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Sep 30, 2023
CRITEO Q3 2023 Earnings Report
Reported a strong third quarter marked by organic growth acceleration and market share gains in Retail Media.
Key Takeaways
Criteo reported a revenue of $469 million, a gross profit of $205 million, and a Contribution ex-TAC of $245 million. Net income for the quarter was $7 million, with a diluted EPS of $0.12. Adjusted EBITDA stood at $68 million, resulting in an adjusted diluted EPS of $0.71.
Activated media spend increased by 32% year-over-year at constant currency, reaching $1.0 billion in Q3.
Retail Media Contribution ex-TAC grew 29% year-over-year at constant currency, with a same-retailer Contribution ex-TAC retention rate of 123%.
Expanded platform adoption to 2,500 brands and 220 retailers, including Saks, DocMorris, and Mercatus.
Launched Commerce Max, a self-service DSP, into general availability.
Revenue by Segment
Forward Guidance
Criteo provided forward-looking statements reflecting expectations as of November 2, 2023, amidst an uncertain macro-economic and geopolitical backdrop.
Positive Outlook
- Contribution ex-TAC between $296 million and $302 million for Q4 2023.
- Year-over-year growth at constant-currency of +5% to +7% for Q4 2023.
- Adjusted EBITDA between $109 million and $115 million for Q4 2023.
- +9% to +10% growth in Contribution ex-TAC at constant currency for fiscal year 2023.
- Adjusted EBITDA margin of approximately 27% to 28% of Contribution ex-TAC for fiscal year 2023.
Challenges Ahead
- Guidance assumes specific exchange rates for main currencies impacting the business.
- Guidance assumes that no additional acquisitions are completed during the fourth quarter of 2023 or the fiscal year ended December 31, 2023.
- Reconciliations of Contribution ex-TAC, Adjusted EBITDA and Adjusted EBITDA margin guidance to the closest corresponding U.S. GAAP measures are 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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