Criteo S.A. - FORM 8-K - EX-99.1 - EXHIBIT 99.1 - February 16, 2016

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Exhibit 99.1

CRITEO S.A.
U.S. GAAP Reconciliation of Revenue ex-TAC by Region to Revenue by Region
(U.S. dollars in thousands)
(unaudited)
Three Months Ended
Region
March 31, 2014
June 30, 2014
Sept. 30, 2014
Dec. 31, 2014
March 31, 2015
June 30, 2015
Sept. 30, 2015
Dec. 31, 2015
Revenue
 
 
 
 
 
 
 
 
Americas
51,536
64,349
78,008
109,543
100,624
110,872
124,024
170,133
EMEA
114,839
115,416
124,455
131,275
132,208
126,807
137,185
144,905
Asia-Pacific
42,506
46,867
55,782
53,671
61,340
61,627
71,465
81,980
Total
208,881
226,632
258,245
294,489
294,172
299,306
332,674
397,018
 
 
 
 
 
 
 
 
 
Traffic acquisition costs
 
 
 
 
 
 
 
 
Americas
31,370
38,852
47,250
66,774
61,244
66,853
75,684
104,646
EMEA
66,468
67,293
73,218
73,264
78,158
73,155
79,710
82,905
Asia-Pacific
25,129
28,605
34,769
32,500
36,486
37,231
43,576
49,505
Total
122,967
134,750
155,237
172,538
175,888
177,239
198,970
237,056
 
 
 
 
 
 
 
 
 
Revenue ex-TAC (1)
 
 
 
 
 
 
 
 
Americas
20,166
25,497
30,758
42,769
39,380
44,019
48,340
65,487
EMEA
48,371
48,123
51,237
58,011
54,050
53,652
57,475
62,000
Asia-Pacific
17,377
18,262
21,013
21,171
24,854
24,396
27,889
32,475
Total
85,914
91,882
103,008
121,951
118,284
122,067
133,704
159,962

(1) We define Revenue ex-TAC as our revenue excluding traffic acquisition costs, or TAC, generated over the applicable measurement period. Revenue ex-TAC and Revenue, Traffic Acquisition Costs and Revenue ex-TAC by Region are not measures calculated in accordance with U.S. GAAP. We have included Revenue ex-TAC and Revenue, Traffic Acquisition Costs and Revenue ex-TAC by Region because they are key measures used by our management and board of directors to evaluate operating performance and generate future operating plans. In particular, we believe that the elimination of TAC from revenue and review of these measures by region can provide useful measures for period-to-period comparisons of our core business. Accordingly, we believe that Revenue ex-TAC and Revenue, Traffic Acquisition Costs and Revenue ex-TAC by Region 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. Our use of Revenue ex-TAC and Revenue, Traffic Acquisition Costs and Revenue ex-TAC by Region has limitations as an analytical tool, and you should not consider them in isolation or as a substitute for analysis of our financial results as reported under U.S. GAAP. Some of these limitations are: (a) other companies, including companies in our industry which have similar business arrangements, may address the impact of TAC differently; (b) other companies may report Revenue, Traffic Acquisition Costs and Revenue ex-TAC by Region or similarly titled measures but define the regions differently, which reduces their effectiveness as a comparative measure; and (c) other companies may report Revenue ex-TAC or similarly titled measures but calculate them differently, which reduces their usefulness as a comparative measure. Because of these and other limitations, you should consider Revenue ex-TAC and Revenue, Traffic Acquisition Costs and Revenue ex-TAC by Region alongside our other U.S. GAAP financial results, including revenue. The above table provides a reconciliation of Revenue ex-TAC by region to Revenue by region. 




CRITEO S.A.
U.S. GAAP Constant Currency Reconciliation
(U.S. dollars in thousands)
(unaudited)
Three Months Ended

Americas
March 31, 2014
March 31, 2015
Year-over-year growth
June 30, 2014
June 30, 2015
Year-over-year growth
Sept. 30, 2014
Sept. 30, 2015
Year-over-year growth
Dec. 31, 2014

Dec. 31, 2015

Year-over-year growth

Revenue as reported
51,536
100,624
95%
64,349
110,872
72%
78,008
124,024
59%
109,543

170,133

55
%
Conversion impact US dollars / other currencies
 
2,899
 
 
5,198
 
 
7,800
 
 
6,672

 
Revenue at constant currency (*)
51,536
103,523
101%
64,349
116,070
80%
78,008
131,824
69%
109,543

176,805

61
%
 
 
 
 
 
 
 
 
 
 
 
 
 
Traffic acquisition costs as reported
(31,370)
(61,244)
95%
(38,852)
(66,853)
72%
(47,250)
(75,684)
60%
(66,773
)
(104,646
)
57
%
Conversion impact US dollars / other currencies
 
(1,848)
 
 
(3,247)
 
 
(4,792)
 
 
(3,673
)
 
Traffic acquisition costs at constant currency (*)
(31,370)
(63,092)
101%
(38,852)
(70,100)
80%
(47,250)
(80,476)
70%
(66,773
)
(108,319
)
62
%
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue ex -TAC as reported (1)
20,166
39,380
95%
25,497
44,019
73%
30,758
48,340
57%
42,770

65,487

53
%
Conversion impact US dollars / other currencies
 
1,050
 
 
1,951
 
 
3,009
 
 
2,999

 
Revenue ex -TAC at constant currency (*)
20,166
40,430
100%
25,497
45,970
80%
30,758
51,349
67%
42,770

68,486

60
%
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended

EMEA
March 31, 2014
March 31, 2015
Year-over-year growth
June 30, 2014
June 30, 2015
Year-over-year growth
Sept. 30, 2014
Sept. 30, 2015
Year-over-year growth
Dec. 31, 2014

Dec. 31, 2015

Year-over-year growth

Revenue as reported
114,839
132,208
15%
115,416
126,807
10%
124,455
137,185
10%
131,275

144,905

10
%
Conversion impact US dollars / other currencies
 
26,081
 
 
28,520
 
 
24,718
 
 
17,838

 
Revenue at constant currency (*)
114,839
158,289
38%
115,416
155,327
35%
124,455
161,903
30%
131,275

162,743

24
%
 
 
 
 
 
 
 
 
 
 
 
 
 




Traffic acquisition costs as reported
(66,468)
(78,158)
18%
(67,293)
(73,155)
9%
(73,218)
(79,710)
9%
(73,265
)
(82,905
)
13
%
Conversion impact US dollars / other currencies
 
(15,327)
 
 
(16,410)
 
 
(14,358)
 
 
(10,254
)
 
Traffic acquisition costs at constant currency (*)
(66,468)
(93,485)
41%
(67,293)
(89,565)
33%
(73,218)
(94,068)
28%
(73,265
)
(93,159
)
27
%
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue ex -TAC as reported (1)
48,371
54,050
12%
48,123
53,652
11%
51,237
57,475
12%
58,010

62,000

7
%
Conversion impact US dollars / other currencies
 
10,754
 
 
12,110
 
 
10,360
 
 
7,583

 
Revenue ex -TAC at constant currency (*)
48,371
64,804
34%
48,123
65,762
37%
51,237
67,835
32%
58,010

69,583

20
%
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended

Asia-Pacific
March 31, 2014
March 31, 2015
Year-over-year growth
June 30, 2014
June 30, 2015
Year-over-year growth
Sept. 30, 2014
Sept. 30, 2015
Year-over-year growth
Dec. 31, 2014

Dec. 31, 2015

Year-over-year growth

Revenue as reported
42,506
61,340
44%
46,867
61,627
31%
55,782
71,465
28%
53,671

81,980

53
%
Conversion impact US dollars / other currencies
 
7,908
 
 
9,331
 
 
10,810
 
 
5,154

 
Revenue at constant currency (*)
42,506
69,248
63%
46,867
70,958
51%
55,782
82,275
47%
53,671

87,134

62
%
 
 
 
 
 
 
 
 
 
 
 
 
 
Traffic acquisition costs as reported
(25,129)
(36,486)
45%
(28,605)
(37,231)
30%
(34,769)
(43,576)
25%
(32,500
)
(49,505
)
52
%
Conversion impact US dollars / other currencies
 
(4,827)
 
 
(5,762)
 
 
(6,676)
 
 
(3,212
)
 
Traffic acquisition costs at constant currency (*)
(25,129)
(41,313)
64%
(28,605)
(42,993)
50%
(34,769)
(50,252)
45%
(32,500
)
(52,717
)
62
%
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue ex -TAC as reported (1)
17,377
24,854
43%
18,262
24,396
34%
21,013
27,889
33%
21,171

32,475

53
%
Conversion impact US dollars / other currencies
 
3,081
 
 
3,570
 
 
4,135
 
 
1,941

 
Revenue ex -TAC at constant currency  (*)
17,377
27,935
61%
18,262
27,966
53%
21,013
32,024
52%
21,171

34,416

63
%

(*) Due to entries into the consolidation scope during the year ended December 31, 2015 and U.S. GAAP conversion adjustments, there are slight variances between the year-over-year change at constant currency as determined under IFRS and presented in euros and the year-over-year change at constant currency as determined under U.S. GAAP and presented in U.S dollars. 
(1) Revenue ex-TAC is not a measure calculated in accordance with U.S. GAAP. For a reconciliation of Revenue ex-TAC by region to Revenue by region, see the U.S. GAAP Reconciliation of Revenue ex-TAC by Region to Revenue by Region table above. 



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