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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549  
 
FORM 8-K

 
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
March 4, 2024
Date of Report (Date of earliest event reported)
 
CRITEO S.A.
(Exact name of registrant as specified in its charter)
France 001-36153 Not Applicable
(State or other jurisdiction
of incorporation)		 (Commission
File Number)		 (I.R.S. Employer
Identification No.)
32 Rue BlancheParisFrance 75009
(Address of principal executive offices) (Zip Code)
+33 17 585 0939
Registrant’s telephone number, including area code

(Former name or former address, if changed since last report)
 Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))




Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading Symbol(s)Name of each exchange on which registered
American Depositary Shares, each representing one ordinary share, nominal value €0.025 per shareCRTONasdaq Global Select Market
Ordinary Shares, nominal value €0.025 per share*Nasdaq Global Select Market

*Not for trading, but only in connection with the registration of the American Depositary Shares.

Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company    ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.     ☐




ITEM 7.01
Regulation FD Disclosure.

As previously disclosed in the Annual Report on the Form 10-K filed with the U.S. Securities and Exchange Commission on February 23, 2024, beginning with the first quarter of 2024, Criteo S.A. (the “Company”) will change its segment reporting structure to two reportable segments: Retail Media and Performance Media. These changes have no effect on the Company’s consolidated financial statements or results of operations. A summary of the Company’s segments under the new reporting structure follows:

• Retail Media: This segment encompasses revenue generated from brands, agencies and retailers for the purchase and sale of retail media digital advertising inventory and audiences, and services.

• Performance Media: This segment encompasses commerce activation, monetization, and services and combines our former Marketing Solutions and Iponweb segments.

For informational purposes, the Company is furnishing herewith as Exhibit 99.1 unaudited supplemental quarterly segment information to reflect the segment changes discussed above.

The information furnished with this Item 7.01, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any other filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.

ITEM 9.01 Financial Statements and Exhibits.
 
 (d)Exhibits
Exhibit
Number		  Description
  
104Cover Page Interactive Data File (embedded within the Inline XBRL document)







SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
Criteo S.A.
Date: March 4, 2024
By:/s/ Sarah Glickman
Name:Sarah Glickman
Title: Chief Financial Officer



Summary of Segment Reporting Changes

The following table presents a reconciliation of previously reported segment results for the years ended 2023 and 2022 to our segment results under the new segment structure beginning in the first quarter of 2024, reflecting the combination of Iponweb and Marketing Solutions into the newly created Performance Media segment.


Year ended Dec 31, 2023Year ended Dec 31, 2022
($ in thousands; unaudited)As originally reportedRecastAs originally reportedRecast
Gross Profit$863,044 $863,044 $795,200 $795,200 
Other Cost Of Revenue159,562 159,562 133,024 133,024 
Contribution ex-TAC$1,022,606 $1,022,606 $928,224 $928,224 

Year ended Dec 31, 2023Year ended Dec 31, 2022
($ in thousands; unaudited)As originally reportedMarketing
Solutions		IponwebRecastAs originally reportedMarketing
Solutions		IponwebRecast
Revenue
Performance Media— 1,617,973 122,465 1,740,438 — 1,762,517 52,169 1,814,686 
Marketing Solutions1,617,973 (1,617,973)— — 1,762,517 (1,762,517)— — 
Retail Media209,007 — — 209,007 202,317 — — 202,317 
Iponweb122,465 — (122,465)— 52,169 — (52,169)— 
Total$1,949,445 $— $— $1,949,445 $2,017,003 $— $— $2,017,003 
Contribution ex-TAC
Performance Media— 696,681 122,465 819,146 714,695 52,169 766,864 
Marketing Solutions696,681 (696,681)— — 714,695 (714,695)— — 
Retail Media203,460 — — 203,460 161,360 — — 161,360 
Iponweb122,465 — (122,465)— 52,169 — (52,169)— 
Total$1,022,606 $— $— $1,022,606 $928,224 $— $— $928,224 






CRITEO S.A.
Segment Information
(U.S. dollars in thousands, unaudited)

Three Months EndedTwelve Months Ended
2022202320222023
March 31June 30September 30December 31March 31June 30September 30December 31December 31December 31
Revenue
Performance Media463,888 440,423 405,751 504,624 406,995 424,344 419,380 489,719 1,814,686 1,740,438 
Retail Media (2)
46,679 54,667 41,170 59,801 38,021 44,590 49,813 76,583 202,317 209,007 
Total510,567 495,090 446,921 564,425 445,016 468,934 469,193 566,302 2,017,003 1,949,445 
Contribution ex-TAC
Performance Media186,088 177,969 176,485 226,322 183,266 196,699 196,959 242,222 766,864 819,146 
Retail Media (2)
30,829 36,556 36,893 57,082 37,352 43,518 48,436 74,154 161,360 203,460 
Total (1)
216,917 214,525 213,378 283,404 220,618 240,217 245,395 316,376 928,224 1,022,606 


YoY Change
Three Months EndedTwelve Months Ended
2022202320222023
March 31June 30September 30December 31March 31June 30September 30December 31December 31December 31
Revenue
Performance Media(4)%(10)%(12)%(13)%(12)%(4)%3 %(3)%(10)%(4)%
Retail Media (2)
(19)%(14)%(18)%(21)%(19)%(18)%21 %28 %(18)%3 %
Total(6)%(10)%(12)%(14)%(13)%(5)%5 %— %(11)%(3)%
Contribution ex-TAC
Performance Media(3)%(8)%(3)%(1)%(2)%11 %12 %7 %(4)%7 %
Retail Media (2)
46 %36 %28 %19 %21 %19 %31 %30 %29 %26 %
Total (1)
2 %(3)%1 %3 %2 %12 %15 %12 %1 %10 %




YoY Change at Constant Currency (3)

Three Months EndedTwelve Months Ended
2022202320222023
March 31June 30September 30December 31March 31June 30September 30December 31December 31December 31
Revenue
Performance Media1 %(2)%(2)%(6)%(8)%(3)%— %(3)%(2)%(4)%
Retail Media (2)
(18)%(12)%(14)%(18)%(18)%(18)%19 %26 %(16)%3 %
Total(1)%(3)%(3)%(8)%(9)%(4)%2 %— %(4)%(3)%
Contribution ex-TAC
Performance Media2 %2 %11 %8 %4 %12 %9 %6 %6 %7 %
Retail Media (2)
48 %42 %32 %23 %22 %20 %29 %29 %33 %26 %
Total (1)
6 %7 %14 %10 %6 %13 %13 %10 %10 %11 %



(1) Refer to the Non-GAAP Financial Measures section of this filing for a definition of the Non-GAAP metric.

(2) Today, Criteo recognizes Retail Media revenue on a net basis, whereas revenue from arrangements running on legacy Retail Media solutions were accounted for on a gross basis. Most clients using Criteo’s legacy Retail Media solutions transitioned to this platform by the end of 2022. During the transition period, Revenue declined but Contribution ex-TAC margin increased. Contribution ex-TAC was not impacted by this transition.

(3) Constant currency measures exclude the impact of foreign currency fluctuations and is computed by applying the prior year monthly exchange rates to transactions denominated in settlement or billing currencies other than the US dollar.


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