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Mar 31, 2021
CRITEO Q1 2021 Earnings Report
Strong financial results were reported, driven by growth investments and focus on execution.
Key Takeaways
Criteo reported strong Q1 2021 financial results, exceeding quarterly guidance. Revenue increased by 7% year-over-year to $541 million, and Revenue ex-TAC increased by 4% year-over-year to $213 million. Adjusted EBITDA increased by 28% year-over-year to $76 million, resulting in an adjusted diluted EPS of $0.67.
New solutions grew 60% year-over-year at constant currency to 21% of total Revenue ex-TAC.
Retail Media revenue grew 69% year-over-year at constant currency and Retail Media Revenue ex-TAC grew 122% at constant currency.
Same-client revenue increased 8% year-over-year, accelerating vs. Q4 2020, and same-client Revenue ex-TAC increased 3% year-over-year at constant currency.
Over 120 net new live clients were added, closing the quarter with 20,626 clients.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Criteo provided guidance for the second quarter and fiscal year 2021.
Positive Outlook
- Revenue ex-TAC is expected to be approximately $208 million for Q2 2021.
- Constant-currency growth of about 14% year-over-year is expected for Revenue ex-TAC in Q2 2021.
- Adjusted EBITDA is expected to be approximately $60 million for Q2 2021.
- Target of low to mid-single digit growth in Revenue ex-TAC at constant-currency is maintained for fiscal year 2021.
- Expectation of an Adjusted EBITDA margin above 30% of Revenue ex-TAC is maintained for fiscal year 2021.
Challenges Ahead
- The guidance assumes specific exchange rates for various currencies.
- The guidance assumes no acquisitions are completed during the second quarter ending June 30, 2021 and fiscal year ended December 31, 2021.
- Reconciliation of Revenue ex-TAC and Adjusted EBITDA guidance to the closest corresponding U.S. GAAP measure is not available without unreasonable efforts on a forward-looking basis.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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