8-K

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
99.1	Unaudited Supplemental Quarterly Segment Information
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

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.

XML

Cover	Mar. 04, 2024
Cover [Abstract]
Document Type	8-K
Document Period End Date	Mar. 04, 2024
Entity Registrant Name	CRITEO S.A.
Entity Incorporation, State or Country Code	I0
Entity File Number	001-36153
Entity Address, Address Line One	32 Rue Blanche
Entity Address, City or Town	Paris
Entity Address, Country	FR
Entity Address, Postal Zip Code	75009
Country Region	33
City Area Code	17
Local Phone Number	585 0939
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Entity Emerging Growth Company	false
Entity Central Index Key	0001576427
Amendment Flag	false