Criteo (CRTO) 10-Q 10 May 17 2017 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2017	Apr. 30, 2017
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	2,017
Document Fiscal Period Focus	Q1
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2017
Entity Common Stock, Shares Outstanding		64,754,393

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (UNAUDITED) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Current assets:
Cash and cash equivalents	$ 303,813	$ 270,317
Trade receivables, net of allowances	340,837	397,244
Income taxes	3,560	2,741
Other taxes	44,834	52,942
Other current assets	22,772	19,340
Total current assets	715,816	742,584
Property, plant and equipment, net	115,415	108,581
Intangible assets, net	107,962	102,944
Goodwill	232,138	209,418
Non-current financial assets	19,857	17,029
Deferred tax assets	46,201	30,630
Total non-current assets	521,573	468,602
Total assets	1,237,389	1,211,186
Current liabilities:
Trade payables	295,602	365,788
Contingencies	980	654
Income taxes	14,969	14,454
Financial liabilities - current portion	84,398	7,969
Other taxes	41,414	44,831
Employee - related payables	53,862	55,874
Other current liabilities	35,032	30,221
Total current liabilities	526,257	519,791
Deferred tax liabilities	28,900	686
Retirement benefit obligation	3,276	3,221
Financial liabilities - non current portion	2,620	77,611
Other non-current liabilities	4,697	0
Total non-current liabilities	39,493	81,518
Total liabilities	565,750	601,309
Commitments and contingencies
Shareholders' equity:
Common shares, €0.025 per value, 63,978,204 and 64,665,637 shares authorized, issued and outstanding at December 31, 2016 and March 31, 2017, respectively.	2,112	2,093
Additional paid-in capital	514,649	488,277
Accumulated other comprehensive (loss)	(79,742)	(88,593)
Retained earnings	222,239	198,355
Equity-attributable to shareholders of Criteo S.A.	659,258	600,132
Non-controlling interests	12,381	9,745
Total equity	671,639	609,877
Total equity and liabilities	$ 1,237,389	$ 1,211,186

CONDENSED CONSOLIDATED STATEME3

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (UNAUDITED) (PARENTHETICAL) - € / shares	Mar. 31, 2017	Dec. 31, 2016
Statement of Financial Position [Abstract]
Common shares, par value (in Euro per share)	€ 0.025	€ 0.025
Common shares authorized (in shares)	64,665,637	63,978,204
Common shares issued (in shares)	64,665,637	63,978,204
Common shares outstanding (in shares)	64,665,637	63,978,204

CONDENSED CONSOLIDATED STATEME4

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Income Statement [Abstract]
Revenue	$ 516,667	$ 401,253
Cost of revenue:
Traffic acquisition costs	(306,693)	(238,755)
Other cost of revenue	(27,155)	(18,338)
Gross profit	182,819	144,160
Operating expenses:
Research and development expenses	(39,521)	(27,162)
Sales and operations expenses	(90,730)	(64,473)
General and administrative expenses	(31,516)	(24,737)
Total operating expenses	(161,767)	(116,372)
Income from operations	21,052	27,788
Financial income (expense)	(2,333)	(1,317)
Income before taxes	18,719	26,471
Provision for income taxes	(4,201)	(7,944)
Net income	14,518	18,527
Net income available to shareholders of Criteo S.A.	12,442	17,131
Net income available to non-controlling interests	$ 2,076	$ 1,396
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	$ 0.27
Net income allocated to shareholders per share, Diluted (in USD per share)	$ 0.18	$ 0.26
Weighted average shares outstanding used in computing per share amounts, Basic (in shares)	64,189,194	62,610,013
Weighted average shares outstanding used in computing per share amounts, Diluted (in shares)	67,283,012	64,841,134

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Statement of Comprehensive Income [Abstract]
Net income	$ 14,518	$ 18,527
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Adjustment, Net of Tax [Abstract]
Foreign currency translation differences, net of taxes	9,092	20,689
Foreign currency translation differences	9,092	20,689
Income tax effect	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	253	(200)
Actuarial losses on employee benefits	297	(238)
Income tax effect	(44)	38
Other Comprehensive Income (Loss), Derivatives Qualifying as Hedges, Net of Tax [Abstract]
Financial instruments, net of taxes	0	0
Fair value change on financial instruments	0	0
Income tax effect	0	0
Comprehensive income (loss)	23,863	39,016
Comprehensive income (loss), Attributable to shareholders of Criteo S.A	21,293	37,245
Comprehensive income, Attributable to non-controlling interests	$ 2,570	$ 1,771

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2017	Mar. 31, 2016
Cash from operating activities
Net income		$ 14,518	$ 18,527
Non-cash and non-operating items [Abstract]
Non-cash and non-operating items		41,473	29,506
- Amortization and provisions		22,316	13,180
- Equity awards compensation expense	[1]	14,940	8,370
- Interests accrued and non-cash financial income and expenses		16	12
- Change in deferred taxes		(6,870)	(1,138)
- Income tax for the period		11,071	9,082
Change in working capital requirement
Change in working capital requirement		(70)	(17,140)
- Decrease in trade receivables		59,569	4,758
- Decrease in trade payables		(75,030)	(13,906)
- (Increase)/Decrease in other current assets		8,253	(10,368)
- Increase in other current liabilities		7,138	2,376
Income taxes paid		(11,683)	(11,986)
Cash from operating activities		44,238	18,907
Cash used in investing activities
Acquisition of intangibles assets, property, plant and equipment		(23,267)	(13,615)
Change in accounts payable related to intangible assets, property, plant and equipment		(4,939)	1,507
Change in other financial non-current assets		(431)	781
Cash used in investing activities		(28,637)	(11,327)
Cash used in investing activities
Issuance of long-term borrowings		0	764
Repayment of borrowings		(2,053)	(1,503)
Proceeds from capital increase		12,937	5,476
Change in other financial liabilities		119	0
Cash from financing activities		11,003	4,737
Change in net cash and cash equivalents		26,604	12,317
Net cash and cash equivalents - beginning of period		270,317	353,537
Effect of exchange rate changes on cash and cash equivalents		6,892	20,256
Net cash and cash equivalents - end of period		303,813	386,110
Share-based compensation expense		$ 14,583	$ 8,281
[1]	$8.3 million and $14.6 million of equity awards compensation expense consisted of share-based compensation expense according to ASC 718 Compensation - stock compensation for the quarter ended March 31, 2016 and 2017, respectively.

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2017
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Criteo S.A. is a global technology company specialized in digital performance marketing. We strive to deliver post-click sales to our advertiser clients at scale and according to the client's targeted return on investment. In these notes, Criteo S.A. is referred to as the "Parent" company and together with its subsidiaries, collectively, as "Criteo," the "Company," the "Group," or "we". The Company uses its proprietary predictive software algorithms coupled with its deep insights into expressed consumer intent and purchasing habits to price and deliver highly relevant and personalized performance advertisements to consumers in real time. 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, 2016 , filed with the SEC on March 1, 2017. 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 and particularly the determination as to whether revenue should be reported on a gross or a net basis; (2) the evaluation of our trade receivables and the recognition of a valuation allowance for doubtful accounts; (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, 2016 that have had a material impact on our unaudited condensed consolidated financial statements and related notes. Accounting Pronouncements adopted in 2017 From January 1, 2017, we adopted ASU 2016-09, Compensation-Stock Compensation (Topic 718): Improvement to Employee Share-based Payment Accounting issued by the Financial Accounting Standards Board (FASB), which among other items, simplifies certain aspects of the accounting for share-based payment transactions to employees. The new standard particularly requires excess tax benefits and tax deficiencies to be recorded in the statements of income as a component of the provision for income taxes when stock awards vest or are settled. The effective date is January 1, 2017. Upon adoption, a cumulative effect of $10.0 million of this change has been recognized through retained earnings. The adoption of the standard also resulted in a current year tax expense of $0.8 million which previously would have been recognized in the current period in additional paid-in capital. Accounting Pronouncements not yet adopted In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805) ("ASU 2017-01") the purpose of which is to change the definition of a business to assist entities in evaluating when a set of transferred assets and activities is a business. This update will be effective for annual periods beginning after December 15, 2017, including interim periods within those periods. The adoption of ASU 2017-01 is not expected to have a material impact on our financial position or results of operations. In January 2017, the FASB issued ASU 2017-04 Goodwill and Other (Topic 350) . ASU 2017-04 simplifies the subsequent measurement of goodwill and reduces the cost and complexity of evaluating goodwill for impairment. It eliminates the need for entities to calculate the implied fair value of goodwill by assigning the fair value of a reporting unit to all of its assets and liabilities as if that reporting unit had been acquired in a business combination. Under this amendment, an entity will perform its goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An impairment charge is recognized for the amount by which the carrying value exceeds the reporting unit's fair value. This update will be effective for annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2019. The adoption of ASU 2017-04 is not expected to have a material impact on our financial position or results of operations. In March 2017, FASB issued ASU 2017-07 Compensation-Retirements Benefits (Topic 715). ASU 2017-07 requires that an employer disaggregate the service cost component from the other components of net benefit cost. The amendments also provide explicit guidance on how to present the service cost component and the other components of net benefit cost in the income statement and allow only the service cost component of net benefit cost to be eligible for capitalization. The amendments in ASU 2017-07 improve the consistency, transparency, and usefulness of financial information to users that have communicated that the service cost component generally is analyzed differently from the other components of net benefit cost. This update will be effective for annual periods beginning after December 15, 2017, including interim periods within those annual periods. The amendments in ASU 2017-07 should be applied retrospectively for the presentation of the service cost component and the other components of net periodic pension cost and net periodic post-retirement benefit cost in the income statement and prospectively, on and after the effective date, for the capitalization of the service cost component of net periodic pension cost and net periodic post-retirement benefit in assets. We intend to adopt the standard on the effective date of January 1, 2018. The adoption of ASU 2017-07 is not expected to have a material impact on our financial position or results of operations.

Significant Events and Transact

Significant Events and Transactions of the Period	3 Months Ended
	Mar. 31, 2017
Significant Events and Transactions of the Period Disclosure [Abstract]
Significant Events and Transactions of the Period	Significant Events and Transactions of the Period Amendment on Group Revolving Credit Facility agreement In September 2015, Criteo S.A. entered into a Multicurrency Revolving Facility Agreement for general purposes of the Group including the funding of business combinations. On March 29, 2017, this agreement was amended by, among other things, increasing the amount of facility from €250.0 million to €350.0 million and extending the term of the contract from 2020 to 2022.

Financial Instruments

Financial Instruments	3 Months Ended
	Mar. 31, 2017
Fair Value Disclosures [Abstract]
Financial Instruments	Financial Instruments Credit Risk The maximum exposure to credit risk at the end of each reported period is represented by the carrying amount of financial assets, and summarized in the following table: December 31, 2016 March 31, 2017 Cash and cash equivalents $ 270,317 $ 303,813 Trade receivables, net of allowance 397,244 340,837 Other taxes 52,942 44,834 Other current assets 19,340 22,772 Non-current financial assets $ 17,029 $ 19,857 Total $ 756,872 $ 732,113 As of December 31, 2016 and March 31, 2017 , no customer accounted for 10% or more of trade receivables. We perform ongoing credit evaluations of our customers and do not require collateral. We maintain an allowance for estimated credit losses. During the twelve-month period ended December 31, 2016 and the three-month period ended March 31, 2017, our net change in allowance for doubtful accounts was $5.4 million and $1.5 million , respectively. For our financial assets, the fair value approximates the carrying amount, given the nature of the financial assets and the maturity of the expected cash flows. 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. Trade Receivables Credit risk is defined as an unexpected loss in cash and earnings if the client is unable to pay its obligations in due time. We perform internal ongoing credit risk evaluations of our clients. When a possible risk exposure is identified, we require prepayments. For each period presented, the aging of trade receivables and allowances for potential losses is as follows: December 31, 2016 March 31, 2017 Gross value % Allowance % Gross value % Allowance % (in thousands) (in thousands) (in thousands) (in thousands) Not yet due $ 265,600 65.0 % $ — — % $ 232,460 65.5 % $ (735 ) 5.6 % 0 - 30 days 92,163 22.5 % (49 ) 0.4 % 70,289 19.9 % (360 ) 2.7 % 31 - 60 days 19,747 4.8 % (182 ) 1.6 % 16,196 4.6 % (628 ) 4.7 % 61 - 90 days 6,055 1.5 % (191 ) 1.6 % 8,022 2.3 % (380 ) 2.9 % > 90 days 25,277 6.2 % (11,176 ) 96.4 % 27,099 7.7 % (11,126 ) 84.2 % Total $ 408,842 100.0 % $ (11,598 ) 100.0 % $ 354,066 100.0 % $ (13,229 ) 100.1 % Financial Liabilities December 31, 2016 Carrying Value Fair value (in thousands) Trade payables $ 365,788 $ 365,788 Other taxes 44,831 44,831 Employee-related payables 55,874 55,874 Other current liabilities 30,221 30,221 Financial liabilities 85,580 85,580 of which derivative financial instruments 1,968 1,968 Total $ 582,294 $ 582,294 March 31, 2017 Carrying Value Fair value (in thousands) Trade payables $ 295,602 $ 295,602 Other taxes 41,414 41,414 Employee-related payables 53,862 53,862 Other current liabilities 35,032 35,032 Financial liabilities 87,018 87,018 of which derivative financial instruments 4,186 $ 4,186 Total $ 512,928 $ 512,928 Cash and Cash equivalents Fair Value Measurement Using December 31, 2016 Level 1 Level 2 Level 3 (in thousands) Money market funds $ 31,688 $ 31,688 $ — $ — Interest-bearing bank deposits 88,091 — 88,091 — Cash and cash equivalents 150,538 150,538 — — Total Cash and cash equivalents $ 270,317 $ 182,226 $ 88,091 $ — Fair Value Measurement Using March 31, 2017 Level 1 Level 2 Level 3 (in thousands) Money market funds $ — $ — $ — $ — Interest-bearing bank deposits 87,377 — 87,377 — Cash and cash equivalents 216,436 216,436 — — Total Cash and cash equivalents $ 303,813 $ 216,436 $ 87,377 $ — The short-term investments included investments in money market funds and interest–bearing bank deposits which met ASC 230— Statement of Cash flows criteria: short-term, highly liquid investments, for which the risks of changes in value are considered to be insignificant.

Trade Receivables

Trade Receivables	3 Months Ended
	Mar. 31, 2017
Receivables [Abstract]
Trade Receivables	Trade Receivables The following table shows the breakdown in trade receivables net book value for the presented periods: December 31, 2016 March 31, 2017 (in thousands) Trade accounts receivables $ 408,842 $ 354,066 (Less) Allowance for doubtful accounts (11,598 ) (13,229 ) Net book value at end of period $ 397,244 $ 340,837 Changes in allowance for doubtful accounts are summarized below: 2016 2017 (in thousands) Balance at January 1 $ (6,264 ) $ (11,598 ) Allowance for doubtful accounts (906 ) (3,686 ) Reversal of provision 366 2,142 Currency translation adjustment (147 ) (87 ) Balance at March 31 $ (6,951 ) $ (13,229 ) The change in allowance for doubtful accounts for the first quarter of 2017 related mainly to increased business with categories of clients associated with a higher credit risk.

Other Current Assets

Other Current Assets	3 Months Ended
	Mar. 31, 2017
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, 2016 March 31, 2017 (in thousands) Prepayments to suppliers $ 2,439 $ 4,114 Other debtors 3,263 2,816 Prepaid expenses 13,638 15,842 Gross book value at end of period 19,340 22,772 Net book value at end of period $ 19,340 $ 22,772 Prepaid expenses mainly consist of office rentals.

Intangible Assets

Intangible Assets	3 Months Ended
	Mar. 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible Assets	Intangible assets The main changes in intangible assets since December 31, 2016 relate to purchase accounting adjustments to technology and customer relationships regarding HookLogic, which were identified as intangible assets further to the preliminary purchase price allocation. A change in this preliminary valuation may also impact the income tax related accounts. The amounts shown below may change in the near term as management continues to assess the fair value of acquired assets and liabilities within the twelve-month purchase price allocation period. December 31, 2016 March 31, 2017 Weighted-Average Useful Lives (Years) Amounts recognized as of Acquisition Date (in millions) Weighted-Average Useful Lives (Years) Amounts recognized as of Acquisition Date (in millions) Technology 3-5 years 24.4 3 years 15.3 Customer relationships 5-9 years $ 60.0 9 years $ 77.7 Total identifiable intangible assets acquired $ 84.4 $ 93.0 In addition, no triggering events have occurred which would indicate impairment in the balance of 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 From April 1, to December 31, 2017 $ 4,436 $ 12,207 $ 16,643 2018 5,246 16,122 21,368 2019 3,091 14,148 17,239 2020 1,278 8,628 9,906 2021 389 8,628 9,017 Thereafter — 33,789 33,789 Total $ 14,440 $ 93,522 $ 107,962

Goodwill

Goodwill	3 Months Ended
	Mar. 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Goodwill	Goodwill Goodwill (in thousands) Balance at January 1, 2017 209,418 Additions to goodwill 22,327 Currency translation adjustment 393 Balance at March 31, 2017 $ 232,138 The main changes in goodwill since December 31, 2016 relate to purchase accounting adjustments to intangible assets regarding HookLogic, further to the preliminary purchase price allocation (note 6). In addition, no triggering events have occurred which would indicate impairment in the balance of goodwill.

Other Current Liabilities

Other Current Liabilities	3 Months Ended
	Mar. 31, 2017
Other Liabilities Disclosure [Abstract]
Other Current Liabilities	Other Current Liabilities Other current liabilities are presented in the following table: December 31, 2016 March 31, (in thousands) Clients' prepayments $ 9,176 $ 12,816 Accounts payable relating to capital expenditures 15,484 10,657 Other creditors $ 2,440 $ 10,232 Deferred revenue $ 3,121 $ 1,327 Total $ 30,221 $ 35,032

Financial Liabilities

Financial Liabilities	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
Financial Liabilities	Financial Liabilities The changes in current and non-current financial liabilities during the period ended March 31, 2016 are illustrated in the following schedules: As of January 1, 2017 New borrowings Repayments Change in scope Other (1) Currency translation adjustment As of March 31, 2017 (in thousands) Borrowings $ 5,524 $ — $ (2,053 ) $ — $ 76,546 $ 52 $ 80,069 Other financial liabilities 477 — (241 ) — (96 ) 3 143 Derivative instruments 1,968 — — — 2,181 37 4,186 Current portion 7,969 — (2,294 ) — 78,631 92 84,398 Borrowings 77,397 — — — (76,546 ) 1,096 1,947 Other financial liabilities 214 360 — — 99 — 673 Non current portion 77,611 360 — — (76,447 ) 1,096 2,620 Borrowings 82,921 — (2,053 ) — — 1,148 82,016 Other financial liabilities 691 360 (241 ) — 3 3 816 Derivative instruments 1,968 — — — 2,181 37 4,186 Total $ 85,580 $ 360 $ (2,294 ) $ — $ 2,184 $ 1,188 $ 87,018 (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 several loan agreements and revolving credit facilities, or RCF, with third-party financial institutions. The only changes 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, 2016 are the amendment to the revolving credit facility entered into in September 2015, which, among other things, increased the facility amount from €250.0 million to €350.0 million and the amendment of the HSBC Chinese RCF which increased the facility amount from RMB 40.0 million to RMB 50.0 million

Share-Based Compensatoin

Share-Based Compensatoin	3 Months Ended
	Mar. 31, 2017
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share-Based Compensation	Share-Based Compensation The board of directors has been authorized by the general meeting of the shareholders to grant employee warrants (Bons de Souscription de Parts de Créateur d’Entreprise or "BSPCEs"), share options (Options de Souscription d'Actions or "OSAs"), free shares/restricted share units ("RSUs") and non-employee warrants ( Bons de Souscription d'Actions or "BSAs") . During the first quarter of 2017, there was one grant of RSUs under the Employee Share Option Plan 9 and one grant of BSAs under the Plan F, 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, 2016. On March 1, 2017, 231,460 RSUs were granted to Criteo employees subject to continued employment and 10,825 BSAs were granted to a board member subject to continued engagement on the board of directors. 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, 2016, filed with the SEC on March 1, 2017. Change in Number of BSPCE/OSA/RSU/BSA OSA/BSPCE RSU BSA Total Balance at January 1, 2017 4,960,092 3,243,279 188,125 8,391,496 Granted — 231,460 10,825 242,285 Exercised (671,993 ) — (15,440 ) (687,433 ) Forfeited (44,597 ) (76,377 ) — (120,974 ) Expired — — — — Balance at March 31, 2017 4,243,502 3,398,362 183,510 7,825,374 Breakdown of the Closing Balance OSA/BSPCE RSU BSA Number outstanding 4,243,502 3,398,362 183,510 Weighted-average exercise price € 24.67 NA € 19.68 Number exercisable 2,326,206 10,460 112,435 Weighted-average exercise price € 18.69 NA € 11.76 Weighted-average remaining contractual life of options outstanding, in years 7.20 NA 7.13 Reconciliation with the Consolidated Statements of Income Three Months Ended March 31, 2016 March 31, 2017 (in thousands) R&D S&O G&A Total R&D S&O G&A Total RSUs $ (1,256 ) $ (1,668 ) $ (1,101 ) $ (4,025 ) $ (3,472 ) $ (6,260 ) $ (2,728 ) $ (12,460 ) Share options / BSPCE (1,146 ) (1,722 ) (1,388 ) (4,256 ) (444 ) (450 ) (1,229 ) (2,123 ) Total share-based compensation (2,402 ) (3,390 ) (2,489 ) (8,281 ) (3,916 ) (6,710 ) (3,957 ) (14,583 ) BSAs — — (89 ) (89 ) — — (357 ) (357 ) Total equity awards compensation expense $ (2,402 ) $ (3,390 ) $ (2,578 ) $ (8,370 ) $ (3,916 ) $ (6,710 ) $ (4,314 ) $ (14,940 )

Financial Income and Expenses

Financial Income and Expenses	3 Months Ended
	Mar. 31, 2017
Other Income and Expenses [Abstract]
Financial Income and Expenses	Financial Income and Expenses The condensed consolidated statements of income line item “Financial income (expense)” can be broken down as follows: Three Months Ended March 31, March 31, (in thousands) Financial income from cash equivalents $ 388 $ 248 Interest and fees (476 ) (757 ) Interest on debt (270 ) (568 ) Fees (206 ) (189 ) Foreign exchange gain (loss) $ (1,216 ) $ (1,808 ) Other financial expense (13 ) (16 ) Total financial income (expense) $ (1,317 ) $ (2,333 ) The $2.3 million financial (expense) is driven by the interest accrued as a result of drawing on the revolving credit facility entered into in September 2015 and the hedging cost related to an intra-group position between Criteo S.A. and its U.S. subsidiary, both in the context of the funding of HookLogic acquisition in November 2016. The $1.3 million financial expense for the three months ended March 31, 2016 was mainly a result of the weakening of the Brazilian Real which resulted in losses on intra-group positions denominated in this currency. At the end of March 2017, the main positions bearing a foreign currency risk 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	3 Months Ended
	Mar. 31, 2017
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Breakdown of Income Taxes The condensed consolidated statements of income line item “Provision for income taxes” can be broken down as follows: Three Months Ended March 31, March 31, (in thousands) Current income tax $ (9,082 ) $ (11,071 ) France (3,121 ) (4,572 ) International (5,961 ) (6,499 ) Net change in deferred taxes 1,138 6,870 France 1,216 601 International (78 ) 6,269 Provision for income taxes $ (7,944 ) $ (4,201 ) Our tax provision for interim periods is determined using an estimate of our annual effective tax rate (“AETR”), adjusted for discrete items arising in that quarter. 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. For the three months ended March 31, 2016 and 2017 , we utilized an annual estimated tax rate of 30% and 29% respectively to calculate the provision for income taxes. The effective tax rate was 30% and 22% for the first quarter 2016 and 2017, respectively. The effective tax rate for three months ended March 31, 2017 decreased compared to the same period in 2016 , primarily due to the tax impact of discrete items such as share-based compensation in the United States. 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 Criteo B.V. The current tax liabilities refers mainly to the net corporate tax payables of Criteo S.A., Criteo Srl, and Criteo KK.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2017
Earnings Per Share [Abstract]
Earnings Per Share	Earnings Per Share Basic Earnings Per Share We calculate basic earnings per share by dividing the net income for the period attributable to shareholders of the Parent by the weighted average number of shares outstanding. Three Months Ended March 31, 2016 March 31, 2017 (in thousands, except share and per share data) Net income attributable to shareholders of Criteo S.A. $ 17,131 $ 12,442 Weighted average number of shares outstanding 62,610,013 64,189,194 Basic earnings per share $ 0.27 $ 0.19 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 10). There were no other potentially dilutive instruments outstanding as of March 31, 2016 and 2017 . 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 March 31, 2016 March 31, 2017 (in thousands, except share and per share data) Net income attributable to shareholders of Criteo S.A. $ 17,131 $ 12,442 Weighted average number of shares outstanding of Criteo S.A. 62,610,013 64,189,194 Dilutive effect of : Restricted share awards — 1,277,928 Share options and BSPCE 2,144,884 1,722,009 Share warrants 86,237 93,881 Weighted average number of shares outstanding used to determine diluted earnings per share 64,841,134 67,283,012 Diluted earnings per share $ 0.26 $ 0.18 The weighted average number of securities that were anti-dilutive for diluted EPS for the periods presented but which could potentially dilute EPS in the future are as follows: Three Months Ended March 31, 2016 March 31, 2017 Restricted share awards 1,038,691 229,730 Share options and BSPCE — 442,910 Share warrants — — Weighted average number of anti-dilutive securities excluded from diluted earnings per share 1,038,691 672,640

Commitments and contingencies

Commitments and contingencies	3 Months Ended
	Mar. 31, 2017
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 relating to our offices totaled $7.4 million and $8.8 million for the three-month period ended March 31, 2016 and 2017, respectively. Operating lease expenses relating to hosting costs totaled $9.3 million and $13.9 million for the three-month period ended March 31, 2016 and 2017, respectively. Revolving Credit Facilities, Credit Line Facilities and Bank Overdrafts As mentioned in Note 9, we are party to two RCFs including one with HSBC for which we can draw up to RMB 50.0 million ( $7.3 million ) and one with a syndicate of banks which allow us to draw up to €350.0 million ( $374.2 million ), further to the amendment signed in March 2017 increasing the facility amount from €250.0 million to €350.0 million and extending the term of the contract from 2020 to 2022. As of March 31, 2017, RMB 25.0 million ( $3.6 million ), and $75.0 million , respectively, had been drawn on the RCFs. 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 €350.0 million ( $374.2 million ) RCF which contains covenants, including compliance with a total net debt to adjusted EBITDA ratio and restrictions on incurring additional indebtedness. At March 31, 2017, 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 Other provisions Total (in thousands) Balance at January 1, 2017 $ 485 $ 169 $ 654 Charges 12 516 528 Provision used (197 ) — (197 ) Provision released not used (16 ) — (16 ) Currency translation adjustments 6 5 11 Balance at March 31, 2017 $ 290 $ 690 $ 980 - of which current 290 690 980 The amount of the provisions represent management’s best estimate of the future outflow. As of March 31, 2017, provisions are mainly in relation to employee-related litigations and business and operating risks.

Breakdown of Revenue and Non-Cu

Breakdown of Revenue and Non-Current Assets by Geographical Areas	3 Months Ended
	Mar. 31, 2017
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) March 31, 2016 $ 147,174 $ 159,405 $ 94,674 $ 401,253 March 31, 2017 $ 208,013 $ 189,092 $ 119,562 $ 516,667 Revenue generated in France amounted to $32.5 million and $37.5 million for the three months ended March 31, 2016 and 2017 , respectively. Revenue generated in other significant countries where we operate is presented in the following table: Three Months Ended March 31, 2016 March 31, 2017 Americas United States $ 126,913 $ 179,663 EMEA Germany $ 33,696 $ 42,614 United Kingdom $ 28,509 $ 28,197 Asia-Pacific Japan $ 65,973 $ 85,310 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 EMEA Asia-Pacific Japan Total (in thousands) December 31, 2016 $ 55,052 $ 123,308 $ 42,474 $ 7,132 $ 26,033 $ 8,965 $ 211,525 March 31, 2017 $ 58,670 $ 134,705 $ 133,969 $ 7,150 $ 22,852 $ 7,897 $ 223,377

Related Parties

Related Parties	3 Months Ended
	Mar. 31, 2017
Related Party Transactions [Abstract]
Related Parties	Related Parties There were no significant related-party transactions during the period nor any change 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, 2016.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2017
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events The Company evaluated all other subsequent events that occurred after March 31, 2017 through the date of issuance of the unaudited condensed consolidated financial statements. On April 29, 2017, the Company repaid the outstanding balance of the financial liability related to the RCF contracted in September 2015 ( $75 million ).There are no other significant events that require adjustments or disclosure.

Summary of Significant Accoun24

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2017
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, 2016 , filed with the SEC on March 1, 2017. 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 and particularly the determination as to whether revenue should be reported on a gross or a net basis; (2) the evaluation of our trade receivables and the recognition of a valuation allowance for doubtful accounts; (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	Accounting Pronouncements adopted in 2017 From January 1, 2017, we adopted ASU 2016-09, Compensation-Stock Compensation (Topic 718): Improvement to Employee Share-based Payment Accounting issued by the Financial Accounting Standards Board (FASB), which among other items, simplifies certain aspects of the accounting for share-based payment transactions to employees. The new standard particularly requires excess tax benefits and tax deficiencies to be recorded in the statements of income as a component of the provision for income taxes when stock awards vest or are settled. The effective date is January 1, 2017. Upon adoption, a cumulative effect of $10.0 million of this change has been recognized through retained earnings. The adoption of the standard also resulted in a current year tax expense of $0.8 million which previously would have been recognized in the current period in additional paid-in capital. Accounting Pronouncements not yet adopted In January 2017, the FASB issued ASU 2017-01, Business Combinations (Topic 805) ("ASU 2017-01") the purpose of which is to change the definition of a business to assist entities in evaluating when a set of transferred assets and activities is a business. This update will be effective for annual periods beginning after December 15, 2017, including interim periods within those periods. The adoption of ASU 2017-01 is not expected to have a material impact on our financial position or results of operations. In January 2017, the FASB issued ASU 2017-04 Goodwill and Other (Topic 350) . ASU 2017-04 simplifies the subsequent measurement of goodwill and reduces the cost and complexity of evaluating goodwill for impairment. It eliminates the need for entities to calculate the implied fair value of goodwill by assigning the fair value of a reporting unit to all of its assets and liabilities as if that reporting unit had been acquired in a business combination. Under this amendment, an entity will perform its goodwill impairment test by comparing the fair value of a reporting unit with its carrying amount. An impairment charge is recognized for the amount by which the carrying value exceeds the reporting unit's fair value. This update will be effective for annual or any interim goodwill impairment tests in fiscal years beginning after December 15, 2019. The adoption of ASU 2017-04 is not expected to have a material impact on our financial position or results of operations. In March 2017, FASB issued ASU 2017-07 Compensation-Retirements Benefits (Topic 715). ASU 2017-07 requires that an employer disaggregate the service cost component from the other components of net benefit cost. The amendments also provide explicit guidance on how to present the service cost component and the other components of net benefit cost in the income statement and allow only the service cost component of net benefit cost to be eligible for capitalization. The amendments in ASU 2017-07 improve the consistency, transparency, and usefulness of financial information to users that have communicated that the service cost component generally is analyzed differently from the other components of net benefit cost. This update will be effective for annual periods beginning after December 15, 2017, including interim periods within those annual periods. The amendments in ASU 2017-07 should be applied retrospectively for the presentation of the service cost component and the other components of net periodic pension cost and net periodic post-retirement benefit cost in the income statement and prospectively, on and after the effective date, for the capitalization of the service cost component of net periodic pension cost and net periodic post-retirement benefit in assets. We intend to adopt the standard on the effective date of January 1, 2018. The adoption of ASU 2017-07 is not expected to have a material impact on our financial position or results of operations.

Financial Instruments (Tables)

Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2017
Fair Value Disclosures [Abstract]
Schedules of concentration of risk	The maximum exposure to credit risk at the end of each reported period is represented by the carrying amount of financial assets, and summarized in the following table: December 31, 2016 March 31, 2017 Cash and cash equivalents $ 270,317 $ 303,813 Trade receivables, net of allowance 397,244 340,837 Other taxes 52,942 44,834 Other current assets 19,340 22,772 Non-current financial assets $ 17,029 $ 19,857 Total $ 756,872 $ 732,113 For each period presented, the aging of trade receivables and allowances for potential losses is as follows: December 31, 2016 March 31, 2017 Gross value % Allowance % Gross value % Allowance % (in thousands) (in thousands) (in thousands) (in thousands) Not yet due $ 265,600 65.0 % $ — — % $ 232,460 65.5 % $ (735 ) 5.6 % 0 - 30 days 92,163 22.5 % (49 ) 0.4 % 70,289 19.9 % (360 ) 2.7 % 31 - 60 days 19,747 4.8 % (182 ) 1.6 % 16,196 4.6 % (628 ) 4.7 % 61 - 90 days 6,055 1.5 % (191 ) 1.6 % 8,022 2.3 % (380 ) 2.9 % > 90 days 25,277 6.2 % (11,176 ) 96.4 % 27,099 7.7 % (11,126 ) 84.2 % Total $ 408,842 100.0 % $ (11,598 ) 100.0 % $ 354,066 100.0 % $ (13,229 ) 100.1 %
Schedule of financial liabilities	Financial Liabilities December 31, 2016 Carrying Value Fair value (in thousands) Trade payables $ 365,788 $ 365,788 Other taxes 44,831 44,831 Employee-related payables 55,874 55,874 Other current liabilities 30,221 30,221 Financial liabilities 85,580 85,580 of which derivative financial instruments 1,968 1,968 Total $ 582,294 $ 582,294 March 31, 2017 Carrying Value Fair value (in thousands) Trade payables $ 295,602 $ 295,602 Other taxes 41,414 41,414 Employee-related payables 53,862 53,862 Other current liabilities 35,032 35,032 Financial liabilities 87,018 87,018 of which derivative financial instruments 4,186 $ 4,186 Total $ 512,928 $ 512,928
Schedule of assets and liabilities carried at fair value	Fair Value Measurement Using December 31, 2016 Level 1 Level 2 Level 3 (in thousands) Money market funds $ 31,688 $ 31,688 $ — $ — Interest-bearing bank deposits 88,091 — 88,091 — Cash and cash equivalents 150,538 150,538 — — Total Cash and cash equivalents $ 270,317 $ 182,226 $ 88,091 $ — Fair Value Measurement Using March 31, 2017 Level 1 Level 2 Level 3 (in thousands) Money market funds $ — $ — $ — $ — Interest-bearing bank deposits 87,377 — 87,377 — Cash and cash equivalents 216,436 216,436 — — Total Cash and cash equivalents $ 303,813 $ 216,436 $ 87,377 $ —

Trade Receivables (Tables)

Trade Receivables (Tables)	3 Months Ended
	Mar. 31, 2017
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, 2016 March 31, 2017 (in thousands) Trade accounts receivables $ 408,842 $ 354,066 (Less) Allowance for doubtful accounts (11,598 ) (13,229 ) Net book value at end of period $ 397,244 $ 340,837 Changes in allowance for doubtful accounts are summarized below: 2016 2017 (in thousands) Balance at January 1 $ (6,264 ) $ (11,598 ) Allowance for doubtful accounts (906 ) (3,686 ) Reversal of provision 366 2,142 Currency translation adjustment (147 ) (87 ) Balance at March 31 $ (6,951 ) $ (13,229 )

Other Current Assets (Tables)

Other Current Assets (Tables)	3 Months Ended
	Mar. 31, 2017
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, 2016 March 31, 2017 (in thousands) Prepayments to suppliers $ 2,439 $ 4,114 Other debtors 3,263 2,816 Prepaid expenses 13,638 15,842 Gross book value at end of period 19,340 22,772 Net book value at end of period $ 19,340 $ 22,772

Intangible Assets (Tables)

Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of finite-lived intangible assets	The amounts shown below may change in the near term as management continues to assess the fair value of acquired assets and liabilities within the twelve-month purchase price allocation period. December 31, 2016 March 31, 2017 Weighted-Average Useful Lives (Years) Amounts recognized as of Acquisition Date (in millions) Weighted-Average Useful Lives (Years) Amounts recognized as of Acquisition Date (in millions) Technology 3-5 years 24.4 3 years 15.3 Customer relationships 5-9 years $ 60.0 9 years $ 77.7 Total identifiable intangible assets acquired $ 84.4 $ 93.0
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 From April 1, to December 31, 2017 $ 4,436 $ 12,207 $ 16,643 2018 5,246 16,122 21,368 2019 3,091 14,148 17,239 2020 1,278 8,628 9,906 2021 389 8,628 9,017 Thereafter — 33,789 33,789 Total $ 14,440 $ 93,522 $ 107,962

Goodwill (Tables)

Goodwill (Tables)	3 Months Ended
	Mar. 31, 2017
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	Goodwill (in thousands) Balance at January 1, 2017 209,418 Additions to goodwill 22,327 Currency translation adjustment 393 Balance at March 31, 2017 $ 232,138

Other Current Liabilities (Tabl

Other Current Liabilities (Tables)	3 Months Ended
	Mar. 31, 2017
Other Liabilities Disclosure [Abstract]
Other current liabilities	Other current liabilities are presented in the following table: December 31, 2016 March 31, (in thousands) Clients' prepayments $ 9,176 $ 12,816 Accounts payable relating to capital expenditures 15,484 10,657 Other creditors $ 2,440 $ 10,232 Deferred revenue $ 3,121 $ 1,327 Total $ 30,221 $ 35,032

Financial Liabilities (Tables)

Financial Liabilities (Tables)	3 Months Ended
	Mar. 31, 2017
Debt Disclosure [Abstract]
Schedule of changes in current and non-current financial liabilities	The changes in current and non-current financial liabilities during the period ended March 31, 2016 are illustrated in the following schedules: As of January 1, 2017 New borrowings Repayments Change in scope Other (1) Currency translation adjustment As of March 31, 2017 (in thousands) Borrowings $ 5,524 $ — $ (2,053 ) $ — $ 76,546 $ 52 $ 80,069 Other financial liabilities 477 — (241 ) — (96 ) 3 143 Derivative instruments 1,968 — — — 2,181 37 4,186 Current portion 7,969 — (2,294 ) — 78,631 92 84,398 Borrowings 77,397 — — — (76,546 ) 1,096 1,947 Other financial liabilities 214 360 — — 99 — 673 Non current portion 77,611 360 — — (76,447 ) 1,096 2,620 Borrowings 82,921 — (2,053 ) — — 1,148 82,016 Other financial liabilities 691 360 (241 ) — 3 3 816 Derivative instruments 1,968 — — — 2,181 37 4,186 Total $ 85,580 $ 360 $ (2,294 ) $ — $ 2,184 $ 1,188 $ 87,018 (1) Includes reclassification from non-current to current portion based on maturity of the financial liabilities.

Share-Based Compensatoin (Table

Share-Based Compensatoin (Tables)	3 Months Ended
	Mar. 31, 2017
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, 2017 4,960,092 3,243,279 188,125 8,391,496 Granted — 231,460 10,825 242,285 Exercised (671,993 ) — (15,440 ) (687,433 ) Forfeited (44,597 ) (76,377 ) — (120,974 ) Expired — — — — Balance at March 31, 2017 4,243,502 3,398,362 183,510 7,825,374 Breakdown of the Closing Balance OSA/BSPCE RSU BSA Number outstanding 4,243,502 3,398,362 183,510 Weighted-average exercise price € 24.67 NA € 19.68 Number exercisable 2,326,206 10,460 112,435 Weighted-average exercise price € 18.69 NA € 11.76 Weighted-average remaining contractual life of options outstanding, in years 7.20 NA 7.13
Schedule of share-based compensation reconciliation with the Consolidated Statements of Income	Reconciliation with the Consolidated Statements of Income Three Months Ended March 31, 2016 March 31, 2017 (in thousands) R&D S&O G&A Total R&D S&O G&A Total RSUs $ (1,256 ) $ (1,668 ) $ (1,101 ) $ (4,025 ) $ (3,472 ) $ (6,260 ) $ (2,728 ) $ (12,460 ) Share options / BSPCE (1,146 ) (1,722 ) (1,388 ) (4,256 ) (444 ) (450 ) (1,229 ) (2,123 ) Total share-based compensation (2,402 ) (3,390 ) (2,489 ) (8,281 ) (3,916 ) (6,710 ) (3,957 ) (14,583 ) BSAs — — (89 ) (89 ) — — (357 ) (357 ) Total equity awards compensation expense $ (2,402 ) $ (3,390 ) $ (2,578 ) $ (8,370 ) $ (3,916 ) $ (6,710 ) $ (4,314 ) $ (14,940 )

Financial Income and Expenses (

Financial Income and Expenses (Tables)	3 Months Ended
	Mar. 31, 2017
Other Income and Expenses [Abstract]
Schedule of Financial income (expense)	The condensed consolidated statements of income line item “Financial income (expense)” can be broken down as follows: Three Months Ended March 31, March 31, (in thousands) Financial income from cash equivalents $ 388 $ 248 Interest and fees (476 ) (757 ) Interest on debt (270 ) (568 ) Fees (206 ) (189 ) Foreign exchange gain (loss) $ (1,216 ) $ (1,808 ) Other financial expense (13 ) (16 ) Total financial income (expense) $ (1,317 ) $ (2,333 )

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
	Mar. 31, 2017
Income Tax Disclosure [Abstract]
Schedule of Provision for income taxes	The condensed consolidated statements of income line item “Provision for income taxes” can be broken down as follows: Three Months Ended March 31, March 31, (in thousands) Current income tax $ (9,082 ) $ (11,071 ) France (3,121 ) (4,572 ) International (5,961 ) (6,499 ) Net change in deferred taxes 1,138 6,870 France 1,216 601 International (78 ) 6,269 Provision for income taxes $ (7,944 ) $ (4,201 )

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2017
Earnings Per Share [Abstract]
Schedule of basic earnings per share	Three Months Ended March 31, 2016 March 31, 2017 (in thousands, except share and per share data) Net income attributable to shareholders of Criteo S.A. $ 17,131 $ 12,442 Weighted average number of shares outstanding 62,610,013 64,189,194 Basic earnings per share $ 0.27 $ 0.19
Schedule of diluted earnings per share	Three Months Ended March 31, 2016 March 31, 2017 (in thousands, except share and per share data) Net income attributable to shareholders of Criteo S.A. $ 17,131 $ 12,442 Weighted average number of shares outstanding of Criteo S.A. 62,610,013 64,189,194 Dilutive effect of : Restricted share awards — 1,277,928 Share options and BSPCE 2,144,884 1,722,009 Share warrants 86,237 93,881 Weighted average number of shares outstanding used to determine diluted earnings per share 64,841,134 67,283,012 Diluted earnings per share $ 0.26 $ 0.18
Schedule of weighted average number of anti-dilutive securities	The weighted average number of securities that were anti-dilutive for diluted EPS for the periods presented but which could potentially dilute EPS in the future are as follows: Three Months Ended March 31, 2016 March 31, 2017 Restricted share awards 1,038,691 229,730 Share options and BSPCE — 442,910 Share warrants — — Weighted average number of anti-dilutive securities excluded from diluted earnings per share 1,038,691 672,640

Commitments and contingencies (

Commitments and contingencies (Tables)	3 Months Ended
	Mar. 31, 2017
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 Other provisions Total (in thousands) Balance at January 1, 2017 $ 485 $ 169 $ 654 Charges 12 516 528 Provision used (197 ) — (197 ) Provision released not used (16 ) — (16 ) Currency translation adjustments 6 5 11 Balance at March 31, 2017 $ 290 $ 690 $ 980 - of which current 290 690 980

Breakdown of Revenue and Non-37

Breakdown of Revenue and Non-Current Assets by Geographical Areas (Tables)	3 Months Ended
	Mar. 31, 2017
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) March 31, 2016 $ 147,174 $ 159,405 $ 94,674 $ 401,253 March 31, 2017 $ 208,013 $ 189,092 $ 119,562 $ 516,667
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 March 31, 2016 March 31, 2017 Americas United States $ 126,913 $ 179,663 EMEA Germany $ 33,696 $ 42,614 United Kingdom $ 28,509 $ 28,197 Asia-Pacific Japan $ 65,973 $ 85,310
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 EMEA Asia-Pacific Japan Total (in thousands) December 31, 2016 $ 55,052 $ 123,308 $ 42,474 $ 7,132 $ 26,033 $ 8,965 $ 211,525 March 31, 2017 $ 58,670 $ 134,705 $ 133,969 $ 7,150 $ 22,852 $ 7,897 $ 223,377

Summary of Significant Accoun38

Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016	Dec. 31, 2016
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Income tax expense	$ 4,201	$ 7,944
Additional Paid-in Capital | Accounting Standards Update 2016-09
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Cumulative effect of new accounting principle in period of adoption			$ 10,000
Income tax expense	$ 800

Significant Events and Transa39

Significant Events and Transactions of the Period (Details) - EUR (€)	Mar. 29, 2017	Mar. 28, 2017
RCF | Multicurrency revolving facility agreement | Revolving credit facility
Business Combination, Recognized Identifiable Assets Acquired, Goodwill, and Liabilities Assumed, Net [Abstract]
Revolving credit facility, maximum borrowing capacity	€ 350,000,000	€ 250,000,000

Financial Instruments - Credit

Financial Instruments - Credit Risks (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Concentration Risk [Line Items]
Allowance for doubtful accounts receivable, period increase (decrease)	$ 1,500	$ 5,400
Credit Concentration Risk
Concentration Risk [Line Items]
Maximum exposure	732,113	756,872
Carrying Value | Cash and cash equivalents
Concentration Risk [Line Items]
Maximum exposure	303,813	270,317
Carrying Value | Trade receivables, net of allowances
Concentration Risk [Line Items]
Maximum exposure	340,837	397,244
Carrying Value | Other taxes
Concentration Risk [Line Items]
Maximum exposure	44,834	52,942
Carrying Value | Other current assets
Concentration Risk [Line Items]
Maximum exposure	22,772	19,340
Carrying Value | Financial assets
Concentration Risk [Line Items]
Maximum exposure	$ 19,857	$ 17,029

Financial Instruments - Trade R

Financial Instruments - Trade Receivables (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Gross value	$ 354,066	$ 408,842
Allowance	(13,229)	(11,598)
Not yet due
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Gross value	232,460	265,600
Allowance	(735)	0
0 - 30 days
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Gross value	70,289	92,163
Allowance	(360)	(49)
31 - 60 days
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Gross value	16,196	19,747
Allowance	(628)	(182)
61 - 90 days
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Gross value	8,022	6,055
Allowance	(380)	(191)
Greater than 90 days
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Gross value	27,099	25,277
Allowance	$ (11,126)	$ (11,176)
Accounts Receivable
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Concentration risk, percentage	100.00%	100.00%
Accounts Receivable | Not yet due
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Concentration risk, percentage	65.50%	65.00%
Accounts Receivable | 0 - 30 days
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Concentration risk, percentage	19.90%	22.50%
Accounts Receivable | 31 - 60 days
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Concentration risk, percentage	4.60%	4.80%
Accounts Receivable | 61 - 90 days
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Concentration risk, percentage	2.30%	1.50%
Accounts Receivable | Greater than 90 days
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Concentration risk, percentage	7.70%	6.20%
Allowance for Doubtful Accounts
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Concentration risk, percentage	100.10%	100.00%
Allowance for Doubtful Accounts | Not yet due
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Concentration risk, percentage	5.60%	0.00%
Allowance for Doubtful Accounts | 0 - 30 days
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Concentration risk, percentage	2.70%	0.40%
Allowance for Doubtful Accounts | 31 - 60 days
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Concentration risk, percentage	4.70%	1.60%
Allowance for Doubtful Accounts | 61 - 90 days
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Concentration risk, percentage	2.90%	1.60%
Allowance for Doubtful Accounts | Greater than 90 days
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Concentration risk, percentage	84.20%	96.40%

Financial Instruments - Financi

Financial Instruments - Financial Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
of which derivative financial instruments	$ 4,186	$ 1,968
Carrying Value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trade payables	295,602	365,788
Other taxes	41,414	44,831
Employee-related payables	53,862	55,874
Other current liabilities	35,032	30,221
Financial liabilities	87,018	85,580
of which derivative financial instruments	4,186	1,968
Total	512,928	582,294
Fair value
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trade payables	295,602	365,788
Other taxes	41,414	44,831
Employee-related payables	53,862	55,874
Other current liabilities	35,032	30,221
Financial liabilities	87,018	85,580
of which derivative financial instruments	4,186	1,968
Total	$ 512,928	$ 582,294

Financial Instruments - Cash an

Financial Instruments - Cash and Cash Equivalents (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	$ 303,813	$ 270,317
Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	216,436	182,226
Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	87,377	88,091
Level 3
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Money market funds
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	31,688
Money market funds | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	31,688
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	87,377	88,091
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	87,377	88,091
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 and cash equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	216,436	150,538
Cash and cash equivalents | Level 1
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	216,436	150,538
Cash and cash equivalents | Level 2
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	0	0
Cash and cash equivalents | 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	Mar. 31, 2017	Dec. 31, 2016	Mar. 31, 2016	Dec. 31, 2015
Receivables [Abstract]
Trade accounts receivables	$ 354,066	$ 408,842
(Less) Allowance for doubtful accounts	(13,229)	(11,598)	$ (6,951)	$ (6,264)
Net book value at end of period	$ 340,837	$ 397,244

Trade Receivables - Allowance f

Trade Receivables - Allowance for Doubtful Accounts Rollforward (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Allowance for Doubtful Accounts Receivable [Roll Forward]
Balance at January 1	$ (11,598)	$ (6,264)
Allowance for doubtful accounts	(3,686)	(906)
Reversal of provision	2,142	366
Currency translation adjustment	(87)	(147)
Balance at March 31	$ (13,229)	$ (6,951)

Other Current Assets (Details)

Other Current Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepayments to suppliers	$ 4,114	$ 2,439
Other debtors	2,816	3,263
Prepaid expenses	15,842	13,638
Gross book value at end of period	22,772	19,340
Net book value at end of period	$ 22,772	$ 19,340

Intangible Assets - Schedule of

Intangible Assets - Schedule of Finite-lived Intangible Assets (Details) - USD ($) $ in Millions	3 Months Ended	12 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
Finite-Lived Intangible Assets [Line Items]
Amounts recognized as of acquisition date	$ 93	$ 84.4
Technology-Based Intangible Assets
Finite-Lived Intangible Assets [Line Items]
Amounts recognized as of acquisition date	$ 15.3	24.4
Weighted-average useful lives (in years)	3 years
Technology-Based Intangible Assets | Minimum
Finite-Lived Intangible Assets [Line Items]
Weighted-average useful lives (in years)	3 years
Technology-Based Intangible Assets | Maximum
Finite-Lived Intangible Assets [Line Items]
Weighted-average useful lives (in years)	5 years
Customer Relationships
Finite-Lived Intangible Assets [Line Items]
Amounts recognized as of acquisition date	$ 77.7	$ 60
Weighted-average useful lives (in years)	9 years
Customer Relationships | Minimum
Finite-Lived Intangible Assets [Line Items]
Weighted-average useful lives (in years)	5 years
Customer Relationships | Maximum
Finite-Lived Intangible Assets [Line Items]
Weighted-average useful lives (in years)	9 years

Intangible Assets - Estimated A

Intangible Assets - Estimated Amortization Expense (Details) $ in Thousands	Mar. 31, 2017USD ($)
Finite-Lived Intangible Assets [Line Items]
From April 1, to December 31, 2017	$ 16,643
2,018	21,368
2,019	17,239
2,020	9,906
2,021	9,017
Thereafter	33,789
Total	107,962
Software
Finite-Lived Intangible Assets [Line Items]
From April 1, to December 31, 2017	4,436
2,018	5,246
2,019	3,091
2,020	1,278
2,021	389
Thereafter	0
Total	14,440
Technology and customer relationships
Finite-Lived Intangible Assets [Line Items]
From April 1, to December 31, 2017	12,207
2,018	16,122
2,019	14,148
2,020	8,628
2,021	8,628
Thereafter	33,789
Total	$ 93,522

Goodwill (Details)

Goodwill (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)
Goodwill [Roll Forward]
Balance at January 1, 2017	$ 209,418
Additions to goodwill	22,327
Currency translation adjustment	393
Balance at March 31, 2017	$ 232,138

Other Current Liabilities (Deta

Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Other Liabilities Disclosure [Abstract]
Clients' prepayments	$ 12,816	$ 9,176
Accounts payable relating to capital expenditures	10,657	15,484
Other creditors	10,232	2,440
Accounts payable relating to capital expenditures	1,327	3,121
Accounts Payable, Accrued Liabilities, Employee-related Payables, and Taxes Payable, Current	$ 35,032	$ 30,221

Financial Liabilities - Changes

Financial Liabilities - Changes in Current and Non-Current Financial Liabilities (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)
Financial Liabilities Activity [Roll Forward]
Borrowings, Current portion, Beginning balance	$ 5,524
Other financial liabilities, Current portion, Beginning balance	477
Derivative instruments, Current portion, Beginning balance	1,968
Financial liabilities, Current portion, Beginning balance	7,969
Borrowings, Non current portion, Beginning balance	77,397
Other financial liabilities, Non current portion, Beginning balance	214
Financial liabilities, Non current portion, Beginning balance	77,611
Borrowings, Beginning balance	82,921
Other financial liabilities, Beginning balance	691
Derivative instruments, Beginning balance	1,968
Financial liabilities, Beginning balance	85,580
New borrowings	360
Repayments of financial liabilities	(2,294)
Change in scope	0
Other	2,184
Currency translation adjustment	1,188
Borrowings, Current portion, Ending balance	80,069
Other financial liabilities, Current portion, Ending balance	143
Derivative instruments, Current portion, Ending balance	4,186
Financial liabilities, Current portion, Ending balance	84,398
Borrowings, Non current portion, Ending balance	1,947
Other financial liabilities, Non current portion, Ending balance	673
Financial liabilities, Non current portion, Ending balance	2,620
Borrowings, Ending balance	82,016
Other financial liabilities, Ending balance	816
Derivative instruments, Ending balance	4,186
Financial liabilities, Ending balance	87,018
Borrowings
Financial Liabilities Activity [Roll Forward]
New borrowings	0
Repayments of borrowings	(2,053)
Change in scope	0
Other	0
Currency translation adjustment	1,148
Other financial liabilities
Financial Liabilities Activity [Roll Forward]
New borrowings	360
Repayments of other financial liabilities	(241)
Change in scope	0
Other	3
Currency translation adjustment	3
Financial derivatives
Financial Liabilities Activity [Roll Forward]
Change in scope	0
Other	2,181
Currency translation adjustment	37
Financial liabilities, Current portion
Financial Liabilities Activity [Roll Forward]
New borrowings	0
Repayments of financial liabilities	(2,294)
Change in scope	0
Other	78,631
Currency translation adjustment	92
Financial liabilities, Current portion | Borrowings
Financial Liabilities Activity [Roll Forward]
New borrowings	0
Repayments of borrowings	(2,053)
Change in scope	0
Other	76,546
Currency translation adjustment	52
Financial liabilities, Current portion | Other financial liabilities
Financial Liabilities Activity [Roll Forward]
New borrowings	0
Repayments of other financial liabilities	(241)
Change in scope	0
Other	(96)
Currency translation adjustment	3
Financial liabilities, Current portion | Financial derivatives
Financial Liabilities Activity [Roll Forward]
Change in scope	0
Other	2,181
Currency translation adjustment	37
Financial liablities, Non current portion
Financial Liabilities Activity [Roll Forward]
New borrowings	360
Repayments of financial liabilities	0
Change in scope	0
Other	(76,447)
Currency translation adjustment	1,096
Financial liablities, Non current portion | Borrowings
Financial Liabilities Activity [Roll Forward]
New borrowings	0
Repayments of borrowings	0
Change in scope	0
Other	(76,546)
Currency translation adjustment	1,096
Financial liablities, Non current portion | Other financial liabilities
Financial Liabilities Activity [Roll Forward]
New borrowings	360
Repayments of other financial liabilities	0
Change in scope	0
Other	99
Currency translation adjustment	$ 0

Financial Liabilities - Additio

Financial Liabilities - Additional Information (Details) - Revolving credit facility - RCF $ in Millions	Mar. 31, 2017CNY (¥)	Mar. 31, 2017USD ($)	Mar. 29, 2017CNY (¥)	Mar. 29, 2017EUR (€)	Mar. 28, 2017CNY (¥)	Mar. 28, 2017EUR (€)
Multicurrency revolving facility agreement
Debt Instrument [Line Items]
Revolving credit facility, maximum borrowing capacity				€ 350,000,000		€ 250,000,000
HSBC revolving loan facility
Debt Instrument [Line Items]
Revolving credit facility, maximum borrowing capacity	¥ 50,000,000	$ 7.3	¥ 50,000,000		¥ 40,000,000

Share-Based Compensatoin - Narr

Share-Based Compensatoin - Narrative (Details)	Mar. 01, 2017shares	Mar. 31, 2017grantshares
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
RSUs granted (in shares)		231,460
OSA/BSPCE
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted (in shares)		0
BSAs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number of grants | grant		1
Options granted (in shares)	10,825	10,825
Senior management | RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
RSUs granted (in shares)	231,460

Share-Based Compensatoin - Chan

Share-Based Compensatoin - Change in Number of BSPCE/OSA/RSU/BSA (Details) - shares	Mar. 01, 2017	Mar. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments [Roll Forward]
Beginning balance (in shares)		8,391,496
Granted (in shares)		242,285
Exercised (in shares)		(687,433)
Forfeited (in shares)		(120,974)
Expired (in shares)		0
Ending balance (in shares)		7,825,374
OSA/BSPCE
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Beginning balance, options (in shares)		4,960,092
Granted, options (in shares)		0
Exercised, options (in shares)		(671,993)
Forfeited, options (in shares)		(44,597)
Expired, options (in shares)		0
Ending balance, options (in shares)		4,243,502
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)		3,243,279
Granted (in shares)		231,460
Forfeited (in shares)		(76,377)
Ending balance (in shares)		3,398,362
BSAs
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Beginning balance, options (in shares)		188,125
Granted, options (in shares)	10,825	10,825
Exercised, options (in shares)		(15,440)
Forfeited, options (in shares)		0
Expired, options (in shares)		0
Ending balance, options (in shares)		183,510

Share-Based Compensatoin - Brea

Share-Based Compensatoin - Breakdown of the Closing Balance (Details) - € / shares	3 Months Ended
	Mar. 31, 2017	Dec. 31, 2016
OSA/BSPCE
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number outstanding, options (in shares)	4,243,502	4,960,092
Weighted-average exercise price, options (in Euro per share)	€ 24.67
Number exercisable, options (in shares)	2,326,206
Weighted-average exercise price, options (in Euro per share)	€ 18.69
Weighted-average remaining contractual life of options outstanding, in years	7 years 2 months 12 days
RSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number outstanding (in shares)	3,398,362	3,243,279
Number exercisable (in shares)	10,460
BSAs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number outstanding, options (in shares)	183,510	188,125
Weighted-average exercise price, options (in Euro per share)	€ 19.68
Number exercisable, options (in shares)	112,435
Weighted-average exercise price, options (in Euro per share)	€ 11.76
Weighted-average remaining contractual life of options outstanding, in years	7 years 1 month 17 days

Share-Based Compensatoin - Shar

Share-Based Compensatoin - Share-based compensation expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation expense	$ (14,583)	$ (8,281)
Total equity awards compensation expense	(14,940)	(8,370)
R&D
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation expense	(3,916)	(2,402)
Total equity awards compensation expense	(3,916)	(2,402)
S&O
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation expense	(6,710)	(3,390)
Total equity awards compensation expense	(6,710)	(3,390)
G&A
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation expense	(3,957)	(2,489)
Total equity awards compensation expense	(4,314)	(2,578)
RSUs
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation expense	(12,460)	(4,025)
RSUs | R&D
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation expense	(3,472)	(1,256)
RSUs | S&O
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation expense	(6,260)	(1,668)
RSUs | G&A
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation expense	(2,728)	(1,101)
Share options / BSPCE
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation expense	(2,123)	(4,256)
Share options / BSPCE | R&D
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation expense	(444)	(1,146)
Share options / BSPCE | S&O
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation expense	(450)	(1,722)
Share options / BSPCE | G&A
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation expense	(1,229)	(1,388)
BSAs
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Issuance of Stock and Warrants for Services or Claims	(357)	(89)
BSAs | R&D
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Issuance of Stock and Warrants for Services or Claims	0	0
BSAs | S&O
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Issuance of Stock and Warrants for Services or Claims	0	0
BSAs | G&A
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Issuance of Stock and Warrants for Services or Claims	$ (357)	$ (89)

Financial Income and Expenses -

Financial Income and Expenses - Financial income (expense) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Other Income and Expenses [Abstract]
Financial income from cash equivalents	$ 248	$ 388
Interest and fees	(757)	(476)
Interest on debt	(568)	(270)
Fees	(189)	(206)
Foreign exchange gain (loss)	(1,808)	(1,216)
Other financial expense	(16)	(13)
Total financial income (expense)	$ (2,333)	$ (1,317)

Financial Income and Expenses58

Financial Income and Expenses - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Other Income and Expenses [Abstract]
Financial income (expense)	$ 2,333	$ 1,317

Income Taxes - Breakdown of Inc

Income Taxes - Breakdown of Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Income Tax Disclosure [Abstract]
Current income tax	$ (11,071)	$ (9,082)
France	(4,572)	(3,121)
International	(6,499)	(5,961)
Net change in deferred taxes	6,870	1,138
France	601	1,216
International	6,269	(78)
Provision for income taxes	$ (4,201)	$ (7,944)
Estimated tax rate	29.00%	30.00%
Effective tax rate	22.00%	30.00%

Earnings Per Share - Basic Earn

Earnings Per Share - Basic Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Earnings Per Share [Abstract]
Net income attributable to shareholders of Criteo S.A.	$ 12,442	$ 17,131
Weighted average number of shares outstanding (in shares)	64,189,194	62,610,013
Basic earnings per share (in USD per share)	$ 0.19	$ 0.27

Earnings Per Share - Diluted Ea

Earnings Per Share - Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Earnings Per Share [Abstract]
Net income attributable to shareholders of Criteo S.A.	$ 12,442	$ 17,131
Weighted average number of shares outstanding (in shares)	64,189,194	62,610,013
Dilutive effect of :
Restricted share units (RSU's) (in shares)	1,277,928	0
Share options and employee warrants (BSPCEs) (in shares)	1,722,009	2,144,884
Non-employees warrants (BSAs) (in shares)	93,881	86,237
Weighted average number of shares outstanding used to determine diluted earnings per share (in shares)	67,283,012	64,841,134
Diluted earnings per share (in USD per share)	$ 0.18	$ 0.26

Earnings Per Share - Weighted A

Earnings Per Share - Weighted Average Number of Anti-Dilutive Securities (Details) - shares	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
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)	672,640	1,038,691
Restricted share awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted average number of anti-dilutive securities excluded from diluted earnings per share (in shares)	229,730	1,038,691
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)	442,910	0
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	0

Commitments and contingencies -

Commitments and contingencies - Commitments (Details)	3 Months Ended
	Mar. 31, 2017USD ($)	Mar. 31, 2016USD ($)	Mar. 31, 2017CNY (¥)	Mar. 31, 2017EUR (€)	Mar. 31, 2017USD ($)	Mar. 29, 2017CNY (¥)	Mar. 29, 2017EUR (€)	Mar. 28, 2017CNY (¥)	Mar. 28, 2017EUR (€)
Commitments and Contingencies Disclosure [Abstract]
Operating lease expenses	$ 8,800,000	$ 7,400,000
Hosting costs	$ 13,900,000	$ 9,300,000
Revolving credit facility | RCF | HSBC revolving loan facility
Debt Instrument [Line Items]
Revolving credit facility, maximum borrowing capacity			¥ 50,000,000		$ 7,300,000	¥ 50,000,000		¥ 40,000,000
Long-term line of credit			¥ 25,000,000		3,600,000
Revolving credit facility | RCF | Bank syndicate RCF
Debt Instrument [Line Items]
Revolving credit facility, maximum borrowing capacity				€ 350,000,000	374,200,000
Long-term line of credit					$ 75,000,000
Revolving credit facility | RCF | Multicurrency revolving facility agreement
Debt Instrument [Line Items]
Revolving credit facility, maximum borrowing capacity | €							€ 350,000,000		€ 250,000,000

Commitments and contingencies64

Commitments and contingencies - Contingencies (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)
Loss Contingency Accrual [Roll Forward]
Contingencies accrual, beginning balance	$ 654
Charges	528
Provision used	(197)
Provision released not used	(16)
Currency translation adjustments	11
Contingencies accrual, ending balance	980
Contingencies accrual, of which current	980
Provision for employee-related litigation
Loss Contingency Accrual [Roll Forward]
Contingencies accrual, beginning balance	485
Charges	12
Provision used	(197)
Provision released not used	(16)
Currency translation adjustments	6
Contingencies accrual, ending balance	290
Contingencies accrual, of which current	290
Other provisions
Loss Contingency Accrual [Roll Forward]
Contingencies accrual, beginning balance	169
Charges	516
Provision used	0
Provision released not used	0
Currency translation adjustments	5
Contingencies accrual, ending balance	690
Contingencies accrual, of which current	$ 690

Breakdown of Revenue and Non-65

Breakdown of Revenue and Non-Current Assets by Geographical Areas - Revenue by Geographical Area (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 516,667	$ 401,253
Americas
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	208,013	147,174
EMEA
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	189,092	159,405
Asia-Pacific
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 119,562	$ 94,674

Breakdown of Revenue and Non-66

Breakdown of Revenue and Non-Current Assets by Geographical Areas - Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2017USD ($)market	Mar. 31, 2016USD ($)
Revenues from External Customers and Long-Lived Assets [Line Items]
Number of geographical markets | market	3
Revenue	$ 516,667	$ 401,253
France
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 37,500	$ 32,500

Breakdown of Revenue and Non-67

Breakdown of Revenue and Non-Current Assets by Geographical Areas - Revenue by Significant Other Countries (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2017	Mar. 31, 2016
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 516,667	$ 401,253
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	179,663	126,913
Germany
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	42,614	33,696
United Kingdom
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	28,197	28,509
Japan
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue	$ 85,310	$ 65,973

Breakdown of Revenue and Non-68

Breakdown of Revenue and Non-Current Assets by Geographical Areas - Other Information (Details) - USD ($) $ in Thousands	Mar. 31, 2017	Dec. 31, 2016
Revenues from External Customers and Long-Lived Assets [Line Items]
Non-current assets	$ 223,377	$ 211,525
Americas
Revenues from External Customers and Long-Lived Assets [Line Items]
Non-current assets	134,705	123,308
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Non-current assets	133,969	42,474
Europe
Revenues from External Customers and Long-Lived Assets [Line Items]
Non-current assets	7,150	7,132
Asia-Pacific
Revenues from External Customers and Long-Lived Assets [Line Items]
Non-current assets	22,852	26,033
Japan
Revenues from External Customers and Long-Lived Assets [Line Items]
Non-current assets	7,897	8,965
Holding
Revenues from External Customers and Long-Lived Assets [Line Items]
Non-current assets	$ 58,670	$ 55,052

Subsequent Events (Details)

Subsequent Events (Details) $ in Millions	Apr. 29, 2017USD ($)
Revolving credit facility | RCF | Subsequent Event
Subsequent Event [Line Items]
Repayments of Debt	$ 75