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0001576427false00015764272024-03-042024-03-04

 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549  
 
FORM 8-K

 
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
March 4, 2024
Date of Report (Date of earliest event reported)
 
CRITEO S.A.
(Exact name of registrant as specified in its charter)
France   001-36153   Not Applicable
(State or other jurisdiction
of incorporation)
  (Commission
File Number)
  (I.R.S. Employer
Identification No.)
32 Rue Blanche Paris France   75009
(Address of principal executive offices)   (Zip Code)
+33 17 585 0939
Registrant’s telephone number, including area code

(Former name or former address, if changed since last report)
 Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))





Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol(s) Name of each exchange on which registered
American Depositary Shares, each representing one ordinary share, nominal value €0.025 per share CRTO Nasdaq Global Select Market
Ordinary Shares, nominal value €0.025 per share* Nasdaq Global Select Market

*Not for trading, but only in connection with the registration of the American Depositary Shares.

Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company    ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.     ☐





ITEM 7.01
Regulation FD Disclosure.

As previously disclosed in the Annual Report on the Form 10-K filed with the U.S. Securities and Exchange Commission on February 23, 2024, beginning with the first quarter of 2024, Criteo S.A. (the “Company”) will change its segment reporting structure to two reportable segments: Retail Media and Performance Media. These changes have no effect on the Company’s consolidated financial statements or results of operations. A summary of the Company’s segments under the new reporting structure follows:

• Retail Media: This segment encompasses revenue generated from brands, agencies and retailers for the purchase and sale of retail media digital advertising inventory and audiences, and services.

• Performance Media: This segment encompasses commerce activation, monetization, and services and combines our former Marketing Solutions and Iponweb segments.

For informational purposes, the Company is furnishing herewith as Exhibit 99.1 unaudited supplemental quarterly segment information to reflect the segment changes discussed above.

The information furnished with this Item 7.01, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any other filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.

ITEM 9.01  Financial Statements and Exhibits.
 
  (d) Exhibits
Exhibit
Number
   Description
  
104 Cover Page Interactive Data File (embedded within the Inline XBRL document)








SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
Criteo S.A.
Date: March 4, 2024
By: /s/ Sarah Glickman
Name: Sarah Glickman
Title:  Chief Financial Officer


EX-99.1 2 exhibit991.htm EX-99.1 Document

Summary of Segment Reporting Changes

The following table presents a reconciliation of previously reported segment results for the years ended 2023 and 2022 to our segment results under the new segment structure beginning in the first quarter of 2024, reflecting the combination of Iponweb and Marketing Solutions into the newly created Performance Media segment.


Year ended Dec 31, 2023 Year ended Dec 31, 2022
($ in thousands; unaudited) As originally reported Recast As originally reported Recast
Gross Profit $ 863,044  $ 863,044  $ 795,200  $ 795,200 
Other Cost Of Revenue 159,562  159,562  133,024  133,024 
Contribution ex-TAC $ 1,022,606  $ 1,022,606  $ 928,224  $ 928,224 

Year ended Dec 31, 2023 Year ended Dec 31, 2022
($ in thousands; unaudited) As originally reported Marketing
Solutions
Iponweb Recast As originally reported Marketing
Solutions
Iponweb Recast
Revenue
Performance Media —  1,617,973  122,465  1,740,438  —  1,762,517  52,169  1,814,686 
Marketing Solutions 1,617,973  (1,617,973) —  —  1,762,517  (1,762,517) —  — 
Retail Media 209,007  —  —  209,007  202,317  —  —  202,317 
Iponweb 122,465  —  (122,465) —  52,169  —  (52,169) — 
Total $ 1,949,445  $ —  $ —  $ 1,949,445  $ 2,017,003  $ —  $ —  $ 2,017,003 
Contribution ex-TAC
Performance Media —  696,681  122,465  819,146  714,695  52,169  766,864 
Marketing Solutions 696,681  (696,681) —  —  714,695  (714,695) —  — 
Retail Media 203,460  —  —  203,460  161,360  —  —  161,360 
Iponweb 122,465  —  (122,465) —  52,169  —  (52,169) — 
Total $ 1,022,606  $ —  $ —  $ 1,022,606  $ 928,224  $ —  $ —  $ 928,224 







CRITEO S.A.
Segment Information
(U.S. dollars in thousands, unaudited)

Three Months Ended Twelve Months Ended
2022 2023 2022 2023
March 31 June 30 September 30 December 31 March 31 June 30 September 30 December 31 December 31 December 31
Revenue
Performance Media 463,888  440,423  405,751  504,624  406,995  424,344  419,380  489,719  1,814,686  1,740,438 
Retail Media (2)
46,679  54,667  41,170  59,801  38,021  44,590  49,813  76,583  202,317  209,007 
Total 510,567  495,090  446,921  564,425  445,016  468,934  469,193  566,302  2,017,003  1,949,445 
Contribution ex-TAC
Performance Media 186,088  177,969  176,485  226,322  183,266  196,699  196,959  242,222  766,864  819,146 
Retail Media (2)
30,829  36,556  36,893  57,082  37,352  43,518  48,436  74,154  161,360  203,460 
Total (1)
216,917  214,525  213,378  283,404  220,618  240,217  245,395  316,376  928,224  1,022,606 


YoY Change
Three Months Ended Twelve Months Ended
2022 2023 2022 2023
March 31 June 30 September 30 December 31 March 31 June 30 September 30 December 31 December 31 December 31
Revenue
Performance Media (4) % (10) % (12) % (13) % (12) % (4) % % (3) % (10) % (4) %
Retail Media (2)
(19) % (14) % (18) % (21) % (19) % (18) % 21  % 28  % (18) % %
Total (6) % (10) % (12) % (14) % (13) % (5) % % —  % (11) % (3) %
Contribution ex-TAC
Performance Media (3) % (8) % (3) % (1) % (2) % 11  % 12  % % (4) % %
Retail Media (2)
46  % 36  % 28  % 19  % 21  % 19  % 31  % 30  % 29  % 26  %
Total (1)
% (3) % % % % 12  % 15  % 12  % % 10  %





YoY Change at Constant Currency (3)

Three Months Ended Twelve Months Ended
2022 2023 2022 2023
March 31 June 30 September 30 December 31 March 31 June 30 September 30 December 31 December 31 December 31
Revenue
Performance Media % (2) % (2) % (6) % (8) % (3) % —  % (3) % (2) % (4) %
Retail Media (2)
(18) % (12) % (14) % (18) % (18) % (18) % 19  % 26  % (16) % %
Total (1) % (3) % (3) % (8) % (9) % (4) % % —  % (4) % (3) %
Contribution ex-TAC
Performance Media % % 11  % % % 12  % % % % %
Retail Media (2)
48  % 42  % 32  % 23  % 22  % 20  % 29  % 29  % 33  % 26  %
Total (1)
% % 14  % 10  % % 13  % 13  % 10  % 10  % 11  %



(1) Refer to the Non-GAAP Financial Measures section of this filing for a definition of the Non-GAAP metric.

(2) Today, Criteo recognizes Retail Media revenue on a net basis, whereas revenue from arrangements running on legacy Retail Media solutions were accounted for on a gross basis. Most clients using Criteo’s legacy Retail Media solutions transitioned to this platform by the end of 2022. During the transition period, Revenue declined but Contribution ex-TAC margin increased. Contribution ex-TAC was not impacted by this transition.

(3) Constant currency measures exclude the impact of foreign currency fluctuations and is computed by applying the prior year monthly exchange rates to transactions denominated in settlement or billing currencies other than the US dollar.