1 Growth at constant currency excludes the impact of foreign currency fluctuations and is computed by applying the 2018 average exchange rates for the relevant period to 2019 figures.

2 Revenue ex-TAC, Adjusted EBITDA, Adjusted net Income per diluted share and Free Cash Flow are not measures calculated in accordance with U.S. GAAP.

3 Same-client Revenue ex-TAC is the Revenue ex-TAC generated by clients that were live with us in a given quarter and still live with us the same quarter in the following year.

CRITEO S.A.

Consolidated Statement of Financial Position

(U.S. dollars in thousands) (unaudited)

December 31, 2018

March 31, 2019

Assets

Current assets:

Cash and cash equivalents

$

364,426

$

395,771

Trade receivables, net of allowances of $25.9 million and $25.2 million at December 31, 2018 and March 31, 2019, respectively

473,901

386,792

Income taxes

19,370

8,182

Other taxes

53,338

56,828

Other current assets

22,816

24,737

Total current assets

933,851

872,310

Property, plant and equipment, net

184,013

180,377

Intangible assets, net

112,036

107,218

Goodwill

312,881

317,076

Right of Use Asset - operating lease (1)

—

200,274

Non-current financial assets

20,460

20,331

Deferred tax assets

33,894

48,330

Total non-current assets

663,284

873,606

Total assets

$

1,597,135

$

1,745,916

Liabilities and shareholders' equity

Current liabilities:

Trade payables

$

425,376

$

345,923

Contingencies

2,640

3,215

Income taxes

7,725

5,794

Financial liabilities - current portion

1,018

1,599

Lease liability - operating - current portion (1)

—

49,459

Other taxes

55,592

58,192

Employee - related payables

65,878

63,459

Other current liabilities

47,115

37,256

Total current liabilities

605,344

564,897

Deferred tax liabilities

10,770

8,421

Retirement benefit obligation

5,537

6,893

Financial liabilities - non current portion

2,490

2,283

Lease liability - operating - non current portion (1)

—

166,920

Other non-current liabilities

5,103

4,706

Total non-current liabilities

23,900

189,223

Total liabilities

629,244

754,120

Commitments and contingencies

Shareholders' equity:

Common shares, €0.025 par value, 67,708,203 and 66,142,511 shares authorized, issued and outstanding at December 31, 2018 and March 31, 2019, respectively.

2,201

2,157

Treasury stock, 3,459,119 and 1,672,404 shares at cost as of December 31, 2018 and March 31, 2019, respectively.

(79,159)

(39,079)

Additional paid-in capital

663,281

641,094

Accumulated other comprehensive income (loss)

(30,522)

(41,869)

Retained earnings

387,869

403,200

Equity - attributable to shareholders of Criteo S.A.

943,670

965,503

Non-controlling interests

24,221

26,293

Total equity

967,891

991,796

Total equity and liabilities

$

1,597,135

$

1,745,916

(1) Effective January 1, 2019 we have adopted ASC 842, Leases. We have elected the modified retrospective transition method and not restated comparative prior periods. Upon adoption, we recognized total operating lease liabilities of $223.5 million and operating right-of-use assets of $204.3 million.

CRITEO S.A.

Consolidated Statement of Income

(U.S. dollars in thousands, except share and per share data)

(unaudited)

Three Months Ended

March 31,

2018

2019

YoYChange

Revenue

$

564,164

$

558,123

(1)

%

Cost of revenue

Traffic acquisition cost

(323,746)

(322,429)

(0.4)

%

Other cost of revenue

(30,059)

(26,045)

(13)

%

Gross profit

210,359

209,649

(0.3)

%

Operating expenses:

Research and development expenses

(45,318)

(46,577)

3

%

Sales and operations expenses

(95,649)

(95,909)

0.3

%

General and administrative expenses

(34,591)

(33,770)

(2)

%

(175,558)

(176,256)

0.4

%

Income from operations

34,801

33,393

(4)

%

Financial income (expense)

(1,325)

(1,974)

49

%

Income before taxes

33,476

31,419

(6)

%

Provision for income taxes

(12,386)

(10,018)

(19)

%

Net Income

$

21,090

$

21,401

1

%

Net income available to shareholders of Criteo S.A.

$

19,809

$

19,120

(3)

%

Net income available to non-controlling interests

$

1,281

$

2,281

78

%

Weighted average shares outstanding used in computing per share amounts:

Basic

66,160,375

64,336,777

Diluted

67,469,738

66,041,296

Net income allocated to shareholders per share:

Basic

$

0.30

$

0.30

—

%

Diluted

$

0.29

$

0.29

—

%

CRITEO S.A.

Consolidated Statement of Cash Flows

(U.S. dollars in thousands) (unaudited)

Three Months Ended

March 31,

2018

2019

YoYChange

Net income

$

21,090

$

21,401

1

%

Non-cash and non-operating items

53,966

42,866

(21)

%

- Amortization and provisions

26,050

19,644

(25)

%

- Equity awards compensation expense (1)

18,829

13,882

(26)

%

- Change in deferred taxes

(3,146)

(5,916)

88

%

- Income tax for the period

15,532

15,934

3

%

- Other (2)

(3,299)

(678)

(79)

%

Changes in working capital related to operating activities

23,687

20,821

(12)

%

- Decrease in trade receivables

91,292

86,018

(6)

%

- Decrease in trade payables

(62,945)

(58,485)

(7)

%

- Decrease/(Increase) in other current assets

7,958

(5,992)

NM

- Increase/(decrease) in other current liabilities (2)

(12,618)

2,436

NM

- Change in operating lease liabilities and right of use assets (4)

—

(3,156)

NM

Income taxes paid

(14,216)

(17,868)

26

%

CASH FROM OPERATING ACTIVITIES

84,527

67,220

(20)

%

Acquisition of intangible assets, property, plant and equipment

(7,413)

(13,292)

79

%

Change in accounts payable related to intangible assets, property, plant and equipment

(25,154)

(10,392)

(59)

%

Payment for (disposal of) a business, net of cash acquired (disposed)

(10,811)

(5,325)

(51)

%

Change in other non-current financial assets

(112)

(32)

(71)

%

CASH USED FOR INVESTING ACTIVITIES

(43,490)

(29,041)

(33)

%

Repayment of borrowings (3)

(238)

(172)

(28)

%

Proceeds from capital increase

166

11

(93)

%

Change in other financial liabilities (2)

16,845

(30)

NM

CASH FROM (USED FOR) FINANCING ACTIVITIES

16,773

(191)

NM

CHANGE IN NET CASH AND CASH EQUIVALENTS

57,810

37,988

(34)

%

Net cash and cash equivalents at beginning of period

414,111

364,426

(12)

%

Effect of exchange rates changes on cash and cash equivalents (2)

11,953

(6,643)

NM

Net cash and cash equivalents at end of period

$

483,874

$

395,771

(18)

%

(1) Of which $18.4 million and $13.5 million of equity awards compensation expense consisted of share-based compensation expense according to ASC 718 Compensation - stock compensation for the quarter ended March 31, 2018 and 2019, respectively.

(2) During the three months ended March 31, 2018, the Company reported the cash impact of the settlement of hedging derivatives related to financing activities in cash from (used for) financing activities in the unaudited consolidated statements of cash flows

(3) Interest paid for the years ended March 31, 2018 and 2019 amounted to $0.4 million and $0.3 million respectively.

(4) Effective January 1, 2019 we have adopted ASC 842, Leases. We have elected the modified retrospective transition method and not restated prior periods. Changes in operating lease liabilities and right of use assets included rent prepayments and accrued rent amounts which were mapped to other current assets and trade payables in prior years.

CRITEO S.A.

Reconciliation of Cash from Operating Activities to Free Cash Flow

(U.S. dollars in thousands) (unaudited)

Three Months Ended

March 31,

2018

2019

YoYChange

CASH FROM OPERATING ACTIVITIES

$

84,527

$

67,220

(20)

%

Acquisition of intangible assets, property, plant and equipment

(7,413)

(13,292)

79

%

Change in accounts payable related to intangible assets, property, plant and equipment

(25,154)

(10,392)

(59)

%

FREE CASH FLOW (1)

$

51,960

$

43,536

(16)

%

(1) Free Cash Flow is defined as cash flow from operating activities less acquisition of intangible assets, property, plant and equipment and change in accounts payable related to intangible assets, property, plant and equipment.

CRITEO S.A.

Reconciliation of Revenue ex-TAC by Region to Revenue by Region

(U.S. dollars in thousands) (unaudited)

Three Months Ended

March 31,

2018

2019

YoY Change

YoY Changeat ConstantCurrency

Revenue

Americas

$

212,695

$

217,993

2

%

4

%

EMEA

222,611

209,643

(6)

%

3

%

Asia-Pacific

128,858

130,487

1

%

4

%

Total

564,164

558,123

(1)

%

3

%

Traffic acquisition costs

Americas

(131,521)

(131,545)

—

%

1

%

EMEA

(119,893)

(117,291)

(2)

%

7

%

Asia-Pacific

(72,332)

(73,593)

2

%

4

%

Total

(323,746)

(322,429)

(0.4)

%

4

%

Revenue ex-TAC (1)

Americas

81,174

86,448

6

%

8

%

EMEA

102,718

92,352

(10)

%

(2)

%

Asia-Pacific

56,526

56,894

1

%

3

%

Total

$

240,418

$

235,694

(2)

%

2

%

(1) We define Revenue ex-TAC as our revenue excluding traffic acquisition costs 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, generate future operating plans and make strategic decisions regarding the allocation of capital. 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 business. Accordingly, we believe that Revenue ex-TAC and Revenue, Traffic Acquisition Costs and Revenue ex-TAC by Region provide 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 to revenue and Revenue ex-TAC by Region to revenue by region.

CRITEO S.A.

Reconciliation of Adjusted EBITDA to Net Income

(U.S. dollars in thousands) (unaudited)

Three Months Ended

March 31,

2018

2019

YoY Change

Net income

$

21,090

$

21,401

1

%

Adjustments:

Financial (income) expense

1,325

1,974

49

%

Provision for income taxes

12,386

10,018

(19)

%

Equity awards compensation expense

19,303

13,882

(28)

%

Research and development

4,555

4,025

(12)

%

Sales and operations

7,832

6,201

(21)

%

General and administrative

6,916

3,656

(47)

%

Pension service costs

434

394

(9)

%

Research and development

220

193

(12)

%

Sales and operations

79

72

(9)

%

General and administrative

135

129

(4)

%

Depreciation and amortization expense

23,646

19,296

(18)

%

Cost of revenue

15,249

9,135

(40)

%

Research and development

2,221

3,477

57

%

Sales and operations

4,454

4,864

9

%

General and administrative

1,722

1,820

6

%

Restructuring

(252)

1,890

NM

Research and development

(348)

—

(100)

%

Sales and operations

107

1,890

NM

General and administrative

(11)

—

(100)

%

Total net adjustments

56,842

47,454

(17)

%

Adjusted EBITDA(1)

$

77,932

$

68,855

(12)

%

(1) We define Adjusted EBITDA as our consolidated earnings before financial income (expense), income taxes, depreciation and amortization, adjusted to eliminate the impact of equity awards compensation expense, pension service costs, restructuring costs, acquisition-related costs and deferred price consideration. Adjusted EBITDA is not a measure calculated in accordance with U.S. GAAP. We have included Adjusted EBITDA because it 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-term and long-term operational plans. In particular, we believe that the elimination of equity awards compensation expense, pension service costs, restructuring costs, acquisition-related costs and deferred price consideration in calculating Adjusted EBITDA can provide a useful measure for period-to-period comparisons of our business. Accordingly, we believe that Adjusted EBITDA 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 Adjusted EBITDA has limitations as an analytical tool, and you should not consider it in isolation or as a substitute for analysis of our financial results as reported under U.S. GAAP. Some of these limitations are: (a) although depreciation and amortization are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future, and Adjusted EBITDA does not reflect cash capital expenditure requirements for such replacements or for new capital expenditure requirements; (b) Adjusted EBITDA does not reflect changes in, or cash requirements for, our working capital needs; (c) Adjusted EBITDA does not reflect the potentially dilutive impact of equity-based compensation; (d) Adjusted EBITDA does not reflect tax payments that may represent a reduction in cash available to us; and (e) other companies, including companies in our industry, may calculate Adjusted EBITDA or similarly titled measures differently, which reduces their usefulness as a comparative measure. Because of these and other limitations, you should consider Adjusted EBITDA alongside our U.S. GAAP financial results, including net income.

CRITEO S.A.

Reconciliation from Non-GAAP Operating Expenses to Operating Expenses under GAAP

(U.S. dollars in thousands) (unaudited)

Three Months Ended

March 31,

2018

2019

YoYChange

Research and Development expenses

$

(45,318)

$

(46,577)

3

%

Equity awards compensation expense

4,555

4,025

(12)

%

Depreciation and Amortization expense

2,221

3,477

57

%

Pension service costs

220

193

(12)

%

Restructuring

(348)

—

(100)

%

Non GAAP - Research and Development expenses

(38,670)

(38,882)

1

%

Sales and Operations expenses

(95,649)

(95,909)

0.3

%

Equity awards compensation expense

7,832

6,201

(21)

%

Depreciation and Amortization expense

4,454

4,864

9

%

Pension service costs

79

72

(9)

%

Restructuring

107

1,890

NM

Non GAAP - Sales and Operations expenses

(83,177)

(82,882)

(0.4)

%

General and Administrative expenses

(34,591)

(33,770)

(2)

%

Equity awards compensation expense

6,916

3,656

(47)

%

Depreciation and Amortization expense

1,722

1,820

6

%

Pension service costs

135

129

(4)

%

Restructuring

(11)

—

(100)

%

Non GAAP - General and Administrative expenses

(25,829)

(28,165)

9

%

Total Operating expenses

(175,558)

(176,256)

0.4

%

Equity awards compensation expense

19,303

13,882

(28)

%

Depreciation and Amortization expense

8,397

10,161

21

%

Pension service costs

434

394

(9)

%

Restructuring

(252)

1,890

NM

Total Non GAAP Operating expenses (1)

$

(147,676)

$

(149,929)

2

%

(1) We define Non-GAAP Operating Expenses as our consolidated operating expenses adjusted to eliminate the impact of depreciation and amortization, equity awards compensation expense, pension service costs, restructuring costs, acquisition-related costs and deferred price consideration. The Company uses Non-GAAP Operating Expenses to understand and compare operating results across accounting periods, for internal budgeting and forecasting purposes, for short-term and long-term operational plans, and to assess and measure our financial performance and the ability of our operations to generate cash. We believe Non-GAAP Operating Expenses reflects our ongoing operating expenses in a manner that allows for meaningful period-to-period comparisons and analysis of trends in our business. As a result, we believe that Non-GAAP Operating Expenses provides useful information to investors in understanding and evaluating our core operating performance and trends in the same manner as our management and in comparing financial results across periods. In addition, Non-GAAP Operating Expenses is a key component in calculating Adjusted EBITDA, which is one of the key measures we use to provide our quarterly and annual business outlook to the investment community.

CRITEO S.A.

Detailed Information on Selected Items

(U.S. dollars in thousands) (unaudited)

Three Months Ended

March 31,

2018

2019

YoY Change

Equity awards compensation expense

Research and development

$

4,555

$

4,025

(12)

%

Sales and operations

7,832

6,201

(21)

%

General and administrative

6,916

3,656

(47)

%

Total equity awards compensation expense

19,303

13,882

(28)

%

Pension service costs

Research and development

220

193

(12)

%

Sales and operations

79

72

(9)

%

General and administrative

135

129

(4)

%

Total pension service costs

434

394

(9)

%

Depreciation and amortization expense

Cost of revenue

15,249

9,135

(40)

%

Research and development

2,221

3,477

57

%

Sales and operations

4,454

4,864

9

%

General and administrative

1,722

1,820

6

%

Total depreciation and amortization expense

23,646

19,296

(18)

%

Restructuring

Research and development

(348)

—

(100)

%

Sales and operations

107

1,890

NM

General and administrative

(11)

—

(100)

%

Total restructuring

$

(252)

$

1,890

NM

CRITEO S.A.

Reconciliation of Adjusted Net Income to Net Income

(U.S. dollars in thousands except share and per share data)

(unaudited)

Three Months Ended

March 31,

2018

2019

YoY Change

Net income

$

21,090

$

21,401

1

%

Adjustments:

Equity awards compensation expense

19,303

13,882

(28)

%

Amortization of acquisition-related intangible assets

3,457

5,472

58

%

Restructuring costs

(252)

1,890

NM

Tax impact of the above adjustments

(3,079)

(2,940)

(5)

%

Total net adjustments

19,429

18,304

(6)

%

Adjusted net income(1)

$

40,519

$

39,705

(2)

%

Weighted average shares outstanding

- Basic

66,160,375

64,336,777

- Diluted

67,469,738

66,041,296

Adjusted net income per share

- Basic

$

0.61

$

0.62

2

%

- Diluted

$

0.60

$

0.60

—

%

(1) We define Adjusted Net Income as our net income adjusted to eliminate the impact of equity awards compensation expense, amortization of acquisition-related intangible assets, restructuring costs, acquisition-related costs and deferred price consideration and the tax impact of the foregoing adjustments. Adjusted Net Income is not a measure calculated in accordance with U.S. GAAP. We have included Adjusted Net Income because it is a key measure used by our management and board of directors to evaluate operating performance, generate future operating plans and make strategic decisions regarding the allocation of capital. In particular, we believe that the elimination of equity awards compensation expense, amortization of acquisition-related intangible assets, acquisition-related costs and deferred price consideration, restructuring costs and the tax impact of the foregoing adjustments in calculating Adjusted Net Income can provide a useful measure for period-to-period comparisons of our 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. Our use of Adjusted Net Income has limitations as an analytical tool, and you should not consider it in isolation or as a substitute for analysis of our financial results as reported under U.S. GAAP. Some of these limitations are: (a) Adjusted Net Income does not reflect the potentially dilutive impact of equity-based compensation or the impact of certain acquisition related costs; and (b) other companies, including companies in our industry, may calculate Adjusted Net Income or similarly titled measures differently, which reduces their usefulness as a comparative measure. Because of these and other limitations, you should consider Adjusted Net Income alongside our other U.S. GAAP-based financial results, including net income.

CRITEO S.A.

Constant Currency Reconciliation

(U.S. dollars in thousands) (unaudited)

Three Months Ended

March 31,

2018

2019

YoY Change

Revenue as reported

$

564,164

$

558,123

(1)

%

Conversion impact U.S. dollar/other currencies

—

24,041

Revenue at constant currency(1)

564,164

582,164

3

%

Traffic acquisition costs as reported

(323,746)

(322,429)

(0.4)

%

Conversion impact U.S. dollar/other currencies

—

(13,470)

Traffic Acquisition Costs at constant currency(1)

(323,746)

(335,899)

4

%

Revenue ex-TAC as reported(2)

240,418

235,694

(2)

%

Conversion impact U.S. dollar/other currencies

—

10,571

Revenue ex-TAC at constant currency(2)

240,418

246,265

2

%

Revenue ex-TAC(2)/Revenue as reported

43

%

42

%

Other cost of revenue as reported

(30,059)

(26,045)

(13)

%

Conversion impact U.S. dollar/other currencies

—

(750)

Other cost of revenue at constant currency(1)

(30,059)

(26,795)

(11)

%

Adjusted EBITDA(3)

77,932

68,855

(12)

%

Conversion impact U.S. dollar/other currencies

—

4,335

Adjusted EBITDA(3) at constant currency(1)

$

77,932

$

73,190

(6)

%

Adjusted EBITDA(3)/Revenue ex-TAC(2)

32

%

29

%

(1) Information herein with respect to results presented on a constant currency basis is computed by applying prior period average exchange rates to current period results. We have included results on a constant currency basis because it is a key measure used by our management and Board of directors to evaluate operating performance. Management reviews and analyzes business results excluding the effect of foreign currency translation because they believe this better represents our underlying business trends. The table above reconciles the actual results presented in this section with the results presented on a constant currency basis.

(2) Revenue ex-TAC is not a measure calculated in accordance with U.S. GAAP. See the table entitled "Reconciliation of Revenue ex-TAC by Region to Revenue by Region" for a reconciliation of Revenue Ex-TAC to revenue.

(3) Adjusted EBITDA is not a measure calculated in accordance with U.S. GAAP. See the table entitled "Reconciliation of Adjusted EBITDA to Net Income" for a reconciliation of Adjusted EBITDA to net income.

CRITEO S.A.

Information on Share Count

(unaudited)

Three Months Ended

March 31,

2018

2019

Shares outstanding as at January 1,

66,085,097

64,249,084

Weighted average number of shares issued during the period

75,278

87,693

Basic number of shares - Basic EPS basis

66,160,375

64,336,777

Dilutive effect of share options, warrants, employee warrants - Treasury method

1,309,363

1,704,519

Diluted number of shares - Diluted EPS basis

67,469,738

66,041,296

Shares issued as at March 31, before Treasure stocks

66,248,351

66,142,511

Treasury stock as of March 31,

—

(1,672,404)

Shares outstanding as of March 31, after Treasury stocks

66,248,351

64,470,107

Total dilutive effect of share options, warrants, employee warrants

9,370,543

8,000,740

Fully diluted shares as of March 31,

75,618,894

72,470,847

CRITEO S.A.

Supplemental Financial Information and Operating Metrics

(U.S. dollars in thousands except where stated)

(unaudited)

Q32017

Q42017

Q12018

Q22018

Q32018

Q42018

Q12019

YoYChange

Clients

16,370

17,299

18,118

18,528

18,396

19,213

19,419

19,373

Revenue

542,022

563,973

674,031

564,164

537,185

528,869

670,096

558,123

(1)%

(17)%

Americas

229,392

228,326

324,696

212,695

212,781

211,247

317,350

217,993

2%

(31)%

EMEA

191,682

207,168

221,019

222,611

201,080

195,230

220,904

209,643

(6)%

(5)%

APAC

120,948

128,479

128,316

128,858

123,324

122,392

131,842

130,487

1%

(1)%

TAC

(322,200)

(329,576)

(397,087)

(323,746)

(306,963)

(305,387)

(398,238)

(322,429)

(0.4)%

(19)%

Americas

(145,289)

(141,869)

(203,368)

(131,521)

(125,502)

(126,406)

(196,168)

(131,545)

—%

(33)%

EMEA

(106,605)

(115,446)

(120,662)

(119,893)

(112,577)

(111,131)

(128,053)

(117,291)

(2)%

(8)%

APAC

(70,306)

(72,261)

(73,057)

(72,332)

(68,884)

(67,850)

(74,017)

(73,593)

2%

(1)%

Revenue ex-TAC

219,822

234,397

276,944

240,418

230,222

223,482

271,858

235,694

(2)%

(13)%

Americas

84,103

86,457

121,328

81,174

87,279

84,841

121,182

86,448

6%

(29)%

EMEA

85,077

91,722

100,357

102,718

88,503

84,099

92,851

92,352

(10)%

(1)%

APAC

50,642

56,218

55,259

56,526

54,440

54,542

57,825

56,894

1%

(2)%

Adjusted EBITDA (1)

54,086

79,116

119,928

77,932

68,774

69,591

104,762

68,855

(12)%

(34)%

Cash flow from operating activities

60,491

61,727

79,002

84,527

40,341

50,256

85,600

67,220

(20)%

(21)%

Capital expenditures

27,055

27,773

25,476

32,567

17,847

29,656

45,408

23,684

(27)%

(48)%

Capital expenditures / Revenue

5%

5%

4%

6%

3%

6%

7%

4%

N.A.

N.A.

Net cash position

308,185

357,983

414,111

483,874

480,285

458,690

364,426

395,771

(18)%

9%

Headcount

2,690

2,712

2,764

2,675

2,678

2,737

2,744

2,813

5%

3%

57

56

57

60

61

60

58

59

N.A.

N.A.

1) Adjusted EBITDA is not a measure calculated in accordance with U.S. GAAP. See the table entitled "Reconciliation of Adjusted EBITDA to Net Income" for a reconciliation of Adjusted EBITDA to net income.