Criteo (CRTO) 10-Q 4 May 18 2018 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2018	Apr. 30, 2018
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	2,018
Document Fiscal Period Focus	Q1
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2018
Entity Common Stock, Shares Outstanding		66,343,573

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (UNAUDITED) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Current assets:
Cash and cash equivalents	$ 483,874	$ 414,111
Trade receivables, net of allowances	395,707	484,101
Income taxes	7,646	8,882
Other taxes	52,557	58,346
Other current assets	26,463	26,327
Total current assets	966,247	991,767
Property, plant and equipment, net	153,252	161,738
Intangible assets, net	92,384	96,223
Goodwill	237,757	236,826
Non-current financial assets	21,137	19,525
Deferred tax assets	28,583	25,221
Total non-current assets	533,113	539,533
Total assets	1,499,360	1,531,300
Current liabilities:
Trade payables	359,296	417,032
Contingencies	836	1,798
Income taxes	10,403	9,997
Financial liabilities - current portion	1,747	1,499
Other taxes	52,342	58,783
Employee - related payables	65,646	66,219
Other current liabilities	29,851	65,677
Total current liabilities	520,121	621,005
Deferred tax liabilities	2,552	2,497
Retirement benefit obligation	5,748	5,149
Financial liabilities - non current portion	2,022	2,158
Other non-current liabilities	5,246	2,793
Total non-current liabilities	15,568	12,597
Total liabilities	535,689	633,602
Commitments and contingencies
Shareholders' equity:
Common shares, €0.025 par value, 66,085,097 and 66,248,351 shares authorized, issued and outstanding at December 31, 2017 and March 31, 2018, respectively.	2,157	2,152
Additional paid-in capital	610,281	591,404
Accumulated other comprehensive (loss)	12,710	(12,241)
Retained earnings	320,020	300,210
Equity-attributable to shareholders of Criteo S.A.	945,168	881,525
Non-controlling interests	18,503	16,173
Total equity	963,671	897,698
Total equity and liabilities	$ 1,499,360	$ 1,531,300

CONDENSED CONSOLIDATED STATEME3

CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (UNAUDITED) (PARENTHETICAL) - € / shares	Mar. 31, 2018	Dec. 31, 2017
Statement of Financial Position [Abstract]
Common shares, par value (in Euro per share)	€ 0.025	€ 0.025
Common shares authorized (in shares)	66,248,351	66,085,097
Common shares issued (in shares)	66,248,351	66,085,097
Common shares outstanding (in shares)	66,248,351	66,085,097

CONDENSED CONSOLIDATED STATEME4

CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Income Statement [Abstract]
Revenue	$ 564,164	$ 516,667
Cost of revenue:
Traffic acquisition costs	(323,746)	(306,693)
Other cost of revenue	(30,059)	(27,155)
Gross profit	210,359	182,819
Operating expenses:
Research and development expenses	(45,318)	(39,521)
Sales and operations expenses	(95,649)	(90,730)
General and administrative expenses	(34,591)	(31,516)
Total operating expenses	(175,558)	(161,767)
Income from operations	34,801	21,052
Financial income (expense)	(1,325)	(2,333)
Income before taxes	33,476	18,719
Provision for income taxes	(12,386)	(4,201)
Net income	21,090	14,518
Net income available to shareholders of Criteo S.A.	19,809	12,442
Net income available to non-controlling interests	$ 1,281	$ 2,076
Net income allocated to shareholders of Criteo S.A. per share:
Basic (in USD per share)	$ 0.30	$ 0.19
Diluted (in USD per share)	$ 0.29	$ 0.18
Weighted average shares outstanding used in computing per share amounts:
Basic (in shares)	66,160,375	64,189,194
Diluted (in shares)	67,469,738	67,283,012

CONDENSED CONSOLIDATED STATEME5

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Statement of Comprehensive Income [Abstract]
Net income	$ 21,090	$ 14,518
Foreign currency translation differences, net of taxes	25,884	9,092
Foreign currency translation differences	25,884	9,092
Income tax effect	0	0
Actuarial (losses) gains on employee benefits, net of taxes	0	253
Actuarial gains on employee benefits	0	297
Income tax effect	0	(44)
Comprehensive income (loss)	46,974	23,863
Comprehensive income (loss), Attributable to shareholders of Criteo S.A	44,756	21,293
Comprehensive income, Attributable to non-controlling interests	$ 2,218	$ 2,570

CONDENSED CONSOLIDATED STATEME6

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands		3 Months Ended
		Mar. 31, 2018	Mar. 31, 2017
CASH FROM OPERATING ACTIVITIES
Net income		$ 21,090	$ 14,518
Non-cash and non-operating items		53,966	41,473
- Amortization and provisions		26,050	22,316
- Equity awards compensation expense	[1]	18,829	14,940
- Interest accrued and non-cash financial income and expenses		23	16
- Change in deferred taxes		(3,146)	(6,870)
- Income tax for the period		15,532	11,071
- Other	[2]	(3,322)	0
Changes in working capital related to operating activities		23,687	(70)
- Decrease in trade receivables		91,292	59,569
- Decrease in trade payables		(62,945)	(75,030)
- Decrease in other current assets		7,958	8,253
- Increase/(decrease) in other current liabilities	[2]	(12,618)	7,138
Income taxes paid		(14,216)	(11,683)
CASH FROM OPERATING ACTIVITIES		84,527	44,238
CASH USED FOR INVESTING ACTIVITIES
Acquisition of intangible assets, property, plant and equipment		(7,413)	(23,267)
Change in accounts payable related to intangible assets, property, plant and equipment		(25,154)	(4,939)
Disposal of assets, net of cash disposed		(10,811)	0
Change in other non-current financial assets		(112)	(431)
CASH USED FOR INVESTING ACTIVITIES		(43,490)	(28,637)
CASH FROM FINANCING ACTIVITIES
Issuance of long-term borrowings		0	0
Repayment of borrowings		(238)	(2,053)
Proceeds from capital increase		166	12,937
Change in other financial liabilities	[2]	16,845	119
CASH FROM FINANCING ACTIVITIES		16,773	11,003
CHANGE IN NET CASH AND CASH EQUIVALENTS		57,810	26,604
Net cash and cash equivalents at beginning of period		414,111	270,317
Effect of exchange rates changes on cash and cash equivalents	[2]	11,953	6,892
Net cash and cash equivalents at end of period		$ 483,874	$ 303,813
[1]	Of which $14.6 million and $18.4 million of equity awards compensation expense consisted of share-based compensation expense according to ASC 718 Compensation - stock compensation for the three months ended March 31, 2017 and 2018, respectively
[2]	During the three months ended March 31, 2018, the Company reported the cash impact of the settlement of hedging derivatives related to financing activities in cash from (used for) financing activities in the unaudited consolidated statements of cash flows.

CONDENSED CONSOLIDATED STATEME7

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (PARENTHETICAL) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Statement of Cash Flows [Abstract]
Share-based compensation expense	$ 18,396	$ 14,583

Summary of Significant Accounti

Summary of Significant Accounting Policies	3 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Criteo S.A. is a global commerce marketing technology company. We help commerce companies and brand manufacturers acquire, convert and re-engage their customers, using shopping data, predictive technology and large consumer reach. We strive to deliver post-click sales at scale to our clients across different marketing objectives to meet their targeted return on investment. Our data is pooled among our clients and offers deep insights into consumer intent and purchasing habits. To drive sales for our clients, we activate our data assets through proprietary machine-learning algorithms to engage consumers in real time through the pricing and delivery of highly relevant digital advertisements, across devices and environments. By pricing our offering on a cost-per-click and measuring our value based on post-click sales, we make the return on investment transparent and easy to measure for our clients. 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". Summary of Significant Accounting Policies Basis of Presentation The unaudited condensed consolidated financial statements included herein (the "Unaudited Condensed Consolidated Financial Statements") 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, 2017 , filed with the SEC on March 1, 2018. 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 of our deferred tax assets considering the subsidiaries projected taxable profit for future years (4) the evaluation of uncertain tax positions considering our transfer pricing policies and research tax credits in the United States and France; (5) the recognition and measurement of income tax positions considering the 2017 Tax Cuts and Jobs Act enacted in December 2017 in the U.S., and particularly the measurement of the base erosion anti-avoidance tax ("BEAT"); (6) the recognition and measurement of goodwill and intangible assets and particularly costs capitalized in relation to our customized internal-use software; and (7) the measurement of share-based compensation and related expenses. 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, 2017, except for the accounting pronouncements adopted below. Accounting Pronouncements adopted in 2018 In May 2014, the FASB issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606). Topic 606 supersedes the revenue recognition requirements in Topic 605 “Revenue Recognition” (Topic 605), and requires the Company to recognize revenue when control of promised services is transferred to our customers in an amount that reflects the consideration to which we expect to be entitled to in exchange for those services. We adopted the new standard effective January 1, 2018 using the modified retrospective method. The new standard had no significant impact on our Unaudited Condensed Consolidated Financial Statements, except for related disclosures (see Note 2 for further details). In January 2017, the FASB issued Accounting Standards Update No. 2017-01 (ASU 2017-01) “Business Combinations (Topic 805): Clarifying the Definition of a Business.” ASU 2017-01 provides guidance to evaluate whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. If substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single asset or a group of similar assets, the assets acquired (or disposed of) are not considered a business. We adopted ASU 2017-01 as of January 1, 2018 on a prospective basis and it did not have a material impact on our financial position, results of operations or cash flows. In May 2017, the FASB issued ASU 2017-09 Compensation - Stock Compensation (Topic 718) . ASU 2017-09 was issued to provide clarity and reduce diversity in practice and complexity when applying the guidance in Topic 718 to a change in terms or conditions of a share based payment award. Under the new guidance, modification accounting is required only if the fair value, the vesting conditions, or the classification of the award changes as a result of the change in terms or conditions. We adopted ASU 2017-09 as of January 1, 2018 on a prospective basis and it did not have a material impact on our financial position, results of operations or cash flows. 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. We adopted ASU 2017-07 as of January 1, 2018 and it did not have a material impact on our financial position, results of operations or cash flows. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments (“ASU 2016-15”). Among other clarifications, ASU 2016-15 clarifies certain items, including the classification of payments for debt prepayment or debt extinguishment costs, including third-party costs, premiums paid, and other fees paid to lenders that are directly related to the debt prepayment or debt extinguishment, excluding accrued interest, which will now be included in the Financing Activities section in the Consolidated Statement of Cash Flows. We adopted ASU 2016 - 15 as of January 1, 2018 and it did not have a material impact on our financial position, results of operations or cash flows, including classification as operating, financing, or investing activities. In October 2016, the FASB issued Accounting Standards Update No. 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers Other than Inventory (ASU 2016-16), which requires companies to recognize the income-tax consequences of an intra-entity transfer of an asset other than inventory. We adopted ASU 2016-16 as of January 1, 2018 on a modified retrospective basis. It did not have a material impact on our Consolidated Financial Statements. Recently Issued Accounting Pronouncements not yet adopted In February 2016, the FASB issued Accounting Standards Update No. 2016-02, Leases (Topic 842) (ASU 2016-02), which generally requires companies to recognize operating and financing lease liabilities and corresponding right-of-use assets on the balance sheet for operating leases with terms of more than 12 months, in addition to those currently recorded. We are in the process of implementing changes to our systems and processes in conjunction with our review of existing lease agreements. We will adopt Topic 842 effective January 1, 2019 and expect to elect certain available transitional practical expedients. We anticipate this standard will have a material impact on our financial position and results of operations. While we are continuing to assess all potential impacts of the new standard, we currently believe the most significant impact relates to the accounting for office and datacenter operating leases. 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.

Revenue

Revenue	3 Months Ended
	Mar. 31, 2018
Revenue from Contract with Customer [Abstract]
Revenue	Revenue Adoption of ASC Topic 606, “Revenue from contracts with customers” On January 1, 2018, we adopted Topic 606 using the modified retrospective method. The new standard had no significant impact on our Consolidated Financial Statements, except for related disclosures which are presented under Topic 606 for reporting periods beginning after January 1, 2018, while prior period disclosures are reported in accordance with previous Topic 605. Nature of services We generate revenues from our performance marketing service portfolio currently comprised of the following services: • Criteo Dynamic Retargeting drives post-click sales for our commerce clients by engaging consumers with personalized advertisements offering products or services for which they have already expressed shopping intent. • Criteo Sponsored Products drives post-click sales for our brand clients by pricing and delivering in real time sponsored product advertisements to consumers demonstrating intent, or actively searching for a specific product or product category, on the websites of retailers selling such brand product. • Criteo Customer Acquisition BETA drives post-click sales for our commerce clients by helping them to acquire new prospective customers, using intent information across a large pool of retailers and engaging such prospective customers with personalized advertisements offering products or services that are predicted to be of interest to them. • Criteo Audience Match BETA drives more post-click sales for our commerce clients by accurately targeting and re-engaging their existing customers with personalized advertisements offering new products or services that they have not yet purchased. Excluding our core product, Criteo Dynamic Retargeting, no other product accounted for more than 10% of total consolidated revenue for the periods presented. Disaggregation of revenue The following table presents our revenues disaggregated by geographical area: Americas EMEA Asia-Pacific Total For the three months ended (in thousands) March 31, 2017 $ 208,013 $ 189,092 $ 119,562 $ 516,667 March 31, 2018 $ 212,695 $ 222,611 $ 128,858 $ 564,164 Revenue recognition accounting policies We recognize revenues when we transfer control of promised services directly to our clients or to advertising agencies, which we collectively refer to as our clients, in an amount that reflects the consideration to which we expect to be entitled to in exchange for those services. All our services consist mainly in serving relevant advertising and banner to clients’ users, using Criteo’s technology, when client’s users are surfing on the web. Our contracts typically include a single promise to stand ready, to display the advertising or banner until a client’s user clicks. This represents a series of distinct repetitive services (units of time) that are substantially the same, with the same pattern of transfer to the client. Accordingly, the promise to stand ready is accounted for as a single performance obligation. Each performance obligation is satisfied over time as the client continuously receives and consumes the benefits of the services in continue. We generally price our advertising campaigns on a cost per click basis (CPC) model based on the number of clicks generated by users on each advertisement we deliver in our advertising campaigns (variable consideration). Which means that we have a right to invoice our clients when a user clicks on an advertisement displayed by us. Advertising campaigns are billed and paid on a monthly basis. This amount is representative of the value of the service delivered to the client and therefore, applying the right-to-bill practical expedient, we recognize revenue over time based on the users’ clicks . We act as principal in our arrangements because (i) we control the advertising inventory (spaces on websites) before it is transferred to our clients; (ii) we bear sole responsibility for fulfillment of the advertising promise and inventory risks and (iii) we have full discretion in establishing prices. Therefore, based on these factors, we report revenue earned and the costs incurred related on a gross basis. We do not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less and (ii) contracts for which we recognize revenue at the amount to which we have the right to invoice for services performed.

Restructuring

Restructuring	3 Months Ended
	Mar. 31, 2018
Restructuring and Related Activities [Abstract]
Restructuring	Restructuring Restructuring of our China Operations In May 2017, the Company announced it would no longer continue to serve the domestic market in China and would refocus its China operations entirely on the export business. As of December 31, 2017, we had a restructuring liability of $0.4 million included in other current liabilities on the consolidated statement of financial position. No additional expenses were recorded related to this restructuring in the three months ended March 31, 2018 and the remaining $0.4 million was paid during the period resulting in the extinguishment of the restructuring liability as of March 31, 2018. Discontinuation of Criteo Predictive Search On October 31, 2017, the Company announced that it had decided to discontinue the Criteo Predictive Search product. $4.1 million was recognized as restructuring charges in 2017. For the three months ended March 31, 2018, we recognized a gain of $0.3 million . This gain was due to employees being relocated within the company rather than being terminated, and to the reduction of share based compensation expenses which was partially offset by additional charges for facilities. Three Months Ended March 31, 2018 (in thousands) Severance costs $ (195 ) Facility exit costs 420 Other (477 ) Total restructuring costs / (gain) $ (252 ) For the three months ended March 31, 2018, $0.1 million was included in Sales and Operations expenses and $(0.4) million in Research and Development expenses. Other costs relate to a reduction of share based compensation expenses of $(0.5) million due to forfeitures. The following table summarizes restructuring activities as of March 31, 2018 included in other current liabilities on the balance sheet: Restructuring Liability (in thousands) Restructuring liability - January 1, 2018 $ 2,351 Restructuring costs / (gain) (252 ) Amounts paid (1,402 ) Other 477 Restructuring liability - March 31, 2018 $ 1,174

Financial Instruments

Financial Instruments	3 Months Ended
	Mar. 31, 2018
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, 2017 March 31, 2018 (in thousands) Cash and cash equivalents $ 414,111 $ 483,874 Trade receivables, net of allowance 484,101 395,707 Other taxes 58,346 52,557 Other current assets 26,327 26,463 Non-current financial assets 19,525 21,137 Total $ 1,002,410 $ 979,738 As of December 31, 2017 and March 31, 2018 , 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 year ended December 31, 2017 and the three-month period ended March 31, 2018, our allowance for doubtful accounts increased by $9.2 million and $3.2 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. 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, 2017 March 31, 2018 Gross value % Allowance % Gross value % Allowance % (in thousands) (in thousands) (in thousands) (in thousands) Not yet due $ 304,233 60.3 % $ (168 ) 0.8 % $ 260,922 62.3 % $ (236 ) 1.0 % 0 - 30 days 121,957 24.2 % — — % 93,522 22.3 % (508 ) 2.1 % 31 - 60 days 29,325 5.8 % (21 ) 0.1 % 24,697 5.9 % (62 ) 0.3 % 61 - 90 days 7,498 1.5 % (35 ) 0.2 % 3,423 0.8 % (124 ) 0.5 % > 90 days 41,906 8.3 % (20,594 ) 98.9 % 37,103 8.8 % (23,030 ) 96.1 % Total $ 504,919 100 % $ (20,818 ) 100 % $ 419,667 100 % $ (23,960 ) 100 % Financial Liabilities December 31, 2017 March 31, 2018 (in thousands) Trade payables $ 417,032 $ 359,296 Other taxes 58,783 52,342 Employee-related payables 66,219 65,646 Other current liabilities 65,677 29,851 Financial liabilities 3,657 3,769 Total $ 611,368 $ 510,904 For our financial liabilities, the fair value approximates the carrying amount, given the nature of the financial liabilities 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. Derivative Financial Instruments Derivatives consist of foreign currency forward contracts that we use to hedge intercompany transactions and other monetary assets or liabilities denominated in currencies other than the local currency of a subsidiary. We recognize gains and losses on these contracts in financial income (expense), and their position on the balance sheet is based on their fair value at the end of each respective period. These instruments are considered level 2 financial instruments as they are measured using valuation techniques based on observable market data. December 31, 2017 March 31, 2018 (in thousands) Derivative Assets: Included in other current assets $ 5,159 $ — Derivative Liabilities: Included in financial liabilities - current portion $ — $ 573 For our derivative financial instruments, the fair value approximates the carrying amount, given the nature of the derivative financial instruments and the maturity of the expected cash flows. Cash and Cash Equivalents Cash and cash equivalents include investments in money market funds and interest–bearing bank deposits which meet 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. Money market funds are considered level 1 financial instruments as they are valued using quoted market prices. Interest-bearing bank deposits are considered level 2 financial instruments as they are measured using valuation techniques based on observable market data. December 31, 2017 March 31, 2018 (in thousands) Cash and cash equivalents $ 267,236 $ 302,060 Money market funds — — Interest-bearing bank deposits 146,875 181,814 Total cash and cash equivalents $ 414,111 $ 483,874 For our cash and cash equivalents, the fair value approximates the carrying amount, given the nature of the cash and cash equivalents and the maturity of the expected cash flows.

Trade Receivables

Trade Receivables	3 Months Ended
	Mar. 31, 2018
Receivables [Abstract]
Trade Receivables	Trade Receivables The following table shows the breakdown in trade receivables net book value for the presented periods: December 31, 2017 March 31, 2018 (in thousands) Trade accounts receivables $ 504,919 $ 419,667 (Less) Allowance for doubtful accounts (20,818 ) (23,960 ) Net book value at end of period $ 484,101 $ 395,707 Changes in allowance for doubtful accounts are summarized below: 2017 2018 (in thousands) Balance at January 1 $ (11,598 ) $ (20,818 ) Allowance for doubtful accounts (3,686 ) (4,436 ) Reversal of provision 2,142 1,460 Currency translation adjustment (87 ) (166 ) Balance at March 31 $ (13,229 ) $ (23,960 ) The change in allowance for doubtful accounts during the first three months of 2018 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, 2018
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, 2017 March 31, 2018 (in thousands) Prepayments to suppliers $ 3,244 $ 3,833 Other debtors 5,694 5,389 Prepaid expenses 12,230 17,241 Derivative instruments 5,159 — Gross book value at end of period 26,327 26,463 Net book value at end of period $ 26,327 $ 26,463 Prepaid expenses mainly consist of office rental advance payments. Derivative financial instruments include foreign currency swaps or forward purchases or sales contracts 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.

Intangible Assets and Goodwill

Intangible Assets and Goodwill	3 Months Ended
	Mar. 31, 2018
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible assets and Goodwill	Intangible assets and Goodwill There have been no significant changes in intangible assets or goodwill since December 31, 2017. In addition, no triggering events have occurred that 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 From April 1 to December 31, 2018 $ 7,013 $ 10,338 $ 17,351 2019 4,775 13,728 18,503 2020 2,876 8,700 11,576 2021 1,401 8,700 10,101 2022 781 8,700 9,481 Thereafter — 25,372 25,372 Total $ 16,846 $ 75,538 $ 92,384

Other Current Liabilities

Other Current Liabilities	3 Months Ended
	Mar. 31, 2018
Other Liabilities Disclosure [Abstract]
Other Current Liabilities	Other Current Liabilities Other current liabilities are presented in the following table: December 31, 2017 March 31, 2018 (in thousands) Clients' prepayments $ 33,495 $ 21,473 Accounts payable relating to capital expenditures 30,736 6,261 Other creditors 740 1,451 Deferred revenue 706 666 Total $ 65,677 $ 29,851 The changes in "Client's prepayments" mainly related to the customers' cash advances for the Criteo Sponsored Products travel business. The changes in "accounts payable relating to capital expenditures" relate to significant data centers equipment and leasehold improvements acquisitions in 2017 paid during the three-month period ended March 31, 2018.

Financial Liabilities

Financial Liabilities	3 Months Ended
	Mar. 31, 2018
Debt Disclosure [Abstract]
Financial Liabilities	Financial Liabilities The changes in current and non-current financial liabilities during the period ended March 31, 2018 are illustrated in the following schedules: As of January 1, 2018 New borrowings Repayments Change in scope Other (1) Currency translation adjustment As of March 31, 2018 (in thousands) Borrowings $ 982 $ — $ (238 ) $ — $ 184 $ 27 $ 955 Other financial liabilities 517 — (312 ) — — 14 219 Derivative instruments — — — — 573 — 573 Current portion 1,499 — (550 ) — 757 41 1,747 Borrowings 1,798 — — — (184 ) 48 1,662 Other financial liabilities 360 — — — — — 360 Non current portion 2,158 — — — (184 ) 48 2,022 Borrowings 2,780 — (238 ) — — 75 2,617 Other financial liabilities 877 — (312 ) — — 14 579 Derivative instruments — — — — 573 — 573 Total $ 3,657 $ — $ (550 ) $ — $ 573 $ 89 $ 3,769 (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. There have been no significant changes from what was disclosed in Note 13 to the consolidated financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2017.

Share-Based Compensation

Share-Based Compensation	3 Months Ended
	Mar. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Share-Based Compensation	Share-Based Compensation The board of directors has been authorized by the general meeting of the shareholders to grant employee warrants (Bons de Souscription de Parts de Créateur d’Entreprise or "BSPCEs"), share options (Options de Souscription d'Actions or "OSAs"), restricted share units ("RSUs") and non-employee warrants ( Bons de Souscription d'Actions or "BSAs") . During the three months ended March 31, 2018, there were two grants of RSUs and one grant of OSAs under the Employee Share Option Plan 10 as defined in Note 18 to our audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2017. • On March 1, 2018, 122,448 RSUs were granted to Criteo employees subject to continued employment. • On March 16, 2018, 1,295,513 RSUs were granted to Criteo employees subject to continued employment. • On March 16, 2018, 794,733 OSAs were granted to senior management 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 18 to the consolidated financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2017, filed with the SEC on March 1, 2018, except for one grant of OSAs to a member of senior management which will vest as follows: • up to a half of OSAs at the expiration of a two ( 2 ) year period from the date hereof, • as from the expiration of the initial aforementioned two ( 2 ) year period, in increments of 1/16th at the end of each elapsed quarter (i.e., per successive three-month periods), for 2 years from that date. Change in Number of BSPCE/OSA/RSU/BSA OSA/BSPCE RSU BSA Total Balance at January 1, 2018 3,192,708 4,212,508 186,276 7,591,492 Granted 794,732 1,417,961 — 2,212,693 Exercised (OSA/BSPCE/BSA) (36,957 ) — — (36,957 ) Vested (RSU) — (126,456 ) — (126,456 ) Forfeited (68,515 ) (201,714 ) — (270,229 ) Expired — — — — Balance at March 31, 2018 3,881,968 5,302,299 186,276 9,370,543 Breakdown of the Closing Balance OSA/BSPCE RSU BSA Number outstanding 3,881,968 5,302,299 186,276 Weighted-average exercise price € 27.51 NA € 23.93 Number vested 2,072,722 NA 103,272 Weighted-average exercise price € 23.75 NA € 19.08 Weighted-average remaining contractual life of options outstanding, in years 7.39 NA 7.34 Reconciliation with the Unaudited Consolidated Statements of Income Three Months Ended March 31, 2017 March 31, 2018 (in thousands) R&D S&O G&A Total R&D S&O G&A Total RSUs $ (3,472 ) $ (6,260 ) $ (2,728 ) $ (12,460 ) $ (4,617 ) $ (6,872 ) $ (5,147 ) $ (16,636 ) Share options / BSPCE (444 ) (450 ) (1,229 ) (2,123 ) (65 ) (359 ) (1,336 ) (1,760 ) Total share-based compensation (3,916 ) (6,710 ) (3,957 ) (14,583 ) (4,682 ) (7,231 ) (6,483 ) (18,396 ) BSAs — — (357 ) (357 ) — — (433 ) (433 ) Total equity awards compensation expense $ (3,916 ) $ (6,710 ) $ (4,314 ) $ (14,940 ) $ (4,682 ) $ (7,231 ) $ (6,916 ) $ (18,829 )

Financial Income and Expenses

Financial Income and Expenses	3 Months Ended
	Mar. 31, 2018
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 $ 248 $ 225 Interest and fees (757 ) (556 ) Interest on debt (568 ) (487 ) Fees (189 ) (69 ) Foreign exchange gain (loss) (1,808 ) (972 ) Other financial expense (16 ) (22 ) Total financial income (expense) $ (2,333 ) $ (1,325 ) The $1.3 million financial expense for the three months ended March 31, 2018 was driven by the non-utilization costs incurred as part of our available RCF financing and hedging costs related to an intra-group position between Criteo S.A. and its U.S. subsidiary in the context of the funding of the HookLogic acquisition. As of February 2018, this position qualified as a net investment in a foreign operation and no longer requires hedging, resulting in reduced costs compared to the three months ended March 31, 2017. The $2.3 million financial expense for the three months ended March 31, 2017 was 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 the 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.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2018
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes Breakdown of Income Taxes 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 does change, 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. 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 $ (11,071 ) $ (15,532 ) Net change in deferred taxes 6,870 3,146 Provision for income taxes $ (4,201 ) $ (12,386 ) For the three months ended March 31, 2017 and 2018, we used an annual estimated tax rate of 29% and 37% , respectively, to calculate the provision for income taxes. The effective tax rate was 22% and 37% for the three months ended March 31, 2017 and 2018, respectively. The difference between the annual estimated tax rate and the effective tax rate for three months ended March 31, 2017 was due to the tax impact of discrete items such as share-based compensation in the United States. Discrete items were immaterial for the three months ended March 31, 2018 resulting in no difference between the annual estimated tax rate and the effective tax rate. Our estimated annual effective tax rate includes our preliminary estimates for the impact of the U.S. Tax Cuts and Jobs Act (the "Tax Act") which was enacted on December 22, 2017 and introduces significant changes to U.S. income tax law. Effective in 2018, the Tax Act reduces the U.S. federal income tax rate from 35% to 21% and creates new taxes on certain related-party payments, referred to as a base erosion anti-avoidance tax, or “BEAT”. The BEAT provisions in the Tax Act eliminate the deduction of certain base-erosion payments made to related foreign corporations, and impose a minimum tax if greater than regular tax. The Tax Act also modifies the limitation on the amount of deductible interest expense and the limitation on the deductibility of certain executive compensation. Our estimates are preliminary, and our effective tax rate may be impacted as more information becomes available regarding the tax reform. Current tax assets and liabilities The total amount of current tax assets consists mainly of prepayments of income taxes and credits of Criteo Corp., Criteo do Brasil LTDA, and Criteo B.V.. The current tax liabilities refers mainly to the net corporate tax payables of Criteo S.A., K.K. and Criteo Deutschland. Ongoing tax inspection in the United States On September 27, 2017, we received a draft notice of proposed adjustment "NOPA" from the Internal Revenue Service ("IRS") audit of Criteo Corp. for the year ended December 31, 2014, confirmed by the definitive notice dated February 8, 2018. If the IRS prevails in its position, it could result in an additional federal tax liability of an estimated maximum aggregate amount of approximately $15.0 million , excluding related fees, interest and penalties. We strongly disagree with the IRS's position as asserted in the notice of proposed adjustment and intend to contest it.

Earnings Per Share

Earnings Per Share	3 Months Ended
	Mar. 31, 2018
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, 2017 March 31, 2018 Net income attributable to shareholders of Criteo S.A. $ 12,442 $ 19,809 Weighted average number of shares outstanding 64,189,194 66,160,375 Basic earnings per share $ 0.19 $ 0.30 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 11). There were no other potentially dilutive instruments outstanding as of March 31, 2017 and 2018 . 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, 2017 March 31, 2018 Net income attributable to shareholders of Criteo S.A. $ 12,442 $ 19,809 Weighted average number of shares outstanding of Criteo S.A. 64,189,194 66,160,375 Dilutive effect of : Restricted share awards ("RSUs") 1,277,928 865,039 Share options and BSPCE 1,722,009 407,806 Share warrants 93,881 36,518 Weighted average number of shares outstanding used to determine diluted earnings per share 67,283,012 67,469,738 Diluted earnings per share $ 0.18 $ 0.29 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, 2017 March 31, 2018 Restricted share awards 229,730 1,901,128 Share options and BSPCE 442,910 — Weighted average number of anti-dilutive securities excluded from diluted earnings per share 672,640 1,901,128

Commitments and contingencies

Commitments and contingencies	3 Months Ended
	Mar. 31, 2018
Commitments and Contingencies Disclosure [Abstract]
Commitments and contingencies	Commitments and contingencies Commitments Leases We are party to various contractual commitments mainly related to our offices as well as hosting services. There have been no significant changes in future payment obligations for these contractual commitments from what was disclosed in Note 22 to the consolidated financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2017. 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. Rent expenses relating to our offices totaled $8.8 million and $9.7 million for the three-month period ended March 31, 2017 and 2018, respectively. Hosting costs totaled $13.9 million and $12.3 million for the three-month period ended March 31, 2017 and 2018, respectively. Revolving Credit Facilities, Credit Line Facilities and Bank Overdrafts As mentioned in Note 9, we are party to one RCF with a syndicate of banks which allow us to draw up to €350.0 million ( $431.2 million ). As of March 31, 2018, there was no amount drawn on the RCF. This credit facility is unsecured and contains customary events of default and contains covenants, including compliance with a total net debt to adjusted EBITDA ratio and restrictions on incurring additional indebtedness. As of March 31, 2018, 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, 2018 $ 545 $ 1,253 $ 1,798 Increase — Provision used (370 ) (170 ) (540 ) Provision released not used — (456 ) (456 ) Currency translation adjustments 12 22 34 Balance at March 31, 2018 $ 187 $ 649 $ 836 - of which current 187 649 836 The amount of the provisions represent management’s best estimate of the future outflow. As of March 31, 2018, provisions are mainly in relation to employee-related litigations and other operating provisions.

Breakdown of Revenue and Non-Cu

Breakdown of Revenue and Non-Current Assets by Geographical Areas	3 Months Ended
	Mar. 31, 2018
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, 2017 $ 208,013 $ 189,092 $ 119,562 $ 516,667 March 31, 2018 $ 212,695 $ 222,611 $ 128,858 $ 564,164 Revenue generated in France, the country of incorporation of the Parent, amounted to $37.5 million and $41.5 million for the three months ended March 31, 2017 and 2018, respectively. Revenue generated in other significant countries where we operate is presented in the following table: Three Months Ended March 31, March 31, (in thousands) Americas United States $ 179,663 $ 186,052 EMEA Germany $ 42,614 $ 54,515 United Kingdom $ 28,197 $ 26,234 Asia-Pacific Japan $ 85,310 $ 92,263 As of March 31, 2017 and 2018, our largest client represented 1.9% and 2.2% , 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 Of which Holding Americas United States EMEA Asia-Pacific Japan Singapore Total (in thousands) December 31, 2017 $ 100,819 $ 113,272 $ 112,685 $ 18,850 $ 25,020 $ 10,141 $ 10,085 $ 257,961 March 31, 2018 $ 97,792 $ 106,530 $ 106,067 $ 18,859 $ 22,455 $ 9,296 $ 8,333 $ 245,636

Related Parties

Related Parties	3 Months Ended
	Mar. 31, 2018
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 23 to the consolidated financial statements included in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2017.

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2018
Subsequent Events [Abstract]
Subsequent Events	Subsequent Events The Company evaluated all subsequent events that occurred after March 31, 2018 through the date of issuance of the unaudited condensed consolidated financial statements and determined there are no significant events that require adjustments or disclosure.

Summary of Significant Accoun25

Summary of Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2018
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The unaudited condensed consolidated financial statements included herein (the "Unaudited Condensed Consolidated Financial Statements") 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, 2017 , filed with the SEC on March 1, 2018. 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 of our deferred tax assets considering the subsidiaries projected taxable profit for future years (4) the evaluation of uncertain tax positions considering our transfer pricing policies and research tax credits in the United States and France; (5) the recognition and measurement of income tax positions considering the 2017 Tax Cuts and Jobs Act enacted in December 2017 in the U.S., and particularly the measurement of the base erosion anti-avoidance tax ("BEAT"); (6) the recognition and measurement of goodwill and intangible assets and particularly costs capitalized in relation to our customized internal-use software; and (7) the measurement of share-based compensation and related expenses. 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, 2017, except for the accounting pronouncements adopted below.
Recently Issued Accounting Standards	Accounting Pronouncements adopted in 2018 In May 2014, the FASB issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers (Topic 606). Topic 606 supersedes the revenue recognition requirements in Topic 605 “Revenue Recognition” (Topic 605), and requires the Company to recognize revenue when control of promised services is transferred to our customers in an amount that reflects the consideration to which we expect to be entitled to in exchange for those services. We adopted the new standard effective January 1, 2018 using the modified retrospective method. The new standard had no significant impact on our Unaudited Condensed Consolidated Financial Statements, except for related disclosures (see Note 2 for further details). In January 2017, the FASB issued Accounting Standards Update No. 2017-01 (ASU 2017-01) “Business Combinations (Topic 805): Clarifying the Definition of a Business.” ASU 2017-01 provides guidance to evaluate whether transactions should be accounted for as acquisitions (or disposals) of assets or businesses. If substantially all of the fair value of the gross assets acquired (or disposed of) is concentrated in a single asset or a group of similar assets, the assets acquired (or disposed of) are not considered a business. We adopted ASU 2017-01 as of January 1, 2018 on a prospective basis and it did not have a material impact on our financial position, results of operations or cash flows. In May 2017, the FASB issued ASU 2017-09 Compensation - Stock Compensation (Topic 718) . ASU 2017-09 was issued to provide clarity and reduce diversity in practice and complexity when applying the guidance in Topic 718 to a change in terms or conditions of a share based payment award. Under the new guidance, modification accounting is required only if the fair value, the vesting conditions, or the classification of the award changes as a result of the change in terms or conditions. We adopted ASU 2017-09 as of January 1, 2018 on a prospective basis and it did not have a material impact on our financial position, results of operations or cash flows. 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. We adopted ASU 2017-07 as of January 1, 2018 and it did not have a material impact on our financial position, results of operations or cash flows. In August 2016, the FASB issued ASU 2016-15, Statement of Cash Flows: Classification of Certain Cash Receipts and Cash Payments (“ASU 2016-15”). Among other clarifications, ASU 2016-15 clarifies certain items, including the classification of payments for debt prepayment or debt extinguishment costs, including third-party costs, premiums paid, and other fees paid to lenders that are directly related to the debt prepayment or debt extinguishment, excluding accrued interest, which will now be included in the Financing Activities section in the Consolidated Statement of Cash Flows. We adopted ASU 2016 - 15 as of January 1, 2018 and it did not have a material impact on our financial position, results of operations or cash flows, including classification as operating, financing, or investing activities. In October 2016, the FASB issued Accounting Standards Update No. 2016-16, Income Taxes (Topic 740): Intra-Entity Transfers Other than Inventory (ASU 2016-16), which requires companies to recognize the income-tax consequences of an intra-entity transfer of an asset other than inventory. We adopted ASU 2016-16 as of January 1, 2018 on a modified retrospective basis. It did not have a material impact on our Consolidated Financial Statements. Recently Issued Accounting Pronouncements not yet adopted In February 2016, the FASB issued Accounting Standards Update No. 2016-02, Leases (Topic 842) (ASU 2016-02), which generally requires companies to recognize operating and financing lease liabilities and corresponding right-of-use assets on the balance sheet for operating leases with terms of more than 12 months, in addition to those currently recorded. We are in the process of implementing changes to our systems and processes in conjunction with our review of existing lease agreements. We will adopt Topic 842 effective January 1, 2019 and expect to elect certain available transitional practical expedients. We anticipate this standard will have a material impact on our financial position and results of operations. While we are continuing to assess all potential impacts of the new standard, we currently believe the most significant impact relates to the accounting for office and datacenter operating leases. 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.
Revenue Recognition	Adoption of ASC Topic 606, “Revenue from contracts with customers” On January 1, 2018, we adopted Topic 606 using the modified retrospective method. The new standard had no significant impact on our Consolidated Financial Statements, except for related disclosures which are presented under Topic 606 for reporting periods beginning after January 1, 2018, while prior period disclosures are reported in accordance with previous Topic 605. Revenue recognition accounting policies We recognize revenues when we transfer control of promised services directly to our clients or to advertising agencies, which we collectively refer to as our clients, in an amount that reflects the consideration to which we expect to be entitled to in exchange for those services. All our services consist mainly in serving relevant advertising and banner to clients’ users, using Criteo’s technology, when client’s users are surfing on the web. Our contracts typically include a single promise to stand ready, to display the advertising or banner until a client’s user clicks. This represents a series of distinct repetitive services (units of time) that are substantially the same, with the same pattern of transfer to the client. Accordingly, the promise to stand ready is accounted for as a single performance obligation. Each performance obligation is satisfied over time as the client continuously receives and consumes the benefits of the services in continue. We generally price our advertising campaigns on a cost per click basis (CPC) model based on the number of clicks generated by users on each advertisement we deliver in our advertising campaigns (variable consideration). Which means that we have a right to invoice our clients when a user clicks on an advertisement displayed by us. Advertising campaigns are billed and paid on a monthly basis. This amount is representative of the value of the service delivered to the client and therefore, applying the right-to-bill practical expedient, we recognize revenue over time based on the users’ clicks . We act as principal in our arrangements because (i) we control the advertising inventory (spaces on websites) before it is transferred to our clients; (ii) we bear sole responsibility for fulfillment of the advertising promise and inventory risks and (iii) we have full discretion in establishing prices. Therefore, based on these factors, we report revenue earned and the costs incurred related on a gross basis. We do not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less and (ii) contracts for which we recognize revenue at the amount to which we have the right to invoice for services performed.

Revenue (Tables)

Revenue (Tables)	3 Months Ended
	Mar. 31, 2018
Revenue from Contract with Customer [Abstract]
Disaggregation of Revenue	The following table presents our revenues disaggregated by geographical area: Americas EMEA Asia-Pacific Total For the three months ended (in thousands) March 31, 2017 $ 208,013 $ 189,092 $ 119,562 $ 516,667 March 31, 2018 $ 212,695 $ 222,611 $ 128,858 $ 564,164

Restructuring (Tables)

Restructuring (Tables)	3 Months Ended
	Mar. 31, 2018
Restructuring and Related Activities [Abstract]
Restructuring and Related Costs	The following table summarizes restructuring activities as of March 31, 2018 included in other current liabilities on the balance sheet: Restructuring Liability (in thousands) Restructuring liability - January 1, 2018 $ 2,351 Restructuring costs / (gain) (252 ) Amounts paid (1,402 ) Other 477 Restructuring liability - March 31, 2018 $ 1,174 Three Months Ended March 31, 2018 (in thousands) Severance costs $ (195 ) Facility exit costs 420 Other (477 ) Total restructuring costs / (gain) $ (252 )

Financial Instruments (Tables)

Financial Instruments (Tables)	3 Months Ended
	Mar. 31, 2018
Fair Value Disclosures [Abstract]
Schedules of concentration of risk	For each period presented, the aging of trade receivables and allowances for potential losses is as follows: December 31, 2017 March 31, 2018 Gross value % Allowance % Gross value % Allowance % (in thousands) (in thousands) (in thousands) (in thousands) Not yet due $ 304,233 60.3 % $ (168 ) 0.8 % $ 260,922 62.3 % $ (236 ) 1.0 % 0 - 30 days 121,957 24.2 % — — % 93,522 22.3 % (508 ) 2.1 % 31 - 60 days 29,325 5.8 % (21 ) 0.1 % 24,697 5.9 % (62 ) 0.3 % 61 - 90 days 7,498 1.5 % (35 ) 0.2 % 3,423 0.8 % (124 ) 0.5 % > 90 days 41,906 8.3 % (20,594 ) 98.9 % 37,103 8.8 % (23,030 ) 96.1 % Total $ 504,919 100 % $ (20,818 ) 100 % $ 419,667 100 % $ (23,960 ) 100 % 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, 2017 March 31, 2018 (in thousands) Cash and cash equivalents $ 414,111 $ 483,874 Trade receivables, net of allowance 484,101 395,707 Other taxes 58,346 52,557 Other current assets 26,327 26,463 Non-current financial assets 19,525 21,137 Total $ 1,002,410 $ 979,738
Schedule of financial liabilities	Financial Liabilities December 31, 2017 March 31, 2018 (in thousands) Trade payables $ 417,032 $ 359,296 Other taxes 58,783 52,342 Employee-related payables 66,219 65,646 Other current liabilities 65,677 29,851 Financial liabilities 3,657 3,769 Total $ 611,368 $ 510,904
Schedule of derivative financial instruments	December 31, 2017 March 31, 2018 (in thousands) Derivative Assets: Included in other current assets $ 5,159 $ — Derivative Liabilities: Included in financial liabilities - current portion $ — $ 573
Schedule of assets and liabilities carried at fair value	December 31, 2017 March 31, 2018 (in thousands) Cash and cash equivalents $ 267,236 $ 302,060 Money market funds — — Interest-bearing bank deposits 146,875 181,814 Total cash and cash equivalents $ 414,111 $ 483,874

Trade Receivables (Tables)

Trade Receivables (Tables)	3 Months Ended
	Mar. 31, 2018
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, 2017 March 31, 2018 (in thousands) Trade accounts receivables $ 504,919 $ 419,667 (Less) Allowance for doubtful accounts (20,818 ) (23,960 ) Net book value at end of period $ 484,101 $ 395,707 Changes in allowance for doubtful accounts are summarized below: 2017 2018 (in thousands) Balance at January 1 $ (11,598 ) $ (20,818 ) Allowance for doubtful accounts (3,686 ) (4,436 ) Reversal of provision 2,142 1,460 Currency translation adjustment (87 ) (166 ) Balance at March 31 $ (13,229 ) $ (23,960 )

Other Current Assets (Tables)

Other Current Assets (Tables)	3 Months Ended
	Mar. 31, 2018
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, 2017 March 31, 2018 (in thousands) Prepayments to suppliers $ 3,244 $ 3,833 Other debtors 5,694 5,389 Prepaid expenses 12,230 17,241 Derivative instruments 5,159 — Gross book value at end of period 26,327 26,463 Net book value at end of period $ 26,327 $ 26,463

Intangible Assets and Goodwill

Intangible Assets and Goodwill (Tables)	3 Months Ended
	Mar. 31, 2018
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 From April 1 to December 31, 2018 $ 7,013 $ 10,338 $ 17,351 2019 4,775 13,728 18,503 2020 2,876 8,700 11,576 2021 1,401 8,700 10,101 2022 781 8,700 9,481 Thereafter — 25,372 25,372 Total $ 16,846 $ 75,538 $ 92,384

Other Current Liabilities (Tabl

Other Current Liabilities (Tables)	3 Months Ended
	Mar. 31, 2018
Other Liabilities Disclosure [Abstract]
Other current liabilities	Other current liabilities are presented in the following table: December 31, 2017 March 31, 2018 (in thousands) Clients' prepayments $ 33,495 $ 21,473 Accounts payable relating to capital expenditures 30,736 6,261 Other creditors 740 1,451 Deferred revenue 706 666 Total $ 65,677 $ 29,851

Financial Liabilities (Tables)

Financial Liabilities (Tables)	3 Months Ended
	Mar. 31, 2018
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, 2018 are illustrated in the following schedules: As of January 1, 2018 New borrowings Repayments Change in scope Other (1) Currency translation adjustment As of March 31, 2018 (in thousands) Borrowings $ 982 $ — $ (238 ) $ — $ 184 $ 27 $ 955 Other financial liabilities 517 — (312 ) — — 14 219 Derivative instruments — — — — 573 — 573 Current portion 1,499 — (550 ) — 757 41 1,747 Borrowings 1,798 — — — (184 ) 48 1,662 Other financial liabilities 360 — — — — — 360 Non current portion 2,158 — — — (184 ) 48 2,022 Borrowings 2,780 — (238 ) — — 75 2,617 Other financial liabilities 877 — (312 ) — — 14 579 Derivative instruments — — — — 573 — 573 Total $ 3,657 $ — $ (550 ) $ — $ 573 $ 89 $ 3,769 (1) Includes reclassification from non-current to current portion based on maturity of the financial liabilities.

Share-Based Compensation (Table

Share-Based Compensation (Tables)	3 Months Ended
	Mar. 31, 2018
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, 2018 3,192,708 4,212,508 186,276 7,591,492 Granted 794,732 1,417,961 — 2,212,693 Exercised (OSA/BSPCE/BSA) (36,957 ) — — (36,957 ) Vested (RSU) — (126,456 ) — (126,456 ) Forfeited (68,515 ) (201,714 ) — (270,229 ) Expired — — — — Balance at March 31, 2018 3,881,968 5,302,299 186,276 9,370,543 Breakdown of the Closing Balance OSA/BSPCE RSU BSA Number outstanding 3,881,968 5,302,299 186,276 Weighted-average exercise price € 27.51 NA € 23.93 Number vested 2,072,722 NA 103,272 Weighted-average exercise price € 23.75 NA € 19.08 Weighted-average remaining contractual life of options outstanding, in years 7.39 NA 7.34
Schedule of share-based compensation reconciliation with the Consolidated Statements of Income	Reconciliation with the Unaudited Consolidated Statements of Income Three Months Ended March 31, 2017 March 31, 2018 (in thousands) R&D S&O G&A Total R&D S&O G&A Total RSUs $ (3,472 ) $ (6,260 ) $ (2,728 ) $ (12,460 ) $ (4,617 ) $ (6,872 ) $ (5,147 ) $ (16,636 ) Share options / BSPCE (444 ) (450 ) (1,229 ) (2,123 ) (65 ) (359 ) (1,336 ) (1,760 ) Total share-based compensation (3,916 ) (6,710 ) (3,957 ) (14,583 ) (4,682 ) (7,231 ) (6,483 ) (18,396 ) BSAs — — (357 ) (357 ) — — (433 ) (433 ) Total equity awards compensation expense $ (3,916 ) $ (6,710 ) $ (4,314 ) $ (14,940 ) $ (4,682 ) $ (7,231 ) $ (6,916 ) $ (18,829 )

Financial Income and Expenses (

Financial Income and Expenses (Tables)	3 Months Ended
	Mar. 31, 2018
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 $ 248 $ 225 Interest and fees (757 ) (556 ) Interest on debt (568 ) (487 ) Fees (189 ) (69 ) Foreign exchange gain (loss) (1,808 ) (972 ) Other financial expense (16 ) (22 ) Total financial income (expense) $ (2,333 ) $ (1,325 )

Income Taxes (Tables)

Income Taxes (Tables)	3 Months Ended
	Mar. 31, 2018
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 $ (11,071 ) $ (15,532 ) Net change in deferred taxes 6,870 3,146 Provision for income taxes $ (4,201 ) $ (12,386 )

Earnings Per Share (Tables)

Earnings Per Share (Tables)	3 Months Ended
	Mar. 31, 2018
Earnings Per Share [Abstract]
Schedule of basic earnings per share	Three Months Ended March 31, 2017 March 31, 2018 Net income attributable to shareholders of Criteo S.A. $ 12,442 $ 19,809 Weighted average number of shares outstanding 64,189,194 66,160,375 Basic earnings per share $ 0.19 $ 0.30
Schedule of diluted earnings per share	Three Months Ended March 31, 2017 March 31, 2018 Net income attributable to shareholders of Criteo S.A. $ 12,442 $ 19,809 Weighted average number of shares outstanding of Criteo S.A. 64,189,194 66,160,375 Dilutive effect of : Restricted share awards ("RSUs") 1,277,928 865,039 Share options and BSPCE 1,722,009 407,806 Share warrants 93,881 36,518 Weighted average number of shares outstanding used to determine diluted earnings per share 67,283,012 67,469,738 Diluted earnings per share $ 0.18 $ 0.29
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, 2017 March 31, 2018 Restricted share awards 229,730 1,901,128 Share options and BSPCE 442,910 — Weighted average number of anti-dilutive securities excluded from diluted earnings per share 672,640 1,901,128

Commitments and contingencies (

Commitments and contingencies (Tables)	3 Months Ended
	Mar. 31, 2018
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, 2018 $ 545 $ 1,253 $ 1,798 Increase — Provision used (370 ) (170 ) (540 ) Provision released not used — (456 ) (456 ) Currency translation adjustments 12 22 34 Balance at March 31, 2018 $ 187 $ 649 $ 836 - of which current 187 649 836

Breakdown of Revenue and Non-39

Breakdown of Revenue and Non-Current Assets by Geographical Areas (Tables)	3 Months Ended
	Mar. 31, 2018
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, 2017 $ 208,013 $ 189,092 $ 119,562 $ 516,667 March 31, 2018 $ 212,695 $ 222,611 $ 128,858 $ 564,164
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, March 31, (in thousands) Americas United States $ 179,663 $ 186,052 EMEA Germany $ 42,614 $ 54,515 United Kingdom $ 28,197 $ 26,234 Asia-Pacific Japan $ 85,310 $ 92,263
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 Of which Holding Americas United States EMEA Asia-Pacific Japan Singapore Total (in thousands) December 31, 2017 $ 100,819 $ 113,272 $ 112,685 $ 18,850 $ 25,020 $ 10,141 $ 10,085 $ 257,961 March 31, 2018 $ 97,792 $ 106,530 $ 106,067 $ 18,859 $ 22,455 $ 9,296 $ 8,333 $ 245,636

Revenue (Details)

Revenue (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	$ 564,164	$ 516,667
Americas
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	212,695	208,013
EMEA
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	222,611	189,092
Asia-Pacific
Disaggregation of Revenue [Line Items]
Revenue from contract with customer	$ 128,858	$ 119,562

Restructuring - Additional Info

Restructuring - Additional Information (Details) - USD ($)	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Restructuring of China Operations
Restructuring Cost and Reserve [Line Items]
Restructuring liability		$ 400,000
Restructuring charges	$ 0
Payments for restructuring	400,000
Criteo Predictive Search Discontinuation
Restructuring Cost and Reserve [Line Items]
Restructuring liability	1,174,000	2,351,000
Restructuring charges	(252,000)	$ 4,100,000
Payments for restructuring	1,402,000
Criteo Predictive Search Discontinuation | R&D
Restructuring Cost and Reserve [Line Items]
Restructuring charges	100,000
Criteo Predictive Search Discontinuation | S&O
Restructuring Cost and Reserve [Line Items]
Restructuring charges	(400,000)
Criteo Predictive Search Discontinuation | Share-based Compensation Expense
Restructuring Cost and Reserve [Line Items]
Restructuring charges	$ (500,000)

Restructuring - Components of R

Restructuring - Components of Restructuring Charges (Details) - Criteo Predictive Search Discontinuation - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Restructuring Cost and Reserve [Line Items]
Severance costs	$ (195)
Facility exit costs	420
Other	(477)
Total restructuring costs / (gain)	$ (252)	$ 4,100

Restructuring - Restructuring L

Restructuring - Restructuring Liability (Details) - Criteo Predictive Search Discontinuation - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Restructuring Reserve [Roll Forward]
Restructuring liability - January 1, 2018	$ 2,351
Restructuring costs / (gain)	(252)	$ 4,100
Amounts paid	(1,402)
Other	477
Restructuring liability - March 31, 2018	$ 1,174	$ 2,351

Financial Instruments - Credit

Financial Instruments - Credit Risks (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Concentration Risk [Line Items]
Allowance for doubtful accounts receivable, period increase (decrease)	$ 3,200	$ 9,200
Credit Concentration Risk
Concentration Risk [Line Items]
Maximum exposure	979,738	1,002,410
Carrying Value | Cash and cash equivalents
Concentration Risk [Line Items]
Maximum exposure	483,874	414,111
Carrying Value | Trade receivables, net of allowances
Concentration Risk [Line Items]
Maximum exposure	395,707	484,101
Carrying Value | Other taxes
Concentration Risk [Line Items]
Maximum exposure	52,557	58,346
Carrying Value | Other current assets
Concentration Risk [Line Items]
Maximum exposure	26,463	26,327
Carrying Value | Non-current financial assets
Concentration Risk [Line Items]
Maximum exposure	$ 21,137	$ 19,525

Financial Instruments - Trade R

Financial Instruments - Trade Receivables (Details) - USD ($) $ in Thousands	3 Months Ended	12 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Gross value	$ 419,667	$ 504,919
Allowance	(23,960)	(20,818)
Not yet due
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Gross value	260,922	304,233
Allowance	(236)	(168)
0 - 30 days
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Gross value	93,522	121,957
Allowance	(508)	0
31 - 60 days
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Gross value	24,697	29,325
Allowance	(62)	(21)
61 - 90 days
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Gross value	3,423	7,498
Allowance	(124)	(35)
Greater than 90 days
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Gross value	37,103	41,906
Allowance	$ (23,030)	$ (20,594)
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	62.30%	60.30%
Accounts Receivable | 0 - 30 days
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Concentration risk, percentage	22.30%	24.20%
Accounts Receivable | 31 - 60 days
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Concentration risk, percentage	5.90%	5.80%
Accounts Receivable | 61 - 90 days
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Concentration risk, percentage	0.80%	1.50%
Accounts Receivable | Greater than 90 days
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Concentration risk, percentage	8.80%	8.30%
Allowance for Doubtful Accounts
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Concentration risk, percentage	100.00%	100.00%
Allowance for Doubtful Accounts | Not yet due
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Concentration risk, percentage	1.00%	0.80%
Allowance for Doubtful Accounts | 0 - 30 days
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Concentration risk, percentage	2.10%	0.00%
Allowance for Doubtful Accounts | 31 - 60 days
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Concentration risk, percentage	0.30%	0.10%
Allowance for Doubtful Accounts | 61 - 90 days
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Concentration risk, percentage	0.50%	0.20%
Allowance for Doubtful Accounts | Greater than 90 days
Fair Value, Concentration of Risk, Financial Statement Captions [Line Items]
Concentration risk, percentage	96.10%	98.90%

Financial Instruments - Financi

Financial Instruments - Financial Liabilities (Details) - Fair value - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Trade payables	$ 359,296	$ 417,032
Other taxes	52,342	58,783
Employee-related payables	65,646	66,219
Other current liabilities	29,851	65,677
Financial liabilities	3,769	3,657
Total	$ 510,904	$ 611,368

Financial Instruments - Derivat

Financial Instruments - Derivative Financial Instruments (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Derivative Liabilities:
Included in financial liabilities - current portion	$ 573	$ 0
Fair Value, Inputs, Level 2 | Fair value
Derivative Assets:
Included in other current assets	0	5,159
Derivative Liabilities:
Included in financial liabilities - current portion	$ 573	$ 0

Financial Instruments - Cash an

Financial Instruments - Cash and Cash Equivalents (Details) - Fair Value, Inputs, Level 2 - Fair value - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	$ 483,874	$ 414,111
Cash and cash equivalents
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]
Cash and cash equivalents	302,060	267,236
Money market funds
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	$ 181,814	$ 146,875

Trade Receivables - Breakdown i

Trade Receivables - Breakdown in Trade Receivables (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017	Mar. 31, 2017	Dec. 31, 2016
Receivables [Abstract]
Trade accounts receivables	$ 419,667	$ 504,919
(Less) Allowance for doubtful accounts	(23,960)	(20,818)	$ (13,229)	$ (11,598)
Net book value at end of period	$ 395,707	$ 484,101

Trade Receivables - Allowance f

Trade Receivables - Allowance for Doubtful Accounts Rollforward (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Allowance for Doubtful Accounts Receivable [Roll Forward]
Balance at January 1	$ (20,818)	$ (11,598)
Allowance for doubtful accounts	(4,436)	(3,686)
Reversal of provision	1,460	2,142
Currency translation adjustment	(166)	(87)
Balance at March 31	$ (23,960)	$ (13,229)

Other Current Assets (Details)

Other Current Assets (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]
Prepayments to suppliers	$ 3,833	$ 3,244
Other debtors	5,389	5,694
Prepaid expenses	17,241	12,230
Derivative instruments	0	5,159
Gross book value at end of period	26,463	26,327
Net book value at end of period	$ 26,463	$ 26,327

Intangible Assets and Goodwil52

Intangible Assets and Goodwill - Estimated Amortization Expense (Details) $ in Thousands	Mar. 31, 2018USD ($)
Estimated Amortization Expense Maturity
From April 1 to December 31, 2018	$ 17,351
2,019	18,503
2,020	11,576
2,021	10,101
2,022	9,481
Thereafter	25,372
Total	92,384
Software
Estimated Amortization Expense Maturity
From April 1 to December 31, 2018	7,013
2,019	4,775
2,020	2,876
2,021	1,401
2,022	781
Thereafter	0
Total	16,846
Technology and customer relationships
Estimated Amortization Expense Maturity
From April 1 to December 31, 2018	10,338
2,019	13,728
2,020	8,700
2,021	8,700
2,022	8,700
Thereafter	25,372
Total	$ 75,538

Other Current Liabilities (Deta

Other Current Liabilities (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Other Liabilities Disclosure [Abstract]
Clients' prepayments	$ 21,473	$ 33,495
Accounts payable relating to capital expenditures	6,261	30,736
Other creditors	1,451	740
Deferred revenue	666	706
Total	$ 29,851	$ 65,677

Financial Liabilities - Changes

Financial Liabilities - Changes in Current and Non-Current Financial Liabilities (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2018USD ($)
Financial Liabilities Activity [Roll Forward]
Borrowings, Current portion, Beginning balance	$ 982
Other financial liabilities, Current portion, Beginning balance	517
Derivative instruments, Current portion, Beginning balance	0
Financial liabilities, Current portion, Beginning balance	1,499
Borrowings, Non current portion, Beginning balance	1,798
Other financial liabilities, Non current portion, Beginning balance	360
Financial liabilities, Non current portion, Beginning balance	2,158
Borrowings, Beginning balance	2,780
Other financial liabilities, Beginning balance	877
Derivative instruments, Beginning balance	0
Financial liabilities, Beginning balance	3,657
New borrowings	0
Repayments of financial liabilities	(550)
Change in scope	0
Other	573
Currency translation adjustment	89
Borrowings, Current portion, Ending balance	955
Other financial liabilities, Current portion, Ending balance	219
Derivative instruments, Current portion, Ending balance	573
Financial liabilities, Current portion, Ending balance	1,747
Borrowings, Non current portion, Ending balance	1,662
Other financial liabilities, Non current portion, Ending balance	360
Financial liabilities, Non current portion, Ending balance	2,022
Borrowings, Ending balance	2,617
Other financial liabilities, Ending balance	579
Derivative instruments, Ending balance	573
Financial liabilities, Ending balance	3,769
Borrowings
Financial Liabilities Activity [Roll Forward]
New borrowings	0
Repayments of borrowings	(238)
Change in scope	0
Other	0
Currency translation adjustment	75
Other financial liabilities
Financial Liabilities Activity [Roll Forward]
New borrowings	0
Repayments of other financial liabilities	(312)
Change in scope	0
Other	0
Currency translation adjustment	14
Derivative instruments
Financial Liabilities Activity [Roll Forward]
Change in scope	0
Other	573
Currency translation adjustment	0
Financial liabilities, Current portion
Financial Liabilities Activity [Roll Forward]
New borrowings	0
Repayments of financial liabilities	(550)
Change in scope	0
Other	757
Currency translation adjustment	41
Financial liabilities, Current portion | Borrowings
Financial Liabilities Activity [Roll Forward]
New borrowings	0
Repayments of borrowings	(238)
Change in scope	0
Other	184
Currency translation adjustment	27
Financial liabilities, Current portion | Other financial liabilities
Financial Liabilities Activity [Roll Forward]
New borrowings	0
Repayments of other financial liabilities	(312)
Change in scope	0
Other	0
Currency translation adjustment	14
Financial liabilities, Current portion | Derivative instruments
Financial Liabilities Activity [Roll Forward]
Change in scope	0
Other	573
Currency translation adjustment	0
Financial liablities, Non current portion
Financial Liabilities Activity [Roll Forward]
New borrowings	0
Repayments of financial liabilities	0
Change in scope	0
Other	(184)
Currency translation adjustment	48
Financial liablities, Non current portion | Borrowings
Financial Liabilities Activity [Roll Forward]
New borrowings	0
Repayments of borrowings	0
Change in scope	0
Other	(184)
Currency translation adjustment	48
Financial liablities, Non current portion | Other financial liabilities
Financial Liabilities Activity [Roll Forward]
New borrowings	0
Repayments of other financial liabilities	0
Change in scope	0
Other	0
Currency translation adjustment	$ 0

Share-Based Compensation - Narr

Share-Based Compensation - Narrative (Details) - shares	Mar. 16, 2018	Mar. 01, 2018	Mar. 31, 2018
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
RSUs granted (in shares)	1,295,513	122,448	1,417,961
OSAs | Senior management
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Options granted (in shares)	794,733
Vesting period			2 years

Share-Based Compensation - Chan

Share-Based Compensation - Change in Number of BSPCE/OSA/RSU/BSA (Details) - shares	Mar. 16, 2018	Mar. 01, 2018	Mar. 31, 2018
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Vested, options (in shares)			0
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments [Roll Forward]
Beginning balance (in shares)			7,591,492
Granted (in shares)			2,212,693
Exercised (in shares)			(36,957)
Vested (in shares)			(126,456)
Forfeited (in shares)			(270,229)
Expired (in shares)			0
Ending balance (in shares)			9,370,543
OSA/BSPCE
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Beginning balance, options (in shares)			3,192,708
Granted, options (in shares)			794,732
Exercised, options (in shares)			(36,957)
Vested, options (in shares)			0
Forfeited, options (in shares)			(68,515)
Expired, options (in shares)			0
Ending balance, options (in shares)			3,881,968
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)			4,212,508
Granted (in shares)	1,295,513	122,448	1,417,961
Exercised (in shares)			0
Vested (in shares)			(126,456)
Forfeited (in shares)			(201,714)
Expired (in shares)			0
Ending balance (in shares)			5,302,299
BSAs
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward]
Beginning balance, options (in shares)			186,276
Granted, options (in shares)			0
Exercised, options (in shares)			0
Forfeited, options (in shares)			0
Expired, options (in shares)			0
Ending balance, options (in shares)			186,276

Share-Based Compensation - Brea

Share-Based Compensation - Breakdown of the Closing Balance (Details) - € / shares	3 Months Ended
	Mar. 31, 2018	Dec. 31, 2017
OSA/BSPCE
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number outstanding, options (in shares)	3,881,968	3,192,708
Weighted-average exercise price, options (in Euro per share)	€ 27.51
Number vested, options (in shares)	2,072,722
Weighted-average exercise price, options (in Euro per share)	€ 23.75
Weighted-average remaining contractual life of options outstanding	7 years 4 months 21 days
RSU
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number outstanding (in shares)	5,302,299	4,212,508
BSAs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Number outstanding, options (in shares)	186,276	186,276
Weighted-average exercise price, options (in Euro per share)	€ 23.93
Number vested, options (in shares)	103,272
Weighted-average exercise price, options (in Euro per share)	€ 19.08
Weighted-average remaining contractual life of options outstanding	7 years 4 months 2 days

Share-Based Compensation - Shar

Share-Based Compensation - Share-based compensation expense (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation expense	$ (18,396)	$ (14,583)
Total equity awards compensation expense	(18,829)	(14,940)
R&D
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation expense	(4,682)	(3,916)
Total equity awards compensation expense	(4,682)	(3,916)
S&O
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation expense	(7,231)	(6,710)
Total equity awards compensation expense	(7,231)	(6,710)
G&A
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation expense	(6,483)	(3,957)
Total equity awards compensation expense	(6,916)	(4,314)
RSUs
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation expense	(16,636)	(12,460)
RSUs | R&D
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation expense	(4,617)	(3,472)
RSUs | S&O
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation expense	(6,872)	(6,260)
RSUs | G&A
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation expense	(5,147)	(2,728)
Share options / BSPCE
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation expense	(1,760)	(2,123)
Share options / BSPCE | R&D
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation expense	(65)	(444)
Share options / BSPCE | S&O
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation expense	(359)	(450)
Share options / BSPCE | G&A
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Share-based compensation expense	(1,336)	(1,229)
BSAs
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Issuance of Stock and Warrants for Services or Claims	(433)	(357)
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	$ (433)	$ (357)

Financial Income and Expenses -

Financial Income and Expenses - Financial income (expense) (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Other Income and Expenses [Abstract]
Financial income from cash equivalents	$ 225	$ 248
Interest and fees	(556)	(757)
Interest on debt	(487)	(568)
Fees	(69)	(189)
Foreign exchange gain (loss)	(972)	(1,808)
Other financial expense	(22)	(16)
Total financial income (expense)	$ (1,325)	$ (2,333)

Financial Income and Expenses60

Financial Income and Expenses - Narrative (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Other Income and Expenses [Abstract]
Financial income (expense)	$ (1,325)	$ (2,333)

Income Taxes - Breakdown of Inc

Income Taxes - Breakdown of Income Taxes (Details) - USD ($) $ in Thousands	Sep. 27, 2017	Mar. 31, 2018	Mar. 31, 2017
Income Tax Examination [Line Items]
Current income tax		$ (15,532)	$ (11,071)
Net change in deferred taxes		3,146	6,870
Provision for income taxes		$ (12,386)	$ (4,201)
Estimated tax rate		37.00%	29.00%
Effective tax rate		37.00%	22.00%
Internal Revenue Service (IRS)
Income Tax Examination [Line Items]
Estimate of possible loss	$ 15,000

Earnings Per Share - Basic Earn

Earnings Per Share - Basic Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Earnings Per Share [Abstract]
Net income attributable to shareholders of Criteo S.A.	$ 19,809	$ 12,442
Weighted average number of shares outstanding (in shares)	66,160,375	64,189,194
Basic earnings per share (in USD per share)	$ 0.30	$ 0.19

Earnings Per Share - Diluted Ea

Earnings Per Share - Diluted Earnings Per Share (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Earnings Per Share [Abstract]
Net income attributable to shareholders of Criteo S.A.	$ 19,809	$ 12,442
Weighted average number of shares outstanding (in shares)	66,160,375	64,189,194
Dilutive effect of :
Restricted share awards (RSU's) (in shares)	865,039	1,277,928
Share options and (BSPCEs) (in shares)	407,806	1,722,009
Share warrants (in shares)	36,518	93,881
Weighted average number of shares outstanding used to determine diluted earnings per share (in shares)	67,469,738	67,283,012
Diluted earnings per share (in USD per share)	$ 0.29	$ 0.18

Earnings Per Share - Weighted A

Earnings Per Share - Weighted Average Number of Anti-Dilutive Securities (Details) - shares	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted average number of anti-dilutive securities excluded from diluted earnings per share (in shares)	1,901,128	672,640
Restricted share awards
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted average number of anti-dilutive securities excluded from diluted earnings per share (in shares)	1,901,128	229,730
Share options / BSPCE
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Weighted average number of anti-dilutive securities excluded from diluted earnings per share (in shares)	0	442,910

Commitments and contingencies -

Commitments and contingencies - Commitments (Details)	3 Months Ended
	Mar. 31, 2018USD ($)	Mar. 31, 2017USD ($)	Mar. 31, 2018EUR (€)	Mar. 31, 2018USD ($)
Revolving credit facility | RCF | Bank syndicate RCF
Debt Instrument [Line Items]
Revolving credit facility, maximum borrowing capacity			€ 350,000,000	$ 431,200,000
Long-term line of credit				$ 0
Property Leases
Debt Instrument [Line Items]
Operating lease expenses	$ 9,700,000	$ 8,800,000
Hosting Services
Debt Instrument [Line Items]
Operating lease expenses	$ 12,300,000	$ 13,900,000

Commitments and contingencies66

Commitments and contingencies - Contingencies (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2018USD ($)
Loss Contingency Accrual [Roll Forward]
Contingencies accrual, beginning balance	$ 1,798
Increase	0
Provision used	(540)
Provision released not used	(456)
Currency translation adjustments	34
Contingencies accrual, ending balance	836
Contingencies accrual, of which current	836
Provision for employee-related litigation
Loss Contingency Accrual [Roll Forward]
Contingencies accrual, beginning balance	545
Increase
Provision used	(370)
Provision released not used	0
Currency translation adjustments	12
Contingencies accrual, ending balance	187
Contingencies accrual, of which current	187
Other provisions
Loss Contingency Accrual [Roll Forward]
Contingencies accrual, beginning balance	1,253
Increase
Provision used	(170)
Provision released not used	(456)
Currency translation adjustments	22
Contingencies accrual, ending balance	649
Contingencies accrual, of which current	$ 649

Breakdown of Revenue and Non-67

Breakdown of Revenue and Non-Current Assets by Geographical Areas - Narrative (Details) $ in Thousands	3 Months Ended
	Mar. 31, 2018USD ($)market	Mar. 31, 2017USD ($)
Revenues from External Customers and Long-Lived Assets [Line Items]
Number of geographical markets | market	3
Revenue from contract with customer	$ 564,164	$ 516,667
Sales Revenue, Net
Revenues from External Customers and Long-Lived Assets [Line Items]
Concentration risk, percentage	2.20%	1.90%
France
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue from contract with customer	$ 41,500	$ 37,500

Breakdown of Revenue and Non-68

Breakdown of Revenue and Non-Current Assets by Geographical Areas - Revenue by Geographical Area (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue from contract with customer	$ 564,164	$ 516,667
Americas
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue from contract with customer	212,695	208,013
EMEA
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue from contract with customer	222,611	189,092
Asia-Pacific
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue from contract with customer	$ 128,858	$ 119,562

Breakdown of Revenue and Non-69

Breakdown of Revenue and Non-Current Assets by Geographical Areas - Revenue by Significant Other Countries (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2018	Mar. 31, 2017
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue from contract with customer	$ 564,164	$ 516,667
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue from contract with customer	186,052	179,663
Germany
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue from contract with customer	54,515	42,614
United Kingdom
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue from contract with customer	26,234	28,197
Japan
Revenues from External Customers and Long-Lived Assets [Line Items]
Revenue from contract with customer	$ 92,263	$ 85,310

Breakdown of Revenue and Non-70

Breakdown of Revenue and Non-Current Assets by Geographical Areas - Other Information (Details) - USD ($) $ in Thousands	Mar. 31, 2018	Dec. 31, 2017
Revenues from External Customers and Long-Lived Assets [Line Items]
Non-current assets	$ 245,636	$ 257,961
Americas
Revenues from External Customers and Long-Lived Assets [Line Items]
Non-current assets	106,530	113,272
United States
Revenues from External Customers and Long-Lived Assets [Line Items]
Non-current assets	106,067	112,685
EMEA
Revenues from External Customers and Long-Lived Assets [Line Items]
Non-current assets	18,859	18,850
Asia-Pacific
Revenues from External Customers and Long-Lived Assets [Line Items]
Non-current assets	22,455	25,020
Japan
Revenues from External Customers and Long-Lived Assets [Line Items]
Non-current assets	9,296	10,141
Singapore
Revenues from External Customers and Long-Lived Assets [Line Items]
Non-current assets	8,333	10,085
Holding
Revenues from External Customers and Long-Lived Assets [Line Items]
Non-current assets	$ 97,792	$ 100,819