabilities (Tables)
Financial Liabilities (Tables) | 6 Months Ended |
Jun. 30, 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 June 30, 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 June 30, 2016 (in thousands) Borrowings $ 5,973 $ 3,197 $ (3,979 ) $ — $ 432 $ (61 ) $ 5,562 Financial liabilities relating to finance leases 23 — (24 ) — — 1 — Other financial liabilities 608 — (171 ) — — 12 449 Derivative instruments 552 — — — (567 ) 15 — Current portion 7,156 3,197 (4,174 ) — (135 ) (33 ) 6,011 Borrowings 3,272 — — — (432 ) 67 2,907 Financial liabilities relating to finance leases — — — — — — — Other financial liabilities — — — — — — — Non current portion 3,272 — — — (432 ) 67 2,907 Borrowings 9,245 3,197 (3,979 ) — — 6 8,469 Financial liabilities relating to finance leases 23 — (24 ) — — 1 — Other financial liabilities 608 — (171 ) — — 12 449 Derivative instruments 552 — — — (567 ) 15 — Total $ 10,428 $ 3,197 $ (4,174 ) $ — $ (567 ) $ 34 $ 8,918 (1) Includes reclassification from non-current to current portion based on maturity of the financial liabilities. |
Equity awards compensation ex30
Equity awards compensation expense (Tables) | 6 Months Ended |
Jun. 30, 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 429,043 1,430,857 9,100 1,869,000 Exercised (1,055,982 ) — (12,000 ) (1,067,982 ) Forfeited (315,788 ) (83,026 ) (2,440 ) (401,254 ) Expired — — — — Balance at June 30, 2016 5,605,127 2,443,416 149,570 8,198,113 Breakdown of the Closing Balance OSA/BSPCE RSU BSA Number outstanding 5,605,127 2,443,416 149,570 Weighted-average exercise price € 23.36 NA € 14.96 Number exercisable 2,442,449 NA 110,567 Weighted-average exercise price € 14.92 NA € 10.03 Weighted-average remaining contractual life of options outstanding, in years 7.7 NA 7.1 |
Schedule of share-based compensation reconciliation with the Consolidated Statements of Income | Equity awards compensation expense Three Months Ended June 30, 2015 June 30, 2016 (in thousands) R&D S&O G&A Total R&D S&O G&A Total RSUs $ — $ — $ — $ — $ (1,459 ) $ (1,816 ) $ (1,184 ) $ (4,459 ) Share options / BSPCE (1,162 ) (2,903 ) (1,182 ) (5,247 ) (720 ) (672 ) (1,382 ) (2,774 ) Total share-based compensation (1,162 ) (2,903 ) (1,182 ) (5,247 ) (2,179 ) (2,488 ) (2,566 ) (7,233 ) BSAs — — (78 ) (78 ) — — (462 ) (462 ) Total equity awards compensation expense $ (1,162 ) $ (2,903 ) $ (1,260 ) $ (5,325 ) $ (2,179 ) $ (2,488 ) $ (3,028 ) $ (7,695 ) Six Months Ended June 30, 2015 June 30, 2016 (in thousands) R&D S&O G&A Total R&D S&O G&A Total RSUs $ — $ — $ — $ — $ (2,715 ) $ (3,484 ) $ (2,284 ) $ (8,483 ) Share options / BSPCE (2,640 ) (6,357 ) (2,547 ) (11,544 ) (1,866 ) (2,394 ) (2,771 ) (7,031 ) Total share-based compensation (2,640 ) (6,357 ) (2,547 ) (11,544 ) (4,581 ) (5,878 ) (5,055 ) (15,514 ) BSAs — — (98 ) (98 ) — — (551 ) (551 ) Total equity awards compensation expense $ (2,640 ) $ (6,357 ) $ (2,645 ) $ (11,642 ) $ (4,581 ) $ (5,878 ) $ (5,606 ) $ (16,065 ) |
Financial Income and Expenses (
Financial Income and Expenses (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Other Income and Expenses [Abstract] | |
Schedule of Financial income (expense) | Six Months Ended June 30, June 30, (in thousands) Financial income from cash equivalents $ 942 $ 870 Interest on debt (459 ) (1,088 ) Foreign exchange gain (loss) 1,036 (1,175 ) Other financial expense (145 ) (19 ) Total financial income (expense) $ 1,374 $ (1,412 ) The condensed consolidated statements of income line item “Financial income (expense)” can be broken down as follows: Three Months Ended June 30, June 30, (in thousands) Financial income from cash equivalents $ 391 $ 482 Interest on debt (289 ) (612 ) Foreign exchange gain (loss) (2,654 ) 41 Other financial expense 6 (5 ) Total financial income (expense) $ (2,546 ) $ (94 ) |
Income Taxes (Tables)
Income Taxes (Tables) | 6 Months Ended |
Jun. 30, 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 June 30, June 30, (in thousands) Current income tax $ (3,565 ) $ (7,735 ) France (1,347 ) (5,050 ) International (2,218 ) (2,685 ) Net change in deferred taxes 2,200 3,285 France 980 3,001 International 1,220 284 Provision for income taxes $ (1,365 ) $ (4,450 ) Six Months Ended June 30, June 30, (in thousands) Current income tax $ (10,678 ) $ (16,818 ) France (5,934 ) (8,172 ) International (4,744 ) (8,646 ) Net change in deferred taxes 2,170 4,424 France 949 4,216 International 1,221 208 Provision for income taxes $ (8,508 ) $ (12,394 ) |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2016 | |
Earnings Per Share [Abstract] | |
Schedule of basic earnings per share | Three Months Ended Six Months Ended June 30, 2015 June 30, 2016 June 30, 2015 June 30, 2016 (in thousands, except share and per share data) Net income attributable to shareholders of Criteo S.A. $ 3,540 $ 12,200 $ 16,522 $ 29,330 Weighted average number of shares outstanding 61,719,367 63,246,785 61,448,678 62,928,221 Basic earnings per share $ 0.06 $ 0.19 $ 0.27 $ 0.47 |
Schedule of diluted earnings per share | Three Months Ended Six Months Ended June 30, 2015 June 30, 2016 June 30, 2015 June 30, 2016 (in thousands, except share and per share data) Net income attributable to shareholders of Criteo S.A. $ 3,540 $ 12,200 $ 16,522 $ 29,330 Weighted average number of shares outstanding of Criteo S.A. 61,719,367 63,246,785 61,448,678 62,928,221 Dilutive effect of : Restricted share units ("RSUs") — 189,980 — 94,990 Share options and employee warrants ("BSPCEs") 3,423,409 2,104,298 3,422,392 2,124,592 Non-employees warrants ("BSAs") 136,835 84,034 141,617 85,135 Weighted average number of shares outstanding used to determine diluted earnings per share 65,279,611 65,625,097 65,012,687 65,232,938 Diluted earnings per share $ 0.05 $ 0.19 $ 0.25 $ 0.45 |
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 Six Months Ended June 30, 2015 June 30, 2016 June 30, 2015 June 30, 2016 Restricted share units ("RSUs") — 134,112 — 502,511 Share options and employee warants ("BSPCEs") 1,069,738 824,858 749,032 412,429 Non-employees warrants ("BSAs") 25,630 — 12,815 — Weighted average number of anti-dilutive securities excluded from diluted earnings per share 1,095,368 958,970 761,847 914,940 |
Commitments and contingencies (
Commitments and contingencies (Tables) | 6 Months Ended |
Jun. 30, 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 444 — — 444 Provision used (405 ) — (40 ) (445 ) Provision released not used — (44 ) (345 ) (389 ) Change in consolidation scope — — — — Currency translation adjustments 8 — (3 ) 5 Other — — — — Balance at June 30, 2016 $ 283 $ — $ — $ 283 - of which current 283 — — 283 - of which non-current — — — — |
Breakdown of Revenue and Non-35
Breakdown of Revenue and Non-Current Assets by Geographical Areas (Tables) | 6 Months Ended |
Jun. 30, 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 For the three months ended: (in thousands) June 30, 2015 $ 110,872 $ 126,807 $ 61,627 $ 299,306 June 30, 2016 $ 156,522 $ 153,899 $ 96,780 $ 407,201 Revenue generated in France amounted to $27.3 million and $30.9 million for the three months ended June 30, 2015 and 2016 , respectively. Americas EMEA Asia-Pacific Total For the six months ended: (in thousands) June 30, 2015 $ 211,496 $ 259,015 $ 122,967 $ 593,478 June 30, 2016 $ 303,695 $ 313,305 $ 191,454 $ 808,454 |
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 Six Months Ended June 30, 2015 June 30, 2016 2015 2016 (in thousands) Americas United States $ 90,346 $ 134,351 $ 171,007 $ 261,264 EMEA Germany $ 25,161 $ 30,891 $ 53,607 $ 64,586 United Kingdom $ 26,331 $ 27,230 $ 52,274 $ 55,739 Asia-Pacific Japan $ 42,255 $ 66,590 $ 86,762 $ 132,564 |
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 June 30, 2016 $ 48,893 $ 26,219 $ 25,170 $ 7,601 $ 31,693 $ 10,619 $ 114,406 |
Significant Events and Transa36
Significant Events and Transactions of the Period - Changes in the scope of consolidation (Details) $ in Thousands, € in Millions | May 31, 2016EUR (€) | May 31, 2016USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2015USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2015USD ($) |
Business Acquisition [Line Items] | ||||||
Total consideration paid | $ 5,074 | $ 2,867 | $ 5,074 | $ 20,075 | ||
Criteo India Pvt Ltd (India) | ||||||
Business Acquisition [Line Items] | ||||||
Percentage of subsidiary held and controlled by Company | 100.00% | |||||
Monsieur Drive S.A.S. | ||||||
Business Acquisition [Line Items] | ||||||
Total consideration paid | € 4.6 | $ 5,100 |
Financial Instruments - Financi
Financial Instruments - Financial Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | $ 377,558 | $ 353,537 |
Carrying Value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 723,544 | 677,884 |
Carrying Value | Cash and cash equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 377,407 | 353,537 |
Carrying Value | Trade receivables, net of allowances | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 266,436 | 261,581 |
Carrying Value | Other taxes | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 39,527 | 29,552 |
Carrying Value | Other current assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 23,164 | 16,030 |
Carrying Value | Non-current financial assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 17,010 | 17,184 |
Fair value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 723,544 | 677,884 |
Fair value | Loans and receivables | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 345,986 | 324,347 |
Fair value | Assets designated at FVTPL | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 377,558 | 353,537 |
Fair value | Cash and cash equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 377,407 | 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 | 377,407 | 353,537 |
Fair value | Trade receivables, net of allowances | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 266,436 | 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 | 266,436 | 261,581 |
Fair value | Other taxes | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 39,527 | 29,552 |
Fair value | Other taxes | Loans and receivables | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 39,527 | 29,552 |
Fair value | Other current assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 23,164 | 16,030 |
Fair value | Other current assets | Loans and receivables | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 23,013 | 16,030 |
Fair value | Other current assets | Assets designated at FVTPL | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 151 | 0 |
Fair value | Non-current financial assets | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Assets | 17,010 | 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 | $ 17,010 | $ 17,184 |
Financial Instruments - Finan38
Financial Instruments - Financial Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 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 | $ 240,757 | 246,382 |
Trade payables, Amortized Cost | 240,757 | 246,382 |
Other taxes | 33,880 | 30,463 |
Other taxes, Amortized Cost | 33,880 | 30,463 |
Employee-related payables | 46,372 | 42,275 |
Employee-related payables, Amortized Cost | 46,372 | 42,275 |
Other current liabilities | 21,531 | 15,531 |
Other current liabilities, Amortized Cost | 21,531 | 15,531 |
Financial liabilities | 8,918 | 10,428 |
Financial liabilities, Amortized Cost | 8,918 | 9,876 |
Total liabilities, Amortized Cost | 351,458 | 344,527 |
Total liabilities, Fair value | 351,458 | 345,079 |
Fair value | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trade payables | 240,757 | 246,382 |
Other taxes | 33,880 | 30,463 |
Employee-related payables | 46,372 | 42,275 |
Other current liabilities | 21,531 | 15,531 |
Financial liabilities | 8,918 | 10,428 |
Financial liabilities, Liabilities designated at FVTPL | 0 | 552 |
Total liabilities, Liabilities designated at FVTPL | 0 | 552 |
Total liabilities, Fair value | $ 351,458 | $ 345,079 |
Financial Instruments - Fair Va
Financial Instruments - Fair Value Measurements (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Derivative instruments | $ 151 | |
Total assets measured at fair value | 377,558 | $ 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] | ||
Derivative instruments | 0 | |
Total assets measured at fair value | 244,582 | 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 | 151 | |
Total assets measured at fair value | 132,976 | 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] | ||
Derivative instruments | 0 | |
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 | 84,008 | 54,188 |
Money market funds | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 84,008 | 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 | 132,825 | 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 | 132,825 | 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 | 160,574 | 185,222 |
Cash | Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 160,574 | 185,222 |
Cash | Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 0 | 0 |
Cash | Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | $ 0 | $ 0 |
Trade Receivables (Details)
Trade Receivables (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 | Jun. 30, 2015 | Dec. 31, 2014 |
Receivables [Abstract] | ||||
Trade accounts receivables | $ 276,574 | $ 267,845 | ||
(Less) Allowance for doubtful accounts | (10,138) | (6,264) | $ (5,061) | $ (3,930) |
Net book value at end of period | $ 266,436 | $ 261,581 |
Trade Receivables - Allowance f
Trade Receivables - Allowance for Doubtful Accounts Rollforward (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2016 | Jun. 30, 2015 | |
Allowance for Doubtful Accounts Receivable [Roll Forward] | ||
Balance at January 1 | $ (6,264) | $ (3,930) |
Allowance for doubtful accounts | (4,652) | (1,363) |
Reversal of provision | 806 | 159 |
Change in consolidation scope | 0 | (135) |
Currency translation adjustment | (28) | 208 |
Balance at June 30 | $ (10,138) | $ (5,061) |
Other Current Assets (Details)
Other Current Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Prepayments to suppliers | $ 7,122 | $ 2,774 |
Employee-related receivables | 153 | 94 |
Prepaid expenses | 12,296 | 9,475 |
Other debtors | 3,442 | 3,687 |
Derivative instruments | 151 | 0 |
Gross book value at end of period | 23,164 | 16,030 |
(Less) Allowance for doubtful accounts | 0 | 0 |
Net book value at end of period | $ 23,164 | $ 16,030 |
Intangible assets and Goodwil43
Intangible assets and Goodwill - Intangible Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Finite-Lived Intangible Assets [Line Items] | ||
Remainder of 2016 | $ 3,744 | |
2,017 | 6,018 | |
2,018 | 5,107 | |
2,019 | 1,730 | |
2,020 | 571 | |
Thereafter | 0 | |
Total | 17,170 | $ 16,470 |
Software | ||
Finite-Lived Intangible Assets [Line Items] | ||
Remainder of 2016 | 2,088 | |
2,017 | 3,765 | |
2,018 | 3,157 | |
2,019 | 1,486 | |
2,020 | 571 | |
Thereafter | 0 | |
Total | 11,067 | |
Technology and customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Remainder of 2016 | 1,656 | |
2,017 | 2,253 | |
2,018 | 1,950 | |
2,019 | 244 | |
2,020 | 0 | |
Thereafter | 0 | |
Total | $ 6,103 |
Intangible assets and Goodwil44
Intangible assets and Goodwill - Goodwill (Details) $ in Thousands, € in Millions | May 31, 2016EUR (€) | May 31, 2016USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2015USD ($) | Jun. 30, 2016EUR (€) | Jun. 30, 2016USD ($) | Jun. 30, 2015USD ($) | Jun. 30, 2016USD ($) | Dec. 31, 2015USD ($) |
Business Acquisition [Line Items] | |||||||||
Total consideration paid | $ 5,074 | $ 2,867 | $ 5,074 | $ 20,075 | |||||
Goodwill | $ 46,859 | $ 41,973 | |||||||
Monsieur Drive S.A.S. | |||||||||
Business Acquisition [Line Items] | |||||||||
Total consideration paid | € 4.6 | $ 5,100 | |||||||
Goodwill | € 4.5 | $ 5,000 | |||||||
Acquisition costs | € 0.1 | $ 100 |
Other Current Liabilities (Deta
Other Current Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Other Liabilities Disclosure [Abstract] | ||
Clients' prepayments | $ 7,604 | $ 6,244 |
Accounts payable relating to capital expenditures | 12,787 | 8,037 |
Other creditors | 836 | 1,091 |
Deferred revenue | 304 | 159 |
Total | $ 21,531 | $ 15,531 |
Financial Liabilities - Changes
Financial Liabilities - Changes in Current and Non-Current Financial Liabilities (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 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 | 3,197 |
Repayments of financial liabilities | (4,174) |
Change in scope | 0 |
Other | (567) |
Currency translation adjustment | 34 |
Borrowings, Current portion, Ending balance | 5,562 |
Financial liabilities relating to finance leases, Current portion, Ending balance | 0 |
Other financial liabilities, Current portion, Ending balance | 449 |
Derivative instruments, Current portion, Ending balance | 0 |
Financial liabilities, Current portion, Ending balance | 6,011 |
Borrowings, Non current portion, Ending balance | 2,907 |
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 | 2,907 |
Borrowings, Ending balance | 8,469 |
Financial liabilities relating to finance leases, Ending balance | 0 |
Other financial liabilities, Ending balance | 449 |
Derivative instruments, Ending balance | 0 |
Financial liabilities, Ending balance | 8,918 |
Borrowings | |
Financial Liabilities Activity [Roll Forward] | |
New borrowings | 3,197 |
Repayments of borrowings | (3,979) |
Change in scope | 0 |
Other | 0 |
Currency translation adjustment | 6 |
Financial liabilities relating to finance leases | |
Financial Liabilities Activity [Roll Forward] | |
Repayments of financial liabilities relating to finance leases | (24) |
Change in scope | 0 |
Other | 0 |
Currency translation adjustment | 1 |
Other financial liabilities | |
Financial Liabilities Activity [Roll Forward] | |
Repayments of other financial liabilities | (171) |
Change in scope | 0 |
Other | 0 |
Currency translation adjustment | 12 |
Financial derivatives | |
Financial Liabilities Activity [Roll Forward] | |
Change in scope | 0 |
Other | (567) |
Currency translation adjustment | 15 |
Financial liabilities, Current portion | |
Financial Liabilities Activity [Roll Forward] | |
New borrowings | 3,197 |
Repayments of financial liabilities | (4,174) |
Change in scope | 0 |
Other | (135) |
Currency translation adjustment | (33) |
Financial liabilities, Current portion | Borrowings | |
Financial Liabilities Activity [Roll Forward] | |
New borrowings | 3,197 |
Repayments of borrowings | (3,979) |
Change in scope | 0 |
Other | 432 |
Currency translation adjustment | (61) |
Financial liabilities, Current portion | Financial liabilities relating to finance leases | |
Financial Liabilities Activity [Roll Forward] | |
Repayments of financial liabilities relating to finance leases | (24) |
Change in scope | 0 |
Other | 0 |
Currency translation adjustment | 1 |
Financial liabilities, Current portion | Other financial liabilities | |
Financial Liabilities Activity [Roll Forward] | |
Repayments of other financial liabilities | (171) |
Change in scope | 0 |
Other | 0 |
Currency translation adjustment | 12 |
Financial liabilities, Current portion | Financial derivatives | |
Financial Liabilities Activity [Roll Forward] | |
Change in scope | 0 |
Other | (567) |
Currency translation adjustment | 15 |
Financial liablities, Non current portion | |
Financial Liabilities Activity [Roll Forward] | |
New borrowings | 0 |
Repayments of financial liabilities | 0 |
Change in scope | 0 |
Other | (432) |
Currency translation adjustment | 67 |
Financial liablities, Non current portion | Borrowings | |
Financial Liabilities Activity [Roll Forward] | |
New borrowings | 0 |
Repayments of borrowings | 0 |
Change in scope | 0 |
Other | (432) |
Currency translation adjustment | 67 |
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 |
Equity awards compensation ex47
Equity awards compensation expense - Narrative (Details) | Jun. 28, 2016shares | Apr. 20, 2016shares | Feb. 25, 2016shares | Jan. 29, 2016shares | Jun. 30, 2016grantshares |
RSUs | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of grants | grant | 4 | ||||
RSUs granted (in shares) | 1,075,827 | 140,135 | 181,885 | 1,430,857 | |
OSA/BSPCE | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of grants | grant | 1 | ||||
RSUs granted (in shares) | 429,043 | ||||
BSAs | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of grants | grant | 1 | ||||
Senior management | RSUs | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
RSUs granted (in shares) | 33,010 | ||||
Board member | BSAs | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
RSUs granted (in shares) | 9,100 |
Equity awards compensation ex48
Equity awards compensation expense - Change in Number of BSPCE / OSA / RSU / BSA (Details) - shares | Jun. 28, 2016 | Apr. 20, 2016 | Feb. 25, 2016 | Jun. 30, 2016 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments [Roll Forward] | ||||
Beginning balance (in shares) | 7,798,349 | |||
Granted (in shares) | 1,869,000 | |||
Exercised (in shares) | (1,067,982) | |||
Forfeited (in shares) | (401,254) | |||
Expired (in shares) | 0 | |||
Ending balance (in shares) | 8,198,113 | |||
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) | 429,043 | |||
Exercised, options (in shares) | (1,055,982) | |||
Forfeited, options (in shares) | (315,788) | |||
Expired, options (in shares) | 0 | |||
Ending balance, options (in shares) | 5,605,127 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Granted (in shares) | 429,043 | |||
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) | 1,075,827 | 140,135 | 181,885 | 1,430,857 |
Forfeited (in shares) | (83,026) | |||
Ending balance (in shares) | 2,443,416 | |||
BSAs | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||
Beginning balance, options (in shares) | 154,910 | |||
Granted, options (in shares) | 9,100 | |||
Exercised, options (in shares) | (12,000) | |||
Forfeited, options (in shares) | (2,440) | |||
Expired, options (in shares) | 0 | |||
Ending balance, options (in shares) | 149,570 |
Equity awards compensation ex49
Equity awards compensation expense - Breakdown of the Closing Balance (Details) - € / shares | 6 Months Ended | |
Jun. 30, 2016 | Dec. 31, 2015 | |
OSA/BSPCE | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number outstanding, options (in shares) | 5,605,127 | 6,547,854 |
Weighted-average exercise price, options (in Euro per share) | € 23.36 | |
Number exercisable, options (in shares) | 2,442,449 | |
Weighted-average exercise price, options (in Euro per share) | € 14.92 | |
Weighted-average remaining contractual life of options outstanding, in years | 7 years 8 months 12 days | |
RSU | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number outstanding (in shares) | 2,443,416 | 1,095,585 |
BSAs | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number outstanding, options (in shares) | 149,570 | 154,910 |
Weighted-average exercise price, options (in Euro per share) | € 14.96 | |
Number exercisable, options (in shares) | 110,567 | |
Weighted-average exercise price, options (in Euro per share) | € 10.03 | |
Weighted-average remaining contractual life of options outstanding, in years | 7 years 1 month 6 days |
Equity awards compensation ex50
Equity awards compensation expense - Share-based compensation expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Share-based compensation expense | $ (7,695) | $ (5,325) | $ (16,065) | $ (11,642) |
R&D | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Share-based compensation expense | (2,179) | (1,162) | (4,581) | (2,640) |
S&O | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Share-based compensation expense | (2,488) | (2,903) | (5,878) | (6,357) |
G&A | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Share-based compensation expense | (3,028) | (1,260) | (5,606) | (2,645) |
RSUs | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Share-based compensation expense | (4,459) | 0 | (8,483) | 0 |
RSUs | R&D | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Share-based compensation expense | (1,459) | 0 | (2,715) | 0 |
RSUs | S&O | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Share-based compensation expense | (1,816) | 0 | (3,484) | 0 |
RSUs | G&A | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Share-based compensation expense | (1,184) | 0 | (2,284) | 0 |
Share options / BSPCE | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Share-based compensation expense | (2,774) | (5,247) | (7,031) | (11,544) |
Share options / BSPCE | R&D | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Share-based compensation expense | (720) | (1,162) | (1,866) | (2,640) |
Share options / BSPCE | S&O | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Share-based compensation expense | (672) | (2,903) | (2,394) | (6,357) |
Share options / BSPCE | G&A | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Share-based compensation expense | (1,382) | (1,182) | (2,771) | (2,547) |
Share-based compensation | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Share-based compensation expense | (7,233) | (5,247) | (15,514) | (11,544) |
Share-based compensation | R&D | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Share-based compensation expense | (2,179) | (1,162) | (4,581) | (2,640) |
Share-based compensation | S&O | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Share-based compensation expense | (2,488) | (2,903) | (5,878) | (6,357) |
Share-based compensation | G&A | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Share-based compensation expense | (2,566) | (1,182) | (5,055) | (2,547) |
BSAs | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Share-based compensation expense | (462) | (78) | (551) | (98) |
BSAs | R&D | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Share-based compensation expense | 0 | 0 | 0 | 0 |
BSAs | S&O | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Share-based compensation expense | 0 | 0 | 0 | 0 |
BSAs | G&A | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||||
Share-based compensation expense | $ (462) | $ (78) | $ (551) | $ (98) |
Financial Income and Expenses -
Financial Income and Expenses - Financial income (expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Other Income and Expenses [Abstract] | ||||
Financial income from cash equivalents | $ 482 | $ 391 | $ 870 | $ 942 |
Interest on debt | (612) | (289) | (1,088) | (459) |
Foreign exchange gain (loss) | 41 | (2,654) | (1,175) | 1,036 |
Other financial expense | (5) | 6 | (19) | (145) |
Total financial income (expense) | $ (94) | $ (2,546) | $ (1,412) | $ 1,374 |
Financial Income and Expenses52
Financial Income and Expenses - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Other Income and Expenses [Abstract] | ||||
Financial income (expense) | $ (94) | $ (2,546) | $ (1,412) | $ 1,374 |
Income Taxes - Breakdown of Inc
Income Taxes - Breakdown of Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Income Tax Disclosure [Abstract] | ||||
Current income tax | $ (7,735) | $ (3,565) | $ (16,818) | $ (10,678) |
France | (5,050) | (1,347) | (8,172) | (5,934) |
International | (2,685) | (2,218) | (8,646) | (4,744) |
Net change in deferred taxes | 3,285 | 2,200 | 4,424 | 2,170 |
France | 3,001 | 980 | 4,216 | 949 |
International | 284 | 1,220 | 208 | 1,221 |
Provision for income taxes | $ (4,450) | $ (1,365) | $ (12,394) | $ (8,508) |
Earnings Per Share - Basic Earn
Earnings Per Share - Basic Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Earnings Per Share [Abstract] | ||||
Net income attributable to shareholders of Criteo S.A. | $ 12,200 | $ 3,540 | $ 29,330 | $ 16,522 |
Weighted average number of shares outstanding (in shares) | 63,246,785 | 61,719,367 | 62,928,221 | 61,448,678 |
Basic earnings per share (in USD per share) | $ 0.19 | $ 0.06 | $ 0.47 | $ 0.27 |
Earnings Per Share - Diluted Ea
Earnings Per Share - Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Earnings Per Share [Abstract] | ||||
Net income attributable to shareholders of Criteo S.A. | $ 12,200 | $ 3,540 | $ 29,330 | $ 16,522 |
Weighted average number of shares outstanding (in shares) | 63,246,785 | 61,719,367 | 62,928,221 | 61,448,678 |
Dilutive effect of : | ||||
Restricted share units (RSU's) (in shares) | 189,980 | 0 | 94,990 | 0 |
Share options and employee warrants (BSPCEs) (in shares) | 2,104,298 | 3,423,409 | 2,124,592 | 3,422,392 |
Non-employees warrants (BSAs) (in shares) | 84,034 | 136,835 | 85,135 | 141,617 |
Weighted average number of shares outstanding used to determine diluted earnings per share (in shares) | 65,625,097 | 65,279,611 | 65,232,938 | 65,012,687 |
Diluted earnings per share (in USD per share) | $ 0.19 | $ 0.05 | $ 0.45 | $ 0.25 |
Earnings Per Share - Weighted A
Earnings Per Share - Weighted Average Number of Anti-Dilutive Securities (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 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) | 958,970 | 1,095,368 | 914,940 | 761,847 |
Restricted share units (RSUs) | ||||
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) | 134,112 | 0 | 502,511 | 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) | 824,858 | 1,069,738 | 412,429 | 749,032 |
BSAs | ||||
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 | 25,630 | 0 | 12,815 |
Commitments and contingencies -
Commitments and contingencies - Commitments (Details) $ in Thousands, € in Millions, ¥ in Millions | 3 Months Ended | 6 Months Ended | ||||||||
Jun. 30, 2016USD ($) | Jun. 30, 2015USD ($) | Jun. 30, 2016USD ($) | Jun. 30, 2016CNY (¥) | Jun. 30, 2015USD ($) | Jun. 30, 2016EUR (€) | Jun. 30, 2016USD ($) | Jun. 30, 2016CNY (¥) | Dec. 31, 2015USD ($) | Dec. 31, 2015CNY (¥) | |
Commitments and Contingencies Disclosure [Abstract] | ||||||||||
Operating lease expenses | $ 7,600 | $ 6,700 | $ 15,000 | $ 11,600 | ||||||
Hosting costs | $ 10,500 | $ 7,100 | 19,800 | $ 13,600 | ||||||
Debt Instrument [Line Items] | ||||||||||
Amount drawn on revolving loan facility | $ 8,469 | $ 9,245 | ||||||||
Revolving credit facility | RCF | HSBC revolving loan facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Increase in credit facility | $ 700 | ¥ 5 | ||||||||
Revolving credit facility, maximum borrowing capacity | 6,000 | ¥ 40 | ||||||||
Amount drawn on revolving loan facility | 4,500 | ¥ 30 | $ 3,800 | ¥ 25 | ||||||
Revolving credit facility | RCF | Bank syndicate RCF | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Revolving credit facility, maximum borrowing capacity | € 250 | $ 277,600 |
Commitments and contingencies58
Commitments and contingencies - Contingencies (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2016USD ($) | |
Loss Contingency Accrual [Roll Forward] | |
Contingencies accrual, beginning balance | $ 668 |
Charges | 444 |
Provision used | (445) |
Provision released not used | (389) |
Change in consolidation scope | 0 |
Currency translation adjustments | 5 |
Other | 0 |
Contingencies accrual, ending balance | 283 |
Contingencies accrual, of which current | 283 |
Contingencies accrual, of which non-current | 0 |
Provision for employee related litigation | |
Loss Contingency Accrual [Roll Forward] | |
Contingencies accrual, beginning balance | 236 |
Charges | 444 |
Provision used | (405) |
Provision released not used | 0 |
Change in consolidation scope | 0 |
Currency translation adjustments | 8 |
Other | 0 |
Contingencies accrual, ending balance | 283 |
Contingencies accrual, of which current | 283 |
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 | (44) |
Change in consolidation scope | 0 |
Currency translation adjustments | 0 |
Other | 0 |
Contingencies accrual, ending balance | 0 |
Contingencies accrual, of which current | 0 |
Contingencies accrual, of which non-current | 0 |
Other provisions | |
Loss Contingency Accrual [Roll Forward] | |
Contingencies accrual, beginning balance | 388 |
Charges | 0 |
Provision used | (40) |
Provision released not used | (345) |
Change in consolidation scope | 0 |
Currency translation adjustments | (3) |
Other | 0 |
Contingencies accrual, ending balance | 0 |
Contingencies accrual, of which current | 0 |
Contingencies accrual, of which non-current | $ 0 |
Breakdown of Revenue and Non-59
Breakdown of Revenue and Non-Current Assets by Geographical Areas - Revenue by Geographical Area (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue | $ 407,201 | $ 299,306 | $ 808,454 | $ 593,478 |
Americas | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue | 156,522 | 110,872 | 303,695 | 211,496 |
EMEA | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue | 153,899 | 126,807 | 313,305 | 259,015 |
Asia-Pacific | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue | $ 96,780 | $ 61,627 | $ 191,454 | $ 122,967 |
Breakdown of Revenue and Non-60
Breakdown of Revenue and Non-Current Assets by Geographical Areas - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue | $ 407,201 | $ 299,306 | $ 808,454 | $ 593,478 |
Consolidated revenue | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Largest client percent of consolidated revenue, percentage | 2.30% | 2.00% | ||
France | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue | $ 30,900 | $ 27,300 | $ 63,400 | $ 57,900 |
Breakdown of Revenue and Non-61
Breakdown of Revenue and Non-Current Assets by Geographical Areas - Revenue by Significant Other Countries (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2016 | Jun. 30, 2015 | Jun. 30, 2016 | Jun. 30, 2015 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue | $ 407,201 | $ 299,306 | $ 808,454 | $ 593,478 |
United States | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue | 134,351 | 90,346 | 261,264 | 171,007 |
Germany | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue | 30,891 | 25,161 | 64,586 | 53,607 |
United Kingdom | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue | 27,230 | 26,331 | 55,739 | 52,274 |
Japan | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue | $ 66,590 | $ 42,255 | $ 132,564 | $ 86,762 |
Breakdown of Revenue and Non-62
Breakdown of Revenue and Non-Current Assets by Geographical Areas - Other Information (Details) - USD ($) $ in Thousands | Jun. 30, 2016 | Dec. 31, 2015 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Non-current assets | $ 114,406 | $ 98,952 |
Americas | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Non-current assets | 26,219 | 24,437 |
United States | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Non-current assets | 25,170 | 23,332 |
Europe | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Non-current assets | 7,601 | 8,847 |
Asia-Pacific | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Non-current assets | 31,693 | 17,508 |
Japan | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Non-current assets | 10,619 | 7,807 |
Holding | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Non-current assets | $ 48,893 | $ 48,160 |