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Share-Based Compensation (Tables)
12 Months Ended
Dec. 31, 2018
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]  
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award
Details of Non-Employee Warrants
 
 
Plan A

 
Plan B

 
Plan C

 
Plan D

 
Plan E

 
Plan F

 
Plan G

 
Plan H

Dates of grant
(Boards of Directors)
 
November 17, 2009

 
March 11, 2010

 
November 16, 2010 - September 21, 2011

 
October 25, 2012 - March 6, 2013

 
March 19, 2015 - October 29, 2015

 
April 20, 2016 - March 1, 2017

 
July 27, 2017 - October 26, 2017

 
October 25, 2018

Vesting period
 
2 years

 
3 years

 
2 years

 
2 years

 
1 - 4 years

 
1 - 4 years

 
1 - 4 years

 
1 - 4 years

Contractual life
 
10 years

 
10 years

 
10 years

 
10 years

 
10 years

 
10 years

 
10 years

 
10 years

Number of warrants granted
 
231,792

 
277,200

 
192,000

 
125,784

 
38,070

 
59,480

 
46,465

 
125,000

Share entitlement per warrant
 
1

 
1

 
1

 
1

 
1

 
1

 
1

 
1

Share warrant price
 
€0.02

 
€0.07 - €0.11

 
€0.04 - €0.30

 
€0.43 - €0.48

 
€9.98 - €16.82

 
€13.89 - €17.44

 
€13.88 - €17.55

 
6.91

Exercise price
 
€0.70

 
€0.70

 
€0.70 - €5.95

 
€8.28 - €9.65

 
€35.18 - €41.02

 
€33.98 - €43.42

 
€35.80 - €44.37

 
19.71

Valuation method
 
Binomial method
 
 
Grant date share fair value
 
€0.20

 
€0.70

 
€0.70 - €4.98

 
€6.43 - €9.65

 
€35.18 - €41.02

 
€33.98 - €44.33

 
€35.80 - €44.37

 
19.71

Expected volatility (1)
 
55.7
%
 
55.2
%
 
53.5% - 55.0%

 
50.0% - 50.2%

 
39.9
%
 
40.6% - 40.9%

 
41.0% - 41.3%

 
40.7
%
Discount rate (2)
 
3.58
%
 
3.44
%
 
2.62% - 3.38%

 
2.13% - 2.27%

 
0% - 0.52%

 
0.10% - 0.66%

 
0.54% - 0.60%

 
0.6
%
Performance conditions
 
No

 
Yes (A)

 
No

 
No

 
No

 
No

 
No

 
No

Fair value per warrant
 
€0.05

 
€0.33 - €0.38

 
€0.40 - €2.58

 
€2.85 - €4.98

 
€9.98 - €16.82

 
€13.89 - €14.55

 
€13.88 - €17.55

 
6.91


(1)  Based on similar listed entities.
(2) Based on Obligations Assimilables du Trésor, i.e. French government bonds with a ten-year maturity (“TEC 10 OAT floating-rate bonds”).
Details of BSPCE / OSA / RSU plans
 
 
Plans
1 & 2
 
Plan 3
 
Plan 5
 
Plan 6
 
Plan 6
 
Plan 7
 
Plan 8
 
Plan 9
 
Plan 10
 
Plan 11
Dates of grant (Boards of Directors)
 
Oct 24, 2008 - Sept 14, 2010
 
Sept 9, 2009 - Sept 21, 2011
 
Nov 18, 2011 - May 22, 2012
 
Oct 25, 2012
 
Oct 25, 2012 -
April 18, 2013
 
Sept 3, 2013 - April 23, 2014
 
July 30, 2014 - June 28, 2016
 
July 28, 2016 - June 27, 2017
 
July 27, 2017 - June 26, 2018
 
July 26, 2018 - December 12, 2018
Vesting period
 
3 years
 
3 - 4 years
 
4 years
 
1 year
 
4-5 years
 
4 years
 
4 years
 
4 years
 
4 years
 
4 years
 
4 years
 
4 years
 
4 years
 
4 years
Contractual life
 
10 years
 
10 years
 
10 years
 
10 years
 
10 years
 
10 years
 
10 years
 
 
10 years
 
 
10 years
 
 
10 years
 
Expected option life
 
8 years
 
8 years
 
8 years
 
8 years
 
8 years
 
6 - 8 years
 
6 years
 
 
6 years
 
 
6 years
 
 
6 years
 
Number of instruments granted
 
1,819,120
 
4,289,940
 
1,184,747
 
257,688
 
1,065,520
 
2,317,374
 
4,318,551
 
2,534,262
 
502,410
 
2,556,315
 
947,565
 
2,150,498
 
65,500
 
1,471,916
Type : Share Option (S.O.) / BSPCE / RSU
 
BSPCE
 
BSCPCE & OSA
 
BSCPCE & OSA
 
BSPCE
 
BSCPCE & OSA
 
BSCPCE & OSA
 
OSA
 
RSU
 
OSA
 
RSU
 
OSA
 
RSU
 
OSA
 
RSU
Share entitlement per option
 
1
 
1
 
1
 
1
 
1
 
1
 
1
 
1
 
1
 
1
 
1
 
1
 
1
 
1
Exercise price
 
€0.45 -
€2.10
 
€0.20 -
€5.95
 
 €5.95
 
 €8.28
 
€8.28 -
€10.43
 
€12.08 -
€38.81
 
€22.95 -
€47.47
 
 
 €38.20 - €43.45
 
 
€24.63 - €28.69
 
 
€18.72
 
Valuation method
 
Black & Scholes
Grant date share fair value
 
€0.20 -
€0.70
 
€0.20 -
€4.98
 
 €4.98
 
 €6.43
 
€5.45 -
€6.43
 
€12.08 -
€38.81
 
€22.50 -
€47.47
 
€35.18 -
€35.58
 
 €38.20 - €43.45
 
€33.98 -
€49.08
 
€24.63 - €28.69
 
 €22.92 - €44.37
 
€18.72
 
 €17.98 - €30.80
Expected volatility (1)
 
53.0% - 55.7%
 
55.2% - 57.8%
 
52.1% - 52.9%
 
50.2%
 
49.6% - 50.2%
 
44.2% - 50.1%
 
39.4% - 44.5%
 
 
40.6% - 41.3%
 
 
41.0% - 41.5%
 
 
40.7%
 
Discount rate (2)
 
2.74% - 4.10%
 
2.62% - 3.76%
 
2.79% - 3.53%
 
2.2%
 
1.80% - 2.27%
 
1.20% - 2.40%
 
0.00% - 0.71%
 
NA
 
NA
 
N/A
 
0.6% - 0.7%
 
N/A
 
0.9%
 
N/A
Performance conditions
 
No
 
Yes (A)
 
No
 
Yes (B)
 
No
 
No
 
No
 
Yes (C)
 
No
 
Yes (D) (E)
 
No
 
No
 
No
 
Yes (F)
Fair value per option / RSU
 
€0.08 -
€0.45
 
€0.08 -
€2.88
 
€2.75 -
€2.85
 
 €3.28
 
€3.28 -
€5.83
 
€6.85 -
€16.90
 
€9.47 -
€17.97
 
€26.16 -
€37.10
 
 €14.49 - €16.82
 
€33.98 -
€49.08
 
€9.85 - €11.40
 
 €22.92 - €44.37
 
€ 6.94
 
 €17.98 - €30.80
(1) 
Based on similar listed entities.
(2) 
Based on Obligation Assimilables du Trésor, i.e. French government bonds with a ten-year maturity (“TEC 10 OAT floating-rate bonds”).

(A)  Options subject to performance condition: Among the 960,000 share options granted in April 7, 2011, 180,000 are subjected to performance conditions based on revenue excluding traffic acquisition costs targets that were met in 2012.
(B) On October 25, 2012, the Board of Directors of the Parent also granted a total of 257,688 BSPCE to our co-founders. The conditions of exercise of these BSPCE are linked to a future liquidity event or a transfer of control of the Company, and the number of BSPCE that can be exercised are determined by the event’s date which cannot occur after March 31, 2014. Based on the assumptions known as at December 31, 2012, we determined that the share-based compensation expense would be recognized over a one-year period. This assumption was confirmed in 2013.
(C) On October 29, 2015, the Board of Directors of the Parent also granted a total of 337,960 RSU to Criteo employees under condition of presence and to certain senior managers, employees and members of the management, subject to the achievement of internal performance objectives and condition of presence. Based on the assumptions known at December 31, 2015, we determined the share-based compensation expense by applying a probability ratio on performance objectives completion. This assumption was confirmed in 2016. On January 29, 2016, the Board of Directors of the Parent granted a total of 33,010 RSUs to members of the management, subject to the achievement of internal performance objectives and condition of presence. Based on the assumptions known at December 31, 2016, we determined the share-based compensation expense by applying a probability ratio on performance objectives completion. This assumption was confirmed in 2016.
(D) On July 28, 2016, the Board of Directors of the Parent granted a total of 195,250 RSUs to certain senior managers and members of the management, subject to the achievement of internal performance objectives and condition of presence. Based on the assumptions known at December 31, 2016, we determined the share-based compensation expense by applying a probability ratio on performance objectives completion. This assumption was confirmed in 2017.
(E) On June 27, 2017, the Board of Directors of the Parent granted a total of 135,500 RSUs to certain senior managers and members of the management, subject to the achievement of internal performance objectives and condition of presence. Based on the assumptions known at December 31, 2017, we determined the share-based compensation expense by applying a probability ratio on performance objectives completion.This assumption was confirmed in 2018.
(F) On July 26, 2018, the Board of Directors of the Parent granted a total of 203,332 RSUs to certain senior managers and members of the management, subject to the achievement of internal performance objectives and condition of presence. Based on the assumptions known at December 31, 2018, we determined the share-based compensation expense by applying a probability ratio on performance objectives completion.
Change in Number of outstanding BSPCE / OSA / RSU
 
OSAs

 
RSUs

 
Total

Balance at January 1, 2016
6,547,854

 
1,095,585

 
7,643,439

Granted
576,443

 
2,584,240

 
3,160,683

Exercised
(1,470,323
)
 

 
(1,470,323
)
Forfeited
(693,882
)
 
(436,546
)
 
(1,130,428
)
Expired

 

 

Balance at December 31, 2016
4,960,092

 
3,243,279

 
8,203,371

Granted
355,010

 
1,891,702

 
2,246,712

Exercised (BSPCE and OSA)
(1,668,838
)
 

 
(1,668,838
)
Vested (RSU)

 
(379,135
)
 
(379,135
)
Forfeited
(453,556
)
 
(543,338
)
 
(996,894
)
Expired

 

 

Balance at December 31, 2017
3,192,708

 
4,212,508

 
7,405,216

Granted
1,013,065

 
3,133,644

 
4,146,709

Exercised (BSPCE and OSA)
(137,348
)
 

 
(137,348
)
Vested (RSU)

 
(1,362,873
)
 
(1,362,873
)
Forfeited
(880,960
)
 
(1,203,142
)
 
(2,084,102
)
Expired

 

 

Balance at December 31, 2018
3,187,465

 
4,780,137

 
7,967,602

Breakdown of the Closing Balance
 
 
Plans
 1 & 2

 
Plan 3

 
Plan 5

 
Plan 6

 
Plan 7

 
Plan 8

 
Plan 9

 
Plan 10

 
Plan 11

 
RSUs

 
Total

Balance at December 31, 2016
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Number outstanding
 
54,154

 
175,693

 
513,067

 
399,441

 
750,528

 
2,942,834

 
124,375

 

 

 
3,243,279

 
8,203,371

Weighted-average exercise price
 
1.24

 
3.29

 
5.95

 
9.77

 
18.13

 
31.32

 
38.20

 

 

 

 
23.92

Number exercisable
 
54,154

 
175,693

 
513,067

 
325,596

 
504,262

 
1,135,634

 

 

 

 

 
2,708,406

Weighted-average exercise price
 
1.24

 
3.29

 
5.95

 
9.66

 
17.94

 
28.96

 

 

 

 

 
17.73

Weighted-average remaining contractual life
 
2.9 years

 
4.3 years

 
5.2 years

 
6.1 years

 
6.8 years

 
8.2 years

 
9.6 years

 
0

 
0

 

 
6.9 years

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance at December 31, 2017
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Number outstanding
 
15,020

 
89,921

 
251,306

 
70,803

 
372,590

 
1,929,403

 
463,665

 

 

 
4,212,508

 
7,405,216

Weighted-average exercise price
 
0.87

 
4.03

 
5.95

 
9.65

 
17.70

 
32.07

 
42.04

 

 

 

 
28.33

Number exercisable
 
15,020

 
89,921

 
251,306

 
70,803

 
359,702

 
1,145,511

 
38,867

 

 

 

 
1,971,130

Weighted-average exercise price
 
0.87

 
4.03

 
5.95

 
9.65

 
17.31

 
30.88

 
38.20

 

 

 

 
23.16

Weighted-average remaining contractual life
 
1.6 years
 
3.4 years
 
4.3 years
 
5.1 years
 
5.8 years
 
7.2 years
 
9.2 years
 

 

 

 
6.9 years
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance at December 31, 2018
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Number outstanding
 
3,600

 
67,751

 
242,613

 
41,338

 
306,172

 
1,599,033

 
328,726

 
532,732

 
65,500

 
4,780,137

 
7,967,602

Weighted-average exercise price
 
0.70

 
4.43

 
5.95

 
9.26

 
17.95

 
30.99

 
41.75

 
25.79

 
18.72

 

 
26.94

Number exercisable
 
3,600

 
67,751

 
242,613

 
41,338

 
306,172

 
1,417,904

 
161,658

 

 

 

 
2,241,036

Weighted-average exercise price
 
0.70

 
4.43

 
5.95

 
9.26

 
17.95

 
30.04

 
41.37

 

 

 

 
25.39

Weighted-average remaining contractual life
 
1.2 years

 
2.4 years

 
3.3 years

 
4.0 years

 
4.9 years

 
6.2 years

 
8.2 years

 
9.3 years

 
9.8 years

 

 
6.7 years

Changes in Number of Non-Employee Warrants
Balance at January 1, 2016
 
154,910

Granted
 
48,655

Exercised
 
(37,000
)
Forfeited
 
21,560

Balance at December 31, 2016
 
188,125

Granted
 
57,290

Exercised
 
(59,139
)
Forfeited
 

Balance at December 31, 2017
 
186,276

Granted
 
125,000

Exercised
 

Forfeited
 
(19,606
)
Balance at December 31, 2018
 
291,670



Breakdown of the Closing Balance
 
 
Non-employee warrants

Balance at December 31, 2016
 
 
Number outstanding
 
188,125

Weighted-average exercise price
 
19.04

Number exercisable
 
117,096

Weighted-average exercise price
 
11.73

Weighted-average remaining contractual life
 
7.3 years

Balance at December 31, 2017
 
 
Number outstanding
 
186,276

Weighted-average exercise price
 
23.93

Number exercisable
 
86,385

Weighted-average exercise price
 
15.86

Weighted-average remaining contractual life
 
7.6 years

Balance at December 31, 2018
 
 
Number outstanding
 
291,670

Weighted-average exercise price
 
13.02

Number exercisable
 
108,780

Weighted-average exercise price
 
18.95

Weighted-average remaining contractual life
 
7.9 years

Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs
Reconciliation with the Consolidated Statements of Income
 
Balance for the year ended December 31, 2016
 
Balance for the year ended December 31, 2017
 
Balance for the year ended December 31, 2018
 
(in thousands)
 
R&D

 
S&O

 
G&A

 
Total

 
R&D

 
S&O

 
G&A

 
Total

 
R&D

 
S&O

 
G&A

 
Total

RSUs
(9,178
)

(12,705
)

(7,287
)

(29,170
)

(19,377
)

(30,753
)

(13,295
)

(63,425
)

(20,499
)

(27,025
)

(12,179
)

(59,703
)
Share options / BSPCE
(2,930
)

(4,133
)

(5,356
)

(12,419
)

(1,635
)

22


(4,870
)

(6,483
)

(860
)

(1,616
)

(2,938
)

(5,414
)
Plan 5
(8
)

(27
)

(7
)

(42
)
















Plan 6
(35
)

(20
)

(162
)

(217
)

(7
)

1


(15
)

(21
)








Plan 7
(234
)

239


(194
)

(189
)

(52
)

224


(35
)

137


(2
)

(1
)

(1
)

(4
)
Plan 8
(2,587
)

(4,258
)

(4,638
)

(11,483
)

(1,085
)

186


(2,883
)

(3,782
)

169


(553
)

(493
)

(877
)
Plan 9
(66
)

(67
)

(355
)

(488
)

(491
)

(389
)

(1,937
)

(2,817
)

(495
)

(461
)

(902
)

(1,858
)
Plan 10
















(532
)

(601
)

(1,485
)

(2,618
)
Plan 11

 

 

 

 

 

 

 

 

 

 
(57
)
 
(57
)
Total share-based compensation
(12,108
)

(16,838
)

(12,643
)

(41,589
)

(21,012
)

(30,731
)

(18,165
)

(69,908
)

(21,359
)

(28,641
)

(15,117
)

(65,117
)
BSAs




(1,670
)

(1,670
)





(1,704
)

(1,704
)





(1,483
)

(1,483
)
Total equity awards compensation expense
$
(12,108
)

$
(16,838
)

$
(14,313
)

$
(43,259
)

$
(21,012
)

$
(30,731
)

$
(19,869
)

$
(71,612
)

$
(21,359
)

$
(28,641
)

$
(16,600
)

$
(66,600
)