Criteo S.A 8-K, filed Mar 4, 2024
Criteo S.A. (CRTO)
8-K
2024-03-04
For: 2024-03-04
View Original
Added on
April 08, 2026
About this 8-K
Criteo S.A filed this 8-K on March 4, 2024.
Items reported
- Item 7.01: Regulation FD disclosure
- Item 9.01: Financial statements and exhibits
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
Date of Report (Date of earliest event reported)
(Exact name of registrant as specified in its charter)
| Not Applicable | ||||||||||||||
| (State or other jurisdiction of incorporation) | (Commission File Number) | (I.R.S. Employer Identification No.) | ||||||||||||
| (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 | |||||||
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 | % | (3) | % | (10) | % | (4) | % | ||||||||||||||||||||||||
Retail Media (2) | (19) | % | (14) | % | (18) | % | (21) | % | (19) | % | (18) | % | 21 | % | 28 | % | (18) | % | 3 | % | ||||||||||||||||||||||||
| Total | (6) | % | (10) | % | (12) | % | (14) | % | (13) | % | (5) | % | 5 | % | — | % | (11) | % | (3) | % | ||||||||||||||||||||||||
| Contribution ex-TAC | ||||||||||||||||||||||||||||||||||||||||||||
| Performance Media | (3) | % | (8) | % | (3) | % | (1) | % | (2) | % | 11 | % | 12 | % | 7 | % | (4) | % | 7 | % | ||||||||||||||||||||||||
Retail Media (2) | 46 | % | 36 | % | 28 | % | 19 | % | 21 | % | 19 | % | 31 | % | 30 | % | 29 | % | 26 | % | ||||||||||||||||||||||||
Total (1) | 2 | % | (3) | % | 1 | % | 3 | % | 2 | % | 12 | % | 15 | % | 12 | % | 1 | % | 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 | 1 | % | (2) | % | (2) | % | (6) | % | (8) | % | (3) | % | — | % | (3) | % | (2) | % | (4) | % | ||||||||||||||||||||||||
Retail Media (2) | (18) | % | (12) | % | (14) | % | (18) | % | (18) | % | (18) | % | 19 | % | 26 | % | (16) | % | 3 | % | ||||||||||||||||||||||||
| Total | (1) | % | (3) | % | (3) | % | (8) | % | (9) | % | (4) | % | 2 | % | — | % | (4) | % | (3) | % | ||||||||||||||||||||||||
| Contribution ex-TAC | ||||||||||||||||||||||||||||||||||||||||||||
| Performance Media | 2 | % | 2 | % | 11 | % | 8 | % | 4 | % | 12 | % | 9 | % | 6 | % | 6 | % | 7 | % | ||||||||||||||||||||||||
Retail Media (2) | 48 | % | 42 | % | 32 | % | 23 | % | 22 | % | 20 | % | 29 | % | 29 | % | 33 | % | 26 | % | ||||||||||||||||||||||||
Total (1) | 6 | % | 7 | % | 14 | % | 10 | % | 6 | % | 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.