Criteo a commerce media company, has announced financial results for the fourth quarter and fiscal year ended 31 December, 2023.
Q4 revenue was similar at $566 million, For the year it decreased by three per cent to $1.9 billion. Q4 gross profit rose by 12% year-over-year to $277 million, contributing to a 9% increase for the fiscal year. Net income for Q4 rose by 287% to $62 million. For the year it rose by 402%.
Criteo’s activated media spend was $1.3 billion in Q4 and $4.1 billion in the last 12 months, growing
30% year-over-year at constant currency.
• Its focus on efficiencies delivered over $70 million in cost savings and an adjusted EBITDA margin of
30% in 2023.
• Retail Media Contribution ex-TAC grew 29% year-over-year at constant currency in Q4 and 26% in 2023.
• Same-retailer Contribution ex-TAC4 retention for Retail Media was 121% in both Q4 and 2023.
• It expanded its platform adoption to 2,600 brands and 220 retailers, including Albertsons and
PcComponentes.
• Marketing Solutions Contribution ex-TAC was up 6% year-over-year at constant currency3
in Q4.
• It deployed $125 million of capital for share repurchases in 2023, and our Board of Directors authorised a $150 million increase to the Company’s existing share repurchase program in February 2024.
• It amended its syndicated credit facility to a €407 million ($450 million) sustainability-linked credit facility.
• The Science Based Targets Initiative approved Criteo’s greenhouse gas (GHG) emissions reduction targets, in line with the Paris Agreement’s goal to limit the global average temperature increase to 1.5° Celsius.
“We achieved double-digit growth for the second consecutive year, with a historic milestone of crossing $1 billion in Contribution ex-TAC for the first time and Retail Media now surpassing $200 million in annual revenue. As we step into 2024, we look forward to harnessing the opportunities that lie ahead, and our commitment remains steadfast towards sustainable, profitable growth to drive shareholder value” said Megan Clarken, Chief Executive Officer of Criteo.
CFO Sarah Glickman said, “In 2023, we delivered an adjusted EBITDA margin of 30%, above guidance, and we deployed $125 million of capital for share repurchases to drive shareholder value. Our record fourth quarter performance reflects building momentum for our Commerce Media Platform and our strong focus on cost efficiencies, setting the stage for continued growth and robust profitability in 2024.”
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