Criteo Reports Record Results for the First Quarter 2014

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| Source: Criteo

NEW YORK, May 6, 2014 (GLOBE NEWSWIRE) -- Criteo S.A. (Nasdaq:CRTO), a global leader in digital performance advertising, today announced its financial results for the first quarter ended March 31, 2014.

  • Revenue in the first quarter 2014 increased 60.8% (or 68.4% at constant currencies1) to €152.5 million, compared with €94.9 million in the first quarter 2013.
  • Revenue excluding Traffic Acquisition Costs, or Revenue ex-TAC, in the first quarter 2014 grew 68.2% (or 75.7% at constant currencies) to €62.7 million, or 41.1% of revenue, compared with €37.3 million, or 39.3% of revenue, in the first quarter 2013.
  • Net income in the first quarter 2014 increased by €3.1 million to €3.8 million, compared with €0.7 million in the first quarter 2013.
  • Adjusted EBITDA for the first quarter 2014 was €14.5 million, an increase of 218.3% (or 223.8% at constant currencies) compared with €4.6 million in the first quarter 2013.
  • Cash flow from operating activities in the first quarter 2014 increased 149.4% to €11.4 million, compared with €4.6 million in the first quarter 2013.
  • Free Cash Flow for the first quarter 2014, defined as cash flow from operating activities less acquisition of intangible assets, property, plant and equipment, net of proceeds from disposal, was €7.7 million, an increase of €5.6 million compared with €2.1 million in the first quarter 2013.

Executive Quotes

"We delivered another record quarter, exceeding our expectations," said JB Rudelle, Criteo's co-founder and CEO. "We are pleased with the increasing contribution of mobile driving our growth, as well as the broadening of our client base across all markets."

"We continued to generate profitable growth in the quarter, further demonstrating the robustness and scalability of our financial model," said Benoit Fouilland, Criteo's Chief Financial Officer. "As we progress into 2014, we intend to accelerate our investments to further support our future growth."

Operating Highlights

  • The contribution of existing clients to our year-over-year growth accelerated in the quarter.
  • Our mobile solution on all leading browsers contributed to 15% of revenue ex-TAC in March 2014, compared with 10% in December 2013, driven by strong client adoption across our geographies.
  • Our total number of clients reached 5,567 in the first quarter 2014, representing 46% growth over the first quarter 2013, including strong growth in our mid-market segment.
  • New client additions in the first quarter 2014 included:
    • In the Americas: Crocs, Rent.com and Talbots
    • In EMEA: IKEA, Walbusch and Visa
    • In Asia-Pacific: NTT Docomo Travel
  • On April 7, 2014 we acquired AdQuantic, a bidding technology company, adding state of the art technology and great engineering talent to our team.

Acquisition of Tedemis S.A.

On February 19, 2014, Criteo signed a definitive agreement to acquire Tedemis, a leading provider of real-time personalized email marketing solutions that help advertisers turn web visitors into customers.

Revenue ex-TAC

Revenue excluding Traffic Acquisition Costs, or Revenue ex-TAC, in the first quarter 2014 grew 68.2%, or 75.7% at constant currencies, to €62.7 million, compared with €37.3 million in the first quarter 2013. This year-over-year growth was primarily driven by the continued broadening of our client base across our geographies and markets, as well as the deepening of our relationships with our existing clients across markets, in particular in EMEA and the US.

Excluding the contribution of Tedemis, which was consolidated from February 20 to March 31, 2014, revenue ex-TAC increased 66.2%, or 73.7% at constant currencies, to €62.0 million.

  • In the Americas, revenue ex-TAC in the first quarter 2014 grew by 53.9% over the comparable quarter in 2013, or 65.5% at constant currencies, to €14.7 million. The Americas region represented approximately 24% of our global revenue ex-TAC in the first quarter 2014.
  • Revenue ex-TAC in EMEA in the first quarter 2014 increased by 66.9% over the same period last year, or 66.4% at constant currencies, to €35.3 million. EMEA represented approximately 56% of our global revenue ex-TAC in the first quarter 2014.
  • Revenue ex-TAC in Asia-Pacific in the first quarter 2014 increased by 93.0% over the comparable quarter in 2013, or 120.3% at constant currencies, to €12.7 million. Asia-Pacific accounted for approximately 20% of our global revenue ex-TAC in the first quarter 2014.

Revenue ex-TAC margin as a percentage of revenue in the first quarter 2014 was at 41.1%, representing a 1.8 percentage point increase compared with 39.3% in the first quarter of 2013.

Adjusted EBITDA and Operating Expenses

Adjusted EBITDA for the first quarter 2014 was €14.5 million, an increase of 218.3%, or 223.8% at constant currencies, compared with €4.6 million in the first quarter 2013. This year-over-year increase in Adjusted EBITDA is primarily the result of the strong revenue ex-TAC performance in the quarter. Adjusted EBITDA in the first quarter 2014 included non-recurring expenses related to the Tedemis acquisition and our follow-on equity offering which closed in March 2014, as well as a slightly higher run rate in operating expenses than expected. These additional operating expenses related to accelerated investments are made to support current and anticipated future growth.

Excluding the impact of the acquisition of Tedemis, which was consolidated from February 20 to March 31, 2014, Adjusted EBITDA increased 238.7%, or 244.1% at constant currencies, to €15.4 million.

Operating expenses in the first quarter of 2014 increased by 57.8% to €49.1 million, compared with the first quarter 2013. Excluding the impact of share-based compensation, pension costs, depreciation and amortization and acquisition-related deferred price consideration, which we refer to as on a "Non-IFRS basis", our operating expenses in the first quarter 2014 were at €44.1 million, an increase of 52.3% compared with the first quarter of 2013. This increase in operating expenses over the period was principally related to headcount growth across our three main functions -Research & Development, Sales & Operations and General & Administrative- as we continued to scale the whole Criteo organization to support anticipated future growth. In particular, our headcount in Sales & Operations increased by 34% year-over-year as we work to capture our market opportunity in our geographies, especially in our mid-market organization. On a non-IFRS basis, our Sales & Operations expenses in the first quarter 2014 expressed as a percentage of revenue decreased by 1.1 percentage point over the period. We intend to further invest significantly and accelerate our investments in Research & Development and Sales & Operations in the current year as we work to capture our full potential.

Net Income and Adjusted Net Income

Net income for the first quarter 2014 was €3.8 million, representing a €3.1 million increase compared with €0.7 million in the first quarter 2013. Net income available to shareholders of Criteo S.A. for the first quarter 2014 was €3.5 million, or €0.055 per diluted share, compared with a €0.8 million net income, or €0.015 per diluted share in the first quarter 2013.

Adjusted Net Income for the first quarter 2014, or our net income adjusted to eliminate the impact of share-based compensation expense, amortization of acquisition-related intangible assets and acquisition-related deferred price consideration and the tax impact of these adjustments was €7.6 million, representing a €5.4 million increase compared with an Adjusted Net Income of €2.2 million in the first quarter 2013.

Cash Flow and Cash Position

  • Our cash flow generated by operating activities in the first quarter 2014 increased by 149.4% to €11.4 million, compared with €4.6 million in the first quarter 2013.
  • Our free cash flow was €7.7 million in the first quarter 2014, an increase of €5.6 million compared with €2.1 million in the first quarter 2013.
  • Total cash, cash equivalents and short-term investments were at €241.8 million as of March 31, 2014. This represented an increase of €7.4 million compared with December 31, 2013, primarily the result of the positive free cash flow generation in the quarter and the net proceeds of €16.4 million from the primary portion of our follow-on equity offering on the NASDAQ Global Market in March 2014, offset by the €17 million cash consideration for the acquisition of Tedemis S.A. in February 2014.

Business Outlook

The following forward-looking statements reflect Criteo's expectations as of May 6, 2014 and includes the contribution of Tedemis over the corresponding periods.

Second Quarter 2014 Guidance:

  • Revenue ex-TAC for the second quarter ending June 30, 2014 is expected to be between €61.5 million and €63.5 million.
  • Adjusted EBITDA for the second quarter ending June 30, 2014 is expected to be between €6.5 million and €8.5 million.

Fiscal Year 2014 Guidance:

  • Revenue ex-TAC for the fiscal year ending December 31, 2014 is expected to be between €265 million and €271 million, including approximately €8 million for Tedemis.
  • Adjusted EBITDA for the fiscal year ending December 31, 2014 is expected to be between €47 million and €51 million, including a negative contribution of approximately €4 million from Tedemis and AdQuantic.

The above guidance assumes no additional business acquisitions are closed or realized during the quarter ending June 30, 2014 or the fiscal year ending December 31, 2014.

Non-IFRS Financial Measures

This press release and its attachments include the following financial measures defined as non-IFRS financial measures by the U.S. Securities and Exchange Commission (SEC): Revenue ex-TAC, Adjusted EBITDA, Adjusted Net Income, Free Cash Flow, Non-IFRS Operating Expenses and Revenue ex-TAC margin as well as Revenue ex-TAC and Adjusted EBITDA, each excluding the impact of the Tedemis acquisition. These measures are not calculated in accordance with IFRS.

Revenue ex-TAC is our revenue excluding traffic acquisition costs (TAC) generated over the applicable measurement period. Revenue ex-TAC is a key measure used by our management and board of directors to evaluate our operating performance, generate future operating plans and make strategic decisions regarding the allocation of capital. In particular, we believe that the elimination of TAC from revenue can provide a useful measure for period-to-period comparisons of our core business. Accordingly, we believe that Revenue ex-TAC provides useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and board of directors.

Adjusted EBITDA is our income from operations before interest, taxes, depreciation and amortization, adjusted to eliminate the impact of share-based compensation expense, service costs pension and acquisition-related deferred price consideration. Adjusted EBITDA is a key measure used by our management and board of directors to understand and evaluate our core operating performance and trends, to prepare and approve our annual budget and to develop short‑ and long-term operational plans. In particular, we believe that the elimination of non-cash compensation expense, pension costs and acquisition-related deferred price consideration in calculating Adjusted EBITDA can provide a useful measure for period-to-period comparisons of our core business.

Adjusted Net Income is our net income adjusted to eliminate the impact of share-based compensation expense, amortization of acquisition-related intangible assets and acquisition-related deferred price consideration and the tax impact of these adjustments. Adjusted Net Income is not a measure calculated in accordance with IFRS. Adjusted Net Income is a key measure used by our management and board of directors to evaluate our operating performance, generate future operating plans and make strategic decisions regarding the allocation of capital. In particular, we believe that the elimination of share-based compensation expense, amortization of acquisition-related intangible assets and acquisition-related deferred price consideration and the tax impact of these adjustments in calculating Adjusted Net Income can provide a useful measure for period-to-period comparisons of our core business. Accordingly, we believe that Adjusted Net Income provides useful information to investors and others in understanding and evaluating our results of operations in the same manner as our management and board of directors.

Accordingly, we believe that these measures provide useful information to investors and others in understanding and evaluating our operating results in the same manner as our management and board of directors. Please refer to supplemental financial tables provided in the appendix of this press release for a reconciliation of Revenue ex-TAC to revenue, Adjusted EBITDA to net income and Adjusted Net Income to net income, the most comparable IFRS measurements. Our use of non-IFRS financial measures has limitations as analytical tools, and you should not consider them in isolation or as a substitute for analysis of our financial results as reported under IFRS.

With respect to our expectations under "Business Outlook" above, reconciliation of Revenue ex-TAC and Adjusted EBITDA guidance to the closest corresponding IFRS measure is not available without unreasonable efforts on a forward-looking basis due to the high variability, complexity and low visibility with respect to the charges excluded from these non-IFRS measures, in particular, the measures and effects of stock-based compensation expense specific to equity compensation awards that are directly impacted by unpredictable fluctuations in our stock price. We expect the variability of the above charges to have a significant, and potentially unpredictable, impact on our future IFRS financial results.

These measures may be different than non-IFRS financial measures used by other companies. The presentation of this financial information is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB). Explanations of the Company's non-IFRS financial measures and reconciliations of these financial measures to the IFRS financial measures the Company considers most comparable are included in the accompanying relevant tables below.

Forward-Looking Statements Disclosure

This press release contains forward-looking statements that are inherently difficult to predict, including projected financial results for the quarter ending June 30, 2014 and the fiscal year ending December 31, 2014, our expectations regarding our market opportunity and future growth prospects and other statements that are not historical facts, which involve risks and uncertainties that could cause actual results to differ materially. Factors that might cause or contribute to such differences include, but are not limited to: our recent growth rates may not be indicative of our future growth, uncertainty regarding regulatory, legislative or self-regulatory developments regarding internet privacy matters, uncertainty regarding our ability to access a consistent supply of internet display advertising inventory and expand our access to such inventory, the amount that Criteo invests in new business opportunities and the timing of these investments, the impact of competition, our ability to manage our growth, potential fluctuations in operating results, our ability to grow our base of advertising clients, uncertainty regarding our international growth and expansion and the financial impact of our focus on maximizing revenue ex-TAC as well as risks related to future opportunities and plans, including the uncertainty of expected future financial performance and results and those risks detailed from time-to-time under the caption "Risk Factors" and elsewhere in Criteo S.A.'s Securities and Exchange Commission filings and reports, including in the Company's prospectus filed with the SEC on March 21, 2014 and future filings and reports by the Company. Criteo undertakes no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events or changes in its expectations.

Conference Call Information

Criteo will hold a conference call today, May 6, 2014, at 7:00am ET, 1:00pm CET, to discuss Criteo's first quarter 2014 operating and financial results, as well as other forward-looking information about Criteo's business.

Conference call details are:

  • US callers: +1 212 444 0412, Conference ID: 1587781
  • International callers: +33 1 76 77 22 31, Conference ID: 1587781

The conference call will also be webcast simultaneously at http://ir.criteo.com.

About Criteo

Criteo is a global leader in digital performance advertising, working with over 5,000 companies around the world. Criteo has over 800 employees in offices across the U.S., Europe and Asia serving more than 40 countries.

For more information, please visit http://www.criteo.com

1 Variations at constant currencies exclude the impact of foreign currency fluctuations and are computed by restating 2014 figures with the 2013 average exchange rates.

 
CRITEO S.A.
Consolidated Statement of Income
(Euros in thousands, except per share data)
(unaudited)
       
  Three Months Ended 
  March 31,
      Year-over--
  2013  2014  year
      growth
Revenue 94,860 152,520 60.8%
       
Cost of revenue      
Traffic Acquisition cost (TAC) -57,553 -89,787 56.0%
Other cost of revenue -5,172 -7,446 44.0%
       
Gross Profit 32,134 55,287 72.0%
       
Research & development expenses -6,252 -10,028 60.4%
Sales & operations expenses -17,296 -27,222 57.4%
General & administrative expenses -7,536 -11,815 56.8%
Total operating expenses -31,084 -49,065 57.8%
       
Income from operations 1,051 6,222 491.9%
Financial income 246 805 227.2%
Income before taxes 1,297 7,027 441.7%
Provision for income taxes -590 -3,205 443.1%
Net income  707 3,822 440.6%
 - Net income available to shareholders of Criteo SA 781 3,491  
 - Net income (loss) available to non-controlling interests -74 331  
       
Net income allocated to shareholders per share      
 - Basic 0.017 0.061  
 - Diluted 0.015 0.055  
       
Basic 47,128,329 57,069,106  
Diluted 50,428,671 63,658,402  
 
CRITEO S.A.
Consolidated Statement of Financial Position
(Euros in thousands)
(As of March 31, 2014, unaudited)
     
  As of As of
  December 31, March 31,
     
  2013 2014
     
Goodwill 4,191 24,228
Intangible assets 6,624 6,691
Property, plant and equipment  24,716 27,972
Non-current financial assets 7,627 7,762
Deferred tax assets 4,486 3,738
TOTAL NON-CURRENT ASSETS 47,644 70,391
Trade receivables 87,643 99,676
Current tax assets 8,014 6,348
Other current assets 13,466 21,711
Cash and cash equivalents 234,343 241,786
TOTAL CURRENT ASSETS 343,466 369,521
TOTAL ASSETS 391,110 439,912
     
Share capital 1,421 1,442
Additional paid-in capital 241,468 258,352
Currency translation reserve 1,384 972
Consolidated reserves 19,523 23,966
Retained earnings 1,065 3,492
Equity - attributable to shareholders of Criteo SA 264,861 288,224
Non-controlling interests 213 601
TOTAL EQUITY 265,074 288,825
Financial liabilities - non-current portion 6,119 4,912
Retirement benefit obligation 925 894
Deferred tax liabilities 303 272
TOTAL NON-CURRENT LIABILITIES 7,347 6,078
Financial liabilities - current portion 5,197 5,930
Provisions 830 1,075
Trade payables 75,889 88,406
Current tax liabilities 1,549 2,344
Other current liabilities 35,224 47,254
TOTAL CURRENT LIABILITIES 118,689 145,009
TOTAL LIABILITIES 126,036 151,087
TOTAL EQUITY AND LIABILITIES 391,110 439,912
 
CRITEO S.A.
Consolidated Statement of Cash Flows
(Euros in thousands)
(unaudited)
     
  Three Months Ended
  March 31,
     
  2013 2014
     
Net income 706 3,822
Non-cash and non-operating items 4,457 11,226
- Amortization and provisions 2,332 4,836
- Share-based payment expense 1,526 3,255
- Net gain or loss on disposal of non-current assets 5 1
- Interest paid -- --
- Non-cash financial income and expenses 4 -71
- Change in deferred taxes -- 727
- Income tax for the period 590 2,478
Changes in working capital related to operating activities 1,225 -3,783
- (Increase) / decrease in trade receivables -3,378 -8,906
- Increase / (decrease) in trade payables 5,102 9,404
- (Increase) / decrease in other current assets -5,738 -6,975
- Increase / (decrease) in other current liabilities 5,239 2,694
Income taxes paid -1,802 172
CASH FROM OPERATING ACTIVITIES 4,585 11,437
Acquisition of intangible assets, property, plant and equipment -2,489 -3,781
Proceeds from disposal of intangible assets, property, plant and equipment -- 11
FREE CASH FLOW 2,096 7,667
Investments -- -15,980
Sale of investments -- --
Change in other non-current financial assets -997 -42
CASH USED FOR INVESTING ACTIVITIES -3,486 -19,791
Issuance of long-term borrowings -- --
Repayment of borrowings -512 -1,255
Interests paid -- --
Proceeds from capital increase 51 16,788
Change in other financial liabilities -- 4
CASH FROM (USED FOR) FINANCING ACTIVITIES -461 15,537
     
CHANGE IN NET CASH & CASH EQUIVALENTS 639 7,183
Net cash & cash equivalents at beginning of period 43,262 234,342
Effect of exchange rates changes on cash and cash equivalents -27 262
Net cash & cash equivalents at end of period 43,873 241,786
 
CRITEO S.A.
Reconciliation of Revenue ex-TAC by Region to Revenue by Region
(Euros in thousands)
(unaudited)
           
    Three Months Ended 
    March 31,
          Year-over-year
        Year-over- growth at 
   Region 2013  2014  year constant 
        growth currency
           
Revenue Americas 25,025 37,630 50.4% 62.4%
  EMEA 54,429 83,853 54.1% 53.5%
  Asia-Pacific 15,406 31,037 101.5% 130.8%
  Total 94,860 152,520 60.8% 68.4%
           
           
Traffic acquisition costs Americas -15,455 -22,905 48.2% 60.4%
  EMEA -33,265 -48,533 45.9% 45.3%
  Asia-Pacific -8,833 -18,349 107.7% 138.5%
  Total -57,553 -89,787 56.0% 63.7%
           
           
Revenue ex-TAC Americas 9,570 14,725 53.9% 65.5%
  EMEA 21,164 35,320 66.9% 66.4%
  Asia-Pacific 6,573 12,688 93.0% 120.3%
  Total 37,307 62,733 68.2% 75.7%
 
CRITEO S.A.
Reconciliation of Adjusted EBITDA to Net Income
(Euros in thousands)
(unaudited)
     
  Three Months Ended 
  March 31,
     
  2013 2014
     
Reconciliation of Adjusted EBITDA to Net income    
Net income 707 3,822
Adjustments:    
Financial income -246 -805
Provision for income taxes 590 3,205
Share-based compensation expense 1,525 3,256
Research and development 281 606
Sales and operations 599 1,870
General and administrative 645 780
Service cost-pension 91 109
Research and development -- 50
Sales and operations -- 26
General and administrative 91 33
Depreciation and amortization expense 1,890 4,507
Cost of revenue 1,364 3,309
Research and development 152 412
Sales and operations 252 599
General and administrative 122 187
Acquisition-related deferred price consideration 0 411
Research and development -- 411
Sales and operations -- --
General and administrative -- --
Total net adjustments 3,850 10,683
Adjusted EBITDA 4,557 14,505
 
CRITEO S.A.
Detailed Information on Selected Items
(Euros in thousands)
(unaudited)
     
  Three Months Ended
  March 31,
     
  2013 2014
     
Share-Based Compensation Expense    
Research and development -281 -606
Sales and operations -599 -1,870
General and administrative -645 -780
Total Share-Based Compensation Expense -1,525 -3,256
     
Pension costs    
Research and development -- -50
Sales and operations -- -26
General and administrative -91 -33
Total Pension costs -91 -109
     
Depreciation and Amortization Expense    
Cost of revenue -1,364 -3,309
Research and development -152 -412
Sales and operations -252 -599
General and administrative -122 -187
Total Depreciation and Amortization Expense -1,890 -4,507
     
Acquisition-related deferred price consideration  
Research and development -- -411
Sales and operations -- --
General and administrative -- --
Total Acquisition-related deferred price consideration -- -411
 
CRITEO S.A.
Reconciliation of Adjusted Net Income to Net Income
(Euros in thousands)
(unaudited)
     
  Three Months Ended 
  March 31,
     
  2013 2014
     
     
Net income  707 3,822
Adjustments:    
Share-based compensation expense 1,525 3,256
Amortization of acquisition-related intangible assets -- 180
Acquisition-related deferred price consideration -- 411
Tax impact of the above adjustments -- -38
Total net adjustments 1,525 3,809
Adjusted net income  2,232 7,631
 
CRITEO S.A.
Constant Currency Reconciliation
(Euros in thousands)
(unaudited)
   
  Three Months Ended  
   March 31, 
          Year-over-
       2014 Year-  year
      excluding over- growth
   2013 2014   Tedemis  year  excluding
      contribution growth  Tedemis 
          contribution
Revenue as reported 94,860 152,520 151,527 60.8% 59.7%
Conversion impact euro/other currencies -- 7,219 7,219    
Revenue at constant currency 94,860 159,738 158,745 68.4% 67.3%
           
Traffic acquisition costs as reported 57,553 89,787 89,529 56.0% 55.6%
Conversion impact euro/other currencies -- 4,411 4,411    
Traffic acquisition costs at constant currency 57,553 94,198 93,940 63.7% 63.2%
           
Revenue ex-TAC as reported 37,307 62,733 61,998 68.2% 66.2%
Conversion impact euro/other currencies -- 2,808 2,808    
Revenue ex-TAC at constant currency 37,307 65,540 64,805 75.7% 73.7%
Revenue ex-TAC / Revenue as reported 39.3% 41.1% 40.9%    
           
Other cost of revenue as reported 5,172 7,446 7,328 44.0% 41.7%
Conversion impact euro/other currencies -- 258 258    
Other cost of revenue at constant currency 5,172 7,704 7,586 48.9% 46.7%
           
Adjusted EBITDA 4,557 14,505 15,432 218.3% 238.7%
Conversion impact euro/other currencies   251 251    
Adjusted EBITDA at constant currency 4,557 14,756 15,683 223.8% 244.1%
 
CRITEO S.A.
Information on share count
(unaudited)
     
  At March 31,
     
  2013 2014
     
Shares outstanding as at January 1, 47,123,017 56,856,070
Weighted average number of shares issued during the period 5,312 213,036
Basic number of shares - Basic EPS basis 47,128,329 57,069,106
Dilutive effect of share options, warrants, employee warrants - Treasury method 3,300,342 6,589,296
Diluted number of shares - Diluted EPS basis 50,428,671 63,658,402
     
Shares outstanding as at March 31, 47,133,856 57,695,393
Total dilutive effect of share options, warrants, employee warrants 7,612,223 9,258,663
Fully diluted shares as at March 31, 54,746,079 66,954,056
 
CRITEO S.A.
Supplemental Financial Information and Operating Metrics
(unaudited)
 
  Q2 Q3 Q4 Q1 Q2 Q3 Q4 Q1 YoY  QoQ 
  2012 2012 2012 2013 2013 2013 2013 2014 Change Change
                     
Clients 2,447 2,866 3,379 3,811 4,274 4,631 5,072 5,567 46.1% 9.8%
                     
Revenue ('000 euros) 56,649 72,142 86,571 94,862 99,400 113,811 135,889 152,520 60.8% 12.2%
Americas 12,577 18,800 25,740 25,025 28,846 30,473 38,660 37,630 50.4% -2.7%
EMEA 37,863 43,766 48,791 54,434 53,348 59,732 70,291 83,853 54.0% 19.3%
APAC 6,209 9,575 12,040 15,403 17,206 23,606 26,937 31,037 101.5% 15.2%
                     
Revenue ex-TAC ('000 euros) 24,856 29,316 35,331 37,306 40,032 46,815 54,855 62,733 68.2% 14.4%
Americas 5,381 7,443 9,938 9,570 11,124 11,896 15,108 14,725 53.9% -2.5%
EMEA 16,324 17,506 20,037 21,163 21,807 25,358 29,057 35,320 66.9% 21.6%
APAC 3,152 4,367 5,355 6,573 7,101 9,561 10,690 12,688 93.0% 18.7%
                     
Cash flow from operating activities ('000 euros) 3,441 -3,145 7,561 4,585 4,134 3,731 12,255 11,437 146.9% -7.6%
                     
Capital expenditures ('000 euros) 1,999 2,347 7,251 2,489 6,590 5,737 7,187 3,781 51.9% -47.4%
                     
Net Cash Position ('000 euros) 12,784 40,381 43,262 43,876 47,893 39,839 234,343 241,786 451.1% 3.2%
                     
Days Sales Outstanding (days - end of month) 55.6 58.4 57.4 58.1 56.7 55.6 53.5 53.8 -7.4% 0.6%
 
Criteo Investor Relations

Edouard Lassalle, Head of IR


Denise Garcia, ICR, Inc.


Criteo Public Relations

Emma Ferns, Global PR director