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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
for the quarterly period ended June 30, 2024
or
☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934
for the transition period from _________ to _________
Commission file number: 001-36153
Criteo S.A.
(Exact name of registrant as specified in its charter)
France
Not Applicable
(State or other jurisdiction of incorporation or organization)(I.R.S. Employer Identification Number)
32 Rue BlancheParisFrance75009
(Address of principal executive offices) (Zip Code)

+33 1 75 85 09 39
(Registrant’s telephone number, including area code)

Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
American Depositary Shares, each representing one Ordinary Share,
nominal value €0.025 per share		CRTONasdaq 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 (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒  No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).  Yes  ☒    No ☐






Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer," "accelerated filer," "smaller reporting company" and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large Accelerated Filer☒
Accelerated Filer
☐
Non-accelerated Filer☐
Smaller reporting company
☐
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. ¨ 
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act).   Yes  ☐      No x
          As of July 26, 2024, the registrant had 55,985,114 ordinary shares, nominal value €0.025 per share, outstanding.



TABLE OF CONTENTS












General
    Except where the context otherwise requires, all references in this Quarterly Report on Form 10-Q ("Form 10-Q") to the "Company," "Criteo," "we," "us," "our" or similar words or phrases are to Criteo S.A. and its subsidiaries, taken together. In this Form 10-Q, references to "$" and "US$" are to United States dollars. Our unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles in the United States of America, or "GAAP."
Trademarks
    “Criteo,” the Criteo logo and other trademarks or service marks of Criteo appearing in this Form 10-Q are the property of Criteo. Trade names, trademarks and service marks of other companies appearing in this Form 10-Q are the property of their respective holders.
Special Note Regarding Forward-Looking Statements
    This Form 10-Q contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended (the “Securities Act”), and Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), that are based on our management’s beliefs and assumptions and on information currently available to our management. All statements other than present and historical facts and conditions contained in this Form 10-Q, including statements regarding our future results of operations and financial position, business strategy, plans and objectives for future operations, are forward-looking statements. When used in this Form 10-Q, the words “anticipate,” “believe,” “can,” “could,” “estimate,” “expect,” “intend,” “is designed to,” “may,” “might,” "objective," “plan,” “potential,” “predict,” "project," "seek," “should,” "will," "would," or the negative of these and similar expressions identify forward-looking statements.
    You should refer to Item 1A “Risk Factors” of our Annual Report on Form 10-K for the year ended December 31, 2023, and to our subsequent quarterly reports on Form 10-Q, for a discussion of important factors that may cause our actual results to differ materially from those expressed or implied by our forward-looking statements. As a result of these factors, we cannot assure you that the forward-looking statements in this Form 10-Q will prove to be accurate. Furthermore, if our forward-looking statements prove to be inaccurate, the inaccuracy may be material. In light of the significant uncertainties in these forward-looking statements, you should not regard these statements as a representation or warranty by us or any other person that we will achieve our objectives and plans in any specified time frame or at all. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
    You should read this Form 10-Q and the documents that we reference in this Form 10-Q and have filed as exhibits to this Form 10-Q completely and with the understanding that our actual future results may be materially different from what we expect. We qualify all of our forward-looking statements by these cautionary statements.
     This Form 10-Q may contain market data and industry forecasts that were obtained from industry publications. These data and forecasts involve a number of assumptions and limitations, and you are cautioned not to give undue weight to such information. We have not independently verified any third-party information. While we believe the market position, market opportunity and market size information included in this Form 10-Q is generally reliable, such information is inherently imprecise.



PART I
Item 1. Financial Statements
2

CRITEO S.A.
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (UNAUDITED)
Notes
June 30, 2024December 31, 2023
(in thousands)
Assets
Current assets:
    Cash and cash equivalents3$216,698 $336,341 
Trade receivables, net of allowances of $38.7 million and $43.3 million at June 30, 2024 and December 31, 2023, respectively.
4632,749 775,589 
    Income taxes1216,673 2,065 
    Other taxes 132,465 109,306 
    Other current assets549,021 48,291 
    Restricted cash
375,000 75,000 
    Marketable securities - current portion316,480 5,970 
    Total current assets1,139,086 1,352,562 
Property, plant and equipment, net115,886 126,494 
Intangible assets, net172,744 180,888 
Goodwill519,924 524,197 
Right of use assets - operating lease 7103,507 112,487 
Marketable securities - non-current portion35,353 16,575 
Non-current financial assets5,441 5,294 
Other non-current assets559,699 60,742 
Deferred tax assets46,226 52,680 
    Total non-current assets1,028,780 1,079,357 
Total assets$2,167,866 $2,431,919 
Liabilities and shareholders' equity
Current liabilities:
    Trade payables$635,208 $838,522 
    Contingencies - current portion141,373 1,467 
    Income taxes123,334 17,213 
    Financial liabilities - current portion37,020 3,389 
    Lease liability - operating - current portion727,736 35,398 
    Other taxes89,322 66,659 
    Employee - related payables94,166 113,287 
    Other current liabilities697,733 104,552 
    Total current liabilities955,892 1,180,487 
Deferred tax liabilities3,061 1,083 
Defined benefit plans84,231 4,123 
Financial liabilities - non-current portion3306 77 
Lease liability - operating - non-current portion 778,801 83,051 
Contingencies - non-current portion1432,625 32,625 
Other non-current liabilities619,760 19,082 
    Total non-current liabilities138,784 140,041 
Total liabilities$1,094,676 $1,320,528 
Commitments and contingencies
Shareholders' equity:
Common shares, €0.025 par value, 59,063,486 and 61,165,663 shares authorized, issued and outstanding at June 30, 2024 and December 31, 2023, respectively.
$1,967 $2,023 
Treasury stock, 4,461,517 and 5,400,572 shares at cost as of June 30, 2024 and December 31, 2023, respectively.
(154,254)(161,788)
Additional paid-in capital761,681 769,240 
Accumulated other comprehensive loss(103,848)(85,326)
Retained earnings537,241 555,456 
Equity-attributable to shareholders of Criteo S.A.1,042,787 1,079,605 
Non-controlling interests30,403 31,786 
Total equity1,073,190 1,111,391 
Total equity and liabilities$2,167,866 $2,431,919 
The accompanying notes form an integral part of these unaudited condensed consolidated financial statements.
3

CRITEO S.A.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED)

Three Months EndedSix Months Ended
NotesJune 30, 2024June 30, 2023June 30, 2024June 30, 2023
(in thousands, except per share data)
Revenue9$471,307 $468,934 $921,362 $913,950 
Cost of revenue:
Traffic acquisition costs(204,214)(228,717)(400,381)(453,115)
Other cost of revenue(34,248)(40,435)(70,913)(79,544)
Gross profit232,845 199,782 450,068 381,291 
Operating expenses:
Research and development expenses(59,639)(67,775)(126,497)(131,365)
Sales and operations expenses(95,069)(112,511)(187,911)(213,753)
General and administrative expenses(41,199)(18,537)(88,368)(58,707)
Total operating expenses(195,907)(198,823)(402,776)(403,825)
Income (loss) from operations36,938 959 47,292 (22,534)
Financial and Other income
11(284)(1,852)897 4,975 
Income (loss) before taxes
36,654 (893)48,189 (17,559)
Provision for income tax (expense) benefit 12(8,595)(1,078)(11,564)3,517 
Net Income (loss)
$28,059 $(1,971)$36,625 $(14,042)
Net income (loss) available to shareholders of Criteo S.A.
$26,987 $(2,876)$34,231 $(14,685)
Net income (loss) available to non-controlling interests$1,072 $905 $2,394 $643 
Weighted average shares outstanding used in computing per share amounts:
Basic1354,684,56055,924,82454,915,14056,094,887
Diluted1358,974,18655,924,82459,151,58256,094,887
Net income (loss) allocated to shareholders per share:
Basic13$0.49 $(0.05)$0.62 $(0.26)
Diluted13$0.46 $(0.05)$0.58 $(0.26)
The accompanying notes form an integral part of these unaudited condensed consolidated financial statements.

4

CRITEO S.A.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE OPERATIONS (UNAUDITED)
Three Months EndedSix Months Ended
June 30, 2024June 30, 2023June 30, 2024June 30, 2023
(in thousands)
Net income (loss)$28,059 $(1,971)$36,625 $(14,042)
Foreign currency translation adjustments, net of taxes
(9,367)(8,450)(22,578)(2,135)
Actuarial gains (losses) on employee benefits, net of taxes449 (7)177 (143)
Other comprehensive loss
$(8,918)$(8,457)$(22,401)$(2,278)
Total comprehensive income (loss)
$19,141 $(10,428)$14,224 $(16,320)
Attributable to shareholders of Criteo S.A.$19,901 $(8,763)$15,708 $(14,097)
Attributable to non-controlling interests$(760)$(1,665)$(1,484)$(2,223)
The accompanying notes form an integral part of these unaudited condensed consolidated financial statements.
5

CRITEO S.A.
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (UNAUDITED)
Share capitalTreasury
Stock		Additional paid-in capitalAccumulated Other Comprehensive Income (Loss)Retained EarningsEquity - attributable to shareholders of Criteo S.A.Non controlling interestTotal equity
Common sharesShares
(in thousands, except share amounts )
Balance at December 31, 202263,248,728$2,079(5,985,104)$(174,293)$734,492$(91,890)$577,653$1,048,041$33,065$1,081,106
Net income (loss)——————(11,809)(11,809)(262)(12,071)
Other comprehensive income (loss)—————6,475—6,475(296)6,179
Issuance of ordinary shares67,9682——1,295——1,297—1,297
Change in treasury stocks(*)
——(1,338,049)(37,107)——(13,922)(51,029)—(51,029)
Share-Based Compensation————24,610——24,6109724,707
Other changes in equity——————————
Balance at March 31, 202363,316,696$2,081(7,323,153)$(211,400)$760,397$(85,415)$551,922$1,017,585$32,604$1,050,189
Net income (loss)——————(2,876)(2,876)905(1,971)
Other comprehensive income (loss)—————(5,887)—(5,887)(2,570)(8,457)
Issuance of ordinary shares20,757———399——399—399
Change in treasury stocks(*)
——(89,425)(2,646)——(21,189)(23,835)—(23,835)
Share-Based Compensation————26,878——26,878(165)26,713
Other changes in equity—————(26)—(26)—(26)
Balance at June 30, 202363,337,453$2,081(7,412,578)$(214,046)$787,674$(91,328)$527,857$1,012,238$30,774$1,043,012
(*) On December 7, 2022, Criteo's board of directors authorized an extension of the share repurchase program to up to $480.0 million of the Company's outstanding American Depositary Shares. The change in treasury stocks is comprised of 2,469,577 shares repurchased at an average price of $31.3 offset by 1,042,103 treasury shares used for RSUs vesting.
Share capitalTreasury StockAdditional paid-in capitalAccumulated Other Comprehensive Income (Loss)Retained EarningsEquity - attributable to shareholders of Criteo S.A.Non controlling interestTotal equity
Common sharesShares
(in thousands, except share amounts )
Balance at December 31, 202361,165,663$2,023(5,400,572)$(161,788)$769,240$(85,326)$555,456$1,079,605$31,786$1,111,391
Net income (loss)——————7,2447,2441,3228,566
Other comprehensive income (loss)—————(11,437)—(11,437)(2,046)(13,483)
Issuance of ordinary shares15,3381——394——395—395
Change in treasury stocks(*)
——(1,216,547)(42,575)——(19,568)(62,143)—(62,143)
Share-Based Compensation————27,858——27,8585527,913
Other changes in equity——————(40)(40)—(40)
Balance at March 31, 2024
61,181,001$2,024(6,617,119)$(204,363)$797,492$(96,763)$543,092$1,041,482$31,117$1,072,599
Net income (loss)——————26,98726,9871,07228,059
Other comprehensive income (loss)—————(7,085)—(7,085)(1,833)(8,918)
Issuance of ordinary shares32,485———812——812—812
Change in treasury stocks(*)
(2,150,000)(57)2,155,60250,109(57,871)—(32,533)(40,352)—(40,352)
Share-Based Compensation————21,248——21,2484721,295
Other changes in equity——————(305)(305)—(305)
Balance at June 30, 202459,063,486$1,967(4,461,517)$(154,254)$761,681$(103,848)$537,241$1,042,787$30,403$1,073,190
(*) On February 1, 2024, Criteo's board of directors authorized an extension of the share repurchase program to up to $630.0 million of the Company's outstanding American Depositary Shares. The change in treasury stocks is comprised of 3,089,910 shares repurchased at an average price of $33.1 offset by 1,503,965 treasury shares used for RSUs vesting, by 375,000 treasury shares used for LUSs vesting and by 2,150,000 treasury shares cancelled.
The accompanying notes form an integral part of these unaudited condensed consolidated financial statements.
6

CRITEO S.A.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED)
Six Months Ended
June 30, 2024June 30, 2023
(in thousands)
Net income (loss)$36,625 $(14,042)
Non-cash and non-operating items82,574 48,886 
    - Amortization and provisions46,324 37,422 
    - Equity awards compensation expense (1)
47,978 52,341 
 - Net (gain) or loss on disposal of non-current assets574 (8,797)
    - Change in uncertain tax position
1,757 (467)
    - Net change in fair value of earn-out
3,187 516 
    - Change in deferred taxes8,089 (20,536)
    - Change in income taxes(28,420)(13,615)
    - Other3,085 2,022 
Changes in working capital related to operating activities(87,995)8,448 
    - (Increase) / Decrease in trade receivables136,520 129,454 
    - Increase / (Decrease) in trade payables(193,210)(128,557)
    - (Increase) / Decrease in other current assets(24,021)(6,652)
    - Increase/ (Decrease) in other current liabilities(4,472)14,597 
    - Change in operating lease liabilities and right of use assets(2,812)(394)
Cash from operating activities31,204 43,292 
Acquisition of intangible assets, property, plant and equipment(36,968)(61,507)
Change in accounts payable related to intangible assets, property, plant and equipment2,625 (17,231)
Payment for business, net of cash acquired(527)(6,957)
Proceeds from disposition of investments— 9,625 
Change in other non-current financial assets(287)(12,267)
Cash used for investing activities
(35,157)(88,337)
Proceeds from exercise of stock options1,207 1,697 
Repurchase of treasury stocks(102,495)(74,866)
Cash payment for contingent consideration— (22,025)
Change in other financing activities(810)(923)
Cash used for financing activities(102,098)(96,117)
Effect of exchange rates changes on cash and cash equivalents(13,507)(8,855)
Net decrease in cash and cash equivalents and restricted cash
(119,558)(150,017)
Net cash and cash equivalents and restricted cash at beginning of period411,257 448,200 
Net cash and cash equivalents and restricted cash at end of period$291,698 $298,183 
Supplemental disclosures of cash flow information
Cash paid for taxes, net of refunds(24,571)(31,101)
Cash paid for interest(653)(676)
(1) Of which $47.1 million and $51.4 million of equity awards compensation expense consisted of share-based compensation expense, net of capitalized stock-based compensation relating to internally developed software according to ASC 718 Compensation - stock compensation for the three months ended June 30, 2024 and 2023, respectively.
The accompanying notes form an integral part of these unaudited condensed consolidated financial statements.
7

CRITEO S.A.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED)

Criteo S.A. was initially incorporated as a société par actions simplifiée, or S.A.S., under the laws of the French Republic on November 3, 2005, for a period of 99 years and subsequently converted to a société anonyme, or S.A.
We are a global technology company that enables marketers and media owners to drive better commerce outcomes through the world’s leading Commerce Media Platform. We bring richer experiences to every consumer by supporting a fair and open internet that enables discovery, innovation, and choice — powered by trusted and impactful advertising from the world’s marketers and media owners.

We are leading the way of commerce media — a new approach to advertising that combines commerce data and machine learning to target consumers throughout their shopping journey and help marketers and media owners drive commerce outcomes (sales, leads, advertising revenue).

Our strategy is to help marketers and media owners activate 1st-party, privacy-safe data and drive better commerce outcomes through our Commerce Media Platform, which includes a suite of products:
•that offer marketers (brands, retailers, and agencies) the ability to easily reach consumers anywhere throughout their shopping journey and measure their advertising campaigns
•that offer media owners (publishers and retailers) the ability to monetize their advertising and promotions inventory for commerce anywhere where consumers spend their time
•sitting on top of a dataset and technology that power our entire offering.


In these notes, Criteo S.A. is referred to as the "Parent" company and together with its subsidiaries, collectively, as "Criteo," the "Company," the "Group," or "we".






























8

Note 1. Summary of Significant Accounting Policies

Basis of Presentation

The accompanying unaudited condensed consolidated financial statements (the "Unaudited Condensed Consolidated Financial Statements") have been prepared by Criteo in accordance with generally accepted accounting principles in the United States of America ("GAAP") and pursuant to the applicable rules and regulations of the Securities and Exchange Commission ("SEC"), including regarding interim financial reporting. Certain information and disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. As such, these unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and the notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on February 23, 2024.

The unaudited condensed consolidated financial statements included herein reflect all normal recurring adjustments that are, in the opinion of management, necessary to state fairly the results for the interim periods presented. The results of operations for the interim periods presented are not necessarily indicative of the operating results to be expected for any subsequent interim period or for the fiscal year ending December 31, 2024.

Use of Estimates

The preparation of our Consolidated Financial Statements requires the use of estimates, assumptions and judgments that affect the reported amounts of assets, liabilities, and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amount of revenue and expenses during the period. We base our estimates and assumptions on historical experience and other factors that we believe to be reasonable under the circumstances. We evaluate our estimates and assumptions on an ongoing basis. Our actual results may differ from these estimates. Estimates in our financial statements include, but are not limited to, (1) gross versus net assessment in revenue recognition (2) income taxes, (3) assumptions used in the valuation of long-lived assets including intangible assets, and goodwill, (4) assumptions surrounding the recognition and valuation of contingent liabilities and losses.

Significant Accounting Policies

Reportable Segments

Beginning with the first quarter of 2024, the Company has changed its segment reporting structure to two reportable segments: Retail Media and Performance Media, which combines our former Marketing Solutions and Iponweb segments, to align with a change in how the Chief Operating Decision Maker (CODM), our Chief Executive Officer (CEO), allocates resources and assesses performance.

As such, prior period segment results and related disclosures have been conformed to reflect the Company’s current reportable segments. This change in accounting policy did not impact our results of operations, financial position, or cash flows. Refer to Note 2 for further discussion.

Goodwill Interim Impairment Evaluation
The Company's goodwill balance was $519.9 million and $524.2 million at June 30, 2024 and December 31, 2023, respectively. We assess goodwill for impairment at least annually during the fourth quarter and whenever events or changes in circumstances indicate that the carrying value may not be recoverable. As noted above, during the first quarter 2024, the Company made a change to its operating and reportable segments from three to two segments: Retail Media and Performance Media. As a result of this change, we reassessed our reporting units for the evaluation of goodwill. Prior to this change, consistent with the determination that we had three operating/reportable segment, we determined that we had three reporting units for goodwill assessment purposes. Our reassessment during the first quarter of 2024 determined that, consistent with the determination that we had two operating/ reportable segments, we also have two reporting units for goodwill assessment purposes: Retail Media and Performance Media.

9

As a result of this change in reporting units, effective January 1, 2024, we estimated the fair value of our new reporting units and, based on an assessment of the relative fair values of our new reporting units after the change, we determined that the goodwill held by the Iponweb reportable unit was now allocated to the Performance Media reporting unit. This determination was largely based on the fact that the operations of the previous Iponweb operating segment/ reporting unit are significantly integrated with the Performance Media operating segment / reportable unit. The change in reporting units was also considered a triggering event indicating a test for goodwill impairment was required as of January 1, 2024 before and after the change in reporting units. The Company performed those impairment tests, which did not result in the identification of an impairment loss as of January 1, 2024.
Goodwill allocated to the two reportable segments and the changes in the carrying amount for the quarter-ended June 30, 2024 were as follows:
Retail MediaPerformance MediaTotal
Balance at January 1, 2024
$149,680 $374,517 $524,197 
Acquisitions— — — 
Disposals— — — 
Currency translation adjustment(1,044)(3,229)(4,273)
Impairments— — — 
Balance at June 30, 2024
$148,636 $371,288 $519,924 
There have been no other significant changes to our accounting policies described in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023.

Recently Issued Accounting Pronouncements

There have been no recently issued accounting standards adopted during the period which had a material impact on the Company's financial statements.

There are no recently issued accounting standards that are expected to have a material impact on our results of operations, financial condition, or cash flows.

10

Note 2. Segment information
The Company reports segment information based on the management approach. The management approach designates the internal reporting used by management for making decisions and assessing performance as the source of the Company's reportable segments. Beginning with the first quarter of 2024, the Company changed its segment reporting structure and reports its results of operations through the following two segments: Retail Media and Performance Media.
–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.

The Company's CODM allocates resources to and assesses the performance of each segment using information about Contribution excluding Traffic Acquisition Costs (Contribution ex-TAC), which is our segment profitability measure and reflects our gross profit plus other costs of revenue. The Company's CODM does not review any other financial information for our two segments.
The following table shows revenue by reportable segment:
Three Months EndedSix Months Ended
June 30, 2024June 30, 2023June 30, 2024June 30, 2023
(in thousands)
Retail Media$54,777 $44,590 $105,649 $82,611 
Performance Media416,530 424,344 815,713 831,339 
Total Revenue$471,307 $468,934 $921,362 $913,950 

The following table shows Contribution ex-TAC by reportable segment and its reconciliation to the Company’s Consolidated Statements of Operation:

Three Months EndedSix Months Ended
June 30, 2024June 30, 2023June 30, 2024June 30, 2023
(in thousands)
Contribution ex-TAC
Retail Media$53,866 $43,518 $104,035 $80,870 
Performance Media213,227 196,699 416,946 379,965 
$267,093 $240,217 $520,981 $460,835 
Other costs of sales(34,248)(40,435)(70,913)(79,544)
Gross profit$232,845 $199,782 $450,068 $381,291 
Operating expenses
Research and development expenses(59,639)(67,775)(126,497)(131,365)
Sales and operations expenses(95,069)(112,511)(187,911)(213,753)
General and administrative expenses(41,199)(18,537)(88,368)(58,707)
Total Operating expenses$(195,907)$(198,823)$(402,776)$(403,825)
Income (loss) from operations$36,938 $959 $47,292 $(22,534)
Financial and Other Income (Expense)(284)(1,852)897 4,975 
Income (loss) before tax$36,654 $(893)$48,189 $(17,559)
11

Note 3. Financial Instruments

Fair Value Measurements
We classify our cash, cash equivalents and marketable debt securities within Level 1 or Level 2 because we use quoted market prices or pricing models with observable inputs to determine their fair value. Our term deposits are comprised primarily of interest-bearing term deposits and mutual funds. Interest-bearing and term bank deposits are considered Level 2 financial instruments as they are measured using valuation techniques based on observable market data. Term deposits are considered a level 2 financial instrument as they are measured using valuation techniques based on observable market data.
June 30, 2024December 31, 2023
Cash and Cash EquivalentMarketable SecuritiesCash and Cash EquivalentMarketable Securities
(in thousands)
Level 1
Cash and cash equivalents$177,555 $— $285,518 $— 
Level 2
   Term deposits and notes39,144 21,833 50,823 22,545 
Total$216,698 $21,833 $336,341 $22,545 

The fair value of term deposits approximates their carrying amount given the nature of the investments, its maturities and expected future cash flows.
Marketable Securities
The following table presents for each reporting period, the breakdown of the fair value of marketable securities:
June 30, 2024December 31, 2023
(in thousands)
Securities Held-to-maturity
Term Deposits21,833 22,545 
Total$21,833 $22,545 

The gross unrealized gains on our marketable securities were not material as of June 30, 2024.
The following table classifies our marketable debt securities by contractual maturities:
Held-to-maturity
June 30, 2024
(in thousands)
Due in one year$16,480 
Due in one to five years5,353 
Total$21,833 
12

Restricted Cash

As of June 30, 2024, the Company has restricted cash of $75 million in an escrow account containing withdrawal conditions. The cash secures the Company's payment of Iponweb Acquisition contingent consideration to the Sellers, which is conditioned upon the achievement of certain revenue targets by the Iponweb business for the 2023 fiscal year.

Note 4. Trade Receivables
The following table shows the breakdown in trade receivables net book value for the presented periods:
June 30, 2024December 31, 2023
(in thousands)
Trade accounts receivables$671,466 $818,937 
(Less) Allowance for credit losses(38,717)(43,348)
Net book value at end of period$632,749 $775,589 
As of June 30, 2024 no customer individually exceeded 10% of our gross accounts receivables.
Note 5. Other Current and Non-Current Assets
The following table shows the breakdown in other current assets net book value for the presented periods:
June 30, 2024December 31, 2023
(in thousands)
Prepayments to suppliers$7,107 $7,499 
Other debtors11,423 7,279 
Prepaid expenses30,491 32,858 
Other current assets— 655 
Net book value at end of period$49,021 $48,291 
Prepaid expenses mainly consist of amounts related to SaaS arrangements.
Other non-current assets of $59.7 million are primarily comprised of the indemnification asset of $49.1 million recorded against certain tax liabilities related to the purchase agreement for the Iponweb Acquisition.
13

Note 6. Other Current and Non-Current Liabilities
Other current liabilities are presented in the following table:
June 30, 2024December 31, 2023
(in thousands)
Customer prepayments$7,893 $25,914 
Rebates24,671 23,315 
Accounts payable relating to capital expenditures5,146 3,346 
Other creditors2,685 2,319 
Deferred revenue2,698 10 
Earn out liability – current54,639 49,647 
Total current liabilities$97,733 $104,552 
The earn out liability is related to the Iponweb Acquisition, whereas the Sellers are entitled to contingent consideration, which is conditioned upon the achievement of certain revenue targets by the Iponweb business for the 2023 fiscal year. The related earn-out liability is valued and discounted using management's best estimate of the consideration that is expected to be paid during 2024.

Other non-current liabilities are presented in the following table:
June 30, 2024December 31, 2023
(in thousands)
Uncertain tax positions$18,109 $16,785 
Other$1,651 $2,297 
Total non-current liabilities$19,760 $19,082 
The uncertain tax positions are primarily related to the Iponweb Acquisition.

14

Note 7. Leases
The components of lease expense are as follows:
Three Months EndedJune 30, 2024June 30, 2023
OfficesData CentersTotalOfficesData CentersTotal
(in thousands)
Lease expense$3,598 $6,611 $10,209 $3,425 $5,624 $9,049 
Short term lease expense314 — 314 147 20 167 
Variable lease expense340 29 369 115 57 172 
Sublease income(387)— (387)(186)— (186)
Total operating lease expense$3,865 $6,640 $10,505 $3,501 $5,701 $9,202 
Six Months EndedJune 30, 2024June 30, 2023
OfficesData CentersTotalOfficesData CentersTotal
(in thousands)
Lease expense$7,215 $12,856 $20,071 $7,129 $11,200 $18,329 
Short term lease expense627 — 627 289 29 318 
Variable lease expense671 57 728 204 61 265 
Sublease income(809)— (809)(415)— (415)
Total operating lease expense$7,704 $12,913 $20,617 $7,207 $11,290 $18,497 

15

Note 8. Employee Benefits

Defined Benefit Plans
According to French law and the Syntec Collective Agreement, French employees are entitled to compensation paid on retirement.
The following table summarizes the changes in the projected benefit obligation:
Projected benefit obligation
(in thousands)
Projected benefit obligation present value at January 1, 2023
$3,708 
Service cost
707 
 Interest cost
161 
 Curtailment(306)
Actuarial losses (gains)
(290)
Currency translation adjustment
143 
Projected benefit obligation present value at December 31, 2023
$4,123 
Service cost
343 
 Interest cost
79 
Actuarial losses (gains)
(187)
Currency translation adjustment
(127)
Projected benefit obligation present value at June 30, 2024
$4,231 
The Company does not hold any plan assets for any of the periods presented.
The main assumptions used for the purposes of the actuarial valuations are listed below:
Six Months EndedYear Ended
June 30, 2024December 31, 2023
Discount rate (Corp AA)
4.1%3.9%
Expected rate of salary increase
7.0%7.0%
Expected rate of social charges
48.0%48.0%
Expected staff turnover
Company age-based tableCompany age-based table
Estimated retirement age
65 years old65 years old
Life table
TH-TF 2000-2002 shiftedTH-TF 2000-2002 shifted

16

Defined Contribution Plans
The total expense represents contributions payable to these plans by us at specified rates.
In some countries, the Group’s employees are eligible for pension payments and similar financial benefits. The Group provides these benefits via defined contribution plans. Under defined contribution plans, the Group has no obligation other than to pay the agreed contributions, with the corresponding expense charged to income for the year. The main contributions relate to France, the United States (for 401k plans), and the United Kingdom.
Three Months EndedSix Months Ended
June 30, 2024June 30, 2023June 30, 2024June 30, 2023
(in thousands)
Defined contributions plans included in personnel expenses
$(6,064)$(5,536)$(10,290)$(9,614)
Note 9. Revenue

The following table presents our disaggregated revenues by segment:
Three Months EndedRetail MediaPerformance MediaTotal
(in thousands)
June 30, 2024$54,777 $416,530 $471,307 
June 30, 2023$44,590 $424,344 $468,934 
Six Months EndedRetail MediaPerformance MediaTotal
(in thousands)
June 30, 2024$105,649 $815,713 $921,362 
June 30, 2023$82,611 $831,339 $913,950 

Note 10. Share-Based Compensation

Equity awards Compensation Expense

Equity awards compensation expense recorded in the consolidated statements of operations was as follows:

Six Months Ended
June 30, 2024June 30, 2023
(in thousands)
Research and Development
$(23,653)$(32,504)
Sales and Operations
(10,087)(9,092)
General and Administrative
(14,238)(10,745)
Total equity awards compensation expense (1)
$(47,978)$(52,341)
Tax benefit from equity awards compensation expense5,101 3,669 
Total equity awards compensation expense, net of tax effect$(42,877)$(48,672)

(1) The six months ended June 30, 2024 are presented net of $2.1 million capitalized stock-based compensation relating to internally developed software.

17

During the six months ended June 30, 2024, the Company settled $13.1 million of equity instruments granted under share-based arrangements.

The breakdown of the equity award compensation expense by instrument type was as follows:

Six Months Ended
June 30, 2024June 30, 2023
(in thousands)
Share options$— $(65)
Lock-up shares(14,007)(21,422)
Restricted stock units / Performance stock units(33,092)(29,931)
Non-employee warrants(879)(923)
Total equity awards compensation expense (1)
$(47,978)$(52,341)
Tax benefit from equity awards compensation expense5,101 3,669 
Total equity awards compensation expense, net of tax effect$(42,877)$(48,672)

(1) Presented net of $2.1 million capitalized stock-based compensation relating to internally developed software.

A detailed description of each instrument type is provided below.


Share Options

Stock options granted under the Company’s stock incentive plans generally vest over four years, subject to the holder’s continued service through the vesting date and expire no later than 10 years from the date of grant.
In the following tables, exercise prices, grant date share fair values and fair value per equity instruments are provided in euros, as the Company is incorporated in France and the euro is the currency used for the grants.

Options Outstanding
Number of Shares Underlying Outstanding OptionsWeighted-Average Exercise PriceWeighted-Average Remaining Contractual Term (Years)Aggregate Intrinsic Value
Outstanding as of December 31, 2023
319,238 
Options granted— 
Options exercised(41,123)
Options forfeited(5,690)
Options canceled— 
Options expired(5,120)
Outstanding as of June 30, 2024
267,305 
Vested and exercisable as of June 30, 2024
267,305 €19.93 4.39€16.14 

The aggregate intrinsic value represents the difference between the exercise price of the options and the fair market value of common stock on the date of exercise. No new stock options were granted in the period ending June 30, 2024. As of June 30, 2024, there was no remaining unrecognized stock-based compensation related to unvested stock options.



18

Lock up shares

On August 1, 2022, 2,960,243 treasury shares were transferred to the Founder (referred to as Lock Up Shares or "LUS"), as partial consideration for the Iponweb Acquisition. These shares are subject to a lock-up period that expires in three installments on each of the first three anniversaries of the Iponweb Acquisition, unless the vesting schedule changes or the Founder's employment agreement is terminated under certain circumstances during the duration of such lock-up period. These shares are considered as equity settled share-based payments under ASC 718 and are accounted over the three-year lock-up period. The share based compensation expense is included in Research and Development expenses on the Consolidated Statement of Income. The shares were valued based on the volume weighted average price of one ADS traded on Nasdaq during the twenty (20) trading days immediately preceding July 28, 2022.

SharesWeighted-Average Grant date Fair Value Per Share
Outstanding as of December 31, 2023
1,953,761 — 
Granted— — 
Vested(375,000)— 
Forfeited— — 
Outstanding as of June 30, 2024
1,578,761 €23.94 


During the six months ended June 30, 2024, the vesting resulted in the recognition of share-based compensation expense of $5.1 million.

As of June 30, 2024, the Company had unrecognized stock-based compensation relating to restricted stock of approximately $6.8 million, which is expected to be recognized over a period from July 1, 2024 to August 1, 2025.

Restricted Stock Units and Performance Stock Units

During the six months ended June 30, 2024, the Company granted new equity under our current equity compensation plans, which was comprised of restricted stock units (“RSU”), and performance-based RSU awards consisting of total shareholder return (“TSR”) and performance vesting conditions (“PSU”) to the Company’s senior executives.

Restricted Stock Units

Restricted stock units generally vest over four years, subject to the holder’s continued service and/or certain performance conditions through the vesting date. In the following tables, exercise prices, grant date share fair values and fair value per equity instruments are in euros, as the Company is incorporated in France and the euro is the currency used for the grants.

Shares (RSU)Weighted-Average Grant date Fair Value Per Share
Outstanding as of December 31, 2023
5,293,263 — 
Granted392,804 — 
Vested(1,342,769)— 
Forfeited(179,822)— 
Outstanding as of June 30, 2024
4,163,476 €27.6 

19

The RSUs are subject to a vesting period of four years, over which the expense is recognized on a straight-line basis. A total of 392,804 shares have been granted under this plan, with a weighted-average grant-date fair value of €30.00.
As of June 30, 2024, the Company had unrecognized stock-based compensation relating to restricted stock of approximately $56.4 million, which is expected to be recognized over a weighted-average period of 2.9 years.

Performance Stock Units

Performance stock units are subject to either a performance condition or a market condition.

Awards that are subject to a performance condition, are earned based on internal financial performance metrics measured by Contribution ex-TAC. A total of 536,452 shares have been granted at target under this plan with a vesting period of three years. The target shares are subject to a range of vesting from 0% to 200% based on the performance of internal financial metrics, for a maximum number of shares of 1,072,906. The grant-date fair value is determined based on the fair-value of the shares at the grant date, which is €29.88 per share for a total fair value of approximately $17.4 million, to be expensed on a straight-line basis over the respective vesting period. The number of shares granted, vesting and outstanding subject to performance conditions is as follows:

Shares (PSU)Weighted-Average Grant date Fair Value Per Share
Outstanding as of December 31, 2023
660,395 — 
Granted536,452 — 
Performance share adjustment
64,152 
Vested(164,764)— 
Forfeited— — 
Outstanding as of June 30, 2024
1,096,235 €29.90 

As of June 30, 2024, the Company had unrecognized stock-based compensation related to performance stock units of approximately $21.8 million, which is expected to be recognized over a weighted-average period of 3.4 years.

Awards that are subject to a market condition are earned based on the Company’s total shareholder return relative to the Nasdaq Composite Index, and certain other vesting conditions. A total of 268,226 shares have been granted at target under this plan, to be earned in two equal tranches over a term of two and three years, respectively. The target shares are subject to a range of vesting from 0% to 200% for each tranche based on the TSR, for a maximum number of shares of 536,452. The grant-date fair value is approximately $13.7 million, to be expensed on a straight-line basis over the respective vesting period.
The grant-date fair value was determined based on a Monte-Carlo valuation model using the following key assumptions:
Expected volatility of the Company42.73 %
Expected volatility of the benchmark71.18 %
Risk-free rate4.27 %
Expected dividend yield— %







20

The number of shares granted, vested and outstanding subject to market conditions is as follows:
Shares (TSR)Weighted-Average Grant date Fair Value Per Share
Outstanding as of December 31, 2023
— — 
Granted268,226 — 
Vested— — 
Forfeited— — 
Outstanding as of June 30, 2024
268,226 €47.42 
As of June 30, 2024, a total of $1.9 million expense has been recognized and the Company had unrecognized stock-based compensation related to performance stock units based of market conditions of $11.8 million, which is expected to be recognized over a period from July 1, 2024 to March 1, 2027.
Non-employee warrants

Non-employee warrants generally vest over four years, subject to the holder’s continued service through the vesting date.

SharesWeighted-Average Grant date Fair Value Per ShareWeighted-Average Remaining Contractual Term (Years)Aggregate Intrinsic Value
Outstanding as of December 31, 2023
244,457 
Granted— 
Exercised— 
Canceled— 
Expired— 
Outstanding as of June 30, 2024
244,457 €17.65 3.98€18.37 
Vested and exercisable - June 30, 2024
244,457 

The aggregate intrinsic value represents the difference between the exercise price of the non-employee warrants and the fair market value of common stock on the date of exercise.

No new stock non-employee warrants were granted in the period ending June 30, 2024. As of June 30, 2024 all instruments have fully vested.


21

Note 11. Financial and Other Income and Expenses
The condensed consolidated statements of income line item “Financial and Other income” can be broken down as follows:
Three Months EndedSix Months Ended
June 30, 2024June 30, 2023June 30, 2024June 30, 2023
(in thousands)
Financial income from cash equivalents$1,640 $1,072 $3,829 $2,135 
Interest and fees(409)(577)(832)(1,063)
Foreign exchange gains (losses)(1,437)(1,003)(559)(2,952)
Discounting impact12 (1,419)(1,766)(2,099)
Other financial income
(90)75 225 8,954 
Total Financial and Other Income (Expense)
$(284)$(1,852)$897 $4,975 
The $0.9 million in financial and other income for the six months ended June 30, 2024, were mainly driven by financial income from cash equivalents, partially offset by a negative impact of foreign exchange loss and the change in the accretion of the earn-out liability related to the Iponweb Acquisition.
As of June 30, 2024, our exposure to foreign currency risk was centralized at Criteo S.A. and hedged using foreign currency swaps or forward purchases or sales of foreign currencies.
Note 12. Income Taxes
The tax provision for interim periods is determined using an estimate of our annual effective tax rate (“AETR”), adjusted for discrete items arising in the period. To calculate our estimated AETR, we estimate our income before taxes and the related tax expense or benefit for the full fiscal year (total of expected current and deferred tax provisions), excluding the effect of significant unusual or infrequently occurring items or comprehensive income items not recognized in the statement of income. Each quarter, we update our estimate of the annual effective tax rate, and if our estimated annual tax rate does change, we make a cumulative adjustment in that quarter. Our quarterly tax provision, and our quarterly estimate of our annual effective tax rate, are subject to significant volatility due to several factors, including our ability to accurately predict our income (loss) before provision for income taxes in multiple jurisdictions. Our effective tax rate in the future will depend on the portion of our profits earned within and outside of France.
In December 2021, the Organization for Economic Cooperation and Development (OECD) released Pillar Two Model Rules defining the global minimum tax, which calls for the taxation of a minimum rate of 15% for multinational companies with consolidated revenue above €750 million. Numerous jurisdictions have enacted or are in the process of enacting legislation to adopt a minimum effective tax rate. While the adoption of Pillar Two did not have a material impact on the first six months of 2024, the Company will continue to assess the ongoing impact as additional guidance becomes available.
The following table presents provision for income taxes:
Six Months Ended
June 30, 2024June 30, 2023
(in thousands)
Provision for income tax (expense) benefit$(11,564)$3,517 
The $(11.6) million provision for income tax expense for the six months ended June 30, 2024 was driven by profits from operations.
The six months ended June 30, 2024 provision for income taxes mainly differs from the nominal standard French rate of 25.0% due to the application of a reduced income tax rate on the majority of the technology royalties income in France and nondeductible equity awards compensation expense.
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Note 13. Earnings Per Share

Basic Earnings Per Share
We calculate basic earnings (loss) per share ("EPS") by dividing the net income or loss for the period attributable to shareholders of the Parent by the weighted average number of shares outstanding.
Three Months EndedSix Months Ended
June 30, 2024June 30, 2023June 30, 2024June 30, 2023
Net income (loss) attributable to shareholders of Criteo S.A.
$26,987 $(2,876)$34,231 $(14,685)
Weighted average number of shares outstanding54,684,560 55,924,824 54,915,140 56,094,887 
Basic earnings (loss) per share
$0.49 $(0.05)$0.62 $(0.26)
Diluted Earnings Per Share
We calculate diluted earnings (loss) per share by dividing the net income or loss attributable to shareholders of the Parent by the weighted average number of shares outstanding plus any potentially dilutive shares not yet issued from share-based compensation plans (refer to Note 10). For the six months ended June 30, 2023, the Company reported a net loss hence basic net loss per share was the same as diluted net loss per share, as the inclusion of all potential shares of common stock outstanding would have been anti-dilutive.
For each period presented, a contract to issue a certain number of shares (i.e., share option, non-employee warrant, employee warrant ("BSPCE")) is assessed as potentially dilutive if it is “in the money” (i.e., the exercise or settlement price is lower than the average market price).
Three Months EndedSix Months Ended
June 30, 2024June 30, 2023June 30, 2024June 30, 2023
Net income (loss) attributable to shareholders of Criteo S.A.
$26,987 $(2,876)$34,231 $(14,685)
Basic shares :
Weighted average number of shares outstanding of Criteo S.A.54,684,560 55,924,824 54,915,140 56,094,887 
Dilutive effect of :
Restricted share awards ("RSUs")2,766,726 — 2,880,402 — 
Lock-up shares ('LUSs")
1,333,396 — 1,187,404 — 
Share options and BSPCE118,366 — 107,565 — 
Share warrants71,138 — 61,072 — 
Diluted shares :
Weighted average number of shares outstanding used to determine diluted earnings per share58,974,186 55,924,824 59,151,582 56,094,887 
Diluted earnings (loss) per share
$0.46 $(0.05)$0.58 $(0.26)
The weighted average number of securities that were anti-dilutive for diluted EPS for the periods presented but which could potentially dilute EPS in the future are as follows:
Six Months Ended
June 30, 2024June 30, 2023
Restricted share awards454,891 248,911 
Share options and BSPCE— — 
Weighted average number of anti-dilutive securities excluded from diluted earnings per share454,891 248,911 


23

Note 14. Commitments and contingencies
From time to time we may become involved in legal proceedings or be subject to claims arising in the ordinary course of our business. We are not presently a party to any legal proceedings that, if determined adversely to us, would individually or taken together have a material adverse effect on our business, results of operations, financial condition or cash flows. Regardless of the outcome, litigation can have an adverse impact on us because of defense and settlement costs, diversion of management resources and other factors.
The amount of the provisions represents management’s latest estimate of the expected impact.

Legal and Regulatory matters
Following a complaint from Privacy International against a number of advertising technology companies with certain data protection authorities, including in France, France's Commission Nationale de l'Informatique et des Libertés (the "CNIL") opened a formal investigation in January 2020 against Criteo. In June 2023, the CNIL issued its decision, which retained alleged European Union's General Data Protection Regulation ("GDPR") violations but reduced the financial sanction against Criteo from the original amount of €60 million ($64.2 million) to €40 million ($42.8 million). Criteo issued the required sanction payment during the third quarter of 2023. The decision relates to past matters and does not include any obligation for Criteo to change its current practices. Criteo has appealed this decision before the French Council of State (Conseil d’Etat).
We are party to a claim (Doe v. GoodRx Holdings, Inc. et al. in the U.S. District Court for the Northern District of California), alleging violations of various state and federal laws. We intend to vigorously defend our position, but we are unable to predict the potential outcome.

Non income tax risks
We have recorded a $31.9 million provision related to certain non income tax items accounted for as a contingency under ASC 450. These risks were identified and recognized as part of the Iponweb Acquisition. We have recorded an indemnification asset in the full amount of the provision as the Company is indemnified against certain tax liabilities under the Framework Purchase Agreement (FPA). The indemnification asset is recorded as part of "Other non current assets" on the consolidated statement of financial position.
24

Note 15. Breakdown of Revenue and Non-Current Assets by Geographical Areas
The Company operates in the following three geographical markets:
•    Americas (North and South America);
•    EMEA (Europe, Middle-East and Africa); and
•    Asia-Pacific.
The following tables disclose our consolidated revenue for each geographical area for each of the reported periods. Revenue by geographical area is based on the location of advertisers’ campaigns or of the retailers.
Three Months EndedAmericasEMEAAsia-PacificTotal
(in thousands)
June 30, 2024$212,374 $168,496 $90,437 $471,307 
June 30, 2023$208,465 $163,968 $96,501 $468,934 
Six Months EndedAmericasEMEAAsia-PacificTotal
(in thousands)
June 30, 2024$410,739 $331,338 $179,285 $921,362 
June 30, 2023$396,753 $324,182 $193,015 $913,950 
Revenue generated in other significant countries where we operate is presented in the following table:
Three Months EndedSix Months Ended
June 30, 2024June 30, 2023June 30, 2024June 30, 2023
(in thousands)
Americas
United States$190,725 $188,257 $368,002 $357,848 
EMEA
Germany$48,876 $48,418 $98,753 $94,200 
France$22,476 $24,409 $43,949 $47,707 
Asia-Pacific
Japan$48,853 $53,862 $101,997 $113,554 
For each reported period, non-current assets (corresponding to the net book value of tangible and intangible assets, excluding right of use assets related to lease agreements) are presented in the table below. The geographical information includes results from the locations of legal entities.
AmericasEMEAAsia-PacificTotal
(in thousands)
June 30, 2024$82,315 $193,079 $13,235 $288,630 
December 31, 2023$89,355 $202,969 $15,058 $307,382 
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Note 16. Subsequent Events

The Company evaluated all subsequent events that occurred after June 30, 2024 through the date of issuance of the unaudited condensed consolidated financial statements and determined there are no significant events that require adjustments or disclosure.
26

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the unaudited condensed consolidated financial statements and related notes thereto included elsewhere in this Quarterly Report on Form 10-Q and the audited consolidated financial statements and related notes thereto included in our Annual Report on Form 10-K for the year ended December 31, 2023, filed with the Securities and Exchange Commission ("SEC"), on February 23, 2024. In addition to our historical condensed consolidated financial information, the following discussion contains forward-looking statements that reflect our plans, estimates, and beliefs. Our actual results could differ materially from those discussed in the forward-looking statements. Factors that could cause or contribute to these differences include those discussed below and elsewhere in this Quarterly Report on Form 10-Q, particularly in Part II, Item 1A, "Risk Factors."

To supplement our condensed consolidated financial statements, which are prepared and presented in accordance with generally accepted accounting principles in the United States of America ("GAAP"), we present Contribution ex-TAC, and Adjusted EBITDA, which are non-GAAP financial measures. We define Contribution ex-TAC as a profitability measure akin to gross profit. It is calculated by deducting traffic acquisition costs from revenue and reconciled to gross profit through the exclusion of other costs of revenue. Contribution ex-TAC is presented in the section entitled "Contribution excluding Traffic Acquisition Costs", which includes a reconciliation to its most directly comparable GAAP financial measure, Gross Profit. We define Adjusted EBITDA as our consolidated earnings before financial income (expense), income taxes, depreciation and amortization, adjusted to eliminate the impact of equity awards compensation expense, pension service costs, certain restructuring, integration and transformation costs, certain acquisition costs and a loss contingency related to a regulatory matter. Adjusted EBITDA is presented in the section entitled "Adjusted EBITDA", which includes a reconciliation to its most directly comparable GAAP financial measure, Net Income. We also present revenues, traffic acquisition costs and Contribution ex-TAC on a constant currency basis; these measures exclude the impact of foreign currency fluctuations and are computed by applying the average exchange rates for the prior year to the current year figures. A reconciliation is provided in the section entitled "Constant Currency Reconciliation".

We believe these non-GAAP financial measures provide investors with useful supplemental information about the financial performance of our business, enable comparison of financial results between periods where certain items may vary independent of business performance, and allow for greater transparency with respect to key metrics used by management in operating our business. As required by the rules of the SEC, we provide reconciliations of the non-GAAP financial measures contained in this document to the most directly comparable measures under GAAP.
Overview
We are a global technology company driving superior commerce outcomes for marketers and media owners through the world’s leading Commerce Media Platform. We operate in commerce media, the future of digital advertising, leveraging commerce data and artificial intelligence ("AI") to connect ecommerce, digital marketing and media monetization to reach consumers throughout their shopping journey. Our vision is to bring richer experiences to every consumer by supporting a fair and open internet that enables discovery, innovation, and choice – powered by trusted and impactful advertising. We have accelerated and deeply transformed the Company from a single-product to a multi-solution platform provider, fast diversifying our business into new solutions..

We report our segment results as Retail and Performance Media:

•Retail Media 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 segment encompasses commerce activation, monetization, and services.






27

Current quarter financial highlights
For the three months ended June 30, 2024, revenue increased by 1% to $471.3 million, compared to the same period in the prior year, primarily driven by growth in Retail Media. At constant currency, revenue increased by 3%.
Gross profit for the three months ended June 30, 2024 increased by 17% to $232.8 million, compared to the same period in the prior year, mainly due to revenue growth and lower traffic acquisition costs.
Contribution ex-TAC for the three months ended June 30, 2024 increased by 11% to $267.1 million, compared to the same period in the prior year, driven by growth across both segments. At constant currency, Contribution ex-TAC increased by 14%.
Net income for the three months ended June 30, 2024 increased to $28.1 million, primarily due to growth in gross profit.
Adjusted EBITDA for the three months ended June 30, 2024 increased by 67% to $93.4 million, compared to the same period in the prior year, primarily due to higher Contribution ex-TAC over the period and disciplined cost management.

Cash flow from operating activities was $17.2 million for the three months ended June 30, 2024, compared to $1.3 million in the same period in the prior year, as a result of the positive trends in our income from operations.
Trends, Opportunities and Challenges
We believe our performance and future success depend on several factors that present significant opportunities but also pose risks and challenges, including those referred to in Part I, Item 1A of our risk factor section of our Annual Report on Form 10-K for the fiscal year ended December 31, 2023.
Develop and Scale our Commerce Media Platform

Our future growth depends upon our ability to retain and scale our existing clients and increase the usage of our Commerce Media platform as well as adding new customers. We believe that we are in a leading position in the Commerce Media space as we have unique commerce data at scale, deep integrations with retailers, a large client base, differentiated technology and a R&D powerhouse. By unifying the Commerce Media ecosystem with a multi-retailer, multi-channel, multi-format approach and providing full funnel closed loop measurement to our clients, we believe we are well positioned to capture more ad budgets and market share.

Business and Macroeconomic Conditions

Global economic and geopolitical conditions have been volatile due to factors such as the conflicts in Ukraine and the Middle East, inflation, and high interest rates. The economic uncertainty resulting from these factors may negatively impact advertising demand, consumer behavior, and to some extent, our performance.

These factors, among others, including the impact of persistent inflation, make it difficult for Criteo and our clients to accurately forecast and plan future business activities, and could cause the company's clients to reduce or delay their advertising spending or increase their cautiousness, which, in turn, could have an adverse impact on our business, financial condition and results of operations. We are monitoring these macroeconomic conditions closely and may continue to take actions in response to such conditions to the extent they adversely affect our business.

Seasonality

In the advertising industry, companies commonly experience seasonal fluctuations in revenue, as many marketers allocate the largest portion of their budgets to the third and fourth quarter of the calendar year in order to coincide with increased back-to-school and holiday purchasing. Historically, the fourth quarter has reflected our highest level of advertising activity for the year. We generally expect the subsequent first quarter to reflect lower activity levels, but this trend may be masked due to the growth of our business.
In addition, historical seasonality may not be predictive of future results given the potential for changes in advertising buying patterns and consumer activity due to the potential impacts of the evolving macroeconomic and geopolitical conditions discussed above.
We expect our revenue to continue to fluctuate based on seasonal factors that affect the advertising industry as a whole.
28


Privacy Trends and Government Regulations

We are subject to U.S. and international laws and regulations regarding privacy, data protection, digital advertising and the collection of user data. In addition, large Internet and technology companies such as Google and Apple are making their own decisions as to how to protect consumer privacy with measures resulting in signal loss, which impact the entire digital ecosystem. While Google has recently announced that it will not pursue its original plan to fully phase out third-party cookies in Chrome, Google has proposed an updated approach that allows users to make an informed choice across web browsing that can be adjusted at any time. This proposal remains subject to consultation with the UK Competition and Market Authority, the Information Commissioner's Office and other global regulators. These developments could cause instability in the advertising technology industry. We have developed a multi-pronged addressability strategy to enhance our resilience post third-party identifiers.


29

Results of Operations for the Periods Ended June 30, 2024 and June 30, 2023 (Unaudited)
Revenue

Revenue breakdown by segment
 Three Months EndedSix Months Ended
June 30, 2024June 30, 2023%
 change		June 30, 2024June 30, 2023%
 change
(in thousands, except percentages)
Revenue as reported471,307 468,934 1%921,362 913,950 1%
Conversion impact U.S. dollar/other currencies10,181 16,412 
Revenue at constant currency $481,488 $468,934 3%937,774 913,950 3%
Retail Media revenue as reported 54,777 44,590 23%105,649 82,611 28%
Conversion impact U.S. dollar/other currencies65 (158)
Retail Media revenue at constant currency $54,842 $44,590 23%$105,491 $82,611 28%
Performance Media revenue as reported416,530 424,344 (2)%815,713 831,339 (2)%
Conversion impact U.S. dollar/other currencies10,115 16,570 
Performance Media revenue at constant currency $426,645 $424,344 1%$832,283 $831,339 0.1%


Revenue for the three months ended June 30, 2024 increased 1%, or 3% on a constant currency basis, to $481.5 million compared to the three months ended June 30, 2023 reflecting growth in Retail Media.

In the three months ended June 30, 2024, 93% of revenue came from existing clients while 7% came from new client additions.

Retail Media revenue increased 23%, or 23% on a constant currency basis, to $54.8 million for the three months ended June 30, 2024, driven by continued strength in Retail Media onsite, in particular in the U.S. market, and growing network effects of onboarding brands and retailers to the platform.

Performance Media revenue decreased (2)%, or increased 1% on a constant currency basis, to $426.6 million for the three months ended June 30, 2024, with improving trends across all verticals.

Additionally, our $471.3 million of revenue for the three months ended June 30, 2024 was negatively impacted by $10.2 million of currency fluctuations, particularly as a result of the depreciation of the Euro, Japanese Yen, and the Brazilian Real compared to the U.S. dollar.

Revenue for the six months ended June 30, 2024 increased 1%, or 3% on a constant currency basis, to $937.8 million compared to the six months ended June 30, 2023 reflecting growth in Retail Media.

In the six months ended June 30, 2024, 93% of revenue came from existing clients while 7% came from new client additions.

Retail Media revenue increased 28%, or 28% on a constant currency basis, to $105.5 million for the six months ended June 30, 2024, driven by continued strength in Retail Media onsite, in particular in the U.S. market, and growing network effects of onboarding brands and retailers to the platform.

Performance Media revenue decreased (2)%, or increased 0.1% on a constant currency basis, to $832.3 million for the six months ended June 30, 2024, with improving trends across all verticals.

30

Additionally, our $921.4 million of revenue for the six months ended June 30, 2024 was negatively impacted by $16.4 million of currency fluctuations, particularly as a result of the depreciation of the Euro, Japanese Yen, and the Brazilian Real compared to the U.S. dollar.

Revenue breakdown by region
Three Months EndedSix Months Ended
June 30, 2024June 30, 2023%
 change		June 30, 2024June 30, 2023%
 change
(in thousands, except percentages)
Revenue as reported471,307 468,934 1%921,362 913,950 1%
Conversion impact U.S. dollar / other currencies10,181 — 16,412 — 
Revenue at constant currency $481,488 $468,934 3%$937,774 $913,950 3%
Americas
Revenue as reported212,374 208,465 2%410,739 396,753 4%
Conversion impact U.S. dollar / other currencies434 — (196)— 
Revenue at constant currency
$212,808 $208,465 2%$410,543 $396,753 3%
EMEA
Revenue as reported168,496 163,968 3%331,338 324,182 2%
Conversion impact U.S. dollar / other currencies2,309 — 1,994 — 
Revenue at constant currency
$170,805 $163,968 4%$333,332 $324,182 3%
Asia-Pacific
Revenue as reported90,437 96,501 (6)%179,285 193,015 (7)%
Conversion impact U.S. dollar / other currencies7,438 — 14,614 — 
Revenue at constant currency$97,875 $96,501 1%$193,899 $193,015 0.5%
Our revenue in the Americas region increased 2%, or 2% on a constant currency basis, to $212.8 million for the three months ended June 30, 2024 compared to the three months ended June 30, 2023. This primarily reflects continued strong performance of Retail Media as the platform continues to scale with large retailers and consumer brands and strong Classified and travel trends in the region.

Our revenue in EMEA increased 3%, or 4% on a constant currency basis, to $170.8 million for the three months ended June 30, 2024 compared to the three months ended June 30, 2023, reflecting continued traction in Retail Media and continued strength in Travel.

Our revenue in the Asia-Pacific region decreased (6)%, or increased 1% on a constant currency basis, to $97.9 million for the three months ended June 30, 2024 compared to the three months ended June 30, 2023, reflecting improved trends in Classified and solid trends in Travel and Retail in the region.

Our revenue in the Americas region increased 4%, or 3% on a constant currency basis, to $410.5 million for the six months ended June 30, 2024 compared to the six months ended June 30, 2023. This primarily reflects continued strong performance of Retail Media as the platform continues to scale with large retailers and consumer brands and strong Classified trends in the region.

Our revenue in EMEA increased 2%, or 3% on a constant currency basis, to $333.3 million for the six months ended June 30, 2024 compared to the six months ended June 30, 2023, reflecting continued traction in Retail Media and continued strength in Travel.

31

Our revenue in the Asia-Pacific region decreased (7)%, or increased 0.5% on a constant currency basis, to $193.9 million for the six months ended June 30, 2024 compared to the six months ended June 30, 2023, reflecting soft trends in Classified, partially offset by solid Retail and Travel trends in the region.



Cost of Revenue
Three Months EndedSix Months Ended
June 30, 2024June 30, 2023%
 change		June 30, 2024June 30, 2023%
 change
(in thousands, except percentages)
Traffic acquisition costs 204,214 228,717 (11)%400,381 453,115 (12)%
Other cost of revenue 34,248 40,435 (15)%70,913 79,544 (11)%
Total cost of revenue$238,462 $269,152 (11)%$471,294 $532,659 (12)%
% of revenue51 %57 %51 %58 %
Gross profit %49 %43 %49 %42 %
Three Months EndedSix Months Ended
June 30, 2024June 30, 2023%
change		%
 change at Constant Currency		June 30, 2024June 30, 2023%
change		%
change
 at Constant Currency
(in thousands, except percentages)
Retail Media
911 1,072 (15)%(15)%1,614 1,741 (7)%(8)%
Performance Media203,303 227,645 (11)%(9)%398,767 451,374 (12)%(10)%
Traffic Acquisition Costs$204,214 $228,717 (11)%(9)%$400,381 $453,115 (12)%(10)%

Cost of revenue for the three months ended June 30, 2024 decreased $(30.7) million, or (11)%, compared to the three months ended June 30, 2023. This decrease was primarily the result of a decrease of $(24.5) million, or (11)% (or (9)% on a constant currency basis) in traffic acquisition costs driven by a lower average price partially offset by an increase in volume, and a decrease of $(6.2) million, or (15)% in other cost of revenue.

Traffic acquisition costs in Retail Media decreased by (15)%, or (15)% at constant currency, compared to the three months ended June 30, 2023.

Traffic acquisition costs in Performance Media decreased by (11)%, or (9)% at constant currency, compared to the three months ended June 30, 2023. This was driven by a (22)% decrease (or (20)% at constant currency) in the average cost per thousand impressions ("CPM") for inventory purchased, including lower CPMs for signal-limited environments where Criteo continues to perform, and a 14% increase in the number of impressions we purchased.
The decrease in other cost of revenue included a decrease in depreciation of servers, offset by other hosting costs.
Cost of revenue for the six months ended June 30, 2024 decreased $(61.4) million, or (12)%, compared to the six months ended June 30, 2023. This decrease was primarily the result of a decrease of $(52.7) million, or (12)% (or (10)% on a constant currency basis) in traffic acquisition costs driven by a lower average price partially offset by an increase in volume, and a decrease of $(8.6) million, or (11)% in other cost of revenue.

Traffic acquisition costs in Retail Media decreased by (7)%, or (8)% at constant currency, compared to the six months ended June 30, 2023.

Traffic acquisition costs in Performance Media decreased by (12)%, or (10)% at constant currency, compared to the six months ended June 30, 2023. This was driven by a (15)% decrease (or (13)% at constant currency) in the average cost per thousand impressions ("CPM") for inventory purchased, including lower CPMs for signal-limited environments where Criteo continues to perform, and a 4% increase in the number of impressions we purchased.
32

The decrease in other cost of revenue included a decrease in depreciation of servers, offset by other hosting costs.

Contribution excluding Traffic Acquisition Costs

We define Contribution excluding Traffic Acquisition Costs, "Contribution ex-TAC", as a profitability measure akin to gross profit. It is calculated by deducting traffic acquisition costs from revenue and reconciled to gross profit through the exclusion of other costs of revenue. Contribution ex-TAC is not a measure calculated in accordance with GAAP. We have included Contribution ex-TAC because it is a key measure used by our management and board of directors to evaluate operating performance, generate future operating plans and make strategic decisions. In particular, we believe that this measure can provide useful measures for period-to-period comparisons of our business. Accordingly, we believe that Contribution ex-TAC provides useful information to investors and others in understanding and evaluating our results of operations in the same manner as our management and board of directors. Our use of Contribution ex-TAC has limitations as an analytical tool, and you should not consider them in isolation or as a substitute for analysis of our financial results as reported under GAAP. Some of these limitations are: (a) other companies, including companies in our industry which have similar business arrangements, may address the impact of TAC differently; (b) other companies may report Contribution ex-TAC or similarly titled measures but calculate them differently, which reduces their usefulness as a comparative measure. Because of these and other limitations, you should consider Contribution ex-TAC alongside our other GAAP financial measures.

The below table provides a reconciliation of Contribution ex-TAC to gross profit:

Three Months EndedSix Months Ended
June 30, 2024June 30, 2023June 30, 2024June 30, 2023
(in thousands)
Gross Profit$232,845 $199,782 $450,068 $381,291 
Other Cost of Revenue34,248 40,435 70,913 79,544 
Contribution ex-TAC $267,093 $240,217 $520,981 $460,835 

We consider Contribution ex-TAC as a key measure of our business activity. Our strategy focuses on maximizing our Contribution ex-TAC on an absolute basis over maximizing our near-term gross margin. We believe this focus builds sustainable long-term value for our business by fortifying a number of our competitive strengths, including access to advertising inventory, breadth and depth of data and continuous improvement of our Criteo AI Engine’s performance, allowing it to deliver more relevant advertisements at scale. As part of this focus, we continue to invest in building preferred relationships with direct publishers and pursue access to leading advertising exchanges.
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The following table sets forth our revenue and Contribution ex-TAC by segment:

Three Months EndedSix Months Ended
June 30, 2024June 30, 2023%
change		%
 change at Constant Currency		June 30, 2024June 30, 2023%
change		%
 change at Constant Currency
(amounts in thousands, except percentages)
Revenue
Retail Media$54,777 $44,590 23%23%$105,649 $82,611 28%28%
Performance Media416,530 424,344 (2)%1%815,713 831,339 (2)%0.1%
Total$471,307 $468,934 1%3%$921,362 $913,950 1%3%
Contribution ex-TAC
Retail Media$53,866 $43,518 24%24%$104,035 $80,870 29%28%
Performance Media213,227 196,699 8%11%416,946 379,965 10%12%
Total$267,093 $240,217 11%14%$520,981 $460,835 13%15%

Contribution ex-TAC increased $26.9 million, or 11% for the three months ended June 30, 2024 compared to the three months ended June 30, 2023. The increase in Contribution ex-TAC was driven by growth in both segments.

Contribution ex-TAC increased $60.1 million, or 13% for the six months ended June 30, 2024 compared to the six months ended June 30, 2023. The increase in Contribution ex-TAC was driven by growth in both segments.

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Constant Currency Reconciliation
Information in this Form 10-Q with respect to results presented on a constant currency basis was calculated by applying prior period average exchange rates to current period results. Management reviews and analyzes business results excluding the effect of foreign currency translation because they believe this better represents our underlying business trends. Below is a table which reconciles the actual results presented in this section with the results presented on a constant currency basis:
Three Months EndedSix Months Ended
June 30, 2024June 30, 2023%
change		June 30, 2024June 30, 2023%
change
(amounts in thousands, except percentages)
Gross Profit as reported$232,845 $199,782 17%$450,068 $381,291 18%
Other cost of revenue as reported34,248 40,435 (15)%70,913 79,544 (11)%
Contribution ex-TAC as reported267,093 240,217 11%520,981 460,835 13%
Conversion impact U.S. dollar/other currencies5,602 — 9,324 — 
Contribution ex-TAC at constant currency272,695 240,217 14%530,305 460,835 15%
Contribution ex-TAC/Revenue as reported57 %51 %57 %50 %
Traffic acquisition costs as reported204,214 228,717 (11)%400,381 453,115 (12)%
Conversion impact U.S. dollar/other currencies4,580 — 7,089 — 
Traffic Acquisition Costs at constant currency208,794 228,717 (9)%407,470 453,115 (10)%
Revenue as reported471,307 468,934 1%921,362 913,950 1%
Conversion impact U.S. dollar/other currencies10,181 — 16,412 — 
Revenue at constant currency$481,488 $468,934 3%$937,774 $913,950 3%









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Research and Development Expenses
Three Months EndedSix Months Ended
June 30, 2024June 30, 2023%
change		June 30, 2024June 30, 2023%
change
(in thousands, except percentages)
Research and development expenses$59,639 $67,775 (12)%$126,497 $131,365 (4)%
% of revenue13 %14 %14 %14 %
Research and development expenses for the three months ended June 30, 2024, decreased $(8.1) million or (12)% compared to the three months ended June 30, 2023. This decrease is mainly related to a decrease in headcount-related costs and share based compensation expense, mostly related to the annual vesting of the Lock-up shares related to the Iponweb acquisition.
Research and development expenses for the six months ended June 30, 2024, decreased $(4.9) million or (4)% compared to the six months ended June 30, 2023. This decrease is mainly related to a decrease in headcount-related costs and share based compensation expense, mostly related to the annual vesting of the Lock-up shares related to the Iponweb acquisition.

Sales and Operations Expenses
Three Months EndedSix Months Ended
June 30, 2024June 30, 2023%
change		June 30, 2024June 30, 2023%
change
(in thousands, except percentages)
Sales and operations expenses$95,069 $112,511 (16)%$187,911 $213,753 (12)%
% of revenue20 %24 %20 %23 %
Sales and operations expenses for the three months ended June 30, 2024 decreased $(17.4) million or (16)% compared to the three months ended June 30, 2023. This decrease mainly related to a decrease in headcount-related costs and a decrease in bad debt expense.
Sales and operations expenses for the six months ended June 30, 2024 decreased $(25.8) million or (12)% compared to the six months ended June 30, 2023. This decrease mainly related to a decrease in headcount-related costs, a decrease in bad debt expense partially offset by an increase in share based compensation expense.

General and Administrative Expenses
Three Months EndedSix Months Ended
June 30, 2024June 30, 2023%
change		June 30, 2024June 30, 2023%
change
(in thousands, except percentages)
General and administrative expenses$41,199 $18,537 122%$88,368 $58,707 51%
% of revenue9 %4 %10 %6 %
General and administrative expenses for the three months ended June 30, 2024, increased $22.7 million or 122%, compared to the three months ended June 30, 2023. The increase mainly relates to the partial reversal of the loss contingency on regulatory matters in 2023.
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General and administrative expenses for the six months ended June 30, 2024, increased $29.7 million or 51%, compared to the six months ended June 30, 2023. The increase mainly relates to the partial reversal of the loss contingency on regulatory matters in 2023 and adjustments to the Earn-out liability related to the Iponweb acquisition.

Financial and Other Income
Three Months EndedSix Months Ended
June 30, 2024June 30, 2023%
change		June 30, 2024June 30, 2023%
change
(in thousands, except percentages)
Financial and Other Income (Expense)
$(284)$(1,852)(85)%$897 $4,975 (82)%
% of revenue(0.1)%(0.4)%0.1 %1 %
Financial and Other expenses for the three months ended June 30, 2024, decreased by $(1.6) million or (85)% compared to the three months ended June 30, 2023. The decrease is mainly related to financial income from cash and cash equivalents, partially offset by a negative change in foreign exchange loss.
Financial and Other income for the six months ended June 30, 2024, decreased by $(4.1) million or (82)% compared to the six months ended June 30, 2023. The decrease is related to the disposal of non consolidated investments during the three months ended March 31, 2023, and the accretion of the earn-out liability related to the Iponweb Acquisition, partially offset by the positive impact in foreign exchange gain and income from cash equivalents.
As of June 30, 2024, our exposure to foreign currency risk was centralized at Criteo S.A. and hedged using foreign currency swaps or forward purchases or sales of foreign currencies.

Provision for Income Taxes
Three Months EndedSix Months Ended
June 30, 2024June 30, 2023%
change		June 30, 2024June 30, 2023%
change
(in thousands, except percentages)
Provision for income tax (expense) benefit$(8,595)$(1,078)697%$(11,564)$3,517 (429)%

Provision for income tax expense for the three months ended June 30, 2024, increased $7.5 million or 697% compared to the three months ended June 30, 2023. The increase of the income tax provision reflected the higher profitability and the lower operating expenses.
Provision for income tax expense for the six months ended June 30, 2024, increased $15.1 million or (429)% compared to the six months ended June 30, 2023. The increase was driven by higher income from operations.
The provision for income taxes mainly differs from the nominal standard French rate of 25.0% due to the application of a reduced income tax rate on the majority of the technology royalties income in France and nondeductible equity awards compensation expense.

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Adjusted EBITDA
We define Adjusted EBITDA as our consolidated earnings before financial income (expense), income taxes, depreciation and amortization, adjusted to eliminate the impact of equity awards compensation expense, pension service costs, certain restructuring, integration and transformation costs, and certain acquisition costs. Adjusted EBITDA is not a measure calculated in accordance with GAAP. We have included Adjusted EBITDA because it is a key measure used by our management and board of directors to understand and evaluate our core operating performance and trends, to prepare and approve our annual budget and to develop short-term and long-term operational plans. In particular, we believe that the elimination of equity awards compensation expense, pension service costs, certain restructuring, integration and transformation costs, and certain acquisition costs in calculating Adjusted EBITDA can provide a useful measure for period-to-period comparisons of our business. Accordingly, we believe that Adjusted EBITDA provides useful information to investors and others in understanding and evaluating our results of operations in the same manner as our management and board of directors. Our use of Adjusted EBITDA has limitations as an analytical tool, and you should not consider it in isolation or as a substitute for analysis of our financial results as reported under GAAP. Some of these limitations are: (a) although depreciation and amortization are non-cash charges, the assets being depreciated and amortized may have to be replaced in the future, and Adjusted EBITDA does not reflect cash capital expenditure requirements for such replacements or for new capital expenditure requirements; (b) Adjusted EBITDA does not reflect changes in, or cash requirements for, our working capital needs; (c) Adjusted EBITDA does not reflect the potentially dilutive impact of equity-based compensation; (d) Adjusted EBITDA does not reflect tax payments that may represent a reduction in cash available to us; and (e) other companies, including companies in our industry, may calculate Adjusted EBITDA or similarly titled measures differently, which reduces their usefulness as a comparative measure. Because of these and other limitations, you should consider Adjusted EBITDA alongside our GAAP financial results, including net income.
Three Months EndedSix Months Ended
June 30, 2024June 30, 2023June 30, 2024June 30, 2023
(in thousands, except percentages)
Net Income (loss)$28,059 $(1,971)$36,625 $(14,042)
Adjustments:
Financial (Income) expense284 1,956 (897)(4,650)
Provision for income taxes (benefit)8,595 1,078 11,564 (3,517)
Equity awards compensation expense21,877 27,831 49,169 53,896 
Pension service costs172 177 344 353 
Depreciation and amortization expense25,077 26,606 49,995 51,926 
Acquisition-related costs— 362 — 1,194 
Net loss contingency on regulatory matters— (21,616)— (21,616)
Restructuring, integration and transformation costs9,366 21,563 17,309 31,165 
Total net adjustments65,371 57,957 127,484 108,751 
Adjusted EBITDA
$93,430 $55,986 $164,109 $94,709 
The following table presents our Adjusted EBITDA on a comparative basis:
Three Months EndedSix Months Ended
June 30, 2024June 30, 2023% changeJune 30, 2024June 30, 2023% change
(in thousands, except percentages)
Adjusted EBITDA$93,430 $55,986 67%$164,109 $94,709 73%

Adjusted EBITDA increased $37.4 million, or 67%, for the three months ended June 30, 2024 compared to the three months ended June 30, 2023, primarily due to higher Contribution ex-TAC.
Adjusted EBITDA increased $69.4 million, or 73%, for the six months ended June 30, 2024 compared to the six months ended June 30, 2023, primarily due to higher Contribution ex-TAC.
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Liquidity and Capital Resources
Our cash and cash equivalents and restricted cash at June 30, 2024 were held for working capital and general corporate purposes, which could include acquisitions, and amounted to $291.7 million as of June 30, 2024. The $(119.6) million decrease in cash and cash equivalents, and restricted cash compared to December 31, 2023, primarily resulted from a decrease of $(102.1) million in cash used for financing activities, a decrease of $(35.2) million in cash used for investing activities partially offset by an increase of $31.2 million in cash provided by operating activities over the period. Our policy is to invest any cash in excess of our immediate requirements in investments designed to preserve the principal balance and provide liquidity. Accordingly, our cash and cash equivalents are invested primarily in demand deposit accounts that are currently providing only a minimal return.
As disclosed in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023, on September 27, 2022, the Company entered into a new five year Revolving Credit Facility (as amended, the "RCF") that allows immediate access to an additional €407.0 million ($435.7 million) of liquidity, which, combined with our cash position, marketable securities and treasury shares as of June 30, 2024, provides total liquidity above $675.5 million. Overall, we believe that our current financial liquidity, combined with our expected cash-flow generation in 2024, enables financial flexibility.
Share buy-back programs
In December 2021, we completed a $100.0 million share repurchase program. In 2022, we completed an additional $136.0 million share repurchase program, and in 2023, we completed an additional $125.0 million share repurchase program. For the six months ended June 30, 2024, we have repurchased $102.5 million of shares.
All above programs have been implemented under our multi-year authorization granted by our Board of Directors. On February 1, 2024, this authorization was extended to a total amount of $630.0 million. Other than these repurchase programs, we intend to retain all available funds and any future earnings to fund our growth.
Off-Balance Sheet Arrangements
We do not have any relationships with unconsolidated entities or financial partnerships, including entities sometimes referred to as structured finance or special purpose entities that were established for the purpose of facilitating off-balance sheet arrangements or other contractually narrow or limited purposes. In addition, we do not engage in trading activities involving non-exchange traded contracts. We therefore believe that we are not materially exposed to any financing, liquidity, market or credit risk that could arise if we had engaged in these relationships.
Operating and Capital Expenditure Requirements
For the six months ended June 30, 2024 and 2023, our capital expenditures were $(34.3) million and $(78.7) million, respectively. During the six months ended June 30, 2024, these capital expenditures were mainly comprised of acquisition of data center, server equipment, and software development costs. We expect our capital expenditures to remain at around 7% of Contribution ex-TAC for 2024, as we plan to continue to build, reshape and maintain additional data center equipment capacity in all regions and we increase our investments to further develop our Commerce Media Platform.
We currently anticipate that our available funds and cash flow from operations and financing activities will be sufficient to meet our operational cash needs and fund our share repurchase program for at least the next 12 months and thereafter for the foreseeable future. We continuously evaluate our liquidity and capital resources, including our access to external capital, to ensure we can finance our future capital requirements.
Our future working capital requirements will depend on many factors, including the rate of our revenue growth, the amount and timing of our investments in personnel and capital equipment, and the timing and extent of our introduction of new products and product enhancements.
If our cash and cash equivalents balances and cash flows from operating activities are insufficient to satisfy our liquidity requirements, we may need to raise additional funds through equity, equity-linked or debt financings to support our operations, and such financings may not be available to us on acceptable terms, or at all.
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We may also need to raise additional funds in the event we determine in the future to effect one or more acquisitions of businesses, technologies, assets or products.
If we are unable to raise additional funds when needed, our operations and ability to execute our business strategy could be adversely affected. If we raise additional funds through the incurrence of indebtedness, such indebtedness would have rights that are senior to holders of our equity securities and could contain covenants that restrict our operations. Any additional equity financing will be dilutive to our shareholders.
Historical Cash Flows
The following table sets forth our cash flows for the three month period ended June 30, 2024 and June 30, 2023:
Six Months Ended
June 30, 2024June 30, 2023
(in thousands)
Cash (used for) from operating activities $31,204 $43,292 
Cash (used for) from investing activities$(35,157)$(88,337)
Cash (used for) from financing activities$(102,098)$(96,117)
Operating Activities
Cash from operating activities is driven by an increase in the number of clients using our solutions and by the amount of cash we invest in personnel to support the anticipated growth of our business. Cash flow from operating activities has typically been generated from changes in our operating assets and liabilities, particularly in the areas of accounts receivable, accounts payable and accrued expenses, adjusted for certain non-cash and non-operating items such as depreciation, amortization and share-based compensation, deferred tax assets and income taxes.
For the six months ended June 30, 2024, net cash provided by operating activities mostly consisted of net income adjusted for certain non-cash and non-operating items, such as amortization and provision expense of $46.3 million, and equity awards compensation expense of $48.0 million, partially offset by $(88.0) million of changes in working capital. The decrease in cash flow from operating activities during the six months ended June 30, 2024, compared to the same period in 2023, was mainly due to higher trade payables.
Investing Activities
Our investing activities to date consist primarily of purchases of servers and other data-center equipment, software development costs, and business acquisitions. For the six months ended June 30, 2024, net cash used for investing activities was $(35.2) million and primarily driven by purchases of data-center and capitalized software development costs of $(34.3) million, $(0.5) million release of holdback liability, and $(0.3) million change from the maturity of investments in Marketable Securities.
Cash used for investing activities decreased during the six months ended June 30, 2024, compared to the same period in 2023, due to lower capital expenditures for our data centers compared to the previous period, and due to proceeds from the sale of a non consolidated investment during the three months ended March 31, 2023.
Financing Activities
For the six months ended June 30, 2024, net cash used for financing activities was $(102.1) million, due to the repurchasing of shares of $(102.5) million. The increase in cash used for financing activities during the six months ended June 30, 2024, compared to the same period in 2023, was mostly due to an increase in the amount of shares repurchased.



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Critical Accounting Policies and Estimates
There have been no material changes to our critical accounting policies and estimates from the information provided in Item 2, "Management's Discussion and Analysis of Financial Condition and Results of Operations," included in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023.
Recently Issued Pronouncements
See "Recently Issued Accounting Standards" under Note 1, "Summary of Significant Accounting Policies," of the Notes to Unaudited Condensed Consolidated Financial Statements for a discussion of certain accounting standards that have been issued during 2024.
41

Item 3. Quantitative and Qualitative Disclosures About Market Risk

Market Risk
We are mainly exposed to foreign currency exchange rate fluctuations. There have been no material changes to our exposure to market risk during the six months ended June 30, 2024.
    
For a description of our foreign exchange risk, please see "Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations - B. Liquidity and Capital Resources" in our Annual Report on Form 10-K for the year ended December 31, 2023.
A hypothetical 10% increase or decrease of the Pound Sterling, the Euro, the Japanese yen or the Brazilian real against the U.S. dollar would have impacted the Condensed Consolidated Statements of Income as follows:
Six Months Ended
June 30, 2024June 30, 2023
(in thousands)
GBP/USD +10%-10%+10%-10%
Net income (loss) impact $159 $(159)$(244)$244 
Six Months Ended
June 30, 2024June 30, 2023
(in thousands)
BRL/USD +10%-10%+10%-10%
Net income (loss) impact $127 $(127)$126 $(126)
Six Months Ended
June 30, 2024June 30, 2023
(in thousands)
JPY/USD +10%-10%+10%-10%
Net income (loss) impact $3,099 $(3,099)$832 $(832)
Six Months Ended
June 30, 2024June 30, 2023
(in thousands)
EUR/USD +10%-10%+10%-10%
Net income (loss) impact $3,215 $(3,215)$(3,636)$3,636 

Credit Risk and Trade receivables
For a description of our trade receivables, please see "Note 4. Trade Receivables" in the Notes to the Unaudited Condensed Consolidated Financial Statements.

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Item 4. Controls and Procedures
Disclosure Controls and Procedures
Based on their evaluation as of June 30, 2024, our management, including our Chief Executive Officer and Chief Financial Officer, concluded that our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Exchange Act) were effective to provide reasonable assurance that (i) the information required to be disclosed in our reports filed or submitted under the Exchange Act are recorded, processed, summarized and reported within the time periods specified in the SEC's rules and forms, and (ii) such information is accumulated and communicated to our management, including our Chief Executive Officer and Chief Financial Officer, as appropriate, to allow timely decisions regarding required disclosure.
Changes in Internal Control Over Financial Reporting
There were no changes in our internal control over financial reporting identified in management's evaluation pursuant to Rules 13a-15(d) or 15d-15(d) of the Exchange Act during the period covered by this Quarterly Report on Form 10-Q that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.
Limitation on Effectiveness of Controls and Procedures
Our management, including our Chief Executive Officer and Chief Financial Officer, does not expect that our disclosure controls and procedures or our internal controls will prevent all error and all fraud. A control system, no matter how well conceived and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Further, the design of a control system must reflect the fact that there are resource constraints, and the benefits of controls must be considered relative to their costs. Because of the inherent limitations in all control systems, no evaluation of controls can provide absolute assurance that all control issues and instances of fraud, if any, within Criteo have been detected. These inherent limitations include the realities that judgments in decision making can be faulty and that breakdowns can occur because of simple error or mistake. Controls can also be circumvented by the individual acts of some persons, by collusion of two or more people, or by management override of the controls. The design of any system of controls is based in part on certain assumptions about the likelihood of future events, and there can be no assurance that any design will succeed in achieving its stated goals under all potential future conditions. Over time, controls may become inadequate because of changes in conditions or deterioration in the degree of compliance with policies and procedures. Because of the inherent limitations in a cost-effective control system, misstatements due to error or fraud may occur and may not be detected.

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PART II
Item 1.    Legal Proceedings.
For a discussion of our legal proceedings, refer to Note 14. Commitments and contingencies.
Item 1A. Risk Factors.
You should carefully consider the risks described under the heading “Risk Factors” in our Annual Report on Form 10-K for the year ended December 31, 2023 and in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2024. These risks and uncertainties are not the only ones we face. Additional risks and uncertainties that we are unaware of, or that we currently believe are not material, also may become important factors that affect us. If any such risks materialize, our business, financial condition and results of operations could be materially harmed and the trading price of our American Depositary Shares could decline. These risks are not exclusive and additional risks and uncertainties that we are unaware of, or that we currently believe are not material, also may become important factors that affect us. The following risk factor is provided to update the risk factors previously disclosed under the heading "Risk Factors" in our Annual Report on Form 10-K for the year ended December 31, 2023 filed with the SEC on February 23, 2024, and in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2024 filed with the SEC on May 2, 2024. Except as presented below, there have been no material changes to the Risk Factors described in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023 and in our Quarterly Report on Form 10-Q for the quarter ended March 31, 2024.

Our ability to generate revenue depends on our collection of significant amounts of data from various sources, which may be restricted by consumer choice, clients, publishers, browsers or other software, changes in technology, and new developments in laws, regulations and industry standards.

Our ability to optimize the delivery of internet advertisements for our clients depends on our ability to successfully leverage data, including data that we collect from our clients, data we receive from our publisher partners and third parties, and data from our own operating history. Using cookies and non-cookie based mechanisms, such as hashed emails, hashed customer log-ins, mobile phone numbers or mobile advertising identifiers, we collect information about the interactions of users with our clients’ and publishers’ digital properties (including, for example, information about the placement of advertisements and users’ shopping or other interactions with our clients’ websites or advertisements). Our ability to successfully leverage such data depends on our continued ability to access and use such data, which could be restricted by a number of factors, including consumer choices, restrictions imposed by counterparties (such as clients, supply sources and publishers, who may also compete with us for advertising spend and inventory), web browser developers or other software developers, changes in technology, including changes in web browser technology, increased visibility of consent or “do not track” mechanisms or “ad-blocking” software, the emergence of new opt-out signals such as “Global Privacy Control” and “Global Privacy Platform”, and new developments in, or new interpretations of, laws, regulations and industry standards. These types of restrictions could materially impair the results of our operations.

Web browser developers, such as Apple, Mozilla Foundation, Microsoft or Google, have implemented or may implement changes in browser or device functionality that impair our ability to understand the preferences of consumers, including by limiting the use of third-party cookies or other tracking technologies or data indicating or predicting consumer preferences. Today, four major web browsers — Apple’s Safari, Mozilla’s Firefox, Microsoft’s Edge, and Samsung Internet Browser — block third-party cookies by default. Internet users can also delete cookies from their computers and mobile devices at any time. While Google has recently announced that it will not pursue its original plan to fully phase out third-party cookies in Chrome, Google has proposed an updated framework that allows users to make an informed choice across web browsing that can be adjusted any time, which proposal remains subject to consultation with the UK Competition and Market Authority, the Information Commissioner’s Office and other global regulators. Google controls more than 60% of the browser market and has an even more dominant position in the digital advertising market. These web browser developers have significant resources at their disposal and command substantial market share, and any restrictions they impose could foreclose our ability to understand the preferences of a substantial number of consumers.

Although we are actively in the process of moving our business away from third-party cookies towards relying more on first-party data-based and other identifiers, if we are blocked from serving advertisements to a significant portion of internet users, our business could suffer and our results of operations could be harmed.

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Similarly, Internet users are increasingly able to download free or paid “ad-blocking” software, including on mobile devices, which prevent third-party cookies from being stored on a user’s computer and block advertisements from being displayed to such user. In addition, Google has introduced ad blocking software in its Chrome browser that blocks certain ads based on quality standards established under a multi-stakeholder coalition. If such a feature inadvertently or mistakenly blocks ads that are not within the established blocking standards, or if such capabilities become widely adopted and the advertising technology industry does not collaboratively develop alternative technologies, our business could be harmed. The Interactive Advertising Bureau and Digital Advertising Alliance have also developed frameworks that allow users to opt out of the “sale” of their personal information under the CCPA, in ways that stop or severely limit the ability to show targeted ads.

In addition, search engines and other service providers that explicitly do not allow the tracking of data may be growing in popularity. If a significant number of web browser users switch to advertising-free services or platforms, our business could be materially impacted. Further, mobile devices allow users to opt out of the use of mobile device IDs for targeted advertising.

For in-app advertising, data regarding interactions between users and devices are tracked mostly through stable, pseudonymous mobile device identifiers that are built into the device operating system with privacy controls that allow users to express a preference with respect to data collection for advertising, including to disable the identifier. These identifiers and privacy controls are defined by the developers of the mobile platforms and could be changed by the mobile platforms in a way that may negatively impact our business. For example, Apple now requires user opt-in before permitting access to Apple’s unique identifier, or IDFA. This shift from enabling user opt-out to an opt-in requirement has had, and is likely to continue to have, a substantial impact on the mobile advertising ecosystem and could harm our growth in this channel.

User privacy features of other channels of programmatic advertising, such as Connected TV or over-the-top video, are still developing. Technical or policy changes, including regulation or industry self-regulation, could harm our growth in those channels.

The data we gather is important to the continued development and success of Criteo Shopper Graph, which is a key element of the Criteo Commerce Media Platform. If too few of our clients provide us with the permission to share their data or if our clients choose to stop sharing their data, or if regulatory or other factors inhibit or restrict us from maintaining the data collectives underlying Criteo Shopper Graph, the value of Criteo Shopper Graph could be materially diminished, which could impact the performance of our products and materially impact our business.

In addition, our ability to collect and use data may be restricted or prevented by a number of other factors, including:

•     the failure of our, or our clients’, network, hardware, or software systems;
•     our inability to grow our client and publisher base in new industry verticals and geographic markets in order to obtain the critical mass of data necessary for Criteo AI Engine to perform optimally in such new industry verticals or geographic markets;
•     malicious traffic (such as non-human traffic) that introduces “noise” in the information that we collect from clients and publishers; and
•     interruptions, failures or defects in our data collection, mining, analysis and storage systems, including due to our reliance on external third-party providers for cloud computing services and data center hosting services, in a competitive market subject to close legal and regulatory scrutiny.

Any of the above-described limitations could also harm our business and adversely impact our future results of operations.
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Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
Purchases of Equity Securities by the issuer and Affiliated Purchasers
The following table provides certain information with respect to our purchases of our ADSs during the second fiscal quarter of 2024:
Period
Total Number of Shares Purchased(1)
Average Price Paid per Share(2)
Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs(1)
Approximate Dollar Value of Shares That May Yet Be Purchased Under the Plans or Programs(1)
April 1 to 30, 2024235,058 $34.73 235,058 $217,481,580 
May 1 to 31, 2024476,104 $37.65 476,104 $199,499,428 
June 1 to 30, 2024381,951 $37.21 381,951 $185,257,396 
Total1,093,113 1,093,113 
(1) In February 2024, the board of directors approved an extension of the long-term share repurchase program of up to $150 million of the Company's outstanding American Depositary Shares to a total of $630 million.
(2) Average price paid per share excludes any broker commissions paid.


Item 5. Other Information
Trading Plans
During the three months ended June 30, 2024, no directors or Section 16 officers of the Company adopted or terminated any Rule 10b5-1 trading arrangement or "non-Rule 10b5-1 trading arrangement," as each term is defined in Item 408 of Regulation S-K.

46

Item 6. Exhibits
Exhibit Index
Incorporated by Reference
ExhibitDescriptionSchedule/ FormFile
Number		ExhibitFile
Date
101.INS
XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document.
101.SCH
XBRL Taxonomy Extension Schema Document
101.CAL
XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF
XBRL Taxonomy Extension Definition Linkbase Document
101.LAB
XBRL Taxonomy Extension Labels Linkbase Document
101.PRE
XBRL Taxonomy Extension Presentation Linkbase Document
104
Cover Page Interactive Data File, formatted in Inline XBRL and contained in Exhibit 101.
#    Filed herewith.
*    Furnished herewith.
47

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 thereunto duly authorized.
 CRITEO S.A.
 (Registrant)
By:/s/ Sarah Glickman
Date: August 1, 2024
Name:Sarah Glickman
Title: Chief Financial Officer
 (Principal financial officer and duly authorized signatory)
48

Exhibit 31.1
Certification by the Chief Executive Officer pursuant to
Securities Exchange Act Rules 13a-14(a) and 15d-14(a)
as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

I, Megan Clarken, certify that:
1.    I have reviewed this quarterly report on Form 10-Q of Criteo S.A.;
2.     Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.     Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.     The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.     The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: August 1, 2024            
/s/ Megan Clarken
Megan Clarken
Chief Executive Officer
(Principal Executive Officer)



Exhibit 31.2
Certification by the Chief Financial Officer pursuant to
Securities Exchange Act Rules 13a-14(a) and 15d-14(a)
as adopted pursuant to Section 302 of the Sarbanes-Oxley Act of 2002

I, Sarah Glickman, certify that:
1.    I have reviewed this quarterly report on Form 10-Q of Criteo S.A.;
2.     Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3.     Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4.     The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and
5.     The registrant’s other certifying officer(s) and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):
(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: August 1, 2024                
/s/ Sarah Glickman
Sarah Glickman
Chief Financial Officer



Exhibit 32.1
Certification by the Chief Executive Officer and Chief Financial Officer pursuant to
18 U.S.C. Section 1350, as adopted pursuant to
Section 906 of the Sarbanes-Oxley Act of 2002

Pursuant to the requirement set forth in Rule 13a-14(b) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. §1350), Megan Clarken, Chief Executive Officer of Criteo S.A. (the “Company”), and Sarah Glickman, Chief Financial Officer of the Company, each hereby certifies that, to the best of her knowledge:
1.    The Company’s Quarterly Report on Form 10-Q for the period ended June 30, 2024, to which this Certification is attached as Exhibit 32.1 (the “Quarterly Report”), fully complies with the requirements of Section 13(a) or Section 15(d) of the Exchange Act, and
2.    The information contained in the Quarterly Report fairly presents, in all material respects, the financial condition and results of operations of the Company.

Date: August 1, 2024
/s/ Megan Clarken/s/ Sarah Glickman
Megan ClarkenSarah Glickman
Chief Executive OfficerChief Financial Officer



This certification accompanies the Quarterly Report, is not deemed filed with the Securities and Exchange Commission and is not to be incorporated by reference into any filing of the Company under the Securities Act of 1933, as amended, or the Exchange Act (whether made before or after the date of the Quarterly Report), irrespective of any general incorporation language contained in such filing.


v3.24.2.u1
Cover Page - shares
 6 Months Ended
Jun. 30, 2024
Jul. 26, 2024
Document Information [Line Items]    
Document Type 10-Q  
Document Quarterly Report true  
Document Period End Date Jun. 30, 2024  
Document Transition Report false  
Entity File Number 001-36153  
Entity Registrant Name Criteo S.A.  
Entity Incorporation, State or Country Code I0  
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 75  
Local Phone Number 85 09 39  
Entity Current Reporting Status Yes  
Entity Interactive Data Current Yes  
Entity Filer Category Large Accelerated Filer  
Entity Small Business false  
Entity Emerging Growth Company false  
Entity Shell Company false  
Entity Common Stock, Shares Outstanding   55,985,114
Entity Central Index Key 0001576427  
Current Fiscal Year End Date --12-31  
Document Fiscal Year Focus 2024  
Document Fiscal Period Focus Q2  
Amendment Flag false  
American Depositary Shares    
Document Information [Line Items]    
Title of 12(b) Security American Depositary Shares, each representing one Ordinary Share,nominal value €0.025 per share  
Trading Symbol CRTO  
Security Exchange Name NASDAQ  
Ordinary Shares    
Document Information [Line Items]    
Title of 12(b) Security Ordinary Shares, nominal value €0.025 per share  
Security Exchange Name NASDAQ  
No Trading Symbol Flag true  
v3.24.2.u1
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (UNAUDITED) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Current assets:    
Cash and cash equivalents $ 216,698 $ 336,341
Trade receivables, net of allowances of $38.7 million and $43.3 million at June 30, 2024 and December 31, 2023, respectively. 632,749 775,589
Income taxes 16,673 2,065
Other taxes 132,465 109,306
Other current assets 49,021 48,291
Restricted cash 75,000 75,000
Marketable securities - current portion 16,480 5,970
Total current assets 1,139,086 1,352,562
Property, plant and equipment, net 115,886 126,494
Intangible assets, net 172,744 180,888
Goodwill 519,924 524,197
Right of use assets - operating lease 103,507 112,487
Marketable securities - non-current portion 5,353 16,575
Non-current financial assets 5,441 5,294
Other non-current assets 59,699 60,742
Deferred tax assets 46,226 52,680
Total non-current assets 1,028,780 1,079,357
Total assets 2,167,866 2,431,919
Current liabilities:    
Trade payables 635,208 838,522
Contingencies - current portion 1,373 1,467
Income taxes 3,334 17,213
Financial liabilities - current portion 7,020 3,389
Lease liability - operating - current portion 27,736 35,398
Other taxes 89,322 66,659
Employee - related payables 94,166 113,287
Other current liabilities 97,733 104,552
Total current liabilities 955,892 1,180,487
Deferred tax liabilities 3,061 1,083
Defined benefit plans 4,231 4,123
Financial liabilities - non-current portion 306 77
Lease liability - operating - non-current portion 78,801 83,051
Contingencies - non-current portion 32,625 32,625
Other non-current liabilities 19,760 19,082
Total non-current liabilities 138,784 140,041
Total liabilities 1,094,676 1,320,528
Shareholders' equity:    
Common shares, €0.025 par value, 59,063,486 and 61,165,663 shares authorized, issued and outstanding at June 30, 2024 and December 31, 2023, respectively. 1,967 2,023
Treasury stock, 4,461,517 and 5,400,572 shares at cost as of June 30, 2024 and December 31, 2023, respectively. (154,254) (161,788)
Additional paid-in capital 761,681 769,240
Accumulated other comprehensive loss (103,848) (85,326)
Retained earnings 537,241 555,456
Equity-attributable to shareholders of Criteo S.A. 1,042,787 1,079,605
Non-controlling interests 30,403 31,786
Total equity 1,073,190 1,111,391
Total equity and liabilities $ 2,167,866 $ 2,431,919
v3.24.2.u1
CONDENSED CONSOLIDATED STATEMENTS OF FINANCIAL POSITION (UNAUDITED) (Parenthetical)
$ in Thousands
Jun. 30, 2024
€ / shares
Jun. 30, 2024
USD ($)
shares
Dec. 31, 2023
€ / shares
Dec. 31, 2023
USD ($)
shares
Statement of Financial Position [Abstract]        
Trade receivables, allowances | $   $ 38,717   $ 43,348
Common shares par value (in euro per share) | € / shares € 0.025   € 0.025  
Common shares authorized (in shares)   59,063,486   61,165,663
Common shares issued (in shares)   59,063,486   61,165,663
Common shares outstanding (in shares)   59,063,486   61,165,663
Treasury stock (in shares)   4,461,517   5,400,572
v3.24.2.u1
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Income Statement [Abstract]        
Revenue $ 471,307 $ 468,934 $ 921,362 $ 913,950
Cost of revenue:        
Traffic acquisition costs (204,214) (228,717) (400,381) (453,115)
Other cost of revenue (34,248) (40,435) (70,913) (79,544)
Gross profit 232,845 199,782 450,068 381,291
Operating expenses:        
Research and development expenses (59,639) (67,775) (126,497) (131,365)
Sales and operations expenses (95,069) (112,511) (187,911) (213,753)
General and administrative expenses (41,199) (18,537) (88,368) (58,707)
Total operating expenses (195,907) (198,823) (402,776) (403,825)
Income (loss) from operations 36,938 959 47,292 (22,534)
Financial and Other income (284) (1,852) 897 4,975
Income (loss) before taxes 36,654 (893) 48,189 (17,559)
Provision for income tax (expense) benefit (8,595) (1,078) (11,564) 3,517
Net Income (loss) 28,059 (1,971) 36,625 (14,042)
Net income (loss) available to shareholders of Criteo S.A. 26,987 (2,876) 34,231 (14,685)
Net income (loss) available to non-controlling interests $ 1,072 $ 905 $ 2,394 $ 643
Weighted average shares outstanding used in computing per share amounts:        
Basic shares : 54,684,560 55,924,824 54,915,140 56,094,887
Weighted average number of shares outstanding used to determine diluted earnings per share 58,974,186 55,924,824 59,151,582 56,094,887
Net income (loss) allocated to shareholders per share:        
Net income allocated to shareholders, basic (in dollars per share) $ 0.49 $ (0.05) $ 0.62 $ (0.26)
Net income allocated to shareholders, diluted (in dollars per share) $ 0.46 $ (0.05) $ 0.58 $ (0.26)
v3.24.2.u1
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (UNAUDITED) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Statement of Comprehensive Income [Abstract]        
Net income (loss) $ 28,059 $ (1,971) $ 36,625 $ (14,042)
Foreign currency translation adjustments, net of taxes (9,367) (8,450) (22,578) (2,135)
Actuarial gains (losses) on employee benefits, net of taxes 449 (7) 177 (143)
Other comprehensive loss (8,918) (8,457) (22,401) (2,278)
Total comprehensive income (loss) 19,141 (10,428) 14,224 (16,320)
Attributable to shareholders of Criteo S.A. 19,901 (8,763) 15,708 (14,097)
Attributable to non-controlling interests $ (760) $ (1,665) $ (1,484) $ (2,223)
v3.24.2.u1
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (UNAUDITED) - USD ($)
$ in Thousands
Total
Equity - attributable to shareholders of Criteo S.A.
Share capital
Treasury Stock
Additional paid-in capital
Accumulated Other Comprehensive Income (Loss)
Retained Earnings
Non controlling interest
Beginning balance (in shares) at Dec. 31, 2022     63,248,728 5,985,104        
Beginning balance at Dec. 31, 2022 $ 1,081,106 $ 1,048,041 $ 2,079 $ (174,293) $ 734,492 $ (91,890) $ 577,653 $ 33,065
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net income (loss) (12,071) (11,809)         (11,809) (262)
Other comprehensive income (loss) 6,179 6,475       6,475   (296)
Issuance of ordinary shares (in shares)     67,968          
Issuance of ordinary shares 1,297 1,297 $ 2   1,295      
Change in treasury stocks (in shares) [1]       (1,338,049)        
Change in treasury stocks [1] (51,029) (51,029)   $ (37,107)     (13,922)  
Share-Based Compensation 24,707 24,610     24,610     97
Other changes in equity 0              
Ending balance (in shares) at Mar. 31, 2023     63,316,696 7,323,153        
Ending balance at Mar. 31, 2023 1,050,189 1,017,585 $ 2,081 $ (211,400) 760,397 (85,415) 551,922 32,604
Beginning balance (in shares) at Dec. 31, 2022     63,248,728 5,985,104        
Beginning balance at Dec. 31, 2022 1,081,106 1,048,041 $ 2,079 $ (174,293) 734,492 (91,890) 577,653 33,065
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net income (loss) (14,042)              
Other comprehensive income (loss) (2,278)              
Ending balance (in shares) at Jun. 30, 2023     63,337,453 7,412,578        
Ending balance at Jun. 30, 2023 1,043,012 1,012,238 $ 2,081 $ (214,046) 787,674 (91,328) 527,857 30,774
Beginning balance (in shares) at Mar. 31, 2023     63,316,696 7,323,153        
Beginning balance at Mar. 31, 2023 1,050,189 1,017,585 $ 2,081 $ (211,400) 760,397 (85,415) 551,922 32,604
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net income (loss) (1,971) (2,876)         (2,876) 905
Other comprehensive income (loss) (8,457) (5,887)       (5,887)   (2,570)
Issuance of ordinary shares (in shares)     20,757          
Issuance of ordinary shares 399 399     399      
Change in treasury stocks (in shares) [1]       (89,425)        
Change in treasury stocks [1] (23,835) (23,835)   $ (2,646)     (21,189)  
Share-Based Compensation 26,713 26,878     26,878     (165)
Other changes in equity (26) (26)       (26)    
Ending balance (in shares) at Jun. 30, 2023     63,337,453 7,412,578        
Ending balance at Jun. 30, 2023 1,043,012 1,012,238 $ 2,081 $ (214,046) 787,674 (91,328) 527,857 30,774
Beginning balance (in shares) at Dec. 31, 2023     61,165,663 5,400,572        
Beginning balance at Dec. 31, 2023 1,111,391 1,079,605 $ 2,023 $ (161,788) 769,240 (85,326) 555,456 31,786
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net income (loss) 8,566 7,244         7,244 1,322
Other comprehensive income (loss) (13,483) (11,437)       (11,437)   (2,046)
Issuance of ordinary shares (in shares)     15,338          
Issuance of ordinary shares 395 395 $ 1   394      
Change in treasury stocks (in shares) [2]       (1,216,547)        
Change in treasury stocks [2] (62,143) (62,143)   $ (42,575)     (19,568)  
Share-Based Compensation 27,913 27,858     27,858     55
Other changes in equity (40) (40)         (40)  
Ending balance (in shares) at Mar. 31, 2024     61,181,001 6,617,119        
Ending balance at Mar. 31, 2024 1,072,599 1,041,482 $ 2,024 $ (204,363) 797,492 (96,763) 543,092 31,117
Beginning balance (in shares) at Dec. 31, 2023     61,165,663 5,400,572        
Beginning balance at Dec. 31, 2023 1,111,391 1,079,605 $ 2,023 $ (161,788) 769,240 (85,326) 555,456 31,786
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net income (loss) 36,625              
Other comprehensive income (loss) (22,401)              
Ending balance (in shares) at Jun. 30, 2024     59,063,486 4,461,517        
Ending balance at Jun. 30, 2024 1,073,190 1,042,787 $ 1,967 $ (154,254) 761,681 (103,848) 537,241 30,403
Beginning balance (in shares) at Mar. 31, 2024     61,181,001 6,617,119        
Beginning balance at Mar. 31, 2024 1,072,599 1,041,482 $ 2,024 $ (204,363) 797,492 (96,763) 543,092 31,117
Increase (Decrease) in Stockholders' Equity [Roll Forward]                
Net income (loss) 28,059 26,987         26,987 1,072
Other comprehensive income (loss) (8,918) (7,085)       (7,085)   (1,833)
Issuance of ordinary shares (in shares)     32,485          
Issuance of ordinary shares 812 812     812      
Change in treasury stocks (in shares) [2]     (2,150,000) 2,155,602        
Change in treasury stocks [2] (40,352) (40,352) $ (57) $ 50,109 (57,871)   (32,533)  
Share-Based Compensation 21,295 21,248     21,248     47
Other changes in equity (305) (305)         (305)  
Ending balance (in shares) at Jun. 30, 2024     59,063,486 4,461,517        
Ending balance at Jun. 30, 2024 $ 1,073,190 $ 1,042,787 $ 1,967 $ (154,254) $ 761,681 $ (103,848) $ 537,241 $ 30,403
[1] (*) On December 7, 2022, Criteo's board of directors authorized an extension of the share repurchase program to up to $480.0 million of the Company's outstanding American Depositary Shares. The change in treasury stocks is comprised of 2,469,577 shares repurchased at an average price of $31.3 offset by 1,042,103 treasury shares used for RSUs vesting.
[2]
(*) On February 1, 2024, Criteo's board of directors authorized an extension of the share repurchase program to up to $630.0 million of the Company's outstanding American Depositary Shares. The change in treasury stocks is comprised of 3,089,910 shares repurchased at an average price of $33.1 offset by 1,503,965 treasury shares used for RSUs vesting, by 375,000 treasury shares used for LUSs vesting and by 2,150,000 treasury shares cancelled.
v3.24.2.u1
CONDENSED CONSOLIDATED STATEMENTS OF SHAREHOLDERS' EQUITY (UNAUDITED) (Parenthetical) - USD ($)
$ in Millions
Feb. 01, 2024
Dec. 07, 2022
Statement of Stockholders' Equity [Abstract]    
Authorized amount of share repurchase program $ 630.0 $ 480.0
Change in treasury stocks (in shares) 3,089,910 2,469,577
Treasury stock acquired, average cost per share (in dollars per share) $ 33.1 $ 31.3
Treasury shares used for RSUs vesting (in shares) 1,503,965 1,042,103
Treasury shares used for LUSs vesting (in shares) 375,000  
Treasury shares cancelled (in shares) 2,150,000  
v3.24.2.u1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Cash from operating activities    
Net income (loss) $ 36,625 $ (14,042)
Non-cash and non-operating items 82,574 48,886
- Amortization and provisions 46,324 37,422
- Equity awards compensation expense [1] 47,978 52,341
- Net (gain) or loss on disposal of non-current assets 574 (8,797)
- Change in uncertain tax position 1,757 (467)
- Net change in fair value of earn-out 3,187 516
- Change in deferred taxes 8,089 (20,536)
- Change in income taxes (28,420) (13,615)
- Other 3,085 2,022
Changes in working capital related to operating activities (87,995) 8,448
- (Increase) / Decrease in trade receivables 136,520 129,454
- Increase / (Decrease) in trade payables (193,210) (128,557)
- (Increase) / Decrease in other current assets (24,021) (6,652)
- Increase/ (Decrease) in other current liabilities (4,472) 14,597
- Change in operating lease liabilities and right of use assets (2,812) (394)
Cash from operating activities 31,204 43,292
Cash used for investing activities    
Acquisition of intangible assets, property, plant and equipment (36,968) (61,507)
Change in accounts payable related to intangible assets, property, plant and equipment 2,625 (17,231)
Payment for business, net of cash acquired (527) (6,957)
Proceeds from disposition of investments 0 9,625
Change in other non-current financial assets (287) (12,267)
Cash used for investing activities (35,157) (88,337)
Cash used for financing activities    
Proceeds from exercise of stock options 1,207 1,697
Repurchase of treasury stocks (102,495) (74,866)
Cash payment for contingent consideration 0 (22,025)
Change in other financing activities (810) (923)
Cash used for financing activities (102,098) (96,117)
Effect of exchange rates changes on cash and cash equivalents (13,507) (8,855)
Net decrease in cash and cash equivalents and restricted cash (119,558) (150,017)
Net cash and cash equivalents and restricted cash at beginning of period 411,257 448,200
Net cash and cash equivalents and restricted cash at end of period 291,698 298,183
Supplemental disclosures of cash flow information    
Cash paid for taxes, net of refunds (24,571) (31,101)
Cash paid for interest $ (653) $ (676)
[1] Of which $47.1 million and $51.4 million of equity awards compensation expense consisted of share-based compensation expense, net of capitalized stock-based compensation relating to internally developed software according to ASC 718 Compensation - stock compensation for the three months ended June 30, 2024 and 2023, respectively.
v3.24.2.u1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) (Parenthetical) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Share-based compensation expense $ 47,978 $ 52,341
Accounting Standards Update 2021-04    
Share-based compensation expense $ 47,100 $ 51,400
v3.24.2.u1
Summary of Significant Accounting Policies
 6 Months Ended
Jun. 30, 2024
Accounting Policies [Abstract]  
Summary of significant accounting policies Summary of Significant Accounting Policies
Basis of Presentation

The accompanying unaudited condensed consolidated financial statements (the "Unaudited Condensed Consolidated Financial Statements") have been prepared by Criteo in accordance with generally accepted accounting principles in the United States of America ("GAAP") and pursuant to the applicable rules and regulations of the Securities and Exchange Commission ("SEC"), including regarding interim financial reporting. Certain information and disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. As such, these unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and the notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on February 23, 2024.

The unaudited condensed consolidated financial statements included herein reflect all normal recurring adjustments that are, in the opinion of management, necessary to state fairly the results for the interim periods presented. The results of operations for the interim periods presented are not necessarily indicative of the operating results to be expected for any subsequent interim period or for the fiscal year ending December 31, 2024.

Use of Estimates

The preparation of our Consolidated Financial Statements requires the use of estimates, assumptions and judgments that affect the reported amounts of assets, liabilities, and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amount of revenue and expenses during the period. We base our estimates and assumptions on historical experience and other factors that we believe to be reasonable under the circumstances. We evaluate our estimates and assumptions on an ongoing basis. Our actual results may differ from these estimates. Estimates in our financial statements include, but are not limited to, (1) gross versus net assessment in revenue recognition (2) income taxes, (3) assumptions used in the valuation of long-lived assets including intangible assets, and goodwill, (4) assumptions surrounding the recognition and valuation of contingent liabilities and losses.

Significant Accounting Policies

Reportable Segments

Beginning with the first quarter of 2024, the Company has changed its segment reporting structure to two reportable segments: Retail Media and Performance Media, which combines our former Marketing Solutions and Iponweb segments, to align with a change in how the Chief Operating Decision Maker (CODM), our Chief Executive Officer (CEO), allocates resources and assesses performance.

As such, prior period segment results and related disclosures have been conformed to reflect the Company’s current reportable segments. This change in accounting policy did not impact our results of operations, financial position, or cash flows. Refer to Note 2 for further discussion.

Goodwill Interim Impairment Evaluation
The Company's goodwill balance was $519.9 million and $524.2 million at June 30, 2024 and December 31, 2023, respectively. We assess goodwill for impairment at least annually during the fourth quarter and whenever events or changes in circumstances indicate that the carrying value may not be recoverable. As noted above, during the first quarter 2024, the Company made a change to its operating and reportable segments from three to two segments: Retail Media and Performance Media. As a result of this change, we reassessed our reporting units for the evaluation of goodwill. Prior to this change, consistent with the determination that we had three operating/reportable segment, we determined that we had three reporting units for goodwill assessment purposes. Our reassessment during the first quarter of 2024 determined that, consistent with the determination that we had two operating/ reportable segments, we also have two reporting units for goodwill assessment purposes: Retail Media and Performance Media.
As a result of this change in reporting units, effective January 1, 2024, we estimated the fair value of our new reporting units and, based on an assessment of the relative fair values of our new reporting units after the change, we determined that the goodwill held by the Iponweb reportable unit was now allocated to the Performance Media reporting unit. This determination was largely based on the fact that the operations of the previous Iponweb operating segment/ reporting unit are significantly integrated with the Performance Media operating segment / reportable unit. The change in reporting units was also considered a triggering event indicating a test for goodwill impairment was required as of January 1, 2024 before and after the change in reporting units. The Company performed those impairment tests, which did not result in the identification of an impairment loss as of January 1, 2024.
Goodwill allocated to the two reportable segments and the changes in the carrying amount for the quarter-ended June 30, 2024 were as follows:
Retail MediaPerformance MediaTotal
Balance at January 1, 2024
$149,680 $374,517 $524,197 
Acquisitions— — — 
Disposals— — — 
Currency translation adjustment(1,044)(3,229)(4,273)
Impairments— — — 
Balance at June 30, 2024
$148,636 $371,288 $519,924 
There have been no other significant changes to our accounting policies described in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023.

Recently Issued Accounting Pronouncements

There have been no recently issued accounting standards adopted during the period which had a material impact on the Company's financial statements.

There are no recently issued accounting standards that are expected to have a material impact on our results of operations, financial condition, or cash flows.
v3.24.2.u1
Segment information
 6 Months Ended
Jun. 30, 2024
Segment Reporting [Abstract]  
Segment information Segment information
The Company reports segment information based on the management approach. The management approach designates the internal reporting used by management for making decisions and assessing performance as the source of the Company's reportable segments. Beginning with the first quarter of 2024, the Company changed its segment reporting structure and reports its results of operations through the following two segments: Retail Media and Performance Media.
–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.

The Company's CODM allocates resources to and assesses the performance of each segment using information about Contribution excluding Traffic Acquisition Costs (Contribution ex-TAC), which is our segment profitability measure and reflects our gross profit plus other costs of revenue. The Company's CODM does not review any other financial information for our two segments.
The following table shows revenue by reportable segment:
Three Months EndedSix Months Ended
June 30, 2024June 30, 2023June 30, 2024June 30, 2023
(in thousands)
Retail Media$54,777 $44,590 $105,649 $82,611 
Performance Media416,530 424,344 815,713 831,339 
Total Revenue$471,307 $468,934 $921,362 $913,950 

The following table shows Contribution ex-TAC by reportable segment and its reconciliation to the Company’s Consolidated Statements of Operation:

Three Months EndedSix Months Ended
June 30, 2024June 30, 2023June 30, 2024June 30, 2023
(in thousands)
Contribution ex-TAC
Retail Media$53,866 $43,518 $104,035 $80,870 
Performance Media213,227 196,699 416,946 379,965 
$267,093 $240,217 $520,981 $460,835 
Other costs of sales(34,248)(40,435)(70,913)(79,544)
Gross profit$232,845 $199,782 $450,068 $381,291 
Operating expenses
Research and development expenses(59,639)(67,775)(126,497)(131,365)
Sales and operations expenses(95,069)(112,511)(187,911)(213,753)
General and administrative expenses(41,199)(18,537)(88,368)(58,707)
Total Operating expenses$(195,907)$(198,823)$(402,776)$(403,825)
Income (loss) from operations$36,938 $959 $47,292 $(22,534)
Financial and Other Income (Expense)(284)(1,852)897 4,975 
Income (loss) before tax$36,654 $(893)$48,189 $(17,559)
Breakdown of Revenue and Non-Current Assets by Geographical Areas
The Company operates in the following three geographical markets:
•    Americas (North and South America);
•    EMEA (Europe, Middle-East and Africa); and
•    Asia-Pacific.
The following tables disclose our consolidated revenue for each geographical area for each of the reported periods. Revenue by geographical area is based on the location of advertisers’ campaigns or of the retailers.
Three Months EndedAmericasEMEAAsia-PacificTotal
(in thousands)
June 30, 2024$212,374 $168,496 $90,437 $471,307 
June 30, 2023$208,465 $163,968 $96,501 $468,934 
Six Months EndedAmericasEMEAAsia-PacificTotal
(in thousands)
June 30, 2024$410,739 $331,338 $179,285 $921,362 
June 30, 2023$396,753 $324,182 $193,015 $913,950 
Revenue generated in other significant countries where we operate is presented in the following table:
Three Months EndedSix Months Ended
June 30, 2024June 30, 2023June 30, 2024June 30, 2023
(in thousands)
Americas
United States$190,725 $188,257 $368,002 $357,848 
EMEA
Germany$48,876 $48,418 $98,753 $94,200 
France$22,476 $24,409 $43,949 $47,707 
Asia-Pacific
Japan$48,853 $53,862 $101,997 $113,554 
For each reported period, non-current assets (corresponding to the net book value of tangible and intangible assets, excluding right of use assets related to lease agreements) are presented in the table below. The geographical information includes results from the locations of legal entities.
AmericasEMEAAsia-PacificTotal
(in thousands)
June 30, 2024$82,315 $193,079 $13,235 $288,630 
December 31, 2023$89,355 $202,969 $15,058 $307,382 
v3.24.2.u1
Financial Instruments
 6 Months Ended
Jun. 30, 2024
Fair Value Disclosures [Abstract]  
Financial Instruments Financial Instruments
Fair Value Measurements
We classify our cash, cash equivalents and marketable debt securities within Level 1 or Level 2 because we use quoted market prices or pricing models with observable inputs to determine their fair value. Our term deposits are comprised primarily of interest-bearing term deposits and mutual funds. Interest-bearing and term bank deposits are considered Level 2 financial instruments as they are measured using valuation techniques based on observable market data. Term deposits are considered a level 2 financial instrument as they are measured using valuation techniques based on observable market data.
June 30, 2024December 31, 2023
Cash and Cash EquivalentMarketable SecuritiesCash and Cash EquivalentMarketable Securities
(in thousands)
Level 1
Cash and cash equivalents$177,555 $— $285,518 $— 
Level 2
   Term deposits and notes39,144 21,833 50,823 22,545 
Total$216,698 $21,833 $336,341 $22,545 

The fair value of term deposits approximates their carrying amount given the nature of the investments, its maturities and expected future cash flows.
Marketable Securities
The following table presents for each reporting period, the breakdown of the fair value of marketable securities:
June 30, 2024December 31, 2023
(in thousands)
Securities Held-to-maturity
Term Deposits21,833 22,545 
Total$21,833 $22,545 

The gross unrealized gains on our marketable securities were not material as of June 30, 2024.
The following table classifies our marketable debt securities by contractual maturities:
Held-to-maturity
June 30, 2024
(in thousands)
Due in one year$16,480 
Due in one to five years5,353 
Total$21,833 
Restricted Cash
As of June 30, 2024, the Company has restricted cash of $75 million in an escrow account containing withdrawal conditions. The cash secures the Company's payment of Iponweb Acquisition contingent consideration to the Sellers, which is conditioned upon the achievement of certain revenue targets by the Iponweb business for the 2023 fiscal year.
v3.24.2.u1
Trade Receivables
 6 Months Ended
Jun. 30, 2024
Receivables [Abstract]  
Trade Receivables Trade Receivables
The following table shows the breakdown in trade receivables net book value for the presented periods:
June 30, 2024December 31, 2023
(in thousands)
Trade accounts receivables$671,466 $818,937 
(Less) Allowance for credit losses(38,717)(43,348)
Net book value at end of period$632,749 $775,589 
As of June 30, 2024 no customer individually exceeded 10% of our gross accounts receivables.
v3.24.2.u1
Other Current and Non-Current Assets
 6 Months Ended
Jun. 30, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Other Current and Non-Current Assets Other Current and Non-Current Assets
The following table shows the breakdown in other current assets net book value for the presented periods:
June 30, 2024December 31, 2023
(in thousands)
Prepayments to suppliers$7,107 $7,499 
Other debtors11,423 7,279 
Prepaid expenses30,491 32,858 
Other current assets— 655 
Net book value at end of period$49,021 $48,291 
Prepaid expenses mainly consist of amounts related to SaaS arrangements.
Other non-current assets of $59.7 million are primarily comprised of the indemnification asset of $49.1 million recorded against certain tax liabilities related to the purchase agreement for the Iponweb Acquisition.
v3.24.2.u1
Other Current and Non-Current Liabilities
 6 Months Ended
Jun. 30, 2024
Other Liabilities Disclosure [Abstract]  
Other Current and Non-Current Liabilities Other Current and Non-Current Liabilities
Other current liabilities are presented in the following table:
June 30, 2024December 31, 2023
(in thousands)
Customer prepayments$7,893 $25,914 
Rebates24,671 23,315 
Accounts payable relating to capital expenditures5,146 3,346 
Other creditors2,685 2,319 
Deferred revenue2,698 10 
Earn out liability – current54,639 49,647 
Total current liabilities$97,733 $104,552 
The earn out liability is related to the Iponweb Acquisition, whereas the Sellers are entitled to contingent consideration, which is conditioned upon the achievement of certain revenue targets by the Iponweb business for the 2023 fiscal year. The related earn-out liability is valued and discounted using management's best estimate of the consideration that is expected to be paid during 2024.

Other non-current liabilities are presented in the following table:
June 30, 2024December 31, 2023
(in thousands)
Uncertain tax positions$18,109 $16,785 
Other$1,651 $2,297 
Total non-current liabilities$19,760 $19,082 
The uncertain tax positions are primarily related to the Iponweb Acquisition.
v3.24.2.u1
Leases
 6 Months Ended
Jun. 30, 2024
Leases [Abstract]  
Leases Leases
The components of lease expense are as follows:
Three Months EndedJune 30, 2024June 30, 2023
OfficesData CentersTotalOfficesData CentersTotal
(in thousands)
Lease expense$3,598 $6,611 $10,209 $3,425 $5,624 $9,049 
Short term lease expense314 — 314 147 20 167 
Variable lease expense340 29 369 115 57 172 
Sublease income(387)— (387)(186)— (186)
Total operating lease expense$3,865 $6,640 $10,505 $3,501 $5,701 $9,202 
Six Months EndedJune 30, 2024June 30, 2023
OfficesData CentersTotalOfficesData CentersTotal
(in thousands)
Lease expense$7,215 $12,856 $20,071 $7,129 $11,200 $18,329 
Short term lease expense627 — 627 289 29 318 
Variable lease expense671 57 728 204 61 265 
Sublease income(809)— (809)(415)— (415)
Total operating lease expense$7,704 $12,913 $20,617 $7,207 $11,290 $18,497 
v3.24.2.u1
Employee Benefits
 6 Months Ended
Jun. 30, 2024
Retirement Benefits [Abstract]  
Employee Benefits Employee Benefits
Defined Benefit Plans
According to French law and the Syntec Collective Agreement, French employees are entitled to compensation paid on retirement.
The following table summarizes the changes in the projected benefit obligation:
Projected benefit obligation
(in thousands)
Projected benefit obligation present value at January 1, 2023
$3,708 
Service cost
707 
 Interest cost
161 
 Curtailment(306)
Actuarial losses (gains)
(290)
Currency translation adjustment
143 
Projected benefit obligation present value at December 31, 2023
$4,123 
Service cost
343 
 Interest cost
79 
Actuarial losses (gains)
(187)
Currency translation adjustment
(127)
Projected benefit obligation present value at June 30, 2024
$4,231 
The Company does not hold any plan assets for any of the periods presented.
The main assumptions used for the purposes of the actuarial valuations are listed below:
Six Months EndedYear Ended
June 30, 2024December 31, 2023
Discount rate (Corp AA)
4.1%3.9%
Expected rate of salary increase
7.0%7.0%
Expected rate of social charges
48.0%48.0%
Expected staff turnover
Company age-based tableCompany age-based table
Estimated retirement age
65 years old65 years old
Life table
TH-TF 2000-2002 shiftedTH-TF 2000-2002 shifted
Defined Contribution Plans
The total expense represents contributions payable to these plans by us at specified rates.
In some countries, the Group’s employees are eligible for pension payments and similar financial benefits. The Group provides these benefits via defined contribution plans. Under defined contribution plans, the Group has no obligation other than to pay the agreed contributions, with the corresponding expense charged to income for the year. The main contributions relate to France, the United States (for 401k plans), and the United Kingdom.
Three Months EndedSix Months Ended
June 30, 2024June 30, 2023June 30, 2024June 30, 2023
(in thousands)
Defined contributions plans included in personnel expenses
$(6,064)$(5,536)$(10,290)$(9,614)
v3.24.2.u1
Revenue
 6 Months Ended
Jun. 30, 2024
Revenue from Contract with Customer [Abstract]  
Revenue Revenue
The following table presents our disaggregated revenues by segment:
Three Months EndedRetail MediaPerformance MediaTotal
(in thousands)
June 30, 2024$54,777 $416,530 $471,307 
June 30, 2023$44,590 $424,344 $468,934 
Six Months EndedRetail MediaPerformance MediaTotal
(in thousands)
June 30, 2024$105,649 $815,713 $921,362 
June 30, 2023$82,611 $831,339 $913,950 
v3.24.2.u1
Share-Based Compensation
 6 Months Ended
Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]  
Share-Based Compensation Share-Based Compensation
Equity awards Compensation Expense

Equity awards compensation expense recorded in the consolidated statements of operations was as follows:

Six Months Ended
June 30, 2024June 30, 2023
(in thousands)
Research and Development
$(23,653)$(32,504)
Sales and Operations
(10,087)(9,092)
General and Administrative
(14,238)(10,745)
Total equity awards compensation expense (1)
$(47,978)$(52,341)
Tax benefit from equity awards compensation expense5,101 3,669 
Total equity awards compensation expense, net of tax effect$(42,877)$(48,672)

(1) The six months ended June 30, 2024 are presented net of $2.1 million capitalized stock-based compensation relating to internally developed software.
During the six months ended June 30, 2024, the Company settled $13.1 million of equity instruments granted under share-based arrangements.

The breakdown of the equity award compensation expense by instrument type was as follows:

Six Months Ended
June 30, 2024June 30, 2023
(in thousands)
Share options$— $(65)
Lock-up shares(14,007)(21,422)
Restricted stock units / Performance stock units(33,092)(29,931)
Non-employee warrants(879)(923)
Total equity awards compensation expense (1)
$(47,978)$(52,341)
Tax benefit from equity awards compensation expense5,101 3,669 
Total equity awards compensation expense, net of tax effect$(42,877)$(48,672)

(1) Presented net of $2.1 million capitalized stock-based compensation relating to internally developed software.

A detailed description of each instrument type is provided below.


Share Options

Stock options granted under the Company’s stock incentive plans generally vest over four years, subject to the holder’s continued service through the vesting date and expire no later than 10 years from the date of grant.
In the following tables, exercise prices, grant date share fair values and fair value per equity instruments are provided in euros, as the Company is incorporated in France and the euro is the currency used for the grants.

Options Outstanding
Number of Shares Underlying Outstanding OptionsWeighted-Average Exercise PriceWeighted-Average Remaining Contractual Term (Years)Aggregate Intrinsic Value
Outstanding as of December 31, 2023
319,238 
Options granted— 
Options exercised(41,123)
Options forfeited(5,690)
Options canceled— 
Options expired(5,120)
Outstanding as of June 30, 2024
267,305 
Vested and exercisable as of June 30, 2024
267,305 €19.93 4.39€16.14 

The aggregate intrinsic value represents the difference between the exercise price of the options and the fair market value of common stock on the date of exercise. No new stock options were granted in the period ending June 30, 2024. As of June 30, 2024, there was no remaining unrecognized stock-based compensation related to unvested stock options.
Lock up shares

On August 1, 2022, 2,960,243 treasury shares were transferred to the Founder (referred to as Lock Up Shares or "LUS"), as partial consideration for the Iponweb Acquisition. These shares are subject to a lock-up period that expires in three installments on each of the first three anniversaries of the Iponweb Acquisition, unless the vesting schedule changes or the Founder's employment agreement is terminated under certain circumstances during the duration of such lock-up period. These shares are considered as equity settled share-based payments under ASC 718 and are accounted over the three-year lock-up period. The share based compensation expense is included in Research and Development expenses on the Consolidated Statement of Income. The shares were valued based on the volume weighted average price of one ADS traded on Nasdaq during the twenty (20) trading days immediately preceding July 28, 2022.

SharesWeighted-Average Grant date Fair Value Per Share
Outstanding as of December 31, 2023
1,953,761 — 
Granted— — 
Vested(375,000)— 
Forfeited— — 
Outstanding as of June 30, 2024
1,578,761 €23.94 


During the six months ended June 30, 2024, the vesting resulted in the recognition of share-based compensation expense of $5.1 million.

As of June 30, 2024, the Company had unrecognized stock-based compensation relating to restricted stock of approximately $6.8 million, which is expected to be recognized over a period from July 1, 2024 to August 1, 2025.

Restricted Stock Units and Performance Stock Units

During the six months ended June 30, 2024, the Company granted new equity under our current equity compensation plans, which was comprised of restricted stock units (“RSU”), and performance-based RSU awards consisting of total shareholder return (“TSR”) and performance vesting conditions (“PSU”) to the Company’s senior executives.

Restricted Stock Units

Restricted stock units generally vest over four years, subject to the holder’s continued service and/or certain performance conditions through the vesting date. In the following tables, exercise prices, grant date share fair values and fair value per equity instruments are in euros, as the Company is incorporated in France and the euro is the currency used for the grants.

Shares (RSU)Weighted-Average Grant date Fair Value Per Share
Outstanding as of December 31, 2023
5,293,263 — 
Granted392,804 — 
Vested(1,342,769)— 
Forfeited(179,822)— 
Outstanding as of June 30, 2024
4,163,476 €27.6 
The RSUs are subject to a vesting period of four years, over which the expense is recognized on a straight-line basis. A total of 392,804 shares have been granted under this plan, with a weighted-average grant-date fair value of €30.00.
As of June 30, 2024, the Company had unrecognized stock-based compensation relating to restricted stock of approximately $56.4 million, which is expected to be recognized over a weighted-average period of 2.9 years.

Performance Stock Units

Performance stock units are subject to either a performance condition or a market condition.

Awards that are subject to a performance condition, are earned based on internal financial performance metrics measured by Contribution ex-TAC. A total of 536,452 shares have been granted at target under this plan with a vesting period of three years. The target shares are subject to a range of vesting from 0% to 200% based on the performance of internal financial metrics, for a maximum number of shares of 1,072,906. The grant-date fair value is determined based on the fair-value of the shares at the grant date, which is €29.88 per share for a total fair value of approximately $17.4 million, to be expensed on a straight-line basis over the respective vesting period. The number of shares granted, vesting and outstanding subject to performance conditions is as follows:

Shares (PSU)Weighted-Average Grant date Fair Value Per Share
Outstanding as of December 31, 2023
660,395 — 
Granted536,452 — 
Performance share adjustment
64,152 
Vested(164,764)— 
Forfeited— — 
Outstanding as of June 30, 2024
1,096,235 €29.90 

As of June 30, 2024, the Company had unrecognized stock-based compensation related to performance stock units of approximately $21.8 million, which is expected to be recognized over a weighted-average period of 3.4 years.

Awards that are subject to a market condition are earned based on the Company’s total shareholder return relative to the Nasdaq Composite Index, and certain other vesting conditions. A total of 268,226 shares have been granted at target under this plan, to be earned in two equal tranches over a term of two and three years, respectively. The target shares are subject to a range of vesting from 0% to 200% for each tranche based on the TSR, for a maximum number of shares of 536,452. The grant-date fair value is approximately $13.7 million, to be expensed on a straight-line basis over the respective vesting period.
The grant-date fair value was determined based on a Monte-Carlo valuation model using the following key assumptions:
Expected volatility of the Company42.73 %
Expected volatility of the benchmark71.18 %
Risk-free rate4.27 %
Expected dividend yield— %
The number of shares granted, vested and outstanding subject to market conditions is as follows:
Shares (TSR)Weighted-Average Grant date Fair Value Per Share
Outstanding as of December 31, 2023
— — 
Granted268,226 — 
Vested— — 
Forfeited— — 
Outstanding as of June 30, 2024
268,226 €47.42 
As of June 30, 2024, a total of $1.9 million expense has been recognized and the Company had unrecognized stock-based compensation related to performance stock units based of market conditions of $11.8 million, which is expected to be recognized over a period from July 1, 2024 to March 1, 2027.
Non-employee warrants

Non-employee warrants generally vest over four years, subject to the holder’s continued service through the vesting date.

SharesWeighted-Average Grant date Fair Value Per ShareWeighted-Average Remaining Contractual Term (Years)Aggregate Intrinsic Value
Outstanding as of December 31, 2023
244,457 
Granted— 
Exercised— 
Canceled— 
Expired— 
Outstanding as of June 30, 2024
244,457 €17.65 3.98€18.37 
Vested and exercisable - June 30, 2024
244,457 

The aggregate intrinsic value represents the difference between the exercise price of the non-employee warrants and the fair market value of common stock on the date of exercise.

No new stock non-employee warrants were granted in the period ending June 30, 2024. As of June 30, 2024 all instruments have fully vested.
v3.24.2.u1
Financial and Other Income and Expenses
 6 Months Ended
Jun. 30, 2024
Other Income and Expenses [Abstract]  
Financial and Other Income and Expenses Financial and Other Income and Expenses
The condensed consolidated statements of income line item “Financial and Other income” can be broken down as follows:
Three Months EndedSix Months Ended
June 30, 2024June 30, 2023June 30, 2024June 30, 2023
(in thousands)
Financial income from cash equivalents$1,640 $1,072 $3,829 $2,135 
Interest and fees(409)(577)(832)(1,063)
Foreign exchange gains (losses)(1,437)(1,003)(559)(2,952)
Discounting impact12 (1,419)(1,766)(2,099)
Other financial income
(90)75 225 8,954 
Total Financial and Other Income (Expense)
$(284)$(1,852)$897 $4,975 
The $0.9 million in financial and other income for the six months ended June 30, 2024, were mainly driven by financial income from cash equivalents, partially offset by a negative impact of foreign exchange loss and the change in the accretion of the earn-out liability related to the Iponweb Acquisition.
As of June 30, 2024, our exposure to foreign currency risk was centralized at Criteo S.A. and hedged using foreign currency swaps or forward purchases or sales of foreign currencies.
v3.24.2.u1
Income Taxes
 6 Months Ended
Jun. 30, 2024
Income Tax Disclosure [Abstract]  
Income Taxes Income Taxes
The tax provision for interim periods is determined using an estimate of our annual effective tax rate (“AETR”), adjusted for discrete items arising in the period. To calculate our estimated AETR, we estimate our income before taxes and the related tax expense or benefit for the full fiscal year (total of expected current and deferred tax provisions), excluding the effect of significant unusual or infrequently occurring items or comprehensive income items not recognized in the statement of income. Each quarter, we update our estimate of the annual effective tax rate, and if our estimated annual tax rate does change, we make a cumulative adjustment in that quarter. Our quarterly tax provision, and our quarterly estimate of our annual effective tax rate, are subject to significant volatility due to several factors, including our ability to accurately predict our income (loss) before provision for income taxes in multiple jurisdictions. Our effective tax rate in the future will depend on the portion of our profits earned within and outside of France.
In December 2021, the Organization for Economic Cooperation and Development (OECD) released Pillar Two Model Rules defining the global minimum tax, which calls for the taxation of a minimum rate of 15% for multinational companies with consolidated revenue above €750 million. Numerous jurisdictions have enacted or are in the process of enacting legislation to adopt a minimum effective tax rate. While the adoption of Pillar Two did not have a material impact on the first six months of 2024, the Company will continue to assess the ongoing impact as additional guidance becomes available.
The following table presents provision for income taxes:
Six Months Ended
June 30, 2024June 30, 2023
(in thousands)
Provision for income tax (expense) benefit$(11,564)$3,517 
The $(11.6) million provision for income tax expense for the six months ended June 30, 2024 was driven by profits from operations.
The six months ended June 30, 2024 provision for income taxes mainly differs from the nominal standard French rate of 25.0% due to the application of a reduced income tax rate on the majority of the technology royalties income in France and nondeductible equity awards compensation expense.
v3.24.2.u1
Earnings Per Share
 6 Months Ended
Jun. 30, 2024
Earnings Per Share [Abstract]  
Earnings per share Earnings Per Share
Basic Earnings Per Share
We calculate basic earnings (loss) per share ("EPS") by dividing the net income or loss for the period attributable to shareholders of the Parent by the weighted average number of shares outstanding.
Three Months EndedSix Months Ended
June 30, 2024June 30, 2023June 30, 2024June 30, 2023
Net income (loss) attributable to shareholders of Criteo S.A.
$26,987 $(2,876)$34,231 $(14,685)
Weighted average number of shares outstanding54,684,560 55,924,824 54,915,140 56,094,887 
Basic earnings (loss) per share
$0.49 $(0.05)$0.62 $(0.26)
Diluted Earnings Per Share
We calculate diluted earnings (loss) per share by dividing the net income or loss attributable to shareholders of the Parent by the weighted average number of shares outstanding plus any potentially dilutive shares not yet issued from share-based compensation plans (refer to Note 10). For the six months ended June 30, 2023, the Company reported a net loss hence basic net loss per share was the same as diluted net loss per share, as the inclusion of all potential shares of common stock outstanding would have been anti-dilutive.
For each period presented, a contract to issue a certain number of shares (i.e., share option, non-employee warrant, employee warrant ("BSPCE")) is assessed as potentially dilutive if it is “in the money” (i.e., the exercise or settlement price is lower than the average market price).
Three Months EndedSix Months Ended
June 30, 2024June 30, 2023June 30, 2024June 30, 2023
Net income (loss) attributable to shareholders of Criteo S.A.
$26,987 $(2,876)$34,231 $(14,685)
Basic shares :
Weighted average number of shares outstanding of Criteo S.A.54,684,560 55,924,824 54,915,140 56,094,887 
Dilutive effect of :
Restricted share awards ("RSUs")2,766,726 — 2,880,402 — 
Lock-up shares ('LUSs")
1,333,396 — 1,187,404 — 
Share options and BSPCE118,366 — 107,565 — 
Share warrants71,138 — 61,072 — 
Diluted shares :
Weighted average number of shares outstanding used to determine diluted earnings per share58,974,186 55,924,824 59,151,582 56,094,887 
Diluted earnings (loss) per share
$0.46 $(0.05)$0.58 $(0.26)
The weighted average number of securities that were anti-dilutive for diluted EPS for the periods presented but which could potentially dilute EPS in the future are as follows:
Six Months Ended
June 30, 2024June 30, 2023
Restricted share awards454,891 248,911 
Share options and BSPCE— — 
Weighted average number of anti-dilutive securities excluded from diluted earnings per share454,891 248,911 
v3.24.2.u1
Commitments and contingencies
 6 Months Ended
Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract]  
Commitments and contingencies Commitments and contingencies
From time to time we may become involved in legal proceedings or be subject to claims arising in the ordinary course of our business. We are not presently a party to any legal proceedings that, if determined adversely to us, would individually or taken together have a material adverse effect on our business, results of operations, financial condition or cash flows. Regardless of the outcome, litigation can have an adverse impact on us because of defense and settlement costs, diversion of management resources and other factors.
The amount of the provisions represents management’s latest estimate of the expected impact.

Legal and Regulatory matters
Following a complaint from Privacy International against a number of advertising technology companies with certain data protection authorities, including in France, France's Commission Nationale de l'Informatique et des Libertés (the "CNIL") opened a formal investigation in January 2020 against Criteo. In June 2023, the CNIL issued its decision, which retained alleged European Union's General Data Protection Regulation ("GDPR") violations but reduced the financial sanction against Criteo from the original amount of €60 million ($64.2 million) to €40 million ($42.8 million). Criteo issued the required sanction payment during the third quarter of 2023. The decision relates to past matters and does not include any obligation for Criteo to change its current practices. Criteo has appealed this decision before the French Council of State (Conseil d’Etat).
We are party to a claim (Doe v. GoodRx Holdings, Inc. et al. in the U.S. District Court for the Northern District of California), alleging violations of various state and federal laws. We intend to vigorously defend our position, but we are unable to predict the potential outcome.

Non income tax risks
We have recorded a $31.9 million provision related to certain non income tax items accounted for as a contingency under ASC 450. These risks were identified and recognized as part of the Iponweb Acquisition. We have recorded an indemnification asset in the full amount of the provision as the Company is indemnified against certain tax liabilities under the Framework Purchase Agreement (FPA). The indemnification asset is recorded as part of "Other non current assets" on the consolidated statement of financial position.
v3.24.2.u1
Breakdown of Revenue and Non-Current Assets by Geographical Areas
 6 Months Ended
Jun. 30, 2024
Segment Reporting [Abstract]  
Breakdown of Revenue and Non-Current Assets by Geographical Areas Segment information
The Company reports segment information based on the management approach. The management approach designates the internal reporting used by management for making decisions and assessing performance as the source of the Company's reportable segments. Beginning with the first quarter of 2024, the Company changed its segment reporting structure and reports its results of operations through the following two segments: Retail Media and Performance Media.
–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.

The Company's CODM allocates resources to and assesses the performance of each segment using information about Contribution excluding Traffic Acquisition Costs (Contribution ex-TAC), which is our segment profitability measure and reflects our gross profit plus other costs of revenue. The Company's CODM does not review any other financial information for our two segments.
The following table shows revenue by reportable segment:
Three Months EndedSix Months Ended
June 30, 2024June 30, 2023June 30, 2024June 30, 2023
(in thousands)
Retail Media$54,777 $44,590 $105,649 $82,611 
Performance Media416,530 424,344 815,713 831,339 
Total Revenue$471,307 $468,934 $921,362 $913,950 

The following table shows Contribution ex-TAC by reportable segment and its reconciliation to the Company’s Consolidated Statements of Operation:

Three Months EndedSix Months Ended
June 30, 2024June 30, 2023June 30, 2024June 30, 2023
(in thousands)
Contribution ex-TAC
Retail Media$53,866 $43,518 $104,035 $80,870 
Performance Media213,227 196,699 416,946 379,965 
$267,093 $240,217 $520,981 $460,835 
Other costs of sales(34,248)(40,435)(70,913)(79,544)
Gross profit$232,845 $199,782 $450,068 $381,291 
Operating expenses
Research and development expenses(59,639)(67,775)(126,497)(131,365)
Sales and operations expenses(95,069)(112,511)(187,911)(213,753)
General and administrative expenses(41,199)(18,537)(88,368)(58,707)
Total Operating expenses$(195,907)$(198,823)$(402,776)$(403,825)
Income (loss) from operations$36,938 $959 $47,292 $(22,534)
Financial and Other Income (Expense)(284)(1,852)897 4,975 
Income (loss) before tax$36,654 $(893)$48,189 $(17,559)
Breakdown of Revenue and Non-Current Assets by Geographical Areas
The Company operates in the following three geographical markets:
•    Americas (North and South America);
•    EMEA (Europe, Middle-East and Africa); and
•    Asia-Pacific.
The following tables disclose our consolidated revenue for each geographical area for each of the reported periods. Revenue by geographical area is based on the location of advertisers’ campaigns or of the retailers.
Three Months EndedAmericasEMEAAsia-PacificTotal
(in thousands)
June 30, 2024$212,374 $168,496 $90,437 $471,307 
June 30, 2023$208,465 $163,968 $96,501 $468,934 
Six Months EndedAmericasEMEAAsia-PacificTotal
(in thousands)
June 30, 2024$410,739 $331,338 $179,285 $921,362 
June 30, 2023$396,753 $324,182 $193,015 $913,950 
Revenue generated in other significant countries where we operate is presented in the following table:
Three Months EndedSix Months Ended
June 30, 2024June 30, 2023June 30, 2024June 30, 2023
(in thousands)
Americas
United States$190,725 $188,257 $368,002 $357,848 
EMEA
Germany$48,876 $48,418 $98,753 $94,200 
France$22,476 $24,409 $43,949 $47,707 
Asia-Pacific
Japan$48,853 $53,862 $101,997 $113,554 
For each reported period, non-current assets (corresponding to the net book value of tangible and intangible assets, excluding right of use assets related to lease agreements) are presented in the table below. The geographical information includes results from the locations of legal entities.
AmericasEMEAAsia-PacificTotal
(in thousands)
June 30, 2024$82,315 $193,079 $13,235 $288,630 
December 31, 2023$89,355 $202,969 $15,058 $307,382 
v3.24.2.u1
Subsequent Events
 6 Months Ended
Jun. 30, 2024
Subsequent Events [Abstract]  
Subsequent events Subsequent Events
The Company evaluated all subsequent events that occurred after June 30, 2024 through the date of issuance of the unaudited condensed consolidated financial statements and determined there are no significant events that require adjustments or disclosure.
v3.24.2.u1
Pay vs Performance Disclosure - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Pay vs Performance Disclosure        
Net income (loss) attributable to shareholders of Criteo S.A. $ 26,987 $ (2,876) $ 34,231 $ (14,685)
v3.24.2.u1
Insider Trading Arrangements
 3 Months Ended
Jun. 30, 2024
Trading Arrangements, by Individual  
Rule 10b5-1 Arrangement Adopted false
Non-Rule 10b5-1 Arrangement Adopted false
Rule 10b5-1 Arrangement Terminated false
Non-Rule 10b5-1 Arrangement Terminated false
v3.24.2.u1
Summary of Significant Accounting Policies (Policies)
 6 Months Ended
Jun. 30, 2024
Accounting Policies [Abstract]  
Basis of Presentation
Basis of Presentation

The accompanying unaudited condensed consolidated financial statements (the "Unaudited Condensed Consolidated Financial Statements") have been prepared by Criteo in accordance with generally accepted accounting principles in the United States of America ("GAAP") and pursuant to the applicable rules and regulations of the Securities and Exchange Commission ("SEC"), including regarding interim financial reporting. Certain information and disclosures normally included in financial statements prepared in accordance with GAAP have been condensed or omitted pursuant to such rules and regulations. As such, these unaudited condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and the notes thereto included in the Company's Annual Report on Form 10-K for the year ended December 31, 2023, filed with the SEC on February 23, 2024.

The unaudited condensed consolidated financial statements included herein reflect all normal recurring adjustments that are, in the opinion of management, necessary to state fairly the results for the interim periods presented. The results of operations for the interim periods presented are not necessarily indicative of the operating results to be expected for any subsequent interim period or for the fiscal year ending December 31, 2024.
Use of Estimates
Use of Estimates

The preparation of our Consolidated Financial Statements requires the use of estimates, assumptions and judgments that affect the reported amounts of assets, liabilities, and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amount of revenue and expenses during the period. We base our estimates and assumptions on historical experience and other factors that we believe to be reasonable under the circumstances. We evaluate our estimates and assumptions on an ongoing basis. Our actual results may differ from these estimates. Estimates in our financial statements include, but are not limited to, (1) gross versus net assessment in revenue recognition (2) income taxes, (3) assumptions used in the valuation of long-lived assets including intangible assets, and goodwill, (4) assumptions surrounding the recognition and valuation of contingent liabilities and losses.
Significant Accounting Policies
Significant Accounting Policies

Reportable Segments

Beginning with the first quarter of 2024, the Company has changed its segment reporting structure to two reportable segments: Retail Media and Performance Media, which combines our former Marketing Solutions and Iponweb segments, to align with a change in how the Chief Operating Decision Maker (CODM), our Chief Executive Officer (CEO), allocates resources and assesses performance.

As such, prior period segment results and related disclosures have been conformed to reflect the Company’s current reportable segments. This change in accounting policy did not impact our results of operations, financial position, or cash flows. Refer to Note 2 for further discussion.

Goodwill Interim Impairment Evaluation
The Company's goodwill balance was $519.9 million and $524.2 million at June 30, 2024 and December 31, 2023, respectively. We assess goodwill for impairment at least annually during the fourth quarter and whenever events or changes in circumstances indicate that the carrying value may not be recoverable. As noted above, during the first quarter 2024, the Company made a change to its operating and reportable segments from three to two segments: Retail Media and Performance Media. As a result of this change, we reassessed our reporting units for the evaluation of goodwill. Prior to this change, consistent with the determination that we had three operating/reportable segment, we determined that we had three reporting units for goodwill assessment purposes. Our reassessment during the first quarter of 2024 determined that, consistent with the determination that we had two operating/ reportable segments, we also have two reporting units for goodwill assessment purposes: Retail Media and Performance Media.
As a result of this change in reporting units, effective January 1, 2024, we estimated the fair value of our new reporting units and, based on an assessment of the relative fair values of our new reporting units after the change, we determined that the goodwill held by the Iponweb reportable unit was now allocated to the Performance Media reporting unit. This determination was largely based on the fact that the operations of the previous Iponweb operating segment/ reporting unit are significantly integrated with the Performance Media operating segment / reportable unit. The change in reporting units was also considered a triggering event indicating a test for goodwill impairment was required as of January 1, 2024 before and after the change in reporting units. The Company performed those impairment tests, which did not result in the identification of an impairment loss as of January 1, 2024.
Goodwill allocated to the two reportable segments and the changes in the carrying amount for the quarter-ended June 30, 2024 were as follows:
Retail MediaPerformance MediaTotal
Balance at January 1, 2024
$149,680 $374,517 $524,197 
Acquisitions— — — 
Disposals— — — 
Currency translation adjustment(1,044)(3,229)(4,273)
Impairments— — — 
Balance at June 30, 2024
$148,636 $371,288 $519,924 
There have been no other significant changes to our accounting policies described in our Annual Report on Form 10-K for the fiscal year ended December 31, 2023.
Recently Issued Accounting Pronouncements
Recently Issued Accounting Pronouncements

There have been no recently issued accounting standards adopted during the period which had a material impact on the Company's financial statements.

There are no recently issued accounting standards that are expected to have a material impact on our results of operations, financial condition, or cash flows.
v3.24.2.u1
Summary of Significant Accounting Policies (Tables)
 6 Months Ended
Jun. 30, 2024
Accounting Policies [Abstract]  
Schedule of Goodwill
Goodwill allocated to the two reportable segments and the changes in the carrying amount for the quarter-ended June 30, 2024 were as follows:
Retail MediaPerformance MediaTotal
Balance at January 1, 2024
$149,680 $374,517 $524,197 
Acquisitions— — — 
Disposals— — — 
Currency translation adjustment(1,044)(3,229)(4,273)
Impairments— — — 
Balance at June 30, 2024
$148,636 $371,288 $519,924 
v3.24.2.u1
Segment information (Tables)
 6 Months Ended
Jun. 30, 2024
Segment Reporting [Abstract]  
Schedule of Segment Reporting Information
The following table shows revenue by reportable segment:
Three Months EndedSix Months Ended
June 30, 2024June 30, 2023June 30, 2024June 30, 2023
(in thousands)
Retail Media$54,777 $44,590 $105,649 $82,611 
Performance Media416,530 424,344 815,713 831,339 
Total Revenue$471,307 $468,934 $921,362 $913,950 

The following table shows Contribution ex-TAC by reportable segment and its reconciliation to the Company’s Consolidated Statements of Operation:

Three Months EndedSix Months Ended
June 30, 2024June 30, 2023June 30, 2024June 30, 2023
(in thousands)
Contribution ex-TAC
Retail Media$53,866 $43,518 $104,035 $80,870 
Performance Media213,227 196,699 416,946 379,965 
$267,093 $240,217 $520,981 $460,835 
Other costs of sales(34,248)(40,435)(70,913)(79,544)
Gross profit$232,845 $199,782 $450,068 $381,291 
Operating expenses
Research and development expenses(59,639)(67,775)(126,497)(131,365)
Sales and operations expenses(95,069)(112,511)(187,911)(213,753)
General and administrative expenses(41,199)(18,537)(88,368)(58,707)
Total Operating expenses$(195,907)$(198,823)$(402,776)$(403,825)
Income (loss) from operations$36,938 $959 $47,292 $(22,534)
Financial and Other Income (Expense)(284)(1,852)897 4,975 
Income (loss) before tax$36,654 $(893)$48,189 $(17,559)
v3.24.2.u1
Financial Instruments (Tables)
 6 Months Ended
Jun. 30, 2024
Fair Value Disclosures [Abstract]  
Fair Value, Assets Measured on Recurring Basis
June 30, 2024December 31, 2023
Cash and Cash EquivalentMarketable SecuritiesCash and Cash EquivalentMarketable Securities
(in thousands)
Level 1
Cash and cash equivalents$177,555 $— $285,518 $— 
Level 2
   Term deposits and notes39,144 21,833 50,823 22,545 
Total$216,698 $21,833 $336,341 $22,545 
Schedule of Financial Assets
The following table presents for each reporting period, the breakdown of the fair value of marketable securities:
June 30, 2024December 31, 2023
(in thousands)
Securities Held-to-maturity
Term Deposits21,833 22,545 
Total$21,833 $22,545 
Debt Securities, Available-for-Sale
The following table classifies our marketable debt securities by contractual maturities:
Held-to-maturity
June 30, 2024
(in thousands)
Due in one year$16,480 
Due in one to five years5,353 
Total$21,833 
v3.24.2.u1
Trade Receivables (Tables)
 6 Months Ended
Jun. 30, 2024
Receivables [Abstract]  
Schedule of Breakdown in Trade Receivables
The following table shows the breakdown in trade receivables net book value for the presented periods:
June 30, 2024December 31, 2023
(in thousands)
Trade accounts receivables$671,466 $818,937 
(Less) Allowance for credit losses(38,717)(43,348)
Net book value at end of period$632,749 $775,589 
v3.24.2.u1
Other Current and Non-Current Assets (Tables)
 6 Months Ended
Jun. 30, 2024
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Schedule of Other Current Assets
The following table shows the breakdown in other current assets net book value for the presented periods:
June 30, 2024December 31, 2023
(in thousands)
Prepayments to suppliers$7,107 $7,499 
Other debtors11,423 7,279 
Prepaid expenses30,491 32,858 
Other current assets— 655 
Net book value at end of period$49,021 $48,291 
v3.24.2.u1
Other Current and Non-Current Liabilities (Tables)
 6 Months Ended
Jun. 30, 2024
Other Liabilities Disclosure [Abstract]  
Schedule of Other Current Liabilities
Other current liabilities are presented in the following table:
June 30, 2024December 31, 2023
(in thousands)
Customer prepayments$7,893 $25,914 
Rebates24,671 23,315 
Accounts payable relating to capital expenditures5,146 3,346 
Other creditors2,685 2,319 
Deferred revenue2,698 10 
Earn out liability – current54,639 49,647 
Total current liabilities$97,733 $104,552 
Schedule of Other Noncurrent Liabilities
Other non-current liabilities are presented in the following table:
June 30, 2024December 31, 2023
(in thousands)
Uncertain tax positions$18,109 $16,785 
Other$1,651 $2,297 
Total non-current liabilities$19,760 $19,082 
v3.24.2.u1
Leases (Tables)
 6 Months Ended
Jun. 30, 2024
Leases [Abstract]  
Schedule of Components of Lease Expense
The components of lease expense are as follows:
Three Months EndedJune 30, 2024June 30, 2023
OfficesData CentersTotalOfficesData CentersTotal
(in thousands)
Lease expense$3,598 $6,611 $10,209 $3,425 $5,624 $9,049 
Short term lease expense314 — 314 147 20 167 
Variable lease expense340 29 369 115 57 172 
Sublease income(387)— (387)(186)— (186)
Total operating lease expense$3,865 $6,640 $10,505 $3,501 $5,701 $9,202 
Six Months EndedJune 30, 2024June 30, 2023
OfficesData CentersTotalOfficesData CentersTotal
(in thousands)
Lease expense$7,215 $12,856 $20,071 $7,129 $11,200 $18,329 
Short term lease expense627 — 627 289 29 318 
Variable lease expense671 57 728 204 61 265 
Sublease income(809)— (809)(415)— (415)
Total operating lease expense$7,704 $12,913 $20,617 $7,207 $11,290 $18,497 
v3.24.2.u1
Employee Benefits (Tables)
 6 Months Ended
Jun. 30, 2024
Retirement Benefits [Abstract]  
Schedule of Accumulated and Projected Benefit Obligations
The following table summarizes the changes in the projected benefit obligation:
Projected benefit obligation
(in thousands)
Projected benefit obligation present value at January 1, 2023
$3,708 
Service cost
707 
 Interest cost
161 
 Curtailment(306)
Actuarial losses (gains)
(290)
Currency translation adjustment
143 
Projected benefit obligation present value at December 31, 2023
$4,123 
Service cost
343 
 Interest cost
79 
Actuarial losses (gains)
(187)
Currency translation adjustment
(127)
Projected benefit obligation present value at June 30, 2024
$4,231 
Schedule of Assumptions Used for Actuarial Valuations
The main assumptions used for the purposes of the actuarial valuations are listed below:
Six Months EndedYear Ended
June 30, 2024December 31, 2023
Discount rate (Corp AA)
4.1%3.9%
Expected rate of salary increase
7.0%7.0%
Expected rate of social charges
48.0%48.0%
Expected staff turnover
Company age-based tableCompany age-based table
Estimated retirement age
65 years old65 years old
Life table
TH-TF 2000-2002 shiftedTH-TF 2000-2002 shifted
Schedule of Defined Contribution Plan
Three Months EndedSix Months Ended
June 30, 2024June 30, 2023June 30, 2024June 30, 2023
(in thousands)
Defined contributions plans included in personnel expenses
$(6,064)$(5,536)$(10,290)$(9,614)
v3.24.2.u1
Revenue (Tables)
 6 Months Ended
Jun. 30, 2024
Revenue from Contract with Customer [Abstract]  
Schedule of Disaggregation of Revenue
The following table presents our disaggregated revenues by segment:
Three Months EndedRetail MediaPerformance MediaTotal
(in thousands)
June 30, 2024$54,777 $416,530 $471,307 
June 30, 2023$44,590 $424,344 $468,934 
Six Months EndedRetail MediaPerformance MediaTotal
(in thousands)
June 30, 2024$105,649 $815,713 $921,362 
June 30, 2023$82,611 $831,339 $913,950 
v3.24.2.u1
Share-Based Compensation (Tables)
 6 Months Ended
Jun. 30, 2024
Share-Based Payment Arrangement [Abstract]  
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs
Equity awards compensation expense recorded in the consolidated statements of operations was as follows:

Six Months Ended
June 30, 2024June 30, 2023
(in thousands)
Research and Development
$(23,653)$(32,504)
Sales and Operations
(10,087)(9,092)
General and Administrative
(14,238)(10,745)
Total equity awards compensation expense (1)
$(47,978)$(52,341)
Tax benefit from equity awards compensation expense5,101 3,669 
Total equity awards compensation expense, net of tax effect$(42,877)$(48,672)

(1) The six months ended June 30, 2024 are presented net of $2.1 million capitalized stock-based compensation relating to internally developed software.
During the six months ended June 30, 2024, the Company settled $13.1 million of equity instruments granted under share-based arrangements.

The breakdown of the equity award compensation expense by instrument type was as follows:

Six Months Ended
June 30, 2024June 30, 2023
(in thousands)
Share options$— $(65)
Lock-up shares(14,007)(21,422)
Restricted stock units / Performance stock units(33,092)(29,931)
Non-employee warrants(879)(923)
Total equity awards compensation expense (1)
$(47,978)$(52,341)
Tax benefit from equity awards compensation expense5,101 3,669 
Total equity awards compensation expense, net of tax effect$(42,877)$(48,672)

(1) Presented net of $2.1 million capitalized stock-based compensation relating to internally developed software.
Schedule of Stock Options Roll Forward
Options Outstanding
Number of Shares Underlying Outstanding OptionsWeighted-Average Exercise PriceWeighted-Average Remaining Contractual Term (Years)Aggregate Intrinsic Value
Outstanding as of December 31, 2023
319,238 
Options granted— 
Options exercised(41,123)
Options forfeited(5,690)
Options canceled— 
Options expired(5,120)
Outstanding as of June 30, 2024
267,305 
Vested and exercisable as of June 30, 2024
267,305 €19.93 4.39€16.14 
Schedule of Nonvested Share Activity
SharesWeighted-Average Grant date Fair Value Per Share
Outstanding as of December 31, 2023
1,953,761 — 
Granted— — 
Vested(375,000)— 
Forfeited— — 
Outstanding as of June 30, 2024
1,578,761 €23.94 
Schedule of Nonvested Restricted Stock Units Activity
Shares (RSU)Weighted-Average Grant date Fair Value Per Share
Outstanding as of December 31, 2023
5,293,263 — 
Granted392,804 — 
Vested(1,342,769)— 
Forfeited(179,822)— 
Outstanding as of June 30, 2024
4,163,476 €27.6 
Share-Based Payment Arrangement, Performance Shares, Activity
Shares (PSU)Weighted-Average Grant date Fair Value Per Share
Outstanding as of December 31, 2023
660,395 — 
Granted536,452 — 
Performance share adjustment
64,152 
Vested(164,764)— 
Forfeited— — 
Outstanding as of June 30, 2024
1,096,235 €29.90 
Share Based Compensation Performance Shares Award Total Shareholder Return Unvested Activity
The grant-date fair value was determined based on a Monte-Carlo valuation model using the following key assumptions:
Expected volatility of the Company42.73 %
Expected volatility of the benchmark71.18 %
Risk-free rate4.27 %
Expected dividend yield— %
The number of shares granted, vested and outstanding subject to market conditions is as follows:
Shares (TSR)Weighted-Average Grant date Fair Value Per Share
Outstanding as of December 31, 2023
— — 
Granted268,226 — 
Vested— — 
Forfeited— — 
Outstanding as of June 30, 2024
268,226 €47.42 
Schedule of Stockholders' Equity Note, Warrants or Rights
SharesWeighted-Average Grant date Fair Value Per ShareWeighted-Average Remaining Contractual Term (Years)Aggregate Intrinsic Value
Outstanding as of December 31, 2023
244,457 
Granted— 
Exercised— 
Canceled— 
Expired— 
Outstanding as of June 30, 2024
244,457 €17.65 3.98€18.37 
Vested and exercisable - June 30, 2024
244,457 
v3.24.2.u1
Financial and Other Income and Expenses (Tables)
 6 Months Ended
Jun. 30, 2024
Other Income and Expenses [Abstract]  
Schedule of Financial Income (Expense)
The condensed consolidated statements of income line item “Financial and Other income” can be broken down as follows:
Three Months EndedSix Months Ended
June 30, 2024June 30, 2023June 30, 2024June 30, 2023
(in thousands)
Financial income from cash equivalents$1,640 $1,072 $3,829 $2,135 
Interest and fees(409)(577)(832)(1,063)
Foreign exchange gains (losses)(1,437)(1,003)(559)(2,952)
Discounting impact12 (1,419)(1,766)(2,099)
Other financial income
(90)75 225 8,954 
Total Financial and Other Income (Expense)
$(284)$(1,852)$897 $4,975 
v3.24.2.u1
Income Taxes (Tables)
 6 Months Ended
Jun. 30, 2024
Income Tax Disclosure [Abstract]  
Schedule of Provision for Income Taxes
The following table presents provision for income taxes:
Six Months Ended
June 30, 2024June 30, 2023
(in thousands)
Provision for income tax (expense) benefit$(11,564)$3,517 
v3.24.2.u1
Earnings Per Share (Tables)
 6 Months Ended
Jun. 30, 2024
Earnings Per Share [Abstract]  
Schedule of Basic Earnings Per Share
Three Months EndedSix Months Ended
June 30, 2024June 30, 2023June 30, 2024June 30, 2023
Net income (loss) attributable to shareholders of Criteo S.A.
$26,987 $(2,876)$34,231 $(14,685)
Weighted average number of shares outstanding54,684,560 55,924,824 54,915,140 56,094,887 
Basic earnings (loss) per share
$0.49 $(0.05)$0.62 $(0.26)
Schedule of Diluted Earnings Per Share
Three Months EndedSix Months Ended
June 30, 2024June 30, 2023June 30, 2024June 30, 2023
Net income (loss) attributable to shareholders of Criteo S.A.
$26,987 $(2,876)$34,231 $(14,685)
Basic shares :
Weighted average number of shares outstanding of Criteo S.A.54,684,560 55,924,824 54,915,140 56,094,887 
Dilutive effect of :
Restricted share awards ("RSUs")2,766,726 — 2,880,402 — 
Lock-up shares ('LUSs")
1,333,396 — 1,187,404 — 
Share options and BSPCE118,366 — 107,565 — 
Share warrants71,138 — 61,072 — 
Diluted shares :
Weighted average number of shares outstanding used to determine diluted earnings per share58,974,186 55,924,824 59,151,582 56,094,887 
Diluted earnings (loss) per share
$0.46 $(0.05)$0.58 $(0.26)
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share
The weighted average number of securities that were anti-dilutive for diluted EPS for the periods presented but which could potentially dilute EPS in the future are as follows:
Six Months Ended
June 30, 2024June 30, 2023
Restricted share awards454,891 248,911 
Share options and BSPCE— — 
Weighted average number of anti-dilutive securities excluded from diluted earnings per share454,891 248,911 
v3.24.2.u1
Breakdown of Revenue and Non-Current Assets by Geographical Areas (Tables)
 6 Months Ended
Jun. 30, 2024
Segment Reporting [Abstract]  
Schedule of Consolidated Revenue by Geographical Area
The following tables disclose our consolidated revenue for each geographical area for each of the reported periods. Revenue by geographical area is based on the location of advertisers’ campaigns or of the retailers.
Three Months EndedAmericasEMEAAsia-PacificTotal
(in thousands)
June 30, 2024$212,374 $168,496 $90,437 $471,307 
June 30, 2023$208,465 $163,968 $96,501 $468,934 
Six Months EndedAmericasEMEAAsia-PacificTotal
(in thousands)
June 30, 2024$410,739 $331,338 $179,285 $921,362 
June 30, 2023$396,753 $324,182 $193,015 $913,950 
Schedule of Revenue Generated in Other Significant Countries Revenue generated in other significant countries where we operate is presented in the following table:
Three Months EndedSix Months Ended
June 30, 2024June 30, 2023June 30, 2024June 30, 2023
(in thousands)
Americas
United States$190,725 $188,257 $368,002 $357,848 
EMEA
Germany$48,876 $48,418 $98,753 $94,200 
France$22,476 $24,409 $43,949 $47,707 
Asia-Pacific
Japan$48,853 $53,862 $101,997 $113,554 
Schedule of Non-Current Assets by Geographical Area and Country
For each reported period, non-current assets (corresponding to the net book value of tangible and intangible assets, excluding right of use assets related to lease agreements) are presented in the table below. The geographical information includes results from the locations of legal entities.
AmericasEMEAAsia-PacificTotal
(in thousands)
June 30, 2024$82,315 $193,079 $13,235 $288,630 
December 31, 2023$89,355 $202,969 $15,058 $307,382 
v3.24.2.u1
Summary of Significant Accounting Policies - Additional Information (Details)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
USD ($)
segment
Jun. 30, 2023
segment
Jun. 30, 2024
USD ($)
segment
Goodwill [Line Items]      
Number of reportable segments | segment 2 3 2
Goodwill balance, beginning of the period     $ 524,197
Acquisitions     0
Disposals     0
Currency translation adjustment     (4,273)
Impairments     0
Goodwill balance, end of the period $ 519,924   519,924
Retail Media      
Goodwill [Line Items]      
Goodwill balance, beginning of the period     149,680
Acquisitions     0
Disposals     0
Currency translation adjustment     (1,044)
Impairments     0
Goodwill balance, end of the period 148,636   148,636
Performance Media      
Goodwill [Line Items]      
Goodwill balance, beginning of the period     374,517
Acquisitions     0
Disposals     0
Currency translation adjustment     (3,229)
Impairments     0
Goodwill balance, end of the period $ 371,288   $ 371,288
v3.24.2.u1
Segment information - Narrative (Details) - segment
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Segment Reporting [Abstract]      
Number of reportable segments 2 3 2
Number of operating segments     2
v3.24.2.u1
Segment information - Schedule of Segment Reporting Information (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Segment Reporting Information [Line Items]        
Revenue $ 471,307 $ 468,934 $ 921,362 $ 913,950
Contribution ex-TAC 267,093 240,217 520,981 460,835
Other costs of sales (34,248) (40,435) (70,913) (79,544)
Gross profit 232,845 199,782 450,068 381,291
Operating expenses        
Research and development expenses (59,639) (67,775) (126,497) (131,365)
Sales and operations expenses (95,069) (112,511) (187,911) (213,753)
General and administrative expenses (41,199) (18,537) (88,368) (58,707)
Total operating expenses (195,907) (198,823) (402,776) (403,825)
Income (loss) from operations 36,938 959 47,292 (22,534)
Financial and Other Income (Expense) (284) (1,852) 897 4,975
Income (loss) before taxes 36,654 (893) 48,189 (17,559)
Retail Media        
Segment Reporting Information [Line Items]        
Revenue 54,777 44,590 105,649 82,611
Contribution ex-TAC 53,866 43,518 104,035 80,870
Performance Media        
Segment Reporting Information [Line Items]        
Revenue 416,530 424,344 815,713 831,339
Contribution ex-TAC $ 213,227 $ 196,699 $ 416,946 $ 379,965
v3.24.2.u1
Cash, Cash Equivalents, Marketable Securities and Restricted Cash - Fair Value Measurements (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Cash and Cash Equivalent $ 216,698 $ 336,341
Marketable Securities 21,833 22,545
Level 2    
Cash and Cash Equivalent 216,698 336,341
Level 1    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Cash and Cash Equivalent 177,555 285,518
Level 2    
Cash and Cash Equivalent 177,555 285,518
Level 2    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Cash and Cash Equivalent 39,144 50,823
Level 2    
Cash and Cash Equivalent $ 39,144 $ 50,823
v3.24.2.u1
Financial Instruments - Schedule of Breakdown of Marketable Securities (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Total $ 21,833 $ 22,545
Term Deposits    
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]    
Securities Held-to-maturity $ 21,833 $ 22,545
v3.24.2.u1
Financial Instruments - Schedule of Marketable Securities by Contractual Maturity (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Schedule of Held-to-maturity Securities [Line Items]    
Due in one year $ 16,480 $ 5,970
Due in one to five years 5,353 16,575
Term Deposits    
Schedule of Held-to-maturity Securities [Line Items]    
Due in one year 16,480  
Due in one to five years 5,353  
Held-to-maturity $ 21,833 $ 22,545
v3.24.2.u1
Financial Instruments - Narrative (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Fair Value Disclosures [Abstract]    
Restricted cash $ 75,000 $ 75,000
v3.24.2.u1
Trade Receivables - Schedule of Breakdown in Trade Receivables (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Receivables [Abstract]    
Accounts Receivable, before Allowance for Credit Loss, Current $ 671,466 $ 818,937
Accounts Receivable, Allowance for Credit Loss, Current (38,717) (43,348)
Accounts Receivable, after Allowance for Credit Loss, Current, Total $ 632,749 $ 775,589
v3.24.2.u1
Other Current and Non-Current Assets (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]    
Prepayments to suppliers $ 7,107 $ 7,499
Other debtors 11,423 7,279
Prepaid expenses 30,491 32,858
Other current assets 0 655
Net book value at end of period $ 49,021 $ 48,291
v3.24.2.u1
Other Current and Non-Current Assets - Additional Information (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Other Non-current Assets [Line Items]    
Other non-current assets $ 59,699 $ 60,742
Iponweb    
Other Non-current Assets [Line Items]    
Indemnification asset $ 49,100  
v3.24.2.u1
Other Current and Non-Current Liabilities - Schedule of Other Current Liabilities (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Other Liabilities Disclosure [Abstract]    
Customer prepayments $ 7,893 $ 25,914
Rebates 24,671 23,315
Accounts payable relating to capital expenditures 5,146 3,346
Other creditors 2,685 2,319
Deferred revenue 2,698 10
Earn out liability – current 54,639 49,647
Total current liabilities $ 97,733 $ 104,552
v3.24.2.u1
Other Current and Non-Current Liabilities - Schedule of Other Noncurrent Liabilities (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Other Liabilities Disclosure [Abstract]    
Uncertain tax positions $ 18,109 $ 16,785
Other non-current liabilities 1,651 2,297
Other non-current liabilities $ 19,760 $ 19,082
v3.24.2.u1
Leases - Schedule of Components of Lease Expense (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Lessee, Lease, Description [Line Items]        
Lease expense $ 10,209 $ 9,049 $ 20,071 $ 18,329
Short term lease expense 314 167 627 318
Variable lease expense 369 172 728 265
Sublease income (387) (186) (809) (415)
Total operating lease expense 10,505 9,202 20,617 18,497
Offices        
Lessee, Lease, Description [Line Items]        
Lease expense 3,598 3,425 7,215 7,129
Short term lease expense 314 147 627 289
Variable lease expense 340 115 671 204
Sublease income (387) (186) (809) (415)
Total operating lease expense 3,865 3,501 7,704 7,207
Data Centers        
Lessee, Lease, Description [Line Items]        
Lease expense 6,611 5,624 12,856 11,200
Short term lease expense 0 20 0 29
Variable lease expense 29 57 57 61
Sublease income 0 0 0 0
Total operating lease expense $ 6,640 $ 5,701 $ 12,913 $ 11,290
v3.24.2.u1
Employee Benefits - Schedule of Accumulated and Projected Benefit Obligations (Details) - USD ($)
$ in Thousands
 6 Months Ended 12 Months Ended
Jun. 30, 2024
Dec. 31, 2023
Defined Benefit Plan, Change in Benefit Obligation [Roll Forward]    
Projected benefit obligation present value at beginning of period   $ 3,708
Service cost $ 343 707
Interest cost 79 161
Curtailment   (306)
Actuarial losses (gains) (187) (290)
Currency translation adjustment $ (127) 143
Interest cost, location not disclosed Interest cost  
Curtailment, location not disclosed Operating Expenses  
Defined benefit plans $ 4,231 $ 4,123
v3.24.2.u1
Employee Benefits - Schedule of Assumptions Used for Actuarial Valuations (Details)
 6 Months Ended 12 Months Ended
Jun. 30, 2024
Dec. 31, 2023
Retirement Benefits [Abstract]    
Discount rate (Corp AA) 4.10% 3.90%
Expected rate of salary increase 7.00% 7.00%
Expected rate of social charges 48.00% 48.00%
v3.24.2.u1
Employee Benefits - Schedule of Defined Contribution Plans (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Retirement Benefits [Abstract]        
Defined contributions plans included in personnel expenses $ (6,064) $ (5,536) $ (10,290) $ (9,614)
v3.24.2.u1
Revenue (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Disaggregation of Revenue [Line Items]        
Total Revenue $ 471,307 $ 468,934 $ 921,362 $ 913,950
Retail Media        
Disaggregation of Revenue [Line Items]        
Total Revenue 54,777 44,590 105,649 82,611
Performance Media        
Disaggregation of Revenue [Line Items]        
Total Revenue $ 416,530 $ 424,344 $ 815,713 $ 831,339
v3.24.2.u1
Share-Based Compensation - Equity Awards Compensation Expense (Details) - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]    
Share-based compensation expense $ (47,978) $ (52,341)
Tax benefit from equity awards compensation expense 5,101 3,669
Total equity awards compensation expense, net of tax effect (42,877) (48,672)
Capitalized stock-based compensation relating to internally developed software 2,100  
Share options    
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]    
Share-based compensation expense 0 (65)
Lock-up shares    
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]    
Share-based compensation expense (14,007) (21,422)
Restricted stock units / Performance stock units    
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]    
Share-based compensation expense (33,092) (29,931)
Non-employee warrants    
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]    
Share-based compensation expense (879) (923)
Research and Development    
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]    
Share-based compensation expense (23,653) (32,504)
Sales and Operations    
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]    
Share-based compensation expense (10,087) (9,092)
General and Administrative    
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]    
Share-based compensation expense $ (14,238) $ (10,745)
v3.24.2.u1
Share-Based Compensation - Narrative (Details)
€ / shares in Units, $ in Thousands, € in Millions
 3 Months Ended 6 Months Ended
Mar. 01, 2024
tranche
Aug. 01, 2022
day
shares
Jun. 30, 2024
USD ($)
Jun. 30, 2024
USD ($)
shares
Jun. 30, 2024
EUR (€)
€ / shares
shares
Jun. 30, 2023
USD ($)
Jun. 30, 2024
EUR (€)
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]              
Cash used to settle share-based payment award     $ 13,100        
Granted, options (in shares) | shares       0 0    
Number of trading days | day   20          
Share-based compensation expense       $ 47,978   $ 52,341  
Warrants term     4 years 4 years     4 years
Granted (in shares) | shares       0 0    
Iponweb              
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]              
Lock-up period   3 years          
Share options              
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]              
Award vesting period       4 years 4 years    
Expiration period       10 years 10 years    
Unrecognized stock-based compensation, stock options | €             € 0.0
Share-based compensation expense       $ 0   65  
Lock-up shares              
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]              
Award vesting period   3 years          
Granted, options (in shares) | shares   2,960,243          
Share-based compensation expense due to vesting in period     $ 5,100        
Unrecognized stock-based compensation, nonvested awards     6,800 $ 6,800      
Granted (in shares) | shares       0 0    
Share-based compensation expense       $ 14,007   $ 21,422  
Restricted Stock Units (RSUs)              
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]              
Award vesting period   4 years          
Unrecognized stock-based compensation, nonvested awards     56,400 $ 56,400      
Weighted average grant date fair value (in EUR per share) | € / shares         € 30.00    
Stock-based compensation, recognition period       2 years 10 months 24 days 2 years 10 months 24 days    
Granted (in shares) | shares       392,804 392,804    
Performance Stock Units (PSUs)              
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]              
Award vesting period   3 years          
Unrecognized stock-based compensation, nonvested awards     $ 21,800 $ 21,800      
Weighted average grant date fair value (in EUR per share) | € / shares         € 29.88    
Stock-based compensation, recognition period       3 years 4 months 24 days 3 years 4 months 24 days    
Granted (in shares) | shares       536,452 536,452    
Minimum percentage increase to target shares     0        
Maximum percentage increase to target shares     2        
Number of shares granted (in shares) | shares       1,072,906 1,072,906    
Total share-based payment expense | €         € 17.4    
Total Shareholder Return (TSR)              
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]              
Unrecognized stock-based compensation, nonvested awards     $ 11,800 $ 11,800      
Granted (in shares) | shares       268,226 268,226    
Number of tranches | tranche 2            
Minimum percentage increase to target shares     0        
Maximum percentage increase to target shares     2        
Number of shares granted (in shares) | shares       536,452 536,452    
Total share-based payment expense       $ 13,700      
Share-based compensation expense       $ 1,900      
Total Shareholder Return (TSR) | Tranche 1              
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]              
Award vesting period 2 years            
Total Shareholder Return (TSR) | Tranche 2              
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]              
Award vesting period 3 years            
v3.24.2.u1
Share-Based Compensation - Options Activity (Details)
 6 Months Ended
Jun. 30, 2024
€ / shares
shares
Number of Shares Underlying Outstanding Options  
Beginning balance, options (in shares) 319,238
Granted, options (in shares) 0
Exercised, options (in shares) (41,123)
Forfeited, options (in shares) (5,690)
Canceled, options (in shares) 0
Expired, options (in shares) (5,120)
Ending balance, options (in shares) 267,305
Vested and exercisable, options (in shares) 267,305
Weighted-average exercise price, options outstanding (in Euro per share) | € / shares
Weighted-average remaining contractual term, options outstanding
Aggregate intrinsic value, options outstanding | € / shares
Weighted-average exercise price, vested and exercisable options (in Euro per share) | € / shares € 19.93
Weighted-average remaining contractual term, vested and exercisable options 4 years 4 months 20 days
Aggregate intrinsic value, vested and exercisable options | € / shares € 16.14
v3.24.2.u1
Share-Based Compensation - Lock Up Shares Activity (Details) - Lock-up shares
 6 Months Ended
Jun. 30, 2024
$ / shares
shares
Shares  
Beginning balance (in shares) 1,953,761
Granted (in shares) 0
Vested (in shares) (375,000)
Forfeited (in shares) 0
Ending balance (in shares) 1,578,761
Outstanding (in Euro per share) | $ / shares $ 23.94
v3.24.2.u1
Share-Based Compensation - RSU and PSU Activity (Details)
 6 Months Ended
Jun. 30, 2024
€ / shares
shares
Restricted Stock Units (RSUs)  
Shares  
Beginning balance (in shares) 5,293,263
Granted (in shares) 392,804
Vested (in shares) (1,342,769)
Forfeited (in shares) (179,822)
Ending balance (in shares) 4,163,476
Outstanding (in Euro per share) | € / shares € 27.6
Performance Stock Units (PSUs)  
Shares  
Beginning balance (in shares) 660,395
Granted (in shares) 536,452
Performance share adjustment (in shares) 64,152
Vested (in shares) (164,764)
Forfeited (in shares) 0
Ending balance (in shares) 1,096,235
Outstanding (in Euro per share) | € / shares € 29.90
v3.24.2.u1
Share-Based Compensation - Performance Stock Units Total Shareholder Return Activity (Details) - Total Shareholder Return (TSR)
 3 Months Ended 6 Months Ended
Jun. 30, 2024
€ / shares
shares
Jun. 30, 2024
€ / shares
shares
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Line Items]    
Expected volatility of the Company 0.4273  
Expected volatility of the benchmark 0.7118  
Risk-free rate 4.27%  
Expected dividend yield 0.00%  
Shares    
Beginning balance (in shares)   0
Granted (in shares)   268,226
Vested (in shares)   0
Forfeited (in shares)   0
Ending balance (in shares) 268,226 268,226
Outstanding (in Euro per share) | € / shares € 47.42 € 47.42
v3.24.2.u1
Share-Based Compensation - Warrants (Details)
 6 Months Ended
Jun. 30, 2024
€ / shares
shares
Shares  
Beginning balance (in shares) 244,457
Granted (in shares) 0
Exercised (in shares) 0
Canceled (in shares) 0
Expired (in shares) 0
Ending balance (in shares) 244,457
Vested and exercisable (in shares) 244,457
Weighted-average exercise price (in Euro per share) | € / shares € 17.65
Weighted-average remaining contractual term outstanding 3 years 11 months 23 days
Aggregate intrinsic value | € / shares € 18.37
v3.24.2.u1
Financial and Other Income and Expenses - Schedule of Financial Income (Expense) (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Other Income and Expenses [Abstract]        
Financial income from cash equivalents $ 1,640 $ 1,072 $ 3,829 $ 2,135
Interest and fees (409) (577) (832) (1,063)
Foreign exchange gains (losses) (1,437) (1,003) (559) (2,952)
Discounting impact 12 (1,419) (1,766) (2,099)
Other financial income (90) 75 225 8,954
Total Financial and Other Income (Expense) $ (284) $ (1,852) $ 897 $ 4,975
v3.24.2.u1
Financial and Other Income and Expenses - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Other Income and Expenses [Abstract]        
Financial and Other income $ (284) $ (1,852) $ 897 $ 4,975
v3.24.2.u1
Income Taxes - Schedule of Provision for Income Taxes (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Income Tax Disclosure [Abstract]        
Provision for income tax (expense) benefit $ (8,595) $ (1,078) $ (11,564) $ 3,517
v3.24.2.u1
Income Taxes - Narrative (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Income Tax Disclosure [Abstract]        
Provision for income tax (expense) benefit $ (8,595) $ (1,078) $ (11,564) $ 3,517
v3.24.2.u1
Earnings Per Share - Schedule of Basic Earnings Per Share (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Earnings Per Share [Abstract]        
Net income (loss) attributable to shareholders of Criteo S.A. $ 26,987 $ (2,876) $ 34,231 $ (14,685)
Weighted average number of shares outstanding of Criteo S.A. 54,684,560 55,924,824 54,915,140 56,094,887
Basic earnings (loss) per share (in dollars per share) $ 0.49 $ (0.05) $ 0.62 $ (0.26)
v3.24.2.u1
Earnings Per Share - Schedule of Diluted Earnings Per Share (Details) - USD ($)
$ / shares in Units, $ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Earnings Per Share [Abstract]        
Net income (loss) attributable to shareholders of Criteo S.A. $ 26,987 $ (2,876) $ 34,231 $ (14,685)
Basic shares :        
Weighted average number of shares outstanding of Criteo S.A. 54,684,560 55,924,824 54,915,140 56,094,887
Dilutive effect of :        
Restricted share awards ("RSUs") (in shares) 2,766,726 0 2,880,402 0
Lock-up shares ("LUSs") (in shares) 1,333,396 0 1,187,404 0
Share options and BSPCE (in shares) 118,366 0 107,565 0
Share warrants (in shares) 71,138 0 61,072 0
Diluted shares :        
Weighted average number of shares outstanding used to determine diluted earnings per share 58,974,186 55,924,824 59,151,582 56,094,887
Diluted earnings (loss) per share $ 0.46 $ (0.05) $ 0.58 $ (0.26)
v3.24.2.u1
Earnings Per Share - Anti-Dilutive Securities (Details) - shares
 3 Months Ended 6 Months Ended
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Weighted average number of anti-dilutive securities excluded from diluted earnings per share (in shares) 248,911 454,891  
Restricted stock awards      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Weighted average number of anti-dilutive securities excluded from diluted earnings per share (in shares)   454,891 248,911
Share options and BSPCE      
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]      
Weighted average number of anti-dilutive securities excluded from diluted earnings per share (in shares)   0 0
v3.24.2.u1
Commitments and contingencies - Narrative (Details)
€ in Millions, $ in Millions
Jun. 30, 2024
USD ($)
Jun. 21, 2023
EUR (€)
Jun. 21, 2023
USD ($)
Aug. 03, 2022
EUR (€)
Aug. 03, 2022
USD ($)
Loss Contingencies [Line Items]          
Loss contingency, estimate of possible loss   € 40 $ 42.8 € 60 $ 64.2
Iponweb          
Loss Contingencies [Line Items]          
Loss contingency accrual $ 31.9        
v3.24.2.u1
Breakdown of Revenue and Non-Current Assets by Geographical Areas - Narrative (Details)
Jun. 30, 2024
market
Segment Reporting [Abstract]  
Number of geographical markets in which entity operates 3
v3.24.2.u1
Breakdown of Revenue and Non-Current Assets by Geographical Areas - Schedule of Consolidated Revenue by Geographical Area (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]        
Total Revenue $ 471,307 $ 468,934 $ 921,362 $ 913,950
Americas        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Total Revenue 212,374 208,465 410,739 396,753
EMEA        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Total Revenue 168,496 163,968 331,338 324,182
Asia-Pacific        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Total Revenue $ 90,437 $ 96,501 $ 179,285 $ 193,015
v3.24.2.u1
Breakdown of Revenue and Non-Current Assets by Geographical Areas - Schedule of Revenue Generated in Other Significant Countries (Details) - USD ($)
$ in Thousands
 3 Months Ended 6 Months Ended
Jun. 30, 2024
Jun. 30, 2023
Jun. 30, 2024
Jun. 30, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]        
Revenue $ 471,307 $ 468,934 $ 921,362 $ 913,950
United States        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Revenue 190,725 188,257 368,002 357,848
Germany        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Revenue 48,876 48,418 98,753 94,200
France        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Revenue 22,476 24,409 43,949 47,707
Japan        
Revenues from External Customers and Long-Lived Assets [Line Items]        
Revenue $ 48,853 $ 53,862 $ 101,997 $ 113,554
v3.24.2.u1
Breakdown of Revenue and Non-Current Assets by Geographical Areas - Schedule of Non-Current Assets by Geographical Area and Country (Details) - USD ($)
$ in Thousands
Jun. 30, 2024
Dec. 31, 2023
Revenues from External Customers and Long-Lived Assets [Line Items]    
Long-lived assets $ 288,630 $ 307,382
Americas    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Long-lived assets 82,315 89,355
EMEA    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Long-lived assets 193,079 202,969
Asia-Pacific    
Revenues from External Customers and Long-Lived Assets [Line Items]    
Long-lived assets $ 13,235 $ 15,058
Criteo (NASDAQ:CRTO)
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Criteo (NASDAQ:CRTO)
과거 데이터 주식 차트
부터 11월(11) 2023 으로 11월(11) 2024 Criteo 차트를 더 보려면 여기를 클릭.