Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2019 | Jul. 31, 2019 | |
Document Information [Line Items] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2019 | |
Document Transition Report | false | |
Entity File Number | 001-36153 | |
Entity Registrant Name | Criteo S.A. | |
Entity Incorporation, State or Country Code | I0 | |
Entity Address, Address Line One | 32, rue Blanche | |
Entity Address, City or Town | Paris | |
Entity Address, Country | FR | |
Entity Address, Postal Zip Code | 75009 | |
Country Region | 33 | |
City Area Code | 40 | |
Local Phone Number | 40 22 90 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Large Accelerated Filer | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 65,171,310 | |
Entity Central Index Key | 0001576427 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
American Depositary Shares | ||
Document Information [Line Items] | ||
Title of 12(b) Security | American Depositary Shares, each representing one Ordinary Share,nominal value €0.025 per share | |
Trading Symbol | CRTO | |
Security Exchange Name | NASDAQ | |
Ordinary Shares | ||
Document Information [Line Items] | ||
Title of 12(b) Security | Ordinary Shares, nominal value €0.025 per share | |
No Trading Symbol Flag | true | |
Security Exchange Name | NASDAQ |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (UNAUDITED) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 422,053 | $ 364,426 |
Trade receivables, net of allowances of $25.9 million and $19.5 million at December 31, 2018 and June 30, 2019, respectively | 374,949 | 473,901 |
Income taxes | 18,185 | 19,370 |
Other taxes | 56,090 | 53,338 |
Other current assets | 18,751 | 22,816 |
Total current assets | 890,028 | 933,851 |
Property, plant and equipment, net | 192,651 | 184,013 |
Intangible assets, net | 103,113 | 112,036 |
Goodwill | 317,093 | 312,881 |
Right of use assets - operating lease | 183,725 | 0 |
Non-current financial assets | 21,613 | 20,460 |
Deferred tax assets | 41,346 | 33,894 |
Total non-current assets | 859,541 | 663,284 |
Total assets | 1,749,569 | 1,597,135 |
Current liabilities: | ||
Trade payables | 332,735 | 425,376 |
Contingencies | 4,156 | 2,640 |
Income taxes | 7,065 | 7,725 |
Financial liabilities - current portion | 2,030 | 1,018 |
Operating lease liabilities - current portion | 47,964 | 0 |
Other taxes | 56,929 | 55,592 |
Employee - related payables | 68,702 | 65,878 |
Other current liabilities | 33,986 | 47,115 |
Total current liabilities | 553,567 | 605,344 |
Deferred tax liabilities | 8,489 | 10,770 |
Retirement benefit obligation | 8,002 | 5,537 |
Financial liabilities - non current portion | 2,051 | 2,490 |
Operating lease liabilities - non current portion | 148,170 | 0 |
Other non-current liabilities | 4,327 | 5,103 |
Total non-current liabilities | 171,039 | 23,900 |
Total liabilities | 724,606 | 629,244 |
Commitments and contingencies | ||
Shareholders' equity: | ||
Common shares, €0.025 par value, 67,708,203 and 66,161,523 shares authorized, issued and outstanding at December 31, 2018 and June 30, 2019, respectively. | 2,157 | 2,201 |
Treasury stock, 3,459,119 and 1,118,969 shares at cost as of December 31, 2018 and June 30, 2019, respectively. | (26,564) | (79,159) |
Additional paid-in capital | 652,572 | 663,281 |
Accumulated other comprehensive (loss) | (33,293) | (30,522) |
Retained earnings | 401,209 | 387,869 |
Equity-attributable to shareholders of Criteo S.A. | 996,081 | 943,670 |
Non-controlling interests | 28,882 | 24,221 |
Total equity | 1,024,963 | 967,891 |
Total equity and liabilities | $ 1,749,569 | $ 1,597,135 |
CONDENSED CONSOLIDATED STATEM_2
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (UNAUDITED) (Parenthetical) $ in Thousands | Jun. 30, 2019€ / shares | Jun. 30, 2019USD ($)shares | Dec. 31, 2018€ / shares | Dec. 31, 2018USD ($)shares |
Statement of Financial Position [Abstract] | ||||
Trade receivables, allowances | $ | $ 19,546 | $ 25,918 | ||
Common shares, par value (in Euro per share) | € / shares | € 0.025 | € 0.025 | ||
Common shares authorized (in shares) | 66,161,523 | 67,708,203 | ||
Common shares issued (in shares) | 66,161,523 | 67,708,203 | ||
Common shares outstanding (in shares) | 66,161,523 | 67,708,203 | ||
Treasury stock (in shares) | 1,118,969 | 3,459,119 |
CONDENSED CONSOLIDATED STATEM_3
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (UNAUDITED) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Income Statement [Abstract] | ||||
Revenue | $ 528,147 | $ 537,185 | $ 1,086,270 | $ 1,101,349 |
Cost of revenue: | ||||
Traffic acquisition costs | (304,229) | (306,963) | (626,658) | (630,709) |
Other cost of revenue | (29,059) | (29,957) | (55,104) | (60,016) |
Gross profit | 194,859 | 200,265 | 404,508 | 410,624 |
Operating expenses: | ||||
Research and development expenses | (44,015) | (47,544) | (90,592) | (92,862) |
Sales and operations expenses | (95,503) | (92,726) | (191,412) | (188,375) |
General and administrative expenses | (35,767) | (35,644) | (69,537) | (70,235) |
Total operating expenses | (175,285) | (175,914) | (351,541) | (351,472) |
Income from operations | 19,574 | 24,351 | 52,967 | 59,152 |
Financial income (expense) | (1,354) | (1,006) | (3,328) | (2,331) |
Income before taxes | 18,220 | 23,345 | 49,639 | 56,821 |
Provision for income taxes | (5,683) | (8,638) | (15,701) | (21,024) |
Net income | 12,537 | 14,707 | 33,938 | 35,797 |
Net income available to shareholders of Criteo S.A. | 10,823 | 13,726 | 29,943 | 33,535 |
Net income available to non-controlling interests | $ 1,714 | $ 981 | $ 3,995 | $ 2,262 |
Net income allocated to shareholders of Criteo S.A. per share: | ||||
Basic (in USD per share) | $ 0.17 | $ 0.21 | $ 0.46 | $ 0.51 |
Diluted (in USD per share) | $ 0.16 | $ 0.20 | $ 0.45 | $ 0.50 |
Weighted average shares outstanding used in computing per share amounts: | ||||
Basic (in shares) | 64,581,476 | 66,347,599 | 64,459,867 | 66,254,476 |
Diluted (in shares) | 65,624,505 | 67,488,311 | 65,833,642 | 67,479,513 |
CONDENSED CONSOLIDATED STATEM_4
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income | $ 12,537 | $ 14,707 | $ 33,938 | $ 35,797 |
Foreign currency translation differences, net of taxes | 9,598 | (34,555) | (894) | (8,671) |
Actuarial (losses) gains on employee benefits, net of taxes | (585) | 413 | (1,638) | 413 |
Other comprehensive income (loss) | 9,013 | (34,142) | (2,532) | (8,258) |
Total comprehensive income (loss) | 21,550 | (19,435) | 31,406 | 27,539 |
Attributable to shareholders of Criteo S.A. | 19,069 | (19,706) | 26,842 | 25,051 |
Attributable to non-controlling interests | $ 2,481 | $ 271 | $ 4,564 | $ 2,488 |
CONSOLIDATED STATEMENT OF SHARE
CONSOLIDATED STATEMENT OF SHAREHOLDERS' EQUITY (UNAUDITED) - USD ($) $ in Thousands | Total | Share capital | Treasury Stock | Additional paid-in capital | Accumulated Other Comprehensive Income (Loss) | Retained Earnings | Equity - attributable to shareholders of Criteo S.A. | Non controlling interest |
Beginning balance (in shares) at Dec. 31, 2017 | 66,085,097 | |||||||
Beginning balance at Dec. 31, 2017 | $ 897,698 | $ 2,152 | $ 591,404 | $ (12,241) | $ 300,210 | $ 881,525 | $ 16,173 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 21,090 | 19,809 | 19,809 | 1,281 | ||||
Other comprehensive income (loss) | 25,884 | 24,947 | 24,947 | 937 | ||||
Issuance of ordinary shares (in shares) | 163,254 | |||||||
Issuance of ordinary shares | 598 | $ 1 | 597 | 598 | ||||
Share-Based Compensation | 18,396 | 18,284 | 18,284 | 112 | ||||
Other changes in equity | 5 | $ 4 | (4) | 4 | 1 | 5 | ||
Ending Balance (in shares) at Mar. 31, 2018 | 66,248,351 | |||||||
Ending Balance at Mar. 31, 2018 | 963,671 | $ 2,157 | 610,281 | 12,710 | 320,020 | 945,168 | 18,503 | |
Beginning balance (in shares) at Dec. 31, 2017 | 66,085,097 | |||||||
Beginning balance at Dec. 31, 2017 | 897,698 | $ 2,152 | 591,404 | (12,241) | 300,210 | 881,525 | 16,173 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 35,797 | |||||||
Other comprehensive income (loss) | (8,258) | |||||||
Ending Balance (in shares) at Jun. 30, 2018 | 66,861,045 | |||||||
Ending Balance at Jun. 30, 2018 | 964,868 | $ 2,177 | 630,772 | (20,722) | 333,725 | 945,952 | 18,916 | |
Beginning balance (in shares) at Dec. 31, 2017 | 66,085,097 | |||||||
Beginning balance at Dec. 31, 2017 | $ 897,698 | $ 2,152 | 591,404 | (12,241) | 300,210 | 881,525 | 16,173 | |
Ending Balance (in shares) at Dec. 31, 2018 | 67,708,203 | 67,708,203 | (3,459,119) | |||||
Ending Balance at Dec. 31, 2018 | $ 967,891 | $ 2,201 | $ (79,159) | 663,281 | (30,522) | 387,869 | 943,670 | 24,221 |
Beginning balance (in shares) at Mar. 31, 2018 | 66,248,351 | |||||||
Beginning balance at Mar. 31, 2018 | 963,671 | $ 2,157 | 610,281 | 12,710 | 320,020 | 945,168 | 18,503 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 14,707 | 13,726 | 13,726 | 981 | ||||
Other comprehensive income (loss) | (34,142) | (33,432) | (33,432) | (710) | ||||
Issuance of ordinary shares (in shares) | 612,694 | |||||||
Issuance of ordinary shares | 823 | $ 3 | 820 | 823 | ||||
Share-Based Compensation | 19,818 | 19,676 | 19,676 | 142 | ||||
Other changes in equity | (9) | $ 17 | (5) | (21) | (9) | |||
Ending Balance (in shares) at Jun. 30, 2018 | 66,861,045 | |||||||
Ending Balance at Jun. 30, 2018 | $ 964,868 | $ 2,177 | 630,772 | (20,722) | 333,725 | 945,952 | 18,916 | |
Beginning balance (in shares) at Dec. 31, 2018 | 67,708,203 | 67,708,203 | (3,459,119) | |||||
Beginning balance at Dec. 31, 2018 | $ 967,891 | $ 2,201 | $ (79,159) | 663,281 | (30,522) | 387,869 | 943,670 | 24,221 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 21,401 | 19,120 | 19,120 | 2,281 | ||||
Other comprehensive income (loss) | (11,545) | (11,347) | (11,347) | (198) | ||||
Issuance of ordinary shares (in shares) | 28,596 | |||||||
Issuance of ordinary shares | 373 | $ 1 | 372 | 373 | ||||
Change in treasury stocks (in shares) | (1,594,288) | 1,786,715 | ||||||
Change in treasury stocks | $ (45) | $ 40,080 | (36,091) | (3,944) | ||||
Share-Based Compensation | 13,522 | 13,533 | 13,533 | (11) | ||||
Other changes in equity | 154 | (1) | 155 | 154 | ||||
Ending Balance (in shares) at Mar. 31, 2019 | 66,142,511 | (1,672,404) | ||||||
Ending Balance at Mar. 31, 2019 | $ 991,796 | $ 2,157 | $ (39,079) | 641,094 | (41,869) | 403,200 | 965,503 | 26,293 |
Beginning balance (in shares) at Dec. 31, 2018 | 67,708,203 | 67,708,203 | (3,459,119) | |||||
Beginning balance at Dec. 31, 2018 | $ 967,891 | $ 2,201 | $ (79,159) | 663,281 | (30,522) | 387,869 | 943,670 | 24,221 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 33,938 | |||||||
Other comprehensive income (loss) | $ (2,532) | |||||||
Change in treasury stocks (in shares) | 1,100,000 | |||||||
Ending Balance (in shares) at Jun. 30, 2019 | 66,161,523 | 66,161,523 | (1,118,969) | |||||
Ending Balance at Jun. 30, 2019 | $ 1,024,963 | $ 2,157 | $ (26,564) | 652,572 | (33,293) | 401,209 | 996,081 | 28,882 |
Beginning balance (in shares) at Mar. 31, 2019 | 66,142,511 | (1,672,404) | ||||||
Beginning balance at Mar. 31, 2019 | 991,796 | $ 2,157 | $ (39,079) | 641,094 | (41,869) | 403,200 | 965,503 | 26,293 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||||
Net income | 12,537 | 10,823 | 10,823 | 1,714 | ||||
Other comprehensive income (loss) | 9,013 | 8,246 | 8,246 | 767 | ||||
Issuance of ordinary shares (in shares) | 19,012 | |||||||
Issuance of ordinary shares | 252 | 252 | 252 | |||||
Change in treasury stocks (in shares) | 553,435 | |||||||
Change in treasury stocks | 0 | $ 12,515 | (12,515) | 0 | ||||
Share-Based Compensation | 11,362 | 11,254 | 11,254 | 108 | ||||
Other changes in equity | $ 3 | (28) | 330 | (299) | 3 | |||
Ending Balance (in shares) at Jun. 30, 2019 | 66,161,523 | 66,161,523 | (1,118,969) | |||||
Ending Balance at Jun. 30, 2019 | $ 1,024,963 | $ 2,157 | $ (26,564) | $ 652,572 | $ (33,293) | $ 401,209 | $ 996,081 | $ 28,882 |
CONDENSED CONSOLIDATED STATEM_5
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | ||
CASH FROM OPERATING ACTIVITIES | |||||
Net income | $ 12,537 | $ 14,707 | $ 33,938 | $ 35,797 | |
Non-cash and non-operating items | 28,961 | 35,677 | 53,959 | 75,427 | |
- Amortization and provisions | 18,282 | 25,099 | 37,926 | 51,149 | |
- Equity awards compensation expense | [1] | 11,713 | 20,241 | 25,595 | 39,070 |
- Change in deferred taxes | 7,252 | (4,389) | 1,336 | (7,535) | |
- Change in income taxes | (8,696) | (5,316) | (10,630) | (4,000) | |
- Other | [2] | 410 | 42 | (268) | (3,257) |
Changes in working capital related to operating activities | 11,466 | (10,043) | 32,287 | 13,644 | |
- Decrease in trade receivables | 19,325 | 10,154 | 105,343 | 101,446 | |
- Decrease in trade payables | (14,995) | (26,745) | (73,480) | (89,690) | |
- Decrease in other current assets | 7,504 | 5,821 | 1,512 | 13,779 | |
- Increase/(Decrease) in other current liabilities | [2] | 3,015 | 727 | 5,451 | (11,891) |
- Change in operating lease liabilities and right of use assets | (3,383) | 0 | (6,539) | 0 | |
CASH FROM OPERATING ACTIVITIES | 52,964 | 40,341 | 120,184 | 124,868 | |
CASH USED FOR INVESTING ACTIVITIES | |||||
Acquisition of intangible assets, property, plant and equipment | (28,812) | (18,880) | (42,104) | (26,293) | |
Change in accounts payable related to intangible assets, property, plant and equipment | (3,980) | 1,033 | (14,372) | (24,121) | |
(Payment for) disposal of a business, net of cash acquired (disposed) | 637 | 0 | (4,688) | (10,811) | |
Change in other non-current financial assets | (1,152) | 154 | (1,184) | 42 | |
CASH USED FOR INVESTING ACTIVITIES | (33,307) | (17,693) | (62,348) | (61,183) | |
CASH FROM (USED FOR) FINANCING ACTIVITIES | |||||
Repayment of borrowings | (167) | (235) | (339) | (473) | |
Net payments related to equity award activities | (98) | 396 | (87) | 562 | |
Change in other financial liabilities | [2] | (209) | (35) | (239) | 16,810 |
CASH FROM (USED FOR) FINANCING ACTIVITIES | (474) | 126 | (665) | 16,899 | |
Effect of exchange rates changes on cash and cash equivalents | [2] | 7,099 | (26,363) | 456 | (14,410) |
Net increase (decrease) in cash and cash equivalents | 26,282 | (3,589) | 57,627 | 66,174 | |
Net cash and cash equivalents at beginning of period | 395,771 | 483,874 | 364,426 | 414,111 | |
Net cash and cash equivalents at end of period | 422,053 | 480,285 | 422,053 | 480,285 | |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | |||||
Cash paid for taxes, net of refunds | (7,127) | (18,343) | (24,995) | (32,560) | |
Cash paid for interest, net of amounts capitalized | $ (351) | $ (432) | $ (758) | $ (840) | |
[1] | Share-based compensation expense according to ASC 718 Compensation - stock compensation accounted for $19.8 million and $11.4 million of equity awards compensation expense for the quarter ended June 30, 2018 and 2019, respectively, and $38.2 million and $24.9 million of equity awards compensation for the six months ended June 30, 2018 and 2019, respectively. | ||||
[2] | During the quarter ended June 30, 2018, and the six months ended June 30, 2018, respectively, the Company reported the cash impact of the settlement of hedging derivatives related to financing activities in cash from (used for) financing activities in the unaudited consolidated statements of cash flows |
CONDENSED CONSOLIDATED STATEM_6
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Statement of Cash Flows [Abstract] | ||||
Share-based compensation expense | $ 11,362 | $ 19,818 | $ 24,884 | $ 38,214 |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | We are a global technology company building the leading advertising platform for the open Internet. We strive to deliver impactful business results at scale to commerce companies and consumer brands by meeting their multiple marketing goals at their targeted return on investment. Using shopping data, predictive technology and large consumer reach, we help our clients drive Awareness, Consideration and Conversion for their products and services 1 , and help retailers generate advertising revenues from brands. Our data is pooled among our clients and offers deep insights into consumer intent and purchasing habits. To drive measurable results for clients, we activate our data assets through proprietary artificial intelligence ("AI") technology to engage consumers in real time through the pricing and delivery of highly relevant digital advertisements ("ads"), across devices and environments. By pricing our offering on a range of pricing models and measuring our value based on clear, well-defined performance metrics, we make the return on investment transparent and easy to measure for advertisers. 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". ___________________________________________________ 1 Driving Awareness for a brand means exposing its brand name to consumers who have not been in touch with the brand before, thereby creating brand awareness from such consumers. Driving Consideration for an advertiser's products or services means attracting prospective new consumers to consider engaging with and/or buying this advertiser's products or services. Driving Conversion for an advertisers' products or services means triggering a purchase by consumers who have already engaged with this advertisers products or services in the past. 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, 2018 , filed with the SEC on March 1, 2019. 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) revenue recognition criteria (2) allowances for doubtful accounts, (3) research tax credits (4) income taxes, including i) recognition of deferred tax assets arising from the subsidiaries projected taxable profit for future years, ii) evaluation of uncertain tax positions associated with our transfer pricing policy and iii) recognition of income tax position in respect of the tax reform in France voted in December 2018, (5) assumptions used in valuing acquired assets and assumed liabilities in business combinations, (6) assumptions used in the valuation of goodwill and intangible assets, and (7) assumptions used in the valuation model to determine the fair value of share-based compensation plan. 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, 2018, except for the accounting pronouncements adopted below. Accounting Pronouncements adopted in 2019 Effective January 1, 2019, we have adopted the Financial Accounting Standards Board, ("FASB") Accounting Standards Update ("ASU") 842 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. In August 2018, the FASB issued ASU 2018-11, Targeted Improvements to ASC 842, which included an option not to restate comparative periods in transition and use the effective date of ASC 842, Leases , as the date of the initial application of transition, which we elected. Prior periods have not been adjusted and continue to be accounted for in accordance with ASC 840. As a result of adopting ASU 842, we recognized total operating lease liabilities of $223.5 million and operating right-of-use assets of $204.3 million as of January 1, 2019. The adoption of ASC 842 had an immaterial impact on our condensed consolidated statements of income and our condensed consolidated statement of cash flows for the three month and the six month period ended June 30, 2019 . Refer to Note 8. Leases, for additional information and required disclosures. Effective January 1, 2019, we have adopted ASU 2018 - 07, Improvements to Non-Employee Sharebased Payment Accounting . The amendments in this ASU expands Topic 718 to include share base payments for goods or services to non employees. The adoption of ASU 2018-07 did not have a material impact on our financial position or results of operations. Recently Issued Accounting Pronouncements not yet adopted In June 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2016-13 (ASU 2016-13) Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments which requires the measurement and recognition of expected credit losses for financial assets held at amortized cost. ASU 2016-13 replaces the existing incurred loss impairment model with an expected loss model which requires the use of forward-looking information to calculate credit loss estimates. This will result in earlier recognition of credit losses. We will adopt ASU 2016-13 effective January 1, 2020 with the cumulative effect of adoption recorded as an adjustment to retained earnings. We are currently evaluating new credit loss models and updating our processes and controls in preparation for the adoption of ASU 2016-13. The adoption of the standard is expected to mainly impact our process for estimating the allowance for doubtful accounts; however, the impact on the consolidated financial statements is not expected to be material. In August 2018, the FASB issued ASU 2018-15, Intangibles - Goodwill and Other - Internal Use Software - Customer’s Accounting for Implementation Costs incurred in a Cloud Computing Arrangement That is a Service Contract . This ASU was issued to clarify the accounting for implementation costs incurred for SaaS agreements. Previously the guidance only referred to development of internal use software and the accounting for SaaS agreements was not clarified. This ASU states that the implementation costs should be capitalized. We will adopt ASU 2018-15 effective January 1, 2020. We are currently evaluating the impact on our financial position, results of operations, and statement of cash flows. |
Significant Events and Transact
Significant Events and Transactions of the Period | 6 Months Ended |
Jun. 30, 2019 | |
Restructuring and Related Activities [Abstract] | |
Significant Events and Transactions of the Period | Significant Events and Transactions of the Period Change in estimated useful life of servers and other data center equipment During the first quarter of 2019, we revised our estimate of the useful life of all servers and other equipment used in our data centers from 3 to 5 years . This change in estimate was determined based on a revised commissioning plan which extends the period equipment from 3 to 5 years prior to disposal. This resulted in an increase in income from operations of $21.0 million , increase in net income of $17.9 million , or $0.28 per share, from that which would have been reported had the previous expected useful life of 3 years been used for the six months period ended June 30, 2019. The impact on the three month period ended June 30, 2019 was an increase in income from operations of $10.2 million , an increase in net income of $8.7 million , or $0.14 per share. Restructuring As part of a new organization structure designed to best support its multi-product platform strategy and accelerate execution, the Company incurred net restructuring costs of $0.7 million and $2.6 million for the three month and six month period ended June 30, 2019, respectively, comprising of costs for termination of facilities and payroll expenses, offset by gains from forfeitures of share-based compensation expense. Three Months Ended Six Months Ended June 30, 2019 (in thousands) Gain from forfeitures of share-based compensation expense 2,678 2,678 Depreciation and amortization (expense) (1,228 ) (1,228 ) Payroll costs and Facilities related costs (2,178 ) (4,068 ) Total restructuring costs (728 ) (2,618 ) For the three month period ended June 30, 2019, $(0.1) million was included in Research and Development expenses, $(0.2) million in Sales and Operations expenses, and $(0.4) million in General and Administrative expenses. For the six month period ended June 30, 2019, $(0.1) million was included in Research and Development expenses, $(2.1) million in Sales and Operations expenses, and $(0.4) million in General and Administrative expenses. The following table summarizes restructuring activities as of June 30, 2019 included in current liabilities as of June 30, 2019. (in thousands) Restructuring liability as of January 1, 2019 $ — Restructuring costs 2,618 Restructuring costs - non cash item 2,930 Amounts paid (1,920 ) Restructuring liability as of June 30, 2019 $ 3,628 Share repurchase program On October 25, 2018 Criteo's Board of Directors authorized a share repurchase program of up to $80.0 million of the Company’s outstanding American Depositary Shares. As of December 31, 2018, 3.5 million shares were held as treasury shares. On February 8, 2019, the Board of Directors authorized the reduction of capital resulting in the formal retirement of 1.6 million treasury shares. As of June 30, 2019 , we have 1.1 million treasury shares remaining which may be used primarily to satisfy the company's obligations under its employee equity plans upon RSU vestings in lieu of issuing new shares. Number of Treasury Shares Amount (in thousands of dollars) Balance at January 1, 2018 — $ — Treasury Shares Repurchased to potentially use for M&A 1,751,147 40,000 Treasury Shares Repurchased for RSU Vesting 1,748,111 40,000 Treasury Shares Issued for RSU Vesting (40,139 ) (841 ) Balance at December 31, 2018 3,459,119 $ 79,159 Treasury Shares Retired (1,594,288 ) $ (36,137 ) Treasury Shares Issued for RSU Vesting (745,862 ) (16,458 ) Balance at June 30, 2019 1,118,969 $ 26,564 |
Financial Instruments
Financial Instruments | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Financial Instruments | Financial Instruments Financial assets 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, 2018 June 30, 2019 (in thousands) Trade receivables, net of allowance 473,901 374,949 Other taxes 53,338 56,090 Other current assets 22,816 18,751 Non-current financial assets 20,460 21,613 Total $ 570,515 $ 471,403 Credit Risk We maintain an allowance for estimated credit losses. During the period ended December 31, 2018 and the six-month period ended June 30, 2019 , our net change in allowance for doubtful accounts was $5.1 million and $(6.4) 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. As of December 31, 2018 and June 30, 2019 , no customer accounted for 10% or more of trade receivables. Financial Liabilities December 31, 2018 June 30, 2019 (in thousands) Trade payables $ 425,376 $ 332,735 Other taxes 55,592 56,929 Employee-related payables 65,878 68,702 Other current liabilities 47,115 33,986 Financial liabilities 3,508 4,081 Total $ 597,469 $ 496,433 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. We are party to several loan agreements and a revolving credit facility, 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, 2018. Fair Value Measurements We measure the fair value of our cash equivalents, which include interest-bearing bank deposits, as level 2 measurements because they are valued using observable market data. 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, 2018 June 30, 2019 (in thousands) Derivative Assets: Included in other current assets $ 1,703 $ — Derivative Liabilities: Included in financial liabilities - current portion $ — $ 539 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 Investments in 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. Interest-bearing bank deposits are considered level 2 financial instruments as they are measured using valuation techniques based on observable market data. December 31, 2018 June 30, 2019 (in thousands) Cash equivalents $ 125,442 $ 148,584 Cash on hand 238,984 273,469 Total cash and cash equivalents $ 364,426 $ 422,053 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 | 6 Months Ended |
Jun. 30, 2019 | |
Receivables [Abstract] | |
Trade Receivables | Trade Receivables The following table shows the breakdown in trade receivables net book value for the presented periods: December 31, 2018 June 30, 2019 (in thousands) Trade accounts receivables $ 499,819 $ 394,495 (Less) Allowance for doubtful accounts (25,918 ) (19,546 ) Net book value at end of period $ 473,901 $ 374,949 Changes in allowance for doubtful accounts are summarized below: 2018 2019 (in thousands) Balance at January 1 $ (20,818 ) $ (25,918 ) Allowance for doubtful accounts (6,315 ) (6,042 ) Reversal of provision 3,303 12,318 Currency translation adjustment 450 96 Balance at June 30 $ (23,380 ) $ (19,546 ) The amount charged to allowance for doubtful accounts for the six months ended June 30, 2019 remained consistent with the same period in the prior year due to a consistent application of the Company credit policy. However, the balance of allowance for doubtful accounts decreased during the six months period ended June 30, 2019 ,mainly due to write-offs of long outstanding receivables already reserved for which it is certain we will not collect. The Company mitigates its credit risk with respect to accounts receivables by performing credit evaluations and monitoring agencies and advertisers' accounts receivables balances. |
Other Current Assets
Other Current Assets | 6 Months Ended |
Jun. 30, 2019 | |
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, 2018 June 30, 2019 (in thousands) Prepayments to suppliers $ 4,056 $ 5,869 Other debtors 4,762 3,477 Prepaid expenses 12,295 9,405 Derivative instruments 1,703 — Gross book value at end of period 22,816 18,751 Net book value at end of period $ 22,816 $ 18,751 |
Intangible Assets and Goodwill
Intangible Assets and Goodwill | 6 Months Ended |
Jun. 30, 2019 | |
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, 2018. 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 (in thousands) From July 1 to December 31, 2019 $ 4,415 $ 10,757 $ 15,172 2020 7,424 16,864 24,288 2021 5,585 16,864 22,449 2022 2,712 11,486 14,198 2023 715 10,325 11,040 Thereafter 16 15,950 15,966 Total $ 20,867 $ 82,246 $ 103,113 |
Other Current Liabilities
Other Current Liabilities | 6 Months Ended |
Jun. 30, 2019 | |
Other Liabilities Disclosure [Abstract] | |
Other Current Liabilities | Other Current Liabilities Other current liabilities are presented in the following table: December 31, 2018 June 30, 2019 (in thousands) Clients' prepayments $ 10,328 $ 12,057 Credit notes 13,183 12,749 Accounts payable relating to capital expenditures 21,454 6,255 Other creditors 1,527 2,565 Deferred revenue 623 360 Total $ 47,115 $ 33,986 The changes in "accounts payable relating to capital expenditures" relate to significant data centers equipment and leasehold improvements acquisitions in 2018 paid during the six months period ended June 30, 2019 |
Leases
Leases | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Leases | Leases On January 1, 2019, we adopted Accounting Standards Update No. 2016-02, Leases (Topic 842) which requires companies to recognize operating and financing lease liabilities and corresponding right-of-use assets on the balance sheet. We have adopted Topic 842 effective January 1, 2019 on a modified retrospective basis and elected not to restate comparative periods. We chose to use certain practical expedients offered by the standard including: • We did not reassess whether any expired or existing contracts are or contain leases, the lease classification for any expired or existing leases, or the initial direct costs for any existing leases. • We do not recognize a lease liability or right of use asset for leases with a term of 12 months or less, and • We used hindsight in determining the lease term. We lease space under non-cancellable operating leases for our offices as well as our data centers. Our office leases typically include free rent periods or rent escalation periods, and may also include leasehold improvement incentives. Leases for data centers may also include free rent periods or rent escalation periods. These leases typically do not include residual value guarantees. Both office and data center leases may contain both lease components (rent) and non-lease components (maintenance, electrical costs, and other service charges). Non-lease components are accounted for separately. Both office and data center leases typically contain options to renew, and/or early terminate. We have evaluated management's expectations for these options as of June 30, 2019. Options have been included in the lease term if management has determined it is reasonably certain it will be exercised. Operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. As most of our leases do not provide an implicit rate, we use our incremental borrowing rate at lease commencement to determine the present value of future payments. We have a centralized treasury function, and the majority of our leases are negotiated and signed by representatives of Criteo SA. As such, the incremental borrowing rate of Criteo SA is used for all of our contracts. It is then adjusted in consideration of the currency of the lease and the lease term as of the lease commencement date. Lease expense is recognized for minimum lease payments on a straight-line basis over the lease term. Variable costs are expensed in the period incurred. Variable expenses include changes in indexation. Leases for data centers may have variable costs based on electrical usage. The components of lease expense are as follows: Three Months Ended Six Months Ended June 30, June 30, Offices Data Centers Total Offices Data Centers Total (in thousands) Lease expense $ 8,574 $ 6,154 $ 14,728 $ 16,914 $ 11,341 $ 28,255 Short term lease expense 523 525 1,048 1,448 1,055 2,503 Variable lease expense 1,821 239 2,060 1,821 353 2,174 Sublease income (693 ) — (693 ) (1,769 ) — (1,769 ) Total operating lease expense $ 10,225 $ 6,918 $ 17,143 $ 18,414 $ 12,749 $ 31,163 As of June 30, 2019, we had future minimum lease payments as follows: June 30, Offices Data Centers Total (in thousands) Remainder of 2019 $ 17,314 $ 11,486 $ 28,800 2020 34,360 19,497 53,857 2021 31,915 12,615 44,530 2022 29,193 8,675 37,868 2023 20,060 2,198 22,258 Thereafter 27,759 — 27,759 Total minimum lease payments 160,601 54,471 215,072 Impact of Discount Rate (17,407 ) (1,531 ) (18,938 ) Total Lease Liability $ 143,194 $ 52,940 $ 196,134 The weighted average remaining lease term and discount rates as of June 30, 2019 are as follows: June 30, Weighted average remaining lease term (years) Offices 5.19 Data Centers 2.81 Weighted average discount rate Offices 2.64 % Data Centers 1.75 % Supplemental cash flow information related to our operating leases is as follows for the period ended June 30, 2019: Three Months Ended Six Months Ended June 30, (in thousands) Cash paid for amounts included in the measurement of lease liabilities Cash flow for operating activities $ (13,967 ) $ (27,931 ) Right of use assets obtained in exchange for new operating lease liabilities $ 594 $ 11,520 As of June 30, 2019, we have additional operating leases, primarily for offices, that have not yet commenced which will result in additional operating lease liabilities and right of use assets of approximately $15.8 million . These operating leases will commence between 2019 and 2020. For periods prior to January 1, 2019, we accounted for our lease commitments in accordance with ASC 840. We recognized rent expense for leases on a straight-line basis over the life of the lease. For the three months ended June 30, 2018, we recognized expense for office leases of $9.5 million and data centers costs of $12.4 million . For the six months ended June 30, 2018 we recognized expense for office leases of $19.2 million and data center costs of $24.7 million |
Revenue
Revenue | 6 Months Ended |
Jun. 30, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue | Revenue Revenue Recognition We sell personalized display advertisements featuring product-level recommendations either directly to clients or to advertising agencies. Historically, the Criteo model has focused solely on converting our clients' website visitors into customers, enabling us to charge our clients only when users engage with an ad we deliver, usually by clicking on it. More recently, we have expanded our solutions to address a broader range of marketing goals for our clients. We offer two families of solutions to our commerce and brand clients: • Criteo Marketing Solutions allow commerce companies to address multiple marketing goals by engaging their consumers with personalized ads across the web, mobile and offline store environments. • Criteo Retail Media solutions allow retailers to generate advertising revenues from consumer brands, and/or to drive sales for themselves, by monetizing their data and audiences through personalized ads, either on their own digital property or on the open Internet, that address multiple marketing goals. In conjunction with expanding our solutions, we have also started expanding our pricing models to now include a combination of cost-per-install and cost-per-impression for selected new solutions, in addition to cost-per-click. 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. For campaigns priced on a cost-per-click and cost-per-install basis, we bill our clients when a user clicks on an advertisement we deliver or installs an application by clicking on an advertisement we delivered, respectively. For these pricing models, we recognize revenue when a user clicks on an advertisement or installs an application. For campaigns priced on a cost-per-impression basis, we bill our clients based on the number of times an advertisement is displayed to a user. For this pricing model, we recognize revenue when an advertisement is displayed. 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 related costs incurred on a gross basis. Disaggregation of revenue 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. The following table presents our revenues disaggregated by geographical area: Americas EMEA Asia-Pacific Total For the three months ended (in thousands) June 30, 2018 $ 212,781 $ 201,080 $ 123,324 $ 537,185 June 30, 2019 $ 213,974 $ 194,359 $ 119,814 $ 528,147 Americas EMEA Asia-Pacific Total For the six months ended (in thousands) June 30, 2018 $ 425,476 $ 423,691 $ 252,182 $ 1,101,349 June 30, 2019 $ 431,967 $ 404,002 $ 250,301 $ 1,086,270 Excluding our historical solution for driving Conversion through Criteo Marketing Solutions (formerly called Criteo Dynamic Retargeting), no individual solution accounted for more than 10% of total consolidated revenue for the periods presented. Customer Credit Notes We offer credit notes to certain customers as a form of incentive, which are accounted for as variable consideration. We estimate these amounts based on the expected amount to be provided to customers and they are recognized as a reduction of revenue. We believe that there will not be significant changes to our estimates of variable consideration. Deferred Revenues We record deferred revenues when cash payments are received or due in advance of our performance. Our payment terms vary depending on the service or the type of customer. For certain customers, we require payment before the services are delivered. Practical Expedients 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. We generally expense sales commissions when incurred because the amortization period would have been one year or less. These costs are recorded within sales and operating expenses. |
Share-Based Compensation
Share-Based Compensation | 6 Months Ended |
Jun. 30, 2019 | |
Share-based Payment Arrangement [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 six months ended June 30, 2019 , there was three grants of RSUs and one of OSAs under the Employee Share Option Plan 11 as defined in Note 19 to our audited consolidated financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2018. • On March 1, 2019, 202,180 RSUs were granted to Criteo employees subject to continued employment. • On April 25, 2019, 257,291 RSUs were granted to Criteo management subject to continued employment and an additional 257,291 RSUs were granted to members of the management, subject to condition of presence and the achievement of internal performance objectives. In addition, a special supplemental grant of 327,916 RSUs was also granted to members of management subject to continued employment. • On June 25, 2019, 195,420 RSUs and 62,880 OSAs were granted to Criteo employees and certain senior managers subject to continued employment. There have been no changes in the vesting and method of valuation of the BSPCEs, OSAs, RSUs, or BSAs from what was disclosed in Note 19 to the consolidated financial statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2018, filed with the SEC on March 1, 2019 except for the special supplemental grant to management on April 25, 2019 which have a vesting schedule as follows: • 70% at the expiration of a two year period • 15% at the expiration of each year following the first two years-period. Change in Number of BSPCE/OSA/RSU/BSA OSA/BSPCE RSU BSA Total Balance at January 1, 2019 3,187,465 4,780,137 291,670 8,259,272 Granted 62,880 1,240,098 — 1,302,978 Exercised (OSA/BSPCE/BSA) (47,608 ) — — (47,608 ) Vested (RSU) — (764,079 ) — (764,079 ) Forfeited (591,442 ) (700,791 ) — (1,292,233 ) Expired — — — — Balance at June 30, 2019 2,611,295 4,555,365 291,670 7,458,330 Breakdown of the Closing Balance OSA/BSPCE RSU BSA Number outstanding 2,611,295 4,555,365 291,670 Weighted-average exercise price € 25.56 NA € 13.02 Number vested 2,132,876 NA 121,342 Weighted-average exercise price € 24.91 NA € 20.07 Weighted-average remaining contractual life of options outstanding, in years 6.05 NA 7.43 Reconciliation with the Unaudited Consolidated Statements of Income Three Months Ended June 30, 2018 June 30, 2019 (in thousands) R&D S&O G&A Total R&D S&O G&A Total RSUs $ (6,446 ) $ (8,059 ) $ (4,101 ) $ (18,606 ) $ (3,952 ) $ (4,669 ) $ (3,496 ) $ (12,117 ) Share options / BSPCE (326 ) (602 ) (284 ) (1,212 ) 624 777 (646 ) 755 Total share-based compensation (6,772 ) (8,661 ) (4,385 ) (19,818 ) (3,328 ) (3,892 ) (4,142 ) (11,362 ) BSAs — — (423 ) (423 ) — — (351 ) (351 ) Total equity awards compensation expense $ (6,772 ) $ (8,661 ) $ (4,808 ) $ (20,241 ) $ (3,328 ) $ (3,892 ) $ (4,493 ) $ (11,713 ) Six Months Ended June 30, 2018 June 30, 2019 (in thousands) R&D S&O G&A Total R&D S&O G&A Total RSUs $ (11,063 ) $ (14,930 ) $ (9,249 ) $ (35,242 ) $ (7,798 ) $ (10,624 ) $ (6,012 ) $ (24,434 ) Share options / BSPCE (391 ) (962 ) (1,619 ) (2,972 ) 445 531 (1,426 ) (450 ) Total share-based compensation (11,454 ) (15,892 ) (10,868 ) (38,214 ) (7,353 ) (10,093 ) (7,438 ) (24,884 ) BSAs — — (856 ) (856 ) — — (711 ) (711 ) Total equity awards compensation expense $ (11,454 ) $ (15,892 ) $ (11,724 ) $ (39,070 ) $ (7,353 ) $ (10,093 ) $ (8,149 ) $ (25,595 ) |
Financial Income and Expenses
Financial Income and Expenses | 6 Months Ended |
Jun. 30, 2019 | |
Other Income and Expenses [Abstract] | |
Financial Income and Expenses | Financial Income and Expenses The condensed consolidated statements of income line item “Financial income (expense)” can be broken down as follows: Three Months Ended June 30, 2018 June 30, 2019 (in thousands) Financial income from cash equivalents $ 279 $ 608 Interest and fees (488 ) (481 ) Interest on debt (546 ) (443 ) Fees 58 (38 ) Foreign exchange gain (loss) (777 ) (1,089 ) Other financial expense (20 ) (392 ) Total financial income (expense) $ (1,006 ) $ (1,354 ) Six Months Ended June 30, 2018 June 30, 2019 (in thousands) Financial income from cash equivalents $ 504 $ 785 Interest and fees (1,044 ) (1,004 ) Interest on debt (1,033 ) (873 ) Fees (11 ) (131 ) Foreign exchange gain (loss) (1,747 ) (2,687 ) Other financial expense (44 ) (422 ) Total financial income (expense) $ (2,331 ) $ (3,328 ) The $1.4 million and the $3.3 million financial expense for the three month period ended June 30, 2019 and for the six month period ended June 30, 2019 , respectively, were driven by the non-utilization costs incurred as part of our available Revolving Credit Facility (RCF) financing and the recognition of a negative impact of foreign exchange reevaluations net of related hedging. At June 30, 2019 , our exposure to foreign currency risk was centralized at Criteo S.A. and hedged using foreign currency swaps or forward purchases or sales of foreign currencies. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2019 | |
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: Six Months Ended June 30, 2018 June 30, 2019 (in thousands) Current income tax $ (28,559 ) $ (14,365 ) Net change in deferred taxes 7,535 (1,336 ) Provision for income taxes $ (21,024 ) $ (15,701 ) For the six months ended June 30, 2018 and 2019, we used an annual estimated tax rate of 37% and 30% , respectively, to calculate the provision for income taxes. The effective tax rate was 37% and 32% for the three months ended June 30, 2018 and 2019, respectively. The difference between the annual estimated tax rate and the effective tax rate for the six months ended June 30, 2019 was due to the tax impact of discrete items such as share-based compensation in the United States. Discrete items were immaterial for the six months ended June 30, 2018 resulting in no difference between the annual estimated tax rate and the effective tax rate. For the six months ended June 30, 2019 , our estimated effective tax rate includes in particular our preliminary estimates for the tax reform in France voted in December 2018. Our estimates are preliminary, and our effective tax rate may be impacted as more information becomes available regarding the tax reform in France . For the six months ended June 30, 2018, our estimated annual effective tax rate included our 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 reduced the U.S. federal income tax rate from 35% to 21% and created new taxes on certain related-party payments, referred to as a base erosion anti-avoidance tax, or “BEAT”. Current tax assets and liabilities The total amount of current tax assets consists mainly of prepayments of income taxes and credits of Criteo SA, Criteo Corp. , Criteo Gmbh and Criteo B.V.. The current tax liabilities refers mainly to the net corporate tax payables of Criteo K.K. 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. Although we disagree with the IRS's position and are currently contesting this issue, the ultimate resolution of this litigation is uncertain and, if resolved in a manner unfavorable to us, 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. |
Earnings Per Share
Earnings Per Share | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | Earnings Per Share Basic Earnings Per Share We calculate basic earnings per share by dividing the net income for the period attributable to shareholders of the Parent by the weighted average number of shares outstanding. Three Months Ended Six Months Ended June 30, 2018 June 30, 2019 June 30, 2018 June 30, 2019 Net income attributable to shareholders of Criteo S.A. $ 13,726 $ 10,823 $ 33,535 $ 29,943 Weighted average number of shares outstanding 66,347,599 64,581,476 66,254,476 64,459,867 Basic earnings per share $ 0.21 $ 0.17 $ 0.51 $ 0.46 Diluted Earnings Per Share We calculate diluted earnings per share by dividing the net income attributable to shareholders of the Parent by the weighted average number of shares outstanding plus any potentially dilutive shares not yet issued from share-based compensation plans (see Note 10). There were no other potentially dilutive instruments outstanding as of June 30, 2018 and 2019 . 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 employee warrant ("BSPCE") is assessed as potentially dilutive if it is “in the money” (i.e., the exercise or settlement price is lower than the average market price). Three Months Ended Six Months Ended June 30, 2018 June 30, 2019 June 30, 2018 June 30, 2019 Net income attributable to shareholders of Criteo S.A. $ 13,726 $ 10,823 $ 33,535 $ 29,943 Weighted average number of shares outstanding of Criteo S.A. 66,347,599 64,581,476 66,254,476 64,459,867 Dilutive effect of : Restricted share awards ("RSUs") 721,154 737,992 793,096 1,027,671 Share options and BSPCE 382,066 274,298 394,936 305,473 Share warrants 37,492 30,739 37,005 40,631 Weighted average number of shares outstanding used to determine diluted earnings per share 67,488,311 65,624,505 67,479,513 65,833,642 Diluted earnings per share $ 0.20 $ 0.16 $ 0.50 $ 0.45 The weighted average number of securities that were anti-dilutive for diluted EPS for the periods presented but which could potentially dilute EPS in the future are as follows: Three Months Ended Six Months Ended June 30, 2018 June 30, 2019 June 30, 2018 June 30, 2019 Restricted share awards 2,651,262 1,305,872 2,276,195 894,012 Share options and BSPCE — 2,795 — 34,147 Weighted average number of anti-dilutive securities excluded from diluted earnings per share 2,651,262 1,308,667 2,276,195 928,159 |
Commitments and contingencies
Commitments and contingencies | 6 Months Ended |
Jun. 30, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and contingencies | Commitments and contingencies Commitments Revolving Credit Facilities, Credit Line Facilities and Bank Overdrafts As mentioned in Note 3, we are party to one RCF with a syndicate of banks which allow us to draw up to €350.0 million ( $398.3 million ). We are also party to short-term credit lines and overdraft facilities with HSBC plc, BNP Paribas and LCL. We are authorized to draw up to a maximum of €21.5 million ( $24.5 million ) in the aggregate under the short-term credit lines and overdraft facilities. As of June 30, 2019 , we had not drawn on any of these facilities. Any loans or overdraft under these short-term facilities bear interest based on the one month EURIBOR rate or three month EURIBOR rate. As these facilities are exclusively short-term credit and overdraft facilities, our banks have the ability to terminate such facilities on short notice. 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, 2019 $ 244 $ 2,396 $ 2,640 Increase 243 1,781 2,024 Provision used (26 ) — (26 ) Provision released not used (56 ) (365 ) (421 ) Currency translation adjustments — (61 ) (61 ) Balance at June 30, 2019 $ 405 $ 3,751 $ 4,156 - of which current 405 3,751 4,156 The amount of the provisions represents management’s best estimate of the future outflow. |
Breakdown of Revenue and Non-Cu
Breakdown of Revenue and Non-Current Assets by Geographical Areas | 6 Months Ended |
Jun. 30, 2019 | |
Segment Reporting [Abstract] | |
Breakdown of Revenue and Non-Current Assets by Geographical Areas | Breakdown of Revenue and Non-Current Assets by Geographical Areas The Company operates in the following three geographical markets: • Americas (North and South America); • EMEA (Europe, Middle-East and Africa); and • Asia-Pacific. The following tables disclose our consolidated revenue for each geographical area for each of the reported periods. Revenue by geographical area is based on the location of advertisers’ campaigns. Americas EMEA Asia-Pacific Total For the three months ended: (in thousands) June 30, 2018 $ 212,781 $ 201,080 $ 123,324 $ 537,185 June 30, 2019 $ 213,974 $ 194,359 $ 119,814 $ 528,147 Revenue generated in France, the country of incorporation of the Parent, amounted to $37.0 million and $35.2 million for the three months ended June 30, 2018 and 2019, respectively. Americas EMEA Asia-Pacific Total For the six months ended: (in thousands) June 30, 2018 $ 425,476 $ 423,691 $ 252,182 $ 1,101,349 June 30, 2019 $ 431,967 $ 404,002 $ 250,301 $ 1,086,270 Revenue generated in France amounted to $78.4 million and $72.6 million for the six months ended June 30, 2018 and 2019, respectively. Revenue generated in other significant countries where we operate is presented in the following table: Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, (in thousands) Americas United States $ 187,368 $ 192,815 $ 373,420 $ 388,606 EMEA Germany $ 48,632 $ 46,998 $ 103,147 $ 100,593 United Kingdom $ 22,544 $ 21,180 $ 48,778 $ 42,948 Asia-Pacific Japan $ 84,060 $ 82,263 $ 176,324 $ 175,431 As of June 30, 2018 and 2019, our largest client represented 2.4% and 1.4% , 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, excluding right of use assets related to lease agreements) 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, 2018 $ 123,388 $ 125,654 $ 125,312 $ 27,898 $ 19,109 $ 11,630 $ 2,992 $ 296,049 June 30, 2019 $ 135,141 $ 121,254 $ 107,486 $ 23,230 $ 16,139 $ 10,321 $ 1,512 $ 295,764 |
Related Parties
Related Parties | 6 Months Ended |
Jun. 30, 2019 | |
Related Party Transactions [Abstract] | |
Related Parties | Related Parties There were no significant related-party transactions during the period nor any change in the nature of the transactions as described in Note 24 to the consolidated financial statements included in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2018 except as follows: On June 25, 2019, Criteo announced that Chief Operating Officer Mollie Spilman has decided to leave the Company to pursue a new career opportunity. She has left the Company as of July 5, 2019. Effective July 26, 2019, Criteo S.A. and Mr. Dan Teodosiu, the Company’s Chief Technology Officer, mutually agreed that Mr. Teodosiu would step down from his role as Chief Technology Officer and separate from employment as of September 30th, 2019. |
Subsequent Events
Subsequent Events | 6 Months Ended |
Jun. 30, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events On July 31, 2019 Criteo announced that its Board of Directors authorized a share repurchase program of up to $80 million of the Company’s outstanding American Depositary Shares. The Company intends to use repurchased shares to satisfy employee equity plan vesting in lieu of issuing new shares and potentially in connection with M&A transactions. In addition, the Company may use repurchased shares The program does not require the purchase of any minimum number of shares and may be suspended, modified or discontinued at any time without prior notice. The Company evaluated all other subsequent events that occurred after June 30, 2019 |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
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, 2018 , filed with the SEC on March 1, 2019. 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) revenue recognition criteria (2) allowances for doubtful accounts, (3) research tax credits (4) income taxes, including i) recognition of deferred tax assets arising from the subsidiaries projected taxable profit for future years, ii) evaluation of uncertain tax positions associated with our transfer pricing policy and iii) recognition of income tax position in respect of the tax reform in France voted in December 2018, (5) assumptions used in valuing acquired assets and assumed liabilities in business combinations, (6) assumptions used in the valuation of goodwill and intangible assets, and (7) assumptions used in the valuation model to determine the fair value of share-based compensation plan. |
Recently Issued Accounting Standards | Accounting Pronouncements adopted in 2019 Effective January 1, 2019, we have adopted the Financial Accounting Standards Board, ("FASB") Accounting Standards Update ("ASU") 842 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. In August 2018, the FASB issued ASU 2018-11, Targeted Improvements to ASC 842, which included an option not to restate comparative periods in transition and use the effective date of ASC 842, Leases , as the date of the initial application of transition, which we elected. Prior periods have not been adjusted and continue to be accounted for in accordance with ASC 840. As a result of adopting ASU 842, we recognized total operating lease liabilities of $223.5 million and operating right-of-use assets of $204.3 million as of January 1, 2019. The adoption of ASC 842 had an immaterial impact on our condensed consolidated statements of income and our condensed consolidated statement of cash flows for the three month and the six month period ended June 30, 2019 . Refer to Note 8. Leases, for additional information and required disclosures. Effective January 1, 2019, we have adopted ASU 2018 - 07, Improvements to Non-Employee Sharebased Payment Accounting . The amendments in this ASU expands Topic 718 to include share base payments for goods or services to non employees. The adoption of ASU 2018-07 did not have a material impact on our financial position or results of operations. Recently Issued Accounting Pronouncements not yet adopted In June 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update No. 2016-13 (ASU 2016-13) Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments which requires the measurement and recognition of expected credit losses for financial assets held at amortized cost. ASU 2016-13 replaces the existing incurred loss impairment model with an expected loss model which requires the use of forward-looking information to calculate credit loss estimates. This will result in earlier recognition of credit losses. We will adopt ASU 2016-13 effective January 1, 2020 with the cumulative effect of adoption recorded as an adjustment to retained earnings. We are currently evaluating new credit loss models and updating our processes and controls in preparation for the adoption of ASU 2016-13. The adoption of the standard is expected to mainly impact our process for estimating the allowance for doubtful accounts; however, the impact on the consolidated financial statements is not expected to be material. In August 2018, the FASB issued ASU 2018-15, Intangibles - Goodwill and Other - Internal Use Software - Customer’s Accounting for Implementation Costs incurred in a Cloud Computing Arrangement That is a Service Contract . This ASU was issued to clarify the accounting for implementation costs incurred for SaaS agreements. Previously the guidance only referred to development of internal use software and the accounting for SaaS agreements was not clarified. This ASU states that the implementation costs should be capitalized. We will adopt ASU 2018-15 effective January 1, 2020. We are currently evaluating the impact on our financial position, results of operations, and statement of cash flows. |
Revenue | Revenue Recognition We sell personalized display advertisements featuring product-level recommendations either directly to clients or to advertising agencies. Historically, the Criteo model has focused solely on converting our clients' website visitors into customers, enabling us to charge our clients only when users engage with an ad we deliver, usually by clicking on it. More recently, we have expanded our solutions to address a broader range of marketing goals for our clients. We offer two families of solutions to our commerce and brand clients: • Criteo Marketing Solutions allow commerce companies to address multiple marketing goals by engaging their consumers with personalized ads across the web, mobile and offline store environments. • Criteo Retail Media solutions allow retailers to generate advertising revenues from consumer brands, and/or to drive sales for themselves, by monetizing their data and audiences through personalized ads, either on their own digital property or on the open Internet, that address multiple marketing goals. In conjunction with expanding our solutions, we have also started expanding our pricing models to now include a combination of cost-per-install and cost-per-impression for selected new solutions, in addition to cost-per-click. 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. For campaigns priced on a cost-per-click and cost-per-install basis, we bill our clients when a user clicks on an advertisement we deliver or installs an application by clicking on an advertisement we delivered, respectively. For these pricing models, we recognize revenue when a user clicks on an advertisement or installs an application. For campaigns priced on a cost-per-impression basis, we bill our clients based on the number of times an advertisement is displayed to a user. For this pricing model, we recognize revenue when an advertisement is displayed. 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 related costs incurred on a gross basis. Excluding our historical solution for driving Conversion through Criteo Marketing Solutions (formerly called Criteo Dynamic Retargeting), no individual solution accounted for more than 10% of total consolidated revenue for the periods presented. Customer Credit Notes We offer credit notes to certain customers as a form of incentive, which are accounted for as variable consideration. We estimate these amounts based on the expected amount to be provided to customers and they are recognized as a reduction of revenue. We believe that there will not be significant changes to our estimates of variable consideration. Deferred Revenues We record deferred revenues when cash payments are received or due in advance of our performance. Our payment terms vary depending on the service or the type of customer. For certain customers, we require payment before the services are delivered. Practical Expedients 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. We generally expense sales commissions when incurred because the amortization period would have been one year or less. These costs are recorded within sales and operating expenses. |
Significant Events and Transa_2
Significant Events and Transactions of the Period (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Restructuring and Related Activities [Abstract] | |
Summary of Restructuring Costs | Three Months Ended Six Months Ended June 30, 2019 (in thousands) Gain from forfeitures of share-based compensation expense 2,678 2,678 Depreciation and amortization (expense) (1,228 ) (1,228 ) Payroll costs and Facilities related costs (2,178 ) (4,068 ) Total restructuring costs (728 ) (2,618 ) |
Schedule of Restructuring Reserve | The following table summarizes restructuring activities as of June 30, 2019 included in current liabilities as of June 30, 2019. (in thousands) Restructuring liability as of January 1, 2019 $ — Restructuring costs 2,618 Restructuring costs - non cash item 2,930 Amounts paid (1,920 ) Restructuring liability as of June 30, 2019 $ 3,628 |
Balance of Treasury Shares | Number of Treasury Shares Amount (in thousands of dollars) Balance at January 1, 2018 — $ — Treasury Shares Repurchased to potentially use for M&A 1,751,147 40,000 Treasury Shares Repurchased for RSU Vesting 1,748,111 40,000 Treasury Shares Issued for RSU Vesting (40,139 ) (841 ) Balance at December 31, 2018 3,459,119 $ 79,159 Treasury Shares Retired (1,594,288 ) $ (36,137 ) Treasury Shares Issued for RSU Vesting (745,862 ) (16,458 ) Balance at June 30, 2019 1,118,969 $ 26,564 |
Financial Instruments (Tables)
Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Fair Value Disclosures [Abstract] | |
Schedules of concentration of risk | The maximum exposure to credit risk at the end of each reported period is represented by the carrying amount of financial assets, and summarized in the following table: December 31, 2018 June 30, 2019 (in thousands) Trade receivables, net of allowance 473,901 374,949 Other taxes 53,338 56,090 Other current assets 22,816 18,751 Non-current financial assets 20,460 21,613 Total $ 570,515 $ 471,403 |
Schedule of financial liabilities | December 31, 2018 June 30, 2019 (in thousands) Trade payables $ 425,376 $ 332,735 Other taxes 55,592 56,929 Employee-related payables 65,878 68,702 Other current liabilities 47,115 33,986 Financial liabilities 3,508 4,081 Total $ 597,469 $ 496,433 |
Schedule of derivative financial instruments | December 31, 2018 June 30, 2019 (in thousands) Derivative Assets: Included in other current assets $ 1,703 $ — Derivative Liabilities: Included in financial liabilities - current portion $ — $ 539 |
Schedule of assets and liabilities carried at fair value | December 31, 2018 June 30, 2019 (in thousands) Cash equivalents $ 125,442 $ 148,584 Cash on hand 238,984 273,469 Total cash and cash equivalents $ 364,426 $ 422,053 |
Trade Receivables (Tables)
Trade Receivables (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
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, 2018 June 30, 2019 (in thousands) Trade accounts receivables $ 499,819 $ 394,495 (Less) Allowance for doubtful accounts (25,918 ) (19,546 ) Net book value at end of period $ 473,901 $ 374,949 Changes in allowance for doubtful accounts are summarized below: 2018 2019 (in thousands) Balance at January 1 $ (20,818 ) $ (25,918 ) Allowance for doubtful accounts (6,315 ) (6,042 ) Reversal of provision 3,303 12,318 Currency translation adjustment 450 96 Balance at June 30 $ (23,380 ) $ (19,546 ) |
Other Current Assets (Tables)
Other Current Assets (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
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, 2018 June 30, 2019 (in thousands) Prepayments to suppliers $ 4,056 $ 5,869 Other debtors 4,762 3,477 Prepaid expenses 12,295 9,405 Derivative instruments 1,703 — Gross book value at end of period 22,816 18,751 Net book value at end of period $ 22,816 $ 18,751 |
Intangible Assets and Goodwill
Intangible Assets and Goodwill (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
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 (in thousands) From July 1 to December 31, 2019 $ 4,415 $ 10,757 $ 15,172 2020 7,424 16,864 24,288 2021 5,585 16,864 22,449 2022 2,712 11,486 14,198 2023 715 10,325 11,040 Thereafter 16 15,950 15,966 Total $ 20,867 $ 82,246 $ 103,113 |
Other Current Liabilities (Tabl
Other Current Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Other Liabilities Disclosure [Abstract] | |
Other current liabilities | Other current liabilities are presented in the following table: December 31, 2018 June 30, 2019 (in thousands) Clients' prepayments $ 10,328 $ 12,057 Credit notes 13,183 12,749 Accounts payable relating to capital expenditures 21,454 6,255 Other creditors 1,527 2,565 Deferred revenue 623 360 Total $ 47,115 $ 33,986 |
Leases (Tables)
Leases (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Leases [Abstract] | |
Components of leases | The components of lease expense are as follows: Three Months Ended Six Months Ended June 30, June 30, Offices Data Centers Total Offices Data Centers Total (in thousands) Lease expense $ 8,574 $ 6,154 $ 14,728 $ 16,914 $ 11,341 $ 28,255 Short term lease expense 523 525 1,048 1,448 1,055 2,503 Variable lease expense 1,821 239 2,060 1,821 353 2,174 Sublease income (693 ) — (693 ) (1,769 ) — (1,769 ) Total operating lease expense $ 10,225 $ 6,918 $ 17,143 $ 18,414 $ 12,749 $ 31,163 The weighted average remaining lease term and discount rates as of June 30, 2019 are as follows: June 30, Weighted average remaining lease term (years) Offices 5.19 Data Centers 2.81 Weighted average discount rate Offices 2.64 % Data Centers 1.75 % Supplemental cash flow information related to our operating leases is as follows for the period ended June 30, 2019: Three Months Ended Six Months Ended June 30, (in thousands) Cash paid for amounts included in the measurement of lease liabilities Cash flow for operating activities $ (13,967 ) $ (27,931 ) Right of use assets obtained in exchange for new operating lease liabilities $ 594 $ 11,520 |
Schedule of future minimum lease payments | As of June 30, 2019, we had future minimum lease payments as follows: June 30, Offices Data Centers Total (in thousands) Remainder of 2019 $ 17,314 $ 11,486 $ 28,800 2020 34,360 19,497 53,857 2021 31,915 12,615 44,530 2022 29,193 8,675 37,868 2023 20,060 2,198 22,258 Thereafter 27,759 — 27,759 Total minimum lease payments 160,601 54,471 215,072 Impact of Discount Rate (17,407 ) (1,531 ) (18,938 ) Total Lease Liability $ 143,194 $ 52,940 $ 196,134 |
Revenue (Tables)
Revenue (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
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) June 30, 2018 $ 212,781 $ 201,080 $ 123,324 $ 537,185 June 30, 2019 $ 213,974 $ 194,359 $ 119,814 $ 528,147 Americas EMEA Asia-Pacific Total For the six months ended (in thousands) June 30, 2018 $ 425,476 $ 423,691 $ 252,182 $ 1,101,349 June 30, 2019 $ 431,967 $ 404,002 $ 250,301 $ 1,086,270 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Share-based Payment Arrangement [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, 2019 3,187,465 4,780,137 291,670 8,259,272 Granted 62,880 1,240,098 — 1,302,978 Exercised (OSA/BSPCE/BSA) (47,608 ) — — (47,608 ) Vested (RSU) — (764,079 ) — (764,079 ) Forfeited (591,442 ) (700,791 ) — (1,292,233 ) Expired — — — — Balance at June 30, 2019 2,611,295 4,555,365 291,670 7,458,330 Breakdown of the Closing Balance OSA/BSPCE RSU BSA Number outstanding 2,611,295 4,555,365 291,670 Weighted-average exercise price € 25.56 NA € 13.02 Number vested 2,132,876 NA 121,342 Weighted-average exercise price € 24.91 NA € 20.07 Weighted-average remaining contractual life of options outstanding, in years 6.05 NA 7.43 |
Schedule of share-based compensation reconciliation with the Consolidated Statements of Income | Reconciliation with the Unaudited Consolidated Statements of Income Three Months Ended June 30, 2018 June 30, 2019 (in thousands) R&D S&O G&A Total R&D S&O G&A Total RSUs $ (6,446 ) $ (8,059 ) $ (4,101 ) $ (18,606 ) $ (3,952 ) $ (4,669 ) $ (3,496 ) $ (12,117 ) Share options / BSPCE (326 ) (602 ) (284 ) (1,212 ) 624 777 (646 ) 755 Total share-based compensation (6,772 ) (8,661 ) (4,385 ) (19,818 ) (3,328 ) (3,892 ) (4,142 ) (11,362 ) BSAs — — (423 ) (423 ) — — (351 ) (351 ) Total equity awards compensation expense $ (6,772 ) $ (8,661 ) $ (4,808 ) $ (20,241 ) $ (3,328 ) $ (3,892 ) $ (4,493 ) $ (11,713 ) Six Months Ended June 30, 2018 June 30, 2019 (in thousands) R&D S&O G&A Total R&D S&O G&A Total RSUs $ (11,063 ) $ (14,930 ) $ (9,249 ) $ (35,242 ) $ (7,798 ) $ (10,624 ) $ (6,012 ) $ (24,434 ) Share options / BSPCE (391 ) (962 ) (1,619 ) (2,972 ) 445 531 (1,426 ) (450 ) Total share-based compensation (11,454 ) (15,892 ) (10,868 ) (38,214 ) (7,353 ) (10,093 ) (7,438 ) (24,884 ) BSAs — — (856 ) (856 ) — — (711 ) (711 ) Total equity awards compensation expense $ (11,454 ) $ (15,892 ) $ (11,724 ) $ (39,070 ) $ (7,353 ) $ (10,093 ) $ (8,149 ) $ (25,595 ) |
Financial Income and Expenses (
Financial Income and Expenses (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
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 June 30, 2018 June 30, 2019 (in thousands) Financial income from cash equivalents $ 279 $ 608 Interest and fees (488 ) (481 ) Interest on debt (546 ) (443 ) Fees 58 (38 ) Foreign exchange gain (loss) (777 ) (1,089 ) Other financial expense (20 ) (392 ) Total financial income (expense) $ (1,006 ) $ (1,354 ) Six Months Ended June 30, 2018 June 30, 2019 (in thousands) Financial income from cash equivalents $ 504 $ 785 Interest and fees (1,044 ) (1,004 ) Interest on debt (1,033 ) (873 ) Fees (11 ) (131 ) Foreign exchange gain (loss) (1,747 ) (2,687 ) Other financial expense (44 ) (422 ) Total financial income (expense) $ (2,331 ) $ (3,328 ) |
Income Taxes (Tables)
Income Taxes (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
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: Six Months Ended June 30, 2018 June 30, 2019 (in thousands) Current income tax $ (28,559 ) $ (14,365 ) Net change in deferred taxes 7,535 (1,336 ) Provision for income taxes $ (21,024 ) $ (15,701 ) |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of basic earnings per share | Three Months Ended Six Months Ended June 30, 2018 June 30, 2019 June 30, 2018 June 30, 2019 Net income attributable to shareholders of Criteo S.A. $ 13,726 $ 10,823 $ 33,535 $ 29,943 Weighted average number of shares outstanding 66,347,599 64,581,476 66,254,476 64,459,867 Basic earnings per share $ 0.21 $ 0.17 $ 0.51 $ 0.46 |
Schedule of diluted earnings per share | 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 employee warrant ("BSPCE") is assessed as potentially dilutive if it is “in the money” (i.e., the exercise or settlement price is lower than the average market price). Three Months Ended Six Months Ended June 30, 2018 June 30, 2019 June 30, 2018 June 30, 2019 Net income attributable to shareholders of Criteo S.A. $ 13,726 $ 10,823 $ 33,535 $ 29,943 Weighted average number of shares outstanding of Criteo S.A. 66,347,599 64,581,476 66,254,476 64,459,867 Dilutive effect of : Restricted share awards ("RSUs") 721,154 737,992 793,096 1,027,671 Share options and BSPCE 382,066 274,298 394,936 305,473 Share warrants 37,492 30,739 37,005 40,631 Weighted average number of shares outstanding used to determine diluted earnings per share 67,488,311 65,624,505 67,479,513 65,833,642 Diluted earnings per share $ 0.20 $ 0.16 $ 0.50 $ 0.45 |
Schedule of weighted average number of anti-dilutive securities | The weighted average number of securities that were anti-dilutive for diluted EPS for the periods presented but which could potentially dilute EPS in the future are as follows: Three Months Ended Six Months Ended June 30, 2018 June 30, 2019 June 30, 2018 June 30, 2019 Restricted share awards 2,651,262 1,305,872 2,276,195 894,012 Share options and BSPCE — 2,795 — 34,147 Weighted average number of anti-dilutive securities excluded from diluted earnings per share 2,651,262 1,308,667 2,276,195 928,159 |
Commitments and contingencies (
Commitments and contingencies (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
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, 2019 $ 244 $ 2,396 $ 2,640 Increase 243 1,781 2,024 Provision used (26 ) — (26 ) Provision released not used (56 ) (365 ) (421 ) Currency translation adjustments — (61 ) (61 ) Balance at June 30, 2019 $ 405 $ 3,751 $ 4,156 - of which current 405 3,751 4,156 |
Breakdown of Revenue and Non-_2
Breakdown of Revenue and Non-Current Assets by Geographical Areas (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Segment Reporting [Abstract] | |
Schedule of consolidated revenue for each geographical area | Americas EMEA Asia-Pacific Total For the six months ended: (in thousands) June 30, 2018 $ 425,476 $ 423,691 $ 252,182 $ 1,101,349 June 30, 2019 $ 431,967 $ 404,002 $ 250,301 $ 1,086,270 The following tables disclose our consolidated revenue for each geographical area for each of the reported periods. Revenue by geographical area is based on the location of advertisers’ campaigns. Americas EMEA Asia-Pacific Total For the three months ended: (in thousands) June 30, 2018 $ 212,781 $ 201,080 $ 123,324 $ 537,185 June 30, 2019 $ 213,974 $ 194,359 $ 119,814 $ 528,147 |
Schedule of revenue generated in other significant countries | Revenue generated in other significant countries where we operate is presented in the following table: Three Months Ended Six Months Ended June 30, June 30, June 30, June 30, (in thousands) Americas United States $ 187,368 $ 192,815 $ 373,420 $ 388,606 EMEA Germany $ 48,632 $ 46,998 $ 103,147 $ 100,593 United Kingdom $ 22,544 $ 21,180 $ 48,778 $ 42,948 Asia-Pacific Japan $ 84,060 $ 82,263 $ 176,324 $ 175,431 |
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, excluding right of use assets related to lease agreements) 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, 2018 $ 123,388 $ 125,654 $ 125,312 $ 27,898 $ 19,109 $ 11,630 $ 2,992 $ 296,049 June 30, 2019 $ 135,141 $ 121,254 $ 107,486 $ 23,230 $ 16,139 $ 10,321 $ 1,512 $ 295,764 |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
Lessee, Lease, Description [Line Items] | |||
Total Lease Liability | $ 196,134 | ||
Operating right-of-use assets | $ 183,725 | $ 0 | |
Accounting Standards Update 2016-02 | |||
Lessee, Lease, Description [Line Items] | |||
Total Lease Liability | $ 223,500 | ||
Operating right-of-use assets | $ 204,300 |
Significant Events and Transa_3
Significant Events and Transactions of the Period - Narrative (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||
Jun. 30, 2019 | Mar. 31, 2019 | Jun. 30, 2018 | Mar. 31, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Dec. 31, 2018 | Feb. 08, 2019 | |
Restructuring Cost and Reserve [Line Items] | ||||||||
Increase to income from operations | $ 19,574 | $ 24,351 | $ 52,967 | $ 59,152 | ||||
Increase to net income | $ 12,537 | $ 21,401 | $ 14,707 | $ 21,090 | $ 33,938 | $ 35,797 | ||
Basic earnings per share (in USD per share) | $ 0.17 | $ 0.21 | $ 0.46 | $ 0.51 | ||||
Restructuring costs | $ (728) | $ (2,618) | ||||||
Shares authorized to be repurchased and retired (in shares) | 1,600,000 | |||||||
Servers and other equipment | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Useful life | 5 years | 3 years | 3 years | |||||
Restatement Adjustment | Servers and other equipment | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Increase to income from operations | 10,200 | $ 21,000 | ||||||
Increase to net income | $ 8,700 | $ 17,900 | ||||||
Basic earnings per share (in USD per share) | $ 0.14 | $ 0.28 | ||||||
Research and Development expense | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring costs | $ (100) | $ (100) | ||||||
Sales and Operations expense | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring costs | (200) | (2,100) | ||||||
General and Administrative expense | ||||||||
Restructuring Cost and Reserve [Line Items] | ||||||||
Restructuring costs | $ (400) | $ (400) |
Significant Events and Transa_4
Significant Events and Transactions of the Period - Schedule of Restructuring Costs (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2019 | Jun. 30, 2019 | |
Restructuring Cost and Reserve [Line Items] | ||
Total restructuring costs | $ (728) | $ (2,618) |
Gain from forfeitures of share-based compensation expense | ||
Restructuring Cost and Reserve [Line Items] | ||
Total restructuring costs | 2,678 | 2,678 |
Depreciation and amortization (expense) | ||
Restructuring Cost and Reserve [Line Items] | ||
Total restructuring costs | (1,228) | (1,228) |
Payroll costs and Facilities related costs | ||
Restructuring Cost and Reserve [Line Items] | ||
Total restructuring costs | $ (2,178) | $ (4,068) |
Significant Events and Transa_5
Significant Events and Transactions of the Period - Summary of Restructuring Reserve (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2019 | Jun. 30, 2019 | |
Restructuring Reserve [Roll Forward] | ||
Beginning balance | $ 0 | |
Restructuring costs | $ 728 | 2,618 |
Restructuring costs - non cash item | 2,930 | |
Amounts paid | (1,920) | |
Ending balance | $ 3,628 | $ 3,628 |
Significant Events and Transa_6
Significant Events and Transactions of the Period - Treasury Shares (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||||
Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Jun. 30, 2019 | Dec. 31, 2018 | Oct. 25, 2018 | Dec. 31, 2017 | |
Number of Treasury Shares | |||||||
Beginning Balance (in shares) | 1,118,969 | 3,459,119 | 1,118,969 | 3,459,119 | |||
Treasury Shares Repurchased (in shares) | 3,500,000 | 1,100,000 | |||||
Ending Balance (in shares) | 1,118,969 | 3,459,119 | 1,118,969 | 3,459,119 | |||
Amount (in thousands of dollars) | |||||||
Beginning Balance | $ 79,159,000 | $ 79,159,000 | |||||
Treasury Shares Repurchased | $ 0 | ||||||
Ending Balance | $ 26,564,000 | $ 79,159,000 | $ 26,564,000 | $ 79,159,000 | |||
Authorized amount of share repurchase program | $ 80,000,000 | ||||||
Treasury Stock | |||||||
Number of Treasury Shares | |||||||
Beginning Balance (in shares) | 1,118,969 | 3,459,119 | 1,118,969 | 3,459,119 | 0 | ||
Treasury Shares Repurchased (in shares) | 553,435 | 1,786,715 | |||||
Treasury Shares Retired (in shares) | (1,594,288) | ||||||
Ending Balance (in shares) | 1,118,969 | 3,459,119 | 1,118,969 | 3,459,119 | |||
Amount (in thousands of dollars) | |||||||
Beginning Balance | $ 79,159,000 | $ 79,159,000 | $ 0 | ||||
Treasury Shares Repurchased | $ (12,515,000) | $ (40,080,000) | |||||
Treasury Shares Retired | (36,137,000) | ||||||
Ending Balance | $ 26,564,000 | $ 79,159,000 | $ 26,564,000 | $ 79,159,000 | |||
Treasury Shares Repurchased to potentially use for M&A | |||||||
Number of Treasury Shares | |||||||
Treasury Shares Repurchased (in shares) | 1,751,147 | ||||||
Amount (in thousands of dollars) | |||||||
Treasury Shares Repurchased | $ 40,000,000 | ||||||
Treasury Shares Repurchased for RSU Vesting | |||||||
Number of Treasury Shares | |||||||
Treasury Shares Repurchased (in shares) | 1,748,111 | ||||||
Amount (in thousands of dollars) | |||||||
Treasury Shares Repurchased | $ 40,000,000 | ||||||
Treasury Shares Issued for RSU Vesting | |||||||
Number of Treasury Shares | |||||||
Treasury Shares Issued for RSU Vesting (in shares) | (745,862) | (40,139) | |||||
Amount (in thousands of dollars) | |||||||
Treasury Shares Issued for RSU Vesting | $ (16,458,000) | $ (841,000) |
Financial Instruments - Financi
Financial Instruments - Financial Assets and Credit Risk (Details) - USD ($) $ in Thousands | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Concentration Risk [Line Items] | ||
Maximum exposure | $ 471,403 | $ 570,515 |
Allowance for doubtful accounts receivable, period increase (decrease) | (6,400) | 5,100 |
Trade receivables, net of allowance | ||
Concentration Risk [Line Items] | ||
Maximum exposure | 374,949 | 473,901 |
Other taxes | ||
Concentration Risk [Line Items] | ||
Maximum exposure | 56,090 | 53,338 |
Other current assets | ||
Concentration Risk [Line Items] | ||
Maximum exposure | 18,751 | 22,816 |
Non-current financial assets | ||
Concentration Risk [Line Items] | ||
Maximum exposure | $ 21,613 | $ 20,460 |
Financial Instruments - Finan_2
Financial Instruments - Financial Liabilities (Details) - Fair value - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Trade payables | $ 332,735 | $ 425,376 |
Other taxes | 56,929 | 55,592 |
Employee-related payables | 68,702 | 65,878 |
Other current liabilities | 33,986 | 47,115 |
Financial liabilities | 4,081 | 3,508 |
Total | $ 496,433 | $ 597,469 |
Financial Instruments - Derivat
Financial Instruments - Derivative Financial Instruments (Details) - Fair Value, Inputs, Level 2 - Fair value - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Derivative Assets: | ||
Included in other current assets | $ 0 | $ 1,703 |
Derivative Liabilities: | ||
Included in financial liabilities - current portion | $ 539 | $ 0 |
Financial Instruments - Cash an
Financial Instruments - Cash and Cash Equivalents (Details) - Fair Value, Inputs, Level 2 - Fair value - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | $ 422,053 | $ 364,426 |
Cash equivalents | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 148,584 | 125,442 |
Cash on hand | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | $ 273,469 | $ 238,984 |
Trade Receivables - Breakdown i
Trade Receivables - Breakdown in Trade Receivables (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | Dec. 31, 2017 |
Receivables [Abstract] | ||||
Trade accounts receivables | $ 394,495 | $ 499,819 | ||
(Less) Allowance for doubtful accounts | (19,546) | (25,918) | $ (23,380) | $ (20,818) |
Net book value at end of period | $ 374,949 | $ 473,901 |
Trade Receivables - Allowance f
Trade Receivables - Allowance for Doubtful Accounts Rollforward (Details) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | ||
Balance at January 1 | $ (25,918) | $ (20,818) |
Allowance for doubtful accounts | (6,042) | (6,315) |
Reversal of provision | 12,318 | 3,303 |
Currency translation adjustment | 96 | 450 |
Balance at March 31 | $ (19,546) | $ (23,380) |
Other Current Assets (Details)
Other Current Assets (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract] | ||
Prepayments to suppliers | $ 5,869 | $ 4,056 |
Other debtors | 3,477 | 4,762 |
Prepaid expenses | 9,405 | 12,295 |
Derivative instruments | 0 | 1,703 |
Gross book value at end of period | 18,751 | 22,816 |
Net book value at end of period | $ 18,751 | $ 22,816 |
Intangible Assets and Goodwil_2
Intangible Assets and Goodwill (Details) $ in Thousands | Jun. 30, 2019USD ($) |
Estimated Amortization Expense Maturity | |
From July 1 to December 31, 2019 | $ 15,172 |
2020 | 24,288 |
2021 | 22,449 |
2022 | 14,198 |
2023 | 11,040 |
Thereafter | 15,966 |
Total | 103,113 |
Software | |
Estimated Amortization Expense Maturity | |
From July 1 to December 31, 2019 | 4,415 |
2020 | 7,424 |
2021 | 5,585 |
2022 | 2,712 |
2023 | 715 |
Thereafter | 16 |
Total | 20,867 |
Technology and customer relationships | |
Estimated Amortization Expense Maturity | |
From July 1 to December 31, 2019 | 10,757 |
2020 | 16,864 |
2021 | 16,864 |
2022 | 11,486 |
2023 | 10,325 |
Thereafter | 15,950 |
Total | $ 82,246 |
Other Current Liabilities (Deta
Other Current Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Other Liabilities Disclosure [Abstract] | ||
Clients' prepayments | $ 12,057 | $ 10,328 |
Credit notes | 12,749 | 13,183 |
Accounts payable relating to capital expenditures | 6,255 | 21,454 |
Other creditors | 2,565 | 1,527 |
Deferred revenue | 360 | 623 |
Total | $ 33,986 | $ 47,115 |
Leases - Components of Lease Ex
Leases - Components of Lease Expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2019 | Jun. 30, 2019 | |
Lessee, Lease, Description [Line Items] | ||
Lease expense | $ 14,728 | $ 28,255 |
Short term lease expense | 1,048 | 2,503 |
Variable lease expense | 2,060 | 2,174 |
Sublease income | (693) | (1,769) |
Total operating lease expense | 17,143 | 31,163 |
Offices | ||
Lessee, Lease, Description [Line Items] | ||
Lease expense | 8,574 | 16,914 |
Short term lease expense | 523 | 1,448 |
Variable lease expense | 1,821 | 1,821 |
Sublease income | (693) | (1,769) |
Total operating lease expense | 10,225 | 18,414 |
Data Centers | ||
Lessee, Lease, Description [Line Items] | ||
Lease expense | 6,154 | 11,341 |
Short term lease expense | 525 | 1,055 |
Variable lease expense | 239 | 353 |
Sublease income | 0 | 0 |
Total operating lease expense | $ 6,918 | $ 12,749 |
Leases - Future Minimum Lease P
Leases - Future Minimum Lease Payments (Details) $ in Thousands | Jun. 30, 2019USD ($) |
Lessee, Lease, Description [Line Items] | |
Remainder of 2019 | $ 28,800 |
2020 | 53,857 |
2021 | 44,530 |
2022 | 37,868 |
2023 | 22,258 |
Thereafter | 27,759 |
Total minimum lease payments | 215,072 |
Impact of Discount Rate | (18,938) |
Total Lease Liability | 196,134 |
Offices | |
Lessee, Lease, Description [Line Items] | |
Remainder of 2019 | 17,314 |
2020 | 34,360 |
2021 | 31,915 |
2022 | 29,193 |
2023 | 20,060 |
Thereafter | 27,759 |
Total minimum lease payments | 160,601 |
Impact of Discount Rate | (17,407) |
Total Lease Liability | 143,194 |
Data Centers | |
Lessee, Lease, Description [Line Items] | |
Remainder of 2019 | 11,486 |
2020 | 19,497 |
2021 | 12,615 |
2022 | 8,675 |
2023 | 2,198 |
Thereafter | 0 |
Total minimum lease payments | 54,471 |
Impact of Discount Rate | (1,531) |
Total Lease Liability | $ 52,940 |
Leases - Weighted Average Remai
Leases - Weighted Average Remaining Lease Term and Discount Rates (Details) | Jun. 30, 2019 |
Offices | |
Weighted average remaining lease term (years) | |
Weighted average remaining lease term (years) | 5 years 2 months 8 days |
Weighted average discount rate | |
Weighted average discount rate | 2.64% |
Data Centers | |
Weighted average remaining lease term (years) | |
Weighted average remaining lease term (years) | 2 years 9 months 21 days |
Weighted average discount rate | |
Weighted average discount rate | 1.75% |
Leases - Supplemental Cash Flow
Leases - Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2019 | Jun. 30, 2019 | |
Cash Flow, Operating Activities, Lessee [Abstract] | ||
Cash flow for operating activities | $ (13,967) | $ (27,931) |
Right of use assets obtained in exchange for new operating lease liabilities | $ 594 | $ 11,520 |
Leases - Narrative (Details)
Leases - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2018 | Jun. 30, 2019 | |
Lessee, Lease, Description [Line Items] | |||
Leases not yet commenced | $ 15.8 | ||
Offices | |||
Lessee, Lease, Description [Line Items] | |||
Lease expense | $ 9.5 | $ 19.2 | |
Data Centers | |||
Lessee, Lease, Description [Line Items] | |||
Lease expense | $ 12.4 | $ 24.7 |
Revenue (Details)
Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 528,147 | $ 537,185 | $ 1,086,270 | $ 1,101,349 |
Americas | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 213,974 | 212,781 | 431,967 | 425,476 |
EMEA | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | 194,359 | 201,080 | 404,002 | 423,691 |
Asia-Pacific | ||||
Disaggregation of Revenue [Line Items] | ||||
Revenue | $ 119,814 | $ 123,324 | $ 250,301 | $ 252,182 |
Share-Based Compensation - Narr
Share-Based Compensation - Narrative (Details) - shares | Jun. 25, 2019 | Apr. 25, 2019 | Mar. 01, 2019 | Jun. 30, 2019 |
RSUs | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
RSUs granted (in shares) | 195,420 | 257,291 | 202,180 | 1,240,098 |
Share options / BSPCE | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
RSUs granted (in shares) | 62,880 | |||
Management | RSUs | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
RSUs granted (in shares) | 257,291 | |||
Vesting period 1 | RSUs | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 70.00% | |||
Vesting period 2 | RSUs | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 15.00% |
Share-Based Compensation - Chan
Share-Based Compensation - Change in Number of BSPCE/OSA/RSU/BSA (Details) - shares | Jun. 25, 2019 | Apr. 25, 2019 | Mar. 01, 2019 | Jun. 30, 2019 |
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) | 8,259,272 | |||
Granted (in shares) | 1,302,978 | |||
Exercised (in shares) | (47,608) | |||
Vested (in shares) | (764,079) | |||
Forfeited (in shares) | (1,292,233) | |||
Expired (in shares) | 0 | |||
Ending balance (in shares) | 7,458,330 | |||
OSA/BSPCE | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||
Beginning balance, options (in shares) | 3,187,465 | |||
Granted, options (in shares) | 62,880 | |||
Exercised, options (in shares) | (47,608) | |||
Vested, options (in shares) | 0 | |||
Forfeited, options (in shares) | (591,442) | |||
Expired, options (in shares) | 0 | |||
Ending balance, options (in shares) | 2,611,295 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||||
Granted (in shares) | 62,880 | |||
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) | 4,780,137 | |||
Granted (in shares) | 195,420 | 257,291 | 202,180 | 1,240,098 |
Exercised (in shares) | 0 | |||
Vested (in shares) | (764,079) | |||
Forfeited (in shares) | (700,791) | |||
Expired (in shares) | 0 | |||
Ending balance (in shares) | 4,555,365 | |||
BSAs | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ||||
Beginning balance, options (in shares) | 291,670 | |||
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) | 291,670 |
Share-Based Compensation - Brea
Share-Based Compensation - Breakdown of the Closing Balance (Details) - € / shares | 6 Months Ended | |
Jun. 30, 2019 | Dec. 31, 2018 | |
OSA/BSPCE | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number outstanding, options (in shares) | 2,611,295 | 3,187,465 |
Weighted-average exercise price, options (in Euro per share) | € 25.56 | |
Number vested, options (in shares) | 2,132,876 | |
Weighted-average exercise price, options (in Euro per share) | € 24.91 | |
Weighted-average remaining contractual life of options outstanding | 6 years 18 days | |
RSU | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number outstanding (in shares) | 4,555,365 | 4,780,137 |
BSAs | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number outstanding, options (in shares) | 291,670 | 291,670 |
Weighted-average exercise price, options (in Euro per share) | € 13.02 | |
Number vested, options (in shares) | 121,342 | |
Weighted-average exercise price, options (in Euro per share) | € 20.07 | |
Weighted-average remaining contractual life of options outstanding | 7 years 5 months 4 days |
Share-Based Compensation - Shar
Share-Based Compensation - Share-based compensation expense (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Share-based compensation expense | $ (11,362) | $ (19,818) | $ (24,884) | $ (38,214) |
Total equity awards compensation expense | (11,713) | (20,241) | (25,595) | (39,070) |
R&D | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Share-based compensation expense | (3,328) | (6,772) | (7,353) | (11,454) |
Total equity awards compensation expense | (3,328) | (6,772) | (7,353) | (11,454) |
S&O | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Share-based compensation expense | (3,892) | (8,661) | (10,093) | (15,892) |
Total equity awards compensation expense | (3,892) | (8,661) | (10,093) | (15,892) |
G&A | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Share-based compensation expense | (4,142) | (4,385) | (7,438) | (10,868) |
Total equity awards compensation expense | (4,493) | (4,808) | (8,149) | (11,724) |
RSUs | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Share-based compensation expense | (12,117) | (18,606) | (24,434) | (35,242) |
RSUs | R&D | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Share-based compensation expense | (3,952) | (6,446) | (7,798) | (11,063) |
RSUs | S&O | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Share-based compensation expense | (4,669) | (8,059) | (10,624) | (14,930) |
RSUs | G&A | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Share-based compensation expense | (3,496) | (4,101) | (6,012) | (9,249) |
Share options / BSPCE | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Share-based compensation expense | 755 | (1,212) | (450) | (2,972) |
Share options / BSPCE | R&D | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Share-based compensation expense | 624 | (326) | 445 | (391) |
Share options / BSPCE | S&O | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Share-based compensation expense | 777 | (602) | 531 | (962) |
Share options / BSPCE | G&A | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Share-based compensation expense | (646) | (284) | (1,426) | (1,619) |
BSAs | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Issuance of Stock and Warrants for Services or Claims | (351) | (423) | (711) | (856) |
BSAs | R&D | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Issuance of Stock and Warrants for Services or Claims | 0 | 0 | 0 | 0 |
BSAs | S&O | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Issuance of Stock and Warrants for Services or Claims | 0 | 0 | 0 | 0 |
BSAs | G&A | ||||
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items] | ||||
Issuance of Stock and Warrants for Services or Claims | $ (351) | $ (423) | $ (711) | $ (856) |
Financial Income and Expenses -
Financial Income and Expenses - Financial income (expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Other Income and Expenses [Abstract] | ||||
Financial income from cash equivalents | $ 608 | $ 279 | $ 785 | $ 504 |
Interest and fees | (481) | (488) | (1,004) | (1,044) |
Interest on debt | (443) | (546) | (873) | (1,033) |
Fees | (38) | 58 | (131) | (11) |
Foreign exchange gain (loss) | (1,089) | (777) | (2,687) | (1,747) |
Other financial expense | (392) | (20) | (422) | (44) |
Total financial income (expense) | $ (1,354) | $ (1,006) | $ (3,328) | $ (2,331) |
Financial Income and Expenses_2
Financial Income and Expenses - Narrative (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Other Income and Expenses [Abstract] | ||||
Financial income (expense) | $ 1,354 | $ 1,006 | $ 3,328 | $ 2,331 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) $ in Thousands | Sep. 27, 2017 | Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 |
Income Tax Examination [Line Items] | |||||
Current income tax | $ (14,365) | $ (28,559) | |||
Net change in deferred taxes | $ (7,252) | $ 4,389 | (1,336) | 7,535 | |
Provision for income taxes | $ (5,683) | $ (8,638) | $ (15,701) | $ (21,024) | |
Estimated tax rate | 30.00% | 37.00% | |||
Effective tax rate | 32.00% | 37.00% | |||
Internal Revenue Service (IRS) | |||||
Income Tax Examination [Line Items] | |||||
Estimate of possible loss | $ 15,000 |
Earnings Per Share - Basic (Det
Earnings Per Share - Basic (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Earnings Per Share [Abstract] | ||||
Net income attributable to shareholders of Criteo S.A. | $ 10,823 | $ 13,726 | $ 29,943 | $ 33,535 |
Weighted average number of shares outstanding (in shares) | 64,581,476 | 66,347,599 | 64,459,867 | 66,254,476 |
Basic earnings per share (in USD per share) | $ 0.17 | $ 0.21 | $ 0.46 | $ 0.51 |
Earnings Per Share - Diluted (D
Earnings Per Share - Diluted (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Earnings Per Share [Abstract] | ||||
Net income attributable to shareholders of Criteo S.A. | $ 10,823 | $ 13,726 | $ 29,943 | $ 33,535 |
Weighted average number of shares outstanding (in shares) | 64,581,476 | 66,347,599 | 64,459,867 | 66,254,476 |
Dilutive effect of : | ||||
Restricted share awards (RSU's) (in shares) | 737,992 | 721,154 | 1,027,671 | 793,096 |
Share options and (BSPCEs) (in shares) | 274,298 | 382,066 | 305,473 | 394,936 |
Share warrants (in shares) | 30,739 | 37,492 | 40,631 | 37,005 |
Weighted average number of shares outstanding used to determine diluted earnings per share (in shares) | 65,624,505 | 67,488,311 | 65,833,642 | 67,479,513 |
Diluted earnings per share (in USD per share) | $ 0.16 | $ 0.20 | $ 0.45 | $ 0.50 |
Earnings Per Share - Anti-Dilut
Earnings Per Share - Anti-Dilutive Securities (Details) - shares | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
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) | 1,308,667 | 2,651,262 | 928,159 | 2,276,195 |
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) | 1,305,872 | 2,651,262 | 894,012 | 2,276,195 |
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) | 2,795 | 0 | 34,147 | 0 |
Commitments and contingencies -
Commitments and contingencies - Commitments (Details) - Jun. 30, 2019 - Revolving credit facility - RCF | USD ($) | EUR (€) |
Bank Syndicate RCF | ||
Debt Instrument [Line Items] | ||
Revolving credit facility, maximum borrowing capacity | $ 398,300,000 | € 350,000,000 |
HSBC and LCL Facilities | ||
Debt Instrument [Line Items] | ||
Revolving credit facility, maximum borrowing capacity | $ 24,500,000 | € 21,500,000 |
Commitments and contingencies_2
Commitments and contingencies - Contingencies (Details) $ in Thousands | 6 Months Ended |
Jun. 30, 2019USD ($) | |
Loss Contingency Accrual [Roll Forward] | |
Contingencies accrual, beginning balance | $ 2,640 |
Increase | 2,024 |
Provision used | (26) |
Provision released not used | (421) |
Currency translation adjustments | (61) |
Contingencies accrual, ending balance | 4,156 |
Contingencies accrual, of which current | 4,156 |
Provision for employee-related litigation | |
Loss Contingency Accrual [Roll Forward] | |
Contingencies accrual, beginning balance | 244 |
Increase | 243 |
Provision used | (26) |
Provision released not used | (56) |
Currency translation adjustments | 0 |
Contingencies accrual, ending balance | 405 |
Contingencies accrual, of which current | 405 |
Other provisions | |
Loss Contingency Accrual [Roll Forward] | |
Contingencies accrual, beginning balance | 2,396 |
Increase | 1,781 |
Provision used | 0 |
Provision released not used | (365) |
Currency translation adjustments | (61) |
Contingencies accrual, ending balance | 3,751 |
Contingencies accrual, of which current | $ 3,751 |
Breakdown of Revenue and Non-_3
Breakdown of Revenue and Non-Current Assets by Geographical Areas - Narrative (Details) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019USD ($)market | Jun. 30, 2018USD ($) | Jun. 30, 2019USD ($)market | Jun. 30, 2018USD ($) | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Number of geographical markets | market | 3 | 3 | ||
Revenue | $ 528,147 | $ 537,185 | $ 1,086,270 | $ 1,101,349 |
Sales Revenue, Net | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Concentration risk, percentage | 1.40% | 2.40% | ||
France | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue | $ 35,200 | $ 37,000 | $ 72,600 | $ 78,400 |
Breakdown of Revenue and Non-_4
Breakdown of Revenue and Non-Current Assets by Geographical Areas - Revenue by Geographical Area (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue | $ 528,147 | $ 537,185 | $ 1,086,270 | $ 1,101,349 |
Americas | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue | 213,974 | 212,781 | 431,967 | 425,476 |
EMEA | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue | 194,359 | 201,080 | 404,002 | 423,691 |
Asia-Pacific | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue | $ 119,814 | $ 123,324 | $ 250,301 | $ 252,182 |
Breakdown of Revenue and Non-_5
Breakdown of Revenue and Non-Current Assets by Geographical Areas - Revenue by Significant Other Countries (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue | $ 528,147 | $ 537,185 | $ 1,086,270 | $ 1,101,349 |
United States | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue | 192,815 | 187,368 | 388,606 | 373,420 |
Germany | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue | 46,998 | 48,632 | 100,593 | 103,147 |
United Kingdom | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue | 21,180 | 22,544 | 42,948 | 48,778 |
Japan | ||||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||||
Revenue | $ 82,263 | $ 84,060 | $ 175,431 | $ 176,324 |
Breakdown of Revenue and Non-_6
Breakdown of Revenue and Non-Current Assets by Geographical Areas - Other Information (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Non-current assets | $ 295,764 | $ 296,049 |
Americas | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Non-current assets | 121,254 | 125,654 |
United States | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Non-current assets | 107,486 | 125,312 |
EMEA | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Non-current assets | 23,230 | 27,898 |
Asia-Pacific | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Non-current assets | 16,139 | 19,109 |
Japan | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Non-current assets | 10,321 | 11,630 |
Singapore | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Non-current assets | 1,512 | 2,992 |
Holding | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Non-current assets | $ 135,141 | $ 123,388 |
Subsequent Events (Details)
Subsequent Events (Details) - USD ($) | Jul. 31, 2019 | Oct. 25, 2018 |
Subsequent Event [Line Items] | ||
Authorized amount of share repurchase program | $ 80,000,000 | |
American Depositary Shares | Subsequent Event | ||
Subsequent Event [Line Items] | ||
Authorized amount of share repurchase program | $ 80,000,000 |