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Mar 31, 2023
CRITEO Q1 2023 Earnings Report
Reported financial results for the first quarter ended March 31, 2023.
Key Takeaways
Criteo's Q1 2023 revenue was $445 million, a 13% decrease year-over-year, while gross profit decreased 1% to $182 million. The company reported a net loss of $12 million, or $0.20 per share. Despite near-term macro-economic challenges, Criteo is focused on executing its transformation and capitalizing on growth opportunities, particularly in Retail Media.
Acquired Brandcrush to accelerate Retail Media solutions and provide a holistic omnichannel monetization platform globally.
Retail Media Contribution ex-TAC grew 22% year-over-year at constant currency with a 122% retention rate.
Expanded platform adoption with large retailers, including Rite Aid, ASOS and Sundrug.
Activated media spend was over $3.5 billion in the last 12 months and $0.8 billion in Q1, growing 37% at constant currency.
Revenue by Segment
Revenue by Geographic Location
Forward Guidance
Criteo expects high single-digit to low double-digit growth in Contribution ex-TAC at constant currency for fiscal year 2023, including Iponweb, with an Adjusted EBITDA margin of approximately 28%. For Q2 2023, Contribution ex-TAC is expected to be between $228 million and $234 million, with Adjusted EBITDA between $46 million and $50 million.
Positive Outlook
- High single-digit to low double-digit growth in Contribution ex-TAC at constant currency for fiscal year 2023, including the contribution from our Iponweb acquisition
- Adjusted EBITDA margin of approximately 28% of Contribution ex-TAC for fiscal year 2023
- Contribution ex-TAC between $228 million and $234 million for Q2 2023, or year-over-year growth at constant-currency of +8% to +10%, including the contribution from our Iponweb acquisition
- Adjusted EBITDA between $46 million and $50 million for Q2 2023
- Growth investments are paying off as we continue to win new Retail Media clients.
Challenges Ahead
- Uncertain macro-economic backdrop
- Assumes specific exchange rates for main currencies impacting business
Historical Earnings Impact
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Avg. Return Before/After Earnings
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