Thanks for the post!
On the earnings release, I pulled this:
Net Income and Adjusted Net Income
Net income in the second quarter 2015 was €4 million compared with €2 million in the second quarter 2014. Net income available to shareholders of Criteo S.A. in the second quarter 2015 was €3 million, or €0.05 per diluted share, compared with €2 million, or €0.04 per diluted share, in the second quarter 2014.
Adjusted Net Income, or net income adjusted to eliminate the impact of share-based compensation expense, amortization of acquisition-related intangible assets, acquisition-related deferred price consideration, and the tax impact of these adjustments, in the second quarter 2015 was €10 million, or €0.15 per diluted share, representing a 78% increase compared with €6 million, or €0.09 per diluted share, in the second quarter 2014.
GAP EPS looks relatively weak (up about 25%) when compared to ADJ EPS (up 78%).
On a previous post of yours, you created a couple of nice tables:
Full Yr Growth Rate
Then you included a list of important elements, which I’m trying to update from the earnings release:
*Great PEG TBD I don’t have a spreadsheet with historical data yet.
*Rapidly decelerating EPS growth SG&A & R&D are growing higher for 3 months QoQ than 6 months QoQ, which means that EPS would decelerate from such a high rate. Increased investment you mention below
*Increasing customers 730 net new clients
*Increasing revenue per customer possible seasonality for small decrease
*Spending more in 2015 (EPS lower as result) invest in the business EPS deceleration you mention above
*Business requires low CapEx there is no line item for it
*Technology can change quickly (watch for customer acquisition growth decline and spend per customer decline to predict decay to competition…so far so good) the iOS threat!
***Assessment: PEG is low due to very high 1 year EPS growth rate so too much deceleration in the EPS growth rate makes this company susceptible to being less of a great bargain. TBD
They said that they would do Adjusted EBITDA for the second quarter ending June 30, 2015 is expected to be between €18 million and €21 million and they beat it by doing €21.8 million.
They called for Revenue ex-TAC for the second quarter ending June 30, 2015 is expected to be between €105 million and €107 million and they beat it by doing €110.5.
So it looks like they’re doing pretty well.
I would really like to get a better handle on the potential iOS impact.