NEW YORK, Aug. 26, 2024 /PRNewswire/ -- Criteo S.A. (NASDAQ: CRTO), the commerce media company, today announced that Chief Executive Officer Megan Clarken has informed the Board of Directors of her intention to retire within the next 12 months. To ensure a smooth transition, Clarken will continue to serve as CEO until her successor is named, at which time she will also step down from the Board. Clarken has also agreed to remain with Criteo in a senior advisor role providing services until any necessary tran ...

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Have you been paying attention to shares of Criteo S.A. (CRTO) ? Shares have been on the move with the stock up 9.1% over the past month. The stock hit a new 52-week high of $49.2 in the previous session. Criteo S.A. has gained 92.9% since the start of the year compared to the 23.5% move for the Zacks Computer and Technology sector and the 4.1% return for the Zacks Internet - Software and Services industry. What's Driving the Outperformance? The stock has an impressive record of positive earnings surprises, ...

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Have you been paying attention to shares of Criteo S.A. (CRTO) ? Shares have been on the move with the stock up 20.4% over the past month. The stock hit a new 52-week high of $49 in the previous session. Criteo S.A. has gained 85.5% since the start of the year compared to the 18.2% move for the Zacks Computer and Technology sector and the 2.3% return for the Zacks Internet - Software and Services industry. What's Driving the Outperformance? The stock has a great record of positive earnings surprises, as it ...

PART I [Item 1. Unaudited Financial Statements](index=5&type=section&id=Item%201.%20Unaudited%20Financial%20Statements) This section presents the unaudited condensed consolidated financial statements for Criteo S.A. as of June 30, 2024, including statements of financial position, income, comprehensive income, shareholders' equity, and cash flows, along with accompanying notes, reflecting a key accounting policy change in segment reporting [Condensed Consolidated Statements of Financial Position](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Financial%20Position%20%28Unaudited%29) As of June 30, 2024, Criteo's total assets decreased to **$2.17 billion** from **$2.43 billion** at year-end 2023, primarily due to reduced cash and trade receivables, while total liabilities also decreased to **$1.09 billion** from **$1.32 billion** Condensed Consolidated Statements of Financial Position (in thousands USD) | Account | June 30, 2024 | December 31, 2023 | | :--- | :--- | :--- | | **Total current assets** | $1,139,086 | $1,352,562 | | Cash and cash equivalents | $216,698 | $336,341 | | Trade receivables, net | $632,749 | $775,589 | | **Total assets** | **$2,167,866** | **$2,431,919** | | **Total current liabilities** | $955,892 | $1,180,487 | | Trade payables | $635,208 | $838,522 | | **Total liabilities** | **$1,094,676** | **$1,320,528** | | **Total equity** | **$1,073,190** | **$1,111,391** | [Condensed Consolidated Statements of Income](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Income%20%28Unaudited%29) In Q2 2024, Criteo's revenue slightly increased to **$471.3 million**, with gross profit rising to **$232.8 million**, resulting in a net income of **$28.1 million** compared to a net loss in Q2 2023 Q2 and H1 2024 vs 2023 Income Statement Highlights (in thousands USD, except per share data) | Metric | Q2 2024 | Q2 2023 | H1 2024 | H1 2023 | | :--- | :--- | :--- | :--- | :--- | | Revenue | $471,307 | $468,934 | $921,362 | $913,950 | | Gross Profit | $232,845 | $199,782 | $450,068 | $381,291 | | Income (loss) from operations | $36,938 | $959 | $47,292 | $(22,534) | | Net Income (loss) | $28,059 | $(1,971) | $36,625 | $(14,042) | | Diluted EPS | $0.46 | $(0.05) | $0.58 | $(0.26) | [Condensed Consolidated Statements of Cash Flows](index=10&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows%20%28Unaudited%29) For the six months ended June 30, 2024, cash from operating activities decreased to **$31.2 million**, while cash used for investing activities significantly reduced to **$35.2 million**, and financing activities used **$102.1 million** primarily for share repurchases Six Months Ended Cash Flow Summary (in thousands USD) | Cash Flow Activity | June 30, 2024 | June 30, 2023 | | :--- | :--- | :--- | | Cash from operating activities | $31,204 | $43,292 | | Cash used for investing activities | $(35,157) | $(88,337) | | Cash used for financing activities | $(102,098) | $(96,117) | | **Net decrease in cash** | **$(119,558)** | **$(150,017)** | [Notes to Condensed Consolidated Financial Statements](index=11&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements%20%28Unaudited%29) The notes detail accounting policies, including a Q1 2024 segment reporting change to Retail Media and Performance Media, and disclose a **€40 million** CNIL fine appeal and a **$31.9 million** indemnified provision for Iponweb acquisition tax risks - Beginning in Q1 2024, the company changed its segment reporting structure to two reportable segments: Retail Media and Performance Media. This change led to a reassessment of goodwill allocation, with no impairment identified[26](index=26&type=chunk)[27](index=27&type=chunk)[28](index=28&type=chunk) Segment Revenue and Contribution ex-TAC (Q2 2024 vs Q2 2023, in thousands USD) | Segment | Q2 2024 Revenue | Q2 2023 Revenue | Q2 2024 Contribution ex-TAC | Q2 2023 Contribution ex-TAC | | :--- | :--- | :--- | :--- | :--- | | Retail Media | $54,777 | $44,590 | $53,866 | $43,518 | | Performance Media | $416,530 | $424,344 | $213,227 | $196,699 | | **Total** | **$471,307** | **$468,934** | **$267,093** | **$240,217** | - The company is appealing a **€40 million** fine from France's CNIL related to past GDPR violations. The payment was made in Q3 2023[87](index=87&type=chunk) - A provision of **$31.9 million** has been recorded for non-income tax risks identified during the Iponweb Acquisition, which is fully covered by an indemnification asset[89](index=89&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=31&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses Q2 2024 financial results, noting a **3%** constant currency revenue increase to **$471.3 million**, driven by **23%** Retail Media growth, with Contribution ex-TAC up **14%** and Adjusted EBITDA surging **67%** to **$93.4 million**, while maintaining strong liquidity of over **$675.5 million** amidst privacy changes [Results of Operations](index=34&type=section&id=Results%20of%20Operations) Q2 2024 saw **3%** constant currency revenue growth, led by **23%** in Retail Media, with Contribution ex-TAC increasing **14%** due to lower traffic acquisition costs, while operating expenses showed mixed trends Q2 2024 Performance vs. Q2 2023 (Constant Currency % Change) | Metric | % Change (Constant Currency) | | :--- | :--- | | Total Revenue | +3% | | Retail Media Revenue | +23% | | Performance Media Revenue | +1% | | Total Contribution ex-TAC | +14% | | Retail Media Contribution ex-TAC | +24% | | Performance Media Contribution ex-TAC | +11% | - Traffic acquisition costs (TAC) in Performance Media decreased by **9%** at constant currency in Q2 2024, driven by a **20%** decrease in average CPM, partially offset by a **14%** increase in impression volume[125](index=125&type=chunk) - General and administrative expenses increased **122%** in Q2 2024, primarily because the prior-year period included a partial reversal of a loss contingency on regulatory matters[139](index=139&type=chunk) [Liquidity and Capital Resources](index=43&type=section&id=Liquidity%20and%20Capital%20Resources) As of June 30, 2024, Criteo maintained strong liquidity exceeding **$675.5 million**, including **$291.7 million** in cash, and repurchased **$102.5 million** in shares during H1 2024, with capital expenditures at **$34.3 million** - The company has total liquidity above **$675.5 million**, which includes cash, marketable securities, treasury shares, and a **€407.0 million ($435.7 million)** Revolving Credit Facility[151](index=151&type=chunk) - Under its share repurchase program, which was extended to **$630.0 million**, the company repurchased **$102.5 million** of shares in the first six months of 2024[152](index=152&type=chunk) - Capital expenditures are expected to be approximately **7%** of Contribution ex-TAC for 2024, focused on data center capacity and developing the Commerce Media Platform[154](index=154&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=46&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risk is foreign currency exchange rate fluctuations, where a hypothetical **10%** change in key currencies like EUR, JPY, GBP, and BRL would notably impact net income Hypothetical 10% Currency Fluctuation Impact on Net Income (Six Months Ended June 30, 2024, in thousands USD) | Currency vs. USD | +10% Impact | -10% Impact | | :--- | :--- | :--- | | EUR/USD | $3,215 | $(3,215) | | JPY/USD | $3,099 | $(3,099) | | GBP/USD | $159 | $(159) | | BRL/USD | $127 | $(127) | [Item 4. Controls and Procedures](index=47&type=section&id=Item%204.%20Controls%20and%20Procedures) Management concluded that disclosure controls and procedures were effective as of June 30, 2024, with no material changes to internal control over financial reporting during the quarter - Management concluded that disclosure controls and procedures were effective as of June 30, 2024[169](index=169&type=chunk) - No changes in internal control over financial reporting occurred during the quarter that materially affected, or are reasonably likely to materially affect, internal controls[170](index=170&type=chunk) PART II OTHER INFORMATION [Item 1. Legal Proceedings](index=48&type=section&id=Item%201.%20Legal%20Proceedings) This section refers to Note 14 for details on legal proceedings, including an appeal of a **€40 million** CNIL fine and an ongoing claim in the U.S. District Court for the Northern District of California - For a discussion of legal proceedings, the report refers to Note 14, which covers commitments and contingencies[173](index=173&type=chunk) [Item 1A. Risk Factors](index=48&type=section&id=Item%201A.%20Risk%20Factors) This section updates risk factors, emphasizing dependency on data collection, highlighting significant risks from browser restrictions, consumer choice, evolving privacy regulations, and the impact of ad-blockers and mobile privacy controls - The company's ability to generate revenue is highly dependent on collecting data, which is at risk from restrictions by browsers, consumer choice, and regulations[175](index=175&type=chunk)[176](index=176&type=chunk) - While Google has delayed the full phase-out of third-party cookies in Chrome, its proposed new framework allowing users to make an informed choice remains a significant uncertainty for the business[177](index=177&type=chunk) - The growth of ad-blocking software and privacy controls on mobile devices, such as Apple's required user opt-in for its IDFA identifier, could substantially harm the company's growth and mobile advertising ecosystem[180](index=180&type=chunk)[182](index=182&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=50&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) During Q2 2024, Criteo repurchased **1,093,113** ADSs as part of its share repurchase program, with approximately **$185.3 million** remaining available for future repurchases as of June 30, 2024 Q2 2024 Share Repurchases | Period | Total Shares Purchased | Average Price Paid per Share | | :--- | :--- | :--- | | April 2024 | 235,058 | $34.73 | | May 2024 | 476,104 | $37.65 | | June 2024 | 381,951 | $37.21 | | **Total Q2** | **1,093,113** | **N/A** | - The share repurchase program was extended in February 2024 to a total of **$630 million**. As of June 30, 2024, approximately **$185.3 million** may yet be purchased under the plan[186](index=186&type=chunk) [Item 5. Other Information](index=50&type=section&id=Item%205.%20Other%20Information) No directors or Section 16 officers adopted or terminated any Rule 10b5-1 trading plans or other non-Rule 10b5-1 trading arrangements during Q2 2024 - No directors or Section 16 officers adopted or terminated any Rule 10b5-1 trading arrangements during the three months ended June 30, 2024[188](index=188&type=chunk) [Item 6. Exhibits](index=51&type=section&id=Item%206.%20Exhibits) This section lists exhibits filed with the Form 10-Q, including CEO and CFO certifications pursuant to the Sarbanes-Oxley Act and XBRL data files - The exhibits filed with this report include CEO/CFO certifications (Exhibits 31.1, 31.2, 32.1) and XBRL data files[190](index=190&type=chunk)

CRITEO | --- | --- | --- | --- | --- | |----------------|-----------------------|-------|-------|-------| | | | | | | | | INVESTOR PRESENTATION | | | | | | Q2 2024 Earnings | | | | | August 1, 2024 | | | | | Safe Harbor Statement This presentation contains "for ward-looking" statements within the meaning of Section 274 of the Securilies Act of 1933, as amended, and Section 20E of the Securilies Exchange Act of 1934, as amended, that are based on our management's beliefs and assumplions and on information cu ...

Criteo S.A. (NASDAQ:CRTO) Q2 2024 Earnings Conference Call August 1, 2024 8:00 AM ET Company Participants Melanie Dambre - Vice President, Investor Relations Megan Clarken - Chief Executive Officer Sarah Glickman - Chief Financial Officer Todd Parsons - Chief Product Officer Conference Call Participants Ygal Arounian - Citi Mark Kelley - Stifel Brian Pitz - BMO Capital Markets Katy Ansel - JPMorgan Mark Zgutowicz - Benchmark Company Richard Kramer - Arete Research Operator Good morning. And welcome to Crite ...

Criteo S.A. (CRTO) reported $267.09 million in revenue for the quarter ended June 2024, representing a yearover-year increase of 11.2%. EPS of $1.08 for the same period compares to $0.49 a year ago. The reported revenue represents a surprise of +1.26% over the Zacks Consensus Estimate of $263.76 million. With the consensus EPS estimate being $0.78, the EPS surprise was +38.46%. While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determ ...

Exhibit 99.1 CRITEO REPORTS RECORD SECOND QUARTER 2024 RESULTS Raises Full Year 2024 Outlook Announces Retail Media Investor Update on November 18, 2024 NEW YORK - August 1, 2024 - Criteo S.A. (NASDAQ: CRTO) ("Criteo" or the "Company"), the commerce media company, today announced financial results for the second quarter ended June 30, 2024. Second Quarter 2024 Financial Highlights: The following table summarizes our consolidated financial results for the three months and six months ended June 30, 2024: | -- ...