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美国
证券交易委员会
华盛顿特区20549
表格 10-Q
（标记一）
☒根据1934年证券交易所13或15(d)条的季度报告
截至季度结束 2024年9月30日
或者
☐根据1934年证券交易所13或15(d)条的过渡报告
从 _________ 至 _________ 的过渡期过渡报告
委托文件号码：001-36153
criteo S.A.
(根据其章程规定的发行人的确切名称)
法国
 
（设立或组织的其他管辖区域）（联邦纳税人识别号）
32 Rue Blanche巴黎法国75009
（主要执行办事处地址） (邮政编码)

+33 1 75 85 09 39
(注册人电话号码，包括区号)

在法案第12(b)条的规定下注册的证券：
每一类的名称交易标志在其上注册的交易所的名称
每股代表一份普通股的美国存托股，每股名义价值为0.025欧元
每股名义价值为0.025欧元的普通股份额期权和BSPCE会员		CRTO纳斯达克全球精选市场
每股名义价值为0.025欧元的普通股股份*纳斯达克全球精选市场*
* 与交易无关，仅与美国存托股的注册有关。
请在以下方框内打勾，表示报告人(1)在过去12个月内（或报告人所需被要求提交这些报告的较短期间内，如果有）已经提交了所有根据1934年证券交易法第13或15(d)节规定所需提交的报告， 并且(2)在过去90天内一直受到此类提交要求的约束。是 ☒  否 ☐
请勾选此项，表明公司已在过去的12个月内（或需报告时段的较短时间内）根据《规则S-t》405条的规定电子提交了每个交互式数据文件： 是  ☒无☐






请在以下范围内选中相应方框以表示注册人是大型加速审核者、加速审核者、非加速审核者、较小的报告公司还是新兴增长公司。有关“大型加速审核者”、“加速审核者”、“较小报告公司”和“新兴增长公司”的定义，请参见交易法案120亿.2条款。
大型加速存取器☒
加速存取器
☐
非加速文件者☐
较小的报告公司
☐
新兴成长公司
☐
如果是新兴成长型公司，请勾选是否已选择不使用根据交易所法案第13(a)条款提供的任何新的或修订的财务会计准则的延长过渡期来遵守。 ¨ 
请用复选标记指示注册人是否为壳公司（如《法案》第120亿.2条所定义）。 是 ☐没有x
截至2024年10月25日，注册人员 55,182,166 普通股，每股名义价值€0.025，未行使。



目录












总体来说
除非上下文另有要求，否则本季度10-Q报告中所有对“公司”、“Criteo”、“我们”、“我们”、“我们的”或类似单词或短语的引用均指Criteo SA及其子公司组合体。在这份10-Q表格中，对“$” 和 “US$” 的引用均指美元。 我们的未经审计的简明合并财务报表已按照美国普通会计准则（GAAP）编制。
商标
Criteo，Criteo 徽标和出现在本10-Q中的Criteo的其他商标或服务标记是Criteo的财产。在本10-Q中出现的其他公司的商业名称，商标和服务标记是其各自持有人的财产。
有关前瞻性声明的特别说明
本10-Q表格包含根据《证券法》第27A条，经修正的法案（“证券法”）和《证券交易法》第21E条，经修正的法案（“交易法”）的前瞻性声明，这些声明基于我们管理层的信仰、假设和现有信息。在本10-Q表格中除现有和历史事实和条件之外的所有声明，包括关于我们未来的业绩和财务状况、业务策略、未来业务的计划和目标的声明，都属于前瞻性声明。在本10-Q中使用“预期”、“相信”、“能够”、“可能”、“预计”、“意图”、“设计为”、“可能”、“潜在”、“预测”、“项目”、“寻求”、“应该”、“将”、“可能”的字样或类似的表达方式识别前瞻性声明。
您应参考我们于2023年12月31日结束的10-K年度报告的1A“风险因素”以及我们随后的季度10-Q报告，讨论可能导致我们实际结果与我们前瞻性声明所表达的不同的重要因素。由于这些因素的存在，我们无法向您保证本10-Q表格中的前瞻性声明将被证明是准确的。此外，如果我们的前瞻性声明被证明不准确，则其不准确性可能是重大的。鉴于这些前瞻性声明中存在重大的不确定性，您不应将这些声明视为我们或任何其他人以任何特定时间框架或全部实现我们的目标和计划的陈述或保证。我们不承担公开更新任何前瞻性声明的义务，无论是因为新信息、未来事件或其他原因，除非依法要求。
您应完整地阅读本10-Q表格和我们在本10-Q中引用并作为本10-Q的附件提交的文件，并认识到我们的实际未来结果可能与我们的预期有着本质的区别。我们通过这些谨慎声明对我们所有前瞻性声明进行限制。
     本10-Q表格可能包含从行业出版物获取的市场数据和行业预测。这些数据和预测涉及多个假设和局限，建议您不要过分重视这些信息。我们尚未对任何第三方信息进行独立验证。虽然我们相信本10-Q表格中包含的市场地位、市场机会和市场规模信息通常是可靠的，但该类信息本质上是不精确的。



第一部分
基本报表
2

criteo
简明合并财务状况表（未经审计）
注意事项
2024年9月30日2023 年 12 月 31 日
（以千计）
资产
流动资产：
现金和现金等价物3$208,740 $336,341 
贸易应收账款，扣除美元备抵后的净额35.1 百万和美元43.3 截至2024年9月30日和2023年12月31日，分别为百万人。
4646,283 775,589 
所得税129,785 2,065 
其他税收 132,370 109,306 
其他流动资产544,879 48,291 
受限制的现金
375,250 75,000 
有价证券——流动部分323,010 5,970 
流动资产总额1,140,317 1,352,562 
财产、厂房和设备，净额116,866 126,494 
无形资产，净额170,359 180,888 
善意526,569 524,197 
使用权资产-经营租赁 7110,350 112,487 
有价证券-非流动部分35,598 16,575 
非流动金融资产4,957 5,294 
其他非流动资产562,216 60,742 
递延所得税资产71,128 52,680 
非流动资产总额1,068,043 1,079,357 
总资产$2,208,360 $2,431,919 
负债和股东权益
流动负债：
贸易应付账款$629,997 $838,522 
意外开支-当期部分141,604 1,467 
所得税1215,490 17,213 
金融负债——流动部分34,753 3,389 
租赁负债——运营——流动部分726,159 35,398 
其他税收83,401 66,659 
员工相关应付账款104,095 113,287 
其他流动负债6109,118 104,552 
流动负债总额974,617 1,180,487 
递延所得税负债3,182 1,083 
固定福利计划84,938 4,123 
金融负债——非流动部分3320 77 
租赁负债-经营-非流动部分 787,321 83,051 
意外开支-非流动部分1431,939 32,625 
其他非流动负债620,536 19,082 
非流动负债总额148,236 140,041 
负债总额$1,122,853 $1,320,528 
承付款和意外开支
股东权益：
普通股，欧元0.025 面值， 59,180,216 和 61,165,663 分别于2024年9月30日和2023年12月31日授权、已发行和流通的股份。
$1,970 $2,023 
库存股， 4,399,179 和 5,400,572 股票成本分别为截至2024年9月30日和2023年12月31日。
(152,997)(161,788)
额外的实收资本728,707 769,240 
累计其他综合亏损(83,345)(85,326)
留存收益557,072 555,456 
归属于Criteo S.A. 股东的权益1,051,407 1,079,605 
非控股权益34,100 31,786 
权益总额1,085,507 1,111,391 
权益和负债总额$2,208,360 $2,431,919 
附注说明是这些未经审计的简明合并财务报表的组成部分。
3

criteo

简要的综合收入表（未经审计）

三个月之内结束九个月结束
票据 2024年9月30日2023年9月30日2024年9月30日2023年9月30日
（以千为单位，每股数据除外）
营业收入9$458,892 $469,193 $1,380,254 $1,383,143 
营业成本：
流量获取成本(192,789)(223,798)(593,170)(676,913)
其他收入成本(34,171)(40,268)(105,084)(119,812)
毛利润231,932 205,127 682,000 586,418 
营业费用：
研发费用(85,285)(62,522)(211,782)(193,887)
销售和运营费用(90,823)(94,572)(278,734)(308,325)
一般及管理费用(46,222)(36,599)(134,590)(95,306)
营业费用总计(222,330)(193,693)(625,106)(597,518)
营业收支（亏损）9,602 11,434 56,894 (11,100)
财务和其他收入（损失）11(8)(2,967)889 2,008 
税前收入（亏损）
9,594 8,467 57,783 (9,092)
所得税费用准备金（支出）收益 12(3,450)(1,832)(15,014)1,685 
净利润
$6,144 $6,635 $42,769 $(7,407)
criteo S.A.股东应占稀释净利润
$6,245 $6,927 $40,476 $(7,758)
净利润（亏损）归属于非控股权益$(101)$(292)$2,293 $351 
计算每股收益所使用的加权平均股本：
基本1354,695,11256,297,66654,840,65056,173,218
稀释的1358,430,13360,172,95358,909,95256,173,218
每股净利润（亏损）分配给股东：
基本13$0.11 $0.12 $0.74 $(0.14)
稀释的13$0.11 $0.12 $0.69 $(0.14)
附注说明是这些未经审计的简明合并财务报表的组成部分。

4

criteo

综合收支简明综合财务报表（未经审计）
三个月之内结束九个月结束
2024年9月30日2023年9月30日2024年9月30日2023年9月30日
（以千为单位）
$6,144 $6,635 $42,769 $(7,407)
外币货币翻译调整，净额
24,531 (10,458)1,953 (12,593)
员工福利的精算收益（损失），税后净额(284)426 (107)283 
其他综合收益（损失）$24,247 $(10,032)$1,846 $(12,310)
总综合收益（损失）
$30,391 $(3,397)$44,615 $(19,717)
归属于criteo SA股东$26,750 $(2,198)$42,458 $(16,295)
归属于非控股权益的净利润$3,641 $(1,199)$2,157 $(3,422)
附注说明是这些未经审计的简明合并财务报表的组成部分。
5

criteo
未经审计的简明综合股东权益报表
股本财政
股票		额外实收资本累计其他综合收益（损失）未分配利润Criteo S.A.普通股股东权益非控制权益股东权益总计
普通股股份
（以千为单位，除每股金额外）
2022年12月31日结存余额63,248,728$2,079(5,985,104)$(174,293)$734,492$(91,890)$577,653$1,048,041$33,065$1,081,106
——————(11,809)(11,809)(262)(12,071)
其他综合收益（损失）—————6,475—6,475(296)6,179
普通股份的发行67,9682——1,295——1,297—1,297
财务部门股票变动(*)
——(1,338,049)(37,107)——(13,922)(51,029)—(51,029)
股权奖励————24,610——24,6109724,707
其他权益变动——————————
2023年3月31日的余额63,316,696$2,081(7,323,153)$(211,400)$760,397$(85,415)$551,922$1,017,585$32,604$1,050,189
——————(2,876)(2,876)905(1,971)
其他综合损失
—————(5,887)—(5,887)(2,570)(8,457)
普通股份的发行20,757———399——399—399
财务部门股票变动(*)
——(89,425)(2,646)——(21,189)(23,835)—(23,835)
股权奖励————26,878——26,878(165)26,713
其他权益变动—————(26)—(26)—(26)
2023年6月30日的余额63,337,453$2,081(7,412,578)$(214,046)$787,674$(91,328)$527,857$1,012,238$30,774$1,043,012
——————6,9276,927(292)6,635
其他综合损失
—————(9,125)—(9,125)(907)(10,032)
普通股份的发行—1——251——252—252
库存股变动(*)
13,210—318,0041,952——(30,440)(28,488)—(28,488)
股权奖励————23,461——23,4614423,505
其他权益变动————(5)(29)—(34)—(34)
2023年9月30日结余63,350,663$2,082(7,094,574)$(212,094)$811,381$(100,482)$504,344$1,005,231$29,619$1,034,850
(*) 2022年12月7日，criteo董事会授权将股票回购计划延长至高达美元480.0百万美元的公司存托美国股份。库存股票的变化由 3,404,891 以加权平均价格美元回购的股票组成30.4 抵消， 1,288,939 用于RSUs授予的公司库存股份和 1,006,482 用于LUSs授予的公司库存股份。
6

股本国库股额外的实收资本累计其他综合收益（亏损）留存收益股权——归属于Criteo S.A. 的股东非控股权益权益总额
普通股股票
（以千计，股票金额除外）
截至2023年12月31日的余额61,165,663$2,023(5,400,572)$(161,788)$769,240$(85,326)$555,456$1,079,605$31,786$1,111,391
净收入
——————7,2447,2441,3228,566
其他综合损失
—————(11,437)—(11,437)(2,046)(13,483)
普通股的发行15,3381——394——395—395
库存股的变化(*)
——(1,216,547)(42,575)——(19,568)(62,143)—(62,143)
基于股份的薪酬————27,858——27,8585527,913
其他权益变动——————(40)(40)—(40)
截至 2024 年 3 月 31 日的余额
61,181,001$2,024(6,617,119)$(204,363)$797,492$(96,763)$543,092$1,041,482$31,117$1,072,599
净收入
——————26,98726,9871,07228,059
其他综合损失
—————(7,085)—(7,085)(1,833)(8,918)
普通股的发行32,485———812——812—812
库存股的变化(*)
(2,150,000)(57)2,155,60250,109(57,871)—(32,533)(40,352)—(40,352)
基于股份的薪酬————21,248——21,2484721,295
其他权益变动——————(305)(305)—(305)
截至 2024 年 6 月 30 日的余额59,063,486$1,967(4,461,517)$(154,254)$761,681$(103,848)$537,241$1,042,787$30,403$1,073,190
净收益（亏损）——————6,2456,245(101)6,144
其他综合收入
—————20,503—20,5033,74424,247
普通股的发行116,7303——3,223——3,226—3,226
库存股的变化(*)
——62,3381,257(70,774)—14,521(54,996)—(54,996)
基于股份的薪酬————34,577——34,5775734,634
其他权益变动——————(935)(935)(3)(938)
截至 2024 年 9 月 30 日的余额59,180,216$1,970(4,399,179)$(152,997)$728,707$(83,345)$557,072$1,051,407$34,100$1,085,507
(*) 2024年2月1日，criteo董事会授权将股票回购计划延长至最多$630.0百万美元的公司存托美国股份。库存股票的变化由 4,297,334 以加权平均价格美元回购的股票组成36.6 抵消， 1,796,847 用于RSU解禁的库存股份 1,351,880 用于LUSs解禁的库存股份以及 2,150,000 用于取消的库存股份。
附注是这些未经审计的简明合并财务报表的组成部分。
7

criteo
未经审计的简明合并现金流量表
九个月结束
2024年9月30日2023年9月30日
（以千为单位）
$42,769 $(7,407)
非现金和非经营项目136,013 42,706 
- 摊销和准备67,134 56,288 
- 支付监管事项的相关责任— (43,334)
股权奖励补偿费用
82,193 76,353 
非流动资产处置净（收益）损失924 (8,903)
不确定税务立场变化
1,764 (314)
收购款项公平价值变动净额
3,202 1,499 
递延税款变动(16,370)(24,742)
所得税变动(9,321)(18,007)
其他6,487 3,866 
与经营活动相关的营运资本变动(90,075)27,607 
- 交易应收账款的增加/减少138,595 78,890 
- 交易应付账款的增加/减少(210,863)(71,190)
- 其他流动资产的增加/减少(16,430)1,968 
- 其他流动负债的增加/减少1,452 17,926 
- 经营租赁负债和使用权资产的变动(2,829)13 
经营活动现金流量88,707 62,906 
取得无形资产、物业、厂房和设备(56,364)(77,838)
账款变动涉及无形资产、物业、厂房和设备3,122 (16,749)
业务付款，扣除取得现金(527)(6,957)
$— 9,625 
其他非流动金融资产变动(5,197)(12,280)
投资活动所用现金
(58,966)(104,199)
行使股票期权所得4,433 1,948 
回购库存股(157,492)(103,354)
支付或准备支付的现金— (22,025)
其他筹资活动变动(1,296)(1,427)
筹集融资活动所用现金(154,355)(124,858)
汇率变动对现金及现金等价物的影响(2,737)(12,192)
现金及现金等价物和受限制的现金净减少额
(127,351)(178,343)
期初现金及现金等价物和受限制的现金411,341 448,200 
期末现金及现金等价物和受限制的现金$283,990 $269,857 
现金流补充资料披露
支付的税金，净额(36,099)(41,377)
支付的利息现金(1,032)(1,055)
附注是这些未经审计的简明合并财务报表的组成部分。
8

criteo
基本财务报表注释（未经审计）。

Criteo S.A.最初是根据法国共和国法律于2005年11月3日作为一家简化股份有限公司（S.A.S.）成立的，经营期限为99年，后来转为股份有限公司（S.A.）
我们是一家全球科技公司，通过世界领先的商业媒体平台，帮助营销人员和媒体所有者实现更好的商业成果。我们为每个消费者带来更丰富的体验，支持一个公平开放的互联网，促进发现、创新和选择，由全球营销人员和媒体所有者提供可信赖、有影响力的广告。

我们正在引领商业媒体领域——一种新的广告方法，结合商业数据和机器学习，以便在整个购物旅程中定位消费者，帮助营销人员和媒体所有者推动商业收入（销售、潜在客户、广告营收）。

我们的策略是帮助营销人员和媒体所有者激活第一方隐私安全的数据，并通过我们的Commerce Media平台推动更好的商业结果，该平台包括一套产品：
•为营销人员（品牌、零售商和代理机构）提供便利的方式，可以轻松地在消费者在购物过程中的任何地方接触到他们，并衡量他们的广告活动
•为媒体所有者（出版商和零售商）提供将其广告和促销库存货物货币化的能力，在任何消费者花费时间的地方。
•这些都是由我们爱文思控股引擎支持的，实时分析大量商业数据以实现超个性化和预算效率。


在这些说明中，Criteo S.A.被称为"母公司"，连同其子公司一起，统称为"criteo"，"公司"，"集团"或"我们"。






























9

注1重要会计政策之摘要

报告范围

附带的未经审计的简明合并财务报表（“未经审计的简明合并财务报表”）已根据美国通用会计准则（“GAAP”）及证券交易委员会（“SEC”）的适用规定编制，包括有关中期财务报告的规定。根据这些规定，按照GAAP编制的财务报表通常包含的某些信息和披露已经被压缩或省略。因此，这些未经审计的简明合并财务报表应当与公司年度报告中附有的截至2023年12月31日结束的Form 10-K中包含的合并财务报表和附注一起阅读。该年度报告已于2024年2月23日提交给SEC。

此处包含的未经审计的简明综合基本报表反映了所有正常重复发生的调整，据管理层看来，这些调整是必要的，以公正地陈述在所呈现的中期时段的结果。所呈现的中期时段的经营结果未必预示着任何随后中期时段或截至2024年12月31日的财政年度的经营结果。

使用估计

编制我们的合并基本报表需要使用涉及资产、负债金额以及附注财产和负债的估计、假设和判断，并影响合并财务报表日期的资产、负债金额以及在期间的营业收入和费用金额。我们的估计和假设基于历史经验和我们认为在合理情况下合理的其他因素。我们会持续评估我们的估计和假设。我们的实际结果可能与这些估计有所不同。我们财务报表中的估计包括但不限于：(1)营业收入确认中的总计与净额评估 (2)所得税，(3)在评估开多资产（包括无形资产）和商誉时使用的假设，(4)围绕确认和估价附属义务和损失的假设。

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 $526.6 million and $524.2 million at September 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.

10

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 September 30, 2024 were as follows:
Retail MediaPerformance MediaTotal
Balance at January 1, 2024
$149,680 $374,517 $524,197 
Acquisitions— — — 
Disposals— — — 
Currency translation adjustment429 1,943 2,372 
Impairments— — — 
Balance at September 30, 2024
$150,109 $376,460 $526,569 
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.

最近发布的会计声明

在此期间，公司的基本报表未出台任何最近颁布的会计准则，对其财务报表产生重大影响。

最近没有预计会对我们的经营业绩、财务状况或现金流产生重大影响的会计准则。

11

注释2。分段信息
公司基于管理方法报告分部信息。管理方法指明了内部报告，用于管理决策和评估绩效，作为公司可报告分部的信息来源。从2024年第一季度开始，公司改变了其分部报告结构，并通过以下方式报告运营结果 两个 分部：零售媒体和绩效媒体。
–零售媒体：此部分包括来自品牌、广告机构和零售商的营业收入，用于购买和销售零售媒体数字广告库存和受众以及服务。

–性能媒体：该部分涵盖了商务激活、货币化和服务。

公司的CODm根据不包括流量获取成本的出稿排名并评估每个部分的业绩，该信息是我们的部门盈利能力衡量标准，反映了我们的毛利润加上其他营业成本。公司的CODm不会定期审查我们的其他财务信息。 两个 部门。
以下表格显示按报告部门划分的营业收入：
三个月已结束九个月已结束
2024 年 9 月 30 日2023 年 9 月 30 日2024 年 9 月 30 日2023 年 9 月 30 日
（以千计）
零售媒体$60,765 $49,813 $166,414 $132,424 
表演媒体398,127 419,380 1,213,840 1,250,719 
总收入$458,892 $469,193 $1,380,254 $1,383,143 

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

三个月截至九个月结束
2024年9月30日2023年9月30日2024年9月30日2023年9月30日
（以千为单位）
扣除流量获取成本的贡献
Retail Media业务 营业收入同比增长75%，达到1760万美元，占广告收入解决方案的24%；相比去年的百分之10有了巨大的提升。$59,583 $48,436 $163,618 $129,306 
表现媒体206,520 196,959 623,466 576,924 
$266,103 $245,395 $787,084 $706,230 
其他销售成本(34,171)(40,268)(105,084)(119,812)
毛利润$231,932 $205,127 $682,000 $586,418 
营业费用
研发费用(85,285)(62,522)(211,782)(193,887)
销售和运营费用(90,823)(94,572)(278,734)(308,325)
一般及管理费用(46,222)(36,599)(134,590)(95,306)
营业费用总计$(222,330)$(193,693)$(625,106)$(597,518)
营业收支（亏损）$9,602 $11,434 $56,894 $(11,100)
财务及其他收入（费用）(8)(2,967)889 2,008 
税前收益（亏损）$9,594 $8,467 $57,783 $(9,092)
12

注3. 金融工具

公允价值衡量
我们将现金、现金等价物和可交易债务证券分为一级或二级，因为我们使用报价市场价格或具有可观察输入的定价模型来确定其公允价值。我们的定期存款主要由计息定期存款和所有基金类型组成。计息和定期银行存款被视为二级金融工具，因为它们是使用基于可观察市场数据的估值技术进行衡量的。 定期存款被视为二级金融工具，因为它们是使用基于可观察市场数据的估值技术进行衡量的。
2024年9月30日2023年12月31日
现金及现金等价物流动证券现金及现金等价物流动证券
（以千为单位）
一级
现金及现金等价物$180,321 $— $285,518 $— 
二级
定期存款和票据28,419 28,608 50,823 22,545 
总计$208,740 $28,608 $336,341 $22,545 

鉴于投资的性质、到期日和预期未来现金流，定期存款的公允价值大致等于其账面价值。
Marketable Securities
The following table presents for each reporting period, the breakdown of the fair value of marketable securities:
2024年9月30日2023年12月31日
（以千为单位）
持有至到期的证券
定期存款28,608 22,545 
总计$28,608 $22,545 

截至目前，我们可变现证券的未实现总收益并不重要 2024年9月30日.
以下表格按合同到期日分类列出了我们的可交易债务证券：
持有至到期投资
2024年9月30日
（以千为单位）
一年内到期$23,010 
1至5年内到期5,598 
总计$28,608 
13

限制性现金

截至2024年9月30日，公司在包含提取条件的托管账户中拥有限制性现金$75百万。这笔现金用于公司支付给卖方的Iponweb收购待定考虑金，前提是依据Iponweb业务在2023财年实现特定营业收入目标，详细内容请参阅附注6。

注意事项4：供应链融资计划交易应收账款
以下表格显示了所述时期交易应收账款净账面价值的细分情况:
2024年9月30日2023年12月31日
（以千为单位）
交易应收账款$681,350 $818,937 
(少量)信贷损失准备(35,067)(43,348)
期末净账面价值$646,283 $775,589 
截至2024年9月30日，没有任何客户单独超过我们应收账款的10%。
注5. 其他流动资产和非流动资产
The following table shows the breakdown in other current assets net book value for the presented periods:
2024年9月30日2023年12月31日
（以千为单位）
供应商预付款$5,828 $7,499 
其他债务人9,439 7,279 
预付费用29,612 32,858 
其他资产— 655 
期末净账面价值$44,879 $48,291 
预付费用主要包括与saas-云计算安排有关的金额，主要用于内部ERP系统。
其他非流动资产达$62.2百万美元主要由对Iponweb收购协议相关税务负债记录的赔偿资产组成，金额为$49.1 百万美元
14

注释6。其他流动负债和非流动负债
其他流动负债列于下表中：
2024年9月30日2023年12月31日
（以千为单位）
当前的收益责任 - 当前$54,640 $49,647 
公司从少量的大型、有声望的客户那里产生收入。28,408 23,315 
递延营业收入和其他客户预付款15,981 25,925 
与资本支出相关的应付账款5,799 3,346 
其他债权人4,290 2,319 
流动负债合计$109,118 $104,552 
出售后的责任与Iponweb收购有关，卖方有权获得与Iponweb业务在2023财年实现一定营业收入目标有关的应收对价，相关的出售后责任按照管理层对预计将于2024年第四季度支付的对价的最佳估计值进行估值和折现。

其他非流动负债列于下表中：
2024年9月30日2023年12月31日
（以千为单位）
不确定的税务立场$19,055 $16,785 
其他$1,481 $2,297 
所有非流动负债$20,536 $19,082 
不确定的税务立场主要与Iponweb收购有关。

15

注7。租赁协议
租赁费用组成如下:
三个月已结束2024 年 9 月 30 日2023 年 9 月 30 日
办公室数据中心总计办公室数据中心总计
（以千计）
租赁费用$3,624 $6,786 $10,410 $3,419 $5,644 $9,063 
短期租赁费用287 — 287 200 13 213 
可变租赁费用431 65 496 289 14 303 
转租收入(343)— (343)(277)— (277)
运营租赁支出总额$3,999 $6,851 $10,850 $3,631 $5,671 $9,302 
九个月已结束2024 年 9 月 30 日2023 年 9 月 30 日
办公室数据中心总计办公室数据中心总计
（以千计）
租赁费用$10,839 $19,642 $30,481 $10,548 $16,844 $27,392 
短期租赁费用914 — 914 489 42 531 
可变租赁费用1,102 122 1,224 493 75 568 
转租收入(1,152)— (1,152)(692)— (692)
运营租赁支出总额$11,703 $19,764 $31,467 $10,838 $16,961 $27,799 

16

注释8.员工福利

定义的利益计划
根据法国法律和Syntec集体协议，法国雇员有权获得退休时支付的补偿。
以下表格总结了预计责任总额的变化：
预计福利义务
（以千为单位）
2023年1月1日的现值预期责任
$3,708 
服务成本
707 
 利息费用
161 
 削减(306)
精算损失（收益）
(290)
货币翻译调整
143 
2023年12月31日的预期责任现值
$4,123 
服务成本
518 
利息成本
119 
精算损失（盈利）
101 
货币翻译调整
77 
2024年9月30日的预期责任现值
$4,938 
公司在所呈现的任何时期都不持有任何计划资产。
用于精算估值目的的主要假设如下所列：
九个月结束2,185 
2024年9月30日2023年12月31日
折扣率（公司AA）
3.8%3.9%
预期薪资增加率
7.0%7.0%
预期社会费率
48.0%48.0%
预期员工流失率
公司年龄表公司年龄表
预计退休年龄
65岁65岁
寿命表
TH-TF 2000-2002 转移TH-TF 2000-2002 转移

17

确定性缴费计划
总支出代表我们按指定比例应付这些计划的贡献。
在某些国家，该集团的员工有资格获得养老金支付和类似的金融福利。该集团通过确定的缴款计划提供这些福利。根据确定的缴款计划，该集团除支付约定的缴款外，没有其他义务，相应的费用计入当年收入。主要的缴款涉及法国、美国（约40.1万计划）和英国。
三个月截至九个月结束
2024年9月30日2023年9月30日2024年9月30日2023年9月30日
（以千为单位）
人事费用中包括的确定性贡献计划
$(4,684)$(4,694)$(14,974)$(14,308)
注9。营业收入

以下表格展示了我们按部门划分的营收：
三个月截至Retail Media业务 营业收入同比增长75%，达到1760万美元，占广告收入解决方案的24%；相比去年的百分之10有了巨大的提升。表现媒体总计
（以千为单位）
2024年9月30日$60,765 $398,127 $458,892 
2023年9月30日$49,813 $419,380 $469,193 
九个月结束Retail Media业务 营业收入同比增长75%，达到1760万美元，占广告收入解决方案的24%；相比去年的百分之10有了巨大的提升。表现媒体总计
（以千为单位）
2024年9月30日$166,414 $1,213,840 $1,380,254 
2023年9月30日$132,424 $1,250,719 $1,383,143 

注10。基于股份的报酬

股权奖励报酬支出

合并利润表中记录的股权奖励补偿费用如下：:

九个月结束
2024年9月30日2023年9月30日
（以千为单位）
迄今为止，我们的研究和开发费用与AV-101的开发有关。研究和开发费用按照发生的原则确认，并将在收到将用于研究和开发的货物或服务之前支付的款项资本化，直至收到这些货物或服务。
$(44,461)$(44,438)
销售和运营
(15,703)(15,240)
一般和行政
(22,029)(16,675)
总权益奖励补偿费用 (1)
$(82,193)$(76,353)
股权奖励补偿费用的税收优惠7,920 6,084 
股权奖励补偿费用总额，税收影响净额$(74,273)$(70,269)

(1) 2024年9月30日结束的九个月零$净额呈现2.9 与内部开发的软件相关的以百万计的资本化股票补偿
18


按工具类型分类的股权奖励费用拆分如下：

九个月结束
2024年9月30日2023年9月30日
（以千为单位）
股票期权$(46)$(80)
限售股(29,790)(28,326)
限制性股份单位 / 绩效股份单位(51,058)(46,519)
非雇员认股权(1,299)(1,428)
股票激励奖励报酬总额 (1)
$(82,193)$(76,353)
来自股票激励奖励报酬的税收益 7,920 6,084 
股票激励奖励报酬总额，减税效应后净额 $(74,273)$(70,269)

(1) 呈报净额$2.9 百万美元的资本化股权补偿，涉及内部开发的软件。

下面提供了每种仪器类型的详细描述。


股票期权

公司股票激励计划授予的股票期权通常会在一段时间后解锁 公司使用资产和负债的会计方法来计算所得税。根据这种方法，根据资产和负债的金融报表及税基之间的暂时区别，使用实施税率来决定递延税资产和递延税负债，该税率适用于预期差异将反转的年份。税法的任何修改对递延税资产和负债的影响将于生效日期在财务报告期内确认在汇总的综合收益报表上。，在持有人通过解锁日期继续服务并最迟于到期日到期 10 自授予之日起...年后到期。
在以下表格中，行权价格、授予日期股份公允价值和每个权益工具的公允价值均以欧元指数提供，因为公司注册在法国，欧元是授予所使用的货币。

期权未行权
期权在外流通的股份数量加权平均行权价格加权平均剩余合同期限（年）总内在价值
2023年12月31日持有量
319,238 
期权授予— 
期权行权(79,993)
取消的期权(9,439)
取消的期权— 
期权到期(6,320)
截至2024年9月30日为止优秀
223,486 
截至2024年9月30日已获得并可行使的权益
223,486 €18.72 4.62€17.94 

总体内在价值表示期权行权价格与行权日期当日普通股的公允市场价值之间的差异。 No 新股票期权授予于2024年9月30日结束的期间。截至2024年9月30日， no 未识别的与未投放的股票期权相关的未经识别的股票补偿剩余。



19

锁定股份

2022年8月1日， 2,960,243 作为Iponweb收购的部分对价，部分国库股份转让给创始人（简称锁定股份或“LUS”）。这些股份受限制期限约在 三 在Iponweb收购的首个 三 周年纪念日的各期递延付款中，除非归属进度发生变化，或者在此种限制期限内因某些情况创始人的雇佣协议被终止。这些股份被视为ASC 718下的按股份计的薪酬，并按照 三年 限制期间来核算。按照纳斯达克交易的一个ADS的成交量加权平均价值计算这些股份的价值，在合并利润表的研发费用中包括了按股份计的薪酬支出。20在2022年7月28日前的交易日中。

股份加权平均授予日公允价值每股
2023年12月31日持有量
1,953,761 — 
已批准— — 
34,105(1,351,880)— 
被取消— — 
截至2024年9月30日为止优秀
601,881 $23.73 


在2024年9月30日结束的三个月期间，公司回购了 640,000 股份，在期权锁定到期后，约价值$30.0百万，作为我们的股份回购计划的一部分。这些股份是根据纳斯达克收盘价格的公平市场价值回购的。这导致在损益表中额外的基于股份的补偿费用为$13.3百万。

截至2024年9月30日，公司尚未确认与这些锁定股份奖励相关的股票补偿，约为$4.4百万，预计将在2024年10月1日至2025年8月1日期间确认。

限制性股票单位和绩效股票单位

2024年9月30日结束的九个月内，公司根据我们当前的股权报酬计划授予了新股权，包括限制性股票单位（“RSU”），以及由总股东回报（“TSR”）和绩效归属条件（“PSU”）组成的绩效型RSU奖励，分发给公司的高级主管。

受限股票单位

限制性股票单位通常在一段时间内分配 公司使用资产和负债的会计方法来计算所得税。根据这种方法，根据资产和负债的金融报表及税基之间的暂时区别，使用实施税率来决定递延税资产和递延税负债，该税率适用于预期差异将反转的年份。税法的任何修改对递延税资产和负债的影响将于生效日期在财务报告期内确认在汇总的综合收益报表上。，取决于持有人的持续服务和/或某些绩效条件在分配日期之前。在下表中，行权价格、授予日期股票公平价值和每股权益工具的公允价值均以欧元计算，因为公司注册地为法国，欧元是授予所使用的货币。

20

股份（RSU）加权平均授予日期公允价值每股
2023年12月31日持有量
5,293,263 — 
已批准1,492,022 — 
34,105(1,595,513)— 
被取消(294,566)— 
截至2024年9月30日为止优秀
4,895,206 €30.86 

RSU受约束期限制。 公司使用资产和负债的会计方法来计算所得税。根据这种方法，根据资产和负债的金融报表及税基之间的暂时区别，使用实施税率来决定递延税资产和递延税负债，该税率适用于预期差异将反转的年份。税法的任何修改对递延税资产和负债的影响将于生效日期在财务报告期内确认在汇总的综合收益报表上。，在此期间内的支出按照直线法确认。总计 1,492,022 股份已在该计划下授予，加权平均授予日期公允价值为€30.86.

As of September 30, 2024, the Company had unrecognized stock-based compensation relating to restricted stock of approximately $89.6 million, which is expected to be recognized over a weighted-average period of 3.3 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 568,081 shares have been granted at target under two plans 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 1,136,162. The grant-date fair value is determined based on the fair-value of the shares at the grant date. The weighted average grant-date fair value of those plans is €30.54 per share for a total fair value of approximately $18.9 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:

股份（PSU）加权平均授予日公允价值每股
2023年12月31日持有量
660,395 — 
已批准568,081 — 
绩效分红调整
64,152 
34,105(202,637)— 
被取消— — 
截至2024年9月30日为止优秀
1,089,991 €30.54 

截至2024年9月30日，公司尚未确认与业绩股票单位相关的股票补偿约为$19.5预计将在加权平均期间内认可该金额。 3.2年。

受市场条件限制的奖励，是基于公司总股东回报与纳斯达克综合指数相对表现以及特定其他控件的，共有 268,226 股份已在该方案下设定目标数量授予，并在进行过一定时间 之后获得 两个 等份，每一等份的期限为 两个 和 三年，目标股份将根据 区间 范围内的控制而获得 0可以降低至0.75%每年200根据TSR的每个 tranche，最大股数为 536,452。授予日公允价值约为$13.7百万美元，将以相应的解锁期间进行直线摊销。
授予的公平价值日期是基于蒙特卡洛估值模型，使用以下关键假设确定的：
21

公司预期波动性42.73 %
基准预期波动性71.18 %
无风险利率4.27 %
预期股息收益— %

受市场条件约束的授予、已归属和未偿股份数目如下：
分享 (TSR)加权平均授予日公允价值每股
2023年12月31日持有量
— — 
已批准268,226 — 
34,105— — 
被取消— — 
截至2024年9月30日为止优秀
268,226 €47.42 
As of September 30, 2024, a total of $3.4 million expense has been recognized and the Company had unrecognized stock-based compensation related to performance stock units based of market conditions of $10.5 million, which is expected to be recognized over a period from October 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(84,560)
Canceled— 
Expired— 
Outstanding as of September 30, 2024
159,897 €16.59 3.80€20.11 
Vested and exercisable - September 30, 2024
159,897 

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 September 30, 2024. As of September 30, 2024 all instruments have fully vested.


22

注意事项11。财务及其他收入和支出
可以将综合收入表中的“财务及其他收入（损失）”一项细分如下：
三个月截至九个月结束
2024年9月30日2023年9月30日2024年9月30日2023年9月30日
（以千为单位）
现金等价物的财务收入$1,432 $1,055 $5,261 $3,190 
利息和费用(505)(437)(1,337)(1,500)
汇率期货损失
(901)(1,731)(1,459)(4,683)
贴现影响(8)(1,593)(1,774)(3,692)
其他财务收入
(26)(261)198 8,693 
财务和其他收入（费用）
$(8)$(2,967)$889 $2,008 
从2023年12月31日至2024年3月31日，净合同资产增加$0.92024年9月30日结束的九个月，主要由现金等价物的金融收入驱动，部分抵消了汇率期货损失和与Iponweb收购有关的递延收购款责任的变化，共实现了其他收入的百万美元。
截至2024年9月30日，我们对外币风险的敞口集中在criteo S.A.，并通过外汇掉期或外汇远期购买或销售来进行对冲。
注12。所得税
中期税项预备金是使用我们年度有效税率（“AETR”）的估计值确定的，调整为当期发生的离散项目。为了计算我们估计的AETR，我们预计税前收入和相关的税费或全年财政年度的受益（预计的现行和递延税项准备金总计），不包括在损益表中未承认的重大飞凡或偶发事件或综合收益项目的影响。每个季度，我们更新我们对年度有效税率的估计，如果我们的估计年度税率发生变化，我们在当季进行累计调整。我们的季度税项准备金和我们对年度有效税率的季度估计受到多种因素的显著波动的影响，包括我们准确预计在多个司法管辖区内的税前收入（损失）的能力。我们未来的有效税率将取决于我们在法国境内和境外赚取利润的部分。
2021年12月，经济合作与发展组织（OECD）发布了二柱模型法规，定义了全球最低税率，要求对于年度营业收入超过7.5亿欧元的跨国公司征收至少15%的最低税率。许多司法管辖区已经实施或正在制定法律，以采纳最低有效税率。虽然二柱的采纳对2024年9月30日结束的九个月没有实质性影响，公司将继续评估随着进一步指导文件的出台所带来的持续影响。
The following table presents provision for income taxes:
Nine Months Ended
September 30, 2024September 30, 2023
(in thousands)
Provision for income tax (expense) benefit$(15,014)$1,685 
For the nine months ended September 30, 2024, the provision for income taxes differs from the nominal standard French rate of 25.0% primarily due to the application the reduced income tax rate on the majority of the technology royalties income in France and nondeductible equity awards compensation expense.

23

附注13.每股收益

每股基本盈利（亏损）
我们通过将归属于母公司股东的期间净利润或亏损除以权重平均未偿还股份数量来计算基本每股收益（损失）（“EPS”）。
三个月截至九个月结束
2024年9月30日2023年9月30日2024年9月30日2023年9月30日
归属于criteo SA股东的净利润（损失）
$6,245 $6,927 $40,476 $(7,758)
加权平均股本数54,695,112 56,297,666 54,840,650 56,173,218 
基本每股收益（亏损）
$0.11 $0.12 $0.74 $(0.14)
每股稀释盈利（亏损）
我们通过将归属于母公司股东的净利润或亏损除以权重平均未来外发的股份计算摊薄后每股收益（亏损）（请参考附注10）。截至2023年9月30日的九个月，公司报告了净亏损，因此基本每股净亏损与摊薄每股净亏损相同，因为将所有潜在的流通普通股包括进来会对稀释造成反作用。
对于每个报告期，发行一定数量的股票的合同（即，股票期权，非雇员认股权，雇员认股权（“BSPCE”）），如果在"实值"（即，行权或结算价格低于平均市场价格），则被评估为潜在稀释性。
三个月截至九个月结束
2024年9月30日2023年9月30日2024年9月30日2023年9月30日
Criteo S.A.股东净利润（亏损）
$6,245 $6,927 $40,476 $(7,758)
基本股份：
criteo S.A.的加权平均股份流通量。54,695,112 56,297,666 54,840,650 56,173,218 
具有稀释效应的：
受限制的股票奖励（“RSUs”）3,080,895 3,718,688 2,947,233 — 
锁定股份（“LUSs”）
472,956 967,941 949,255 — 
股份期权和BSPCE121,177 103,221 112,102 — 
股份认股权证59,993 53,378 60,712 — 
稀释后股份：
用于确定每股稀释收益的加权平均股份流通量58,430,133 60,172,953 58,909,952 56,173,218 
摊薄每股收益（亏损）
$0.11 $0.12 $0.69 $(0.14)
过去期间对摊薄后每股收益有抗摊薄效应的加权平均证券数量，但未来可能对每股收益造成摊薄效应的数量如下：
九个月结束
2024年9月30日2023年9月30日
受限制的股票奖励份额303,261 165,940 
分享期权和BSPCE— — 
排除稀释每股收益的反稀释证券的加权平均数303,261 165,940 

24


注14。承诺和 contingencies
我们可能不时地参与法律诉讼或受到在业务常规过程中出现的索赔。目前我们没有参与可能对我们产生重大不利影响的任何法律诉讼，无论单独还是合并起来，都将对我们的业务、运营结果、财务状况或现金流产生重大不利影响。无论诉讼结果如何，诉讼可能对我们产生不利影响，因为涉及军工股和解决费用、管理资源转移以及其他因素。
各项准备金数额代表管理层对预期影响的最新估计。

法律和监管事务
随着Privacy International对包括在法国在内的多家广告科技公司向特定数据保护机构提出投诉，法国信息和自由委员会（"CNIL"）于2020年1月对criteo展开了正式调查。2023年6月，CNIL做出了决定，确认了所谓的欧盟《一般数据保护条例（"GDPR"）违规行为，但将对criteo的罚款减少至原始金额的€603000万欧元64.2百万）至€403000万欧元42.8百万）。criteo在2023年第三季度支付了所需的制裁款项。这一决定涉及以往事宜，不包括criteo改变当前的做法的任何义务。criteo已就这一决定向法国国务院（"Conseil d’Etat"）提起上诉。Etat）.
我们是（Doe 诉 GoodRx Holdings, Inc.等人，美国加利福尼亚北区联邦法院），声称违反各种州和联邦法律。 我们打算积极辩护我们的立场，但目前无法预测可能的结果。

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.
25

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)
September 30, 2024$206,816 $161,745 $90,331 $458,892 
September 30, 2023$219,667 $158,756 $90,770 $469,193 
Nine Months EndedAmericasEMEAAsia-PacificTotal
(in thousands)
September 30, 2024$617,555 $493,083 $269,616 $1,380,254 
September 30, 2023$616,418 $482,939 $283,786 $1,383,143 
Revenue generated in other significant countries where we operate is presented in the following table:
Three Months EndedNine Months Ended
September 30, 2024September 30, 2023September 30, 2024September 30, 2023
(in thousands)
Americas
United States$185,864 $199,270 $553,867 $557,116 
EMEA
Germany$48,128 $46,391 $146,881 $140,592 
France$20,888 $23,423 $64,836 $71,130 
Asia-Pacific
Japan$49,763 $49,213 $151,760 $162,767 
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)
September 30, 2024$74,080 $199,948 $13,197 $287,225 
December 31, 2023$89,355 $202,969 $15,058 $307,382 
26

Note 16. Subsequent Events

The Company evaluated all subsequent events that occurred after September 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.
27

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.
概述
我们是一家全球科技公司，通过全球领先的Commerce Media平台，为营销人员和媒体所有者推动卓越的商业结果。我们在Commerce Media领域运营，这是数字广告的未来，利用商业数据和人工智能（"AI"）来连接电子商务、数字营销和媒体变现，以便在消费者购物过程中与他们接触。我们的愿景是通过支持公平和开放的互联网，为每个消费者带来更丰富的体验，从而实现发现、创新和选择，由信任和有影响力的广告推动。我们已经快速将公司转变为多解决方案平台提供商，迅速将我们的业务多样化扩展到新的解决方案。

我们将业绩分为零售和绩效媒体：

•Retail Media业务 营业收入同比增长75%，达到1760万美元，占广告收入解决方案的24%；相比去年的百分之10有了巨大的提升。 包括品牌、代理商和零售商为购买和销售零售媒体数字广告库存和受众以及服务所生成的营业收入。

•表现媒体 该段落涵盖了商业激活、货币化和服务。






28

本季度财务亮点
2024年9月30日结束的三个月中，营业收入下降了2%，至4.589亿美元，与上一年同期相比，主要是由于绩效媒体较低，部分被 零售媒体增长引起。按不变的货币计算，营业收入下降了2%。
2024年9月30日结束的三个月的毛利润增加了13%，达到2.319亿美元，相比前一年同期主要是由于较低的流量获取成本，部分抵消了较低的营业收入。
2024年9月30日结束的三个月份，去广告技术成本前贡献增加了8%，达到2.661亿美元，相较于前一年同期，受到两个部门增长的推动。按照恒定货币计算，去广告技术成本前贡献增加了9%。
2024年9月30日结束的三个月净利润减少至610万美元，主要是由于营业费用增加，部分抵消了毛利润的增加。
截至2024年9月30日的三个月调整后的EBITDA增长了20％，达到8200万美元，相较于前一年同期，主要是由于较高的贡献净TAC，部分抵消了营业费用的增加。

经营活动产生的现金流量截至2024年9月30日为5750万美元，相比于去年同期的1960万美元，这是由于我们营业收入呈现积极趋势。
趋势、机遇和挑战
我们相信我们的表现和未来成功取决于几个因素，这些因素带来了重大机遇，但也带来了风险和挑战，包括我们年度报告表格10-k中第I部分、1A项中提到的风险因素部分以及我们之后的季度报告表格10-Q中提到的内容。
开发并扩展我们的商业媒体平台

我们未来的增长取决于我们保留和扩大现有客户以及增加对我们商务媒体平台的使用，同时吸引新客户的能力。我们相信我们在商务媒体领域处于领先地位，因为我们拥有规模化的独特商务数据，与零售商的深度整合，庞大的客户群，差异化的技术以及一个研发实力强大的团队。通过将商务媒体生态系统统一为多零售商、多渠道、多格式的方式，并为客户提供全漏斗闭环测量，我们相信我们已经做好了捕获更多广告预算和市场份额的准备。

商业和宏观经济条件

由于乌克兰和中东地区的冲突、通货膨胀和利率期货波动等因素，全球经济和地缘政治形势一直不稳定。由于这些因素导致的经济不确定性可能会对广告需求、消费行为以及在一定程度上对我们的业绩产生负面影响。

这些要素，包括持续通货膨胀的影响，在一定程度上使得 criteo 及我们的客户难以准确预测和规划未来的业务活动，可能导致公司的客户减少或延迟其广告支出，或加大谨慎性，而这反过来可能会对我们的业务、财务状况和运营结果产生不利影响。我们密切关注这些宏观经济状况，并可能继续针对这些状况采取行动，以应对它们对我们业务产生的不利影响。

季节性变化

在广告行业中，公司通常会经历营业收入的季节性波动，因为许多营销人员会将他们预算的大部分分配给日历年的第三季度和第四季度，以便与增加的返校和假日购物相一致。历史上，第四季度反映了我们全年最高水平的广告活动。我们通常预计随后的第一季度会反映出较低的活动水平。

此外，考虑到上述不断发展的宏观经济和地缘政治条件可能对广告购买模式和消费者活动产生影响，历史季节性可能无法预测未来结果。
29


我们预计我们的营业收入将继续因影响整个广告行业的季节因素而波动。

隐私趋势和政府监管

我们受美国和国际法律法规的约束，涉及隐私、数据保护、数字广告以及用户数据的收集。此外，像Google和苹果这样的大型互联网和科技公司正在自行决定如何保护消费者隐私，采取措施导致信号丢失，影响整个数字生态系统。尽管Google最近宣布不会继续推进在Chrome中全面淘汰第三方Cookie的原始计划，但Google提出了一种更新的方法，允许用户在整个网页浏览过程中做出知情选择，可以随时调整。这一提议仍然需要与英国竞争与市场局、信息专员办公室以及其他全球监管机构进行磋商。这些进展可能引起广告技术行业的不稳定。我们制定了一项多方位地址定位策略，为更加开放、统一和高效的生态系统提供可扩展性和运行时互操作性的隐私安全解决方案。


30

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

Revenue breakdown by segment
 Three Months EndedNine Months Ended
September 30, 2024September 30, 2023%
 change		September 30, 2024September 30, 2023%
 change
(in thousands, except percentages)
Revenue as reported458,892 469,193 (2)%1,380,254 1,383,143 —%
Conversion impact U.S. dollar/other currencies1,698 18,110 
Revenue at constant currency $460,590 $469,193 (2)%1,398,364 1,383,143 1%
Retail Media revenue as reported 60,765 49,813 22%166,414 132,424 26%
Conversion impact U.S. dollar/other currencies98 (60)
Retail Media revenue at constant currency $60,863 $49,813 22%$166,354 $132,424 26%
Performance Media revenue as reported398,127 419,380 (5)%1,213,840 1,250,719 (3)%
Conversion impact U.S. dollar/other currencies1,601 18,171 
Performance Media revenue at constant currency $399,728 $419,380 (5)%$1,232,011 $1,250,719 (1.5)%


Revenue for the three months ended September 30, 2024 decreased (2)%, or (2)% on a constant currency basis, to $460.6 million compared to the three months ended September 30, 2023 reflecting lower Performance Media, partially offset by growth in Retail Media.

In the three months ended September 30, 2024, 92% of revenue came from existing clients while 8% came from new client additions.

零售媒体营业收入按不变货币基础增长22%，达到6090万美元，截至2024年9月30日的三个月，受零售媒体现场的持续增长、特别是美国市场的增强以及吸引品牌和零售商入驻平台的网络效应影响。

在2024年9月30日结束的三个月内，表现媒体营业收入下降(5)%，或根据恒定货币计算下降(5)%，至3.997亿美元，主要受我们媒体交易市场支出减少、零售趋势疲软驱动，部分抵消的是旅行和分类广告持续增长的影响。

此外，截至2024年9月30日三个月的营业收入为458.9百万美元，受1.7百万美元的货币波动影响。

2024年9月30日结束的九个月营业收入下降了（0.2）%，按不变货币计算，达到1,398.4百万美元，相比2023年9月30日结束的九个月有所增长，反映出零售媒体和表现媒体的增长。

2024年9月30日结束的九个月中，92%的营业收入来自现有客户，而8%来自新客户增加。

零售媒体营业收入增长26％，在不断变化的货币基础上增长26％，截至2024年9月30日的九个月达到1.664亿美元，这主要是由于零售媒体现场的持续强劲表现，特别是在美国市场上，并且将品牌和零售商接入平台的网络效应不断增强。

Performance Media的营业收入下降了3%，按不变货币计算下降了1.5%，至$1,232.0百万
31

2024年9月30日截止的九个月，受我们媒体交易市场支出减少、零售业态疲软的拉动，部分抵消了旅游和分类广告继续保持强劲增长的影响。

此外，2024年9月30日结束的九个月，我们的营业收入达13.803亿美元，受到1810万美元的货币波动的负面影响，尤其是由于欧元、日币、巴西雷亚尔和韩元相对美元的贬值。

地域板块的营业收入细分
三个月截至九个月结束
2024年9月30日2023年9月30日%
更改		2024年9月30日2023年9月30日%
更改
（以千计，百分比除外）
按照报告的营业收入458,892 469,193 (2)%1,380,254 1,383,143 —%
美元/其他货币转换影响1,698 — 18,110 — 
按恒定货币汇率衡量的营业收入 $460,590 $469,193 (2)%$1,398,364 $1,383,143 1%
美洲
按照报告的营业收入206,816 219,667 (6)%617,555 616,418 0%
美元/其他货币转换影响1,497 — 1,301 — 
按恒定货币汇率衡量的营业收入
$208,313 $219,667 (5)%$618,856 $616,418 —%
欧洲、中东、非洲
按照报告的营业收入161,745 158,756 2%493,083 482,939 2%
美元/其他货币的转换影响(1,789)— 205 — 
按恒定货币计算的营业收入
$159,956 $158,756 1%$493,288 $482,939 2%
亚洲-太平洋地区
按照报告的营业收入90,331 90,770 —%269,616 283,786 (5)%
美元/其他货币的转换影响1,990 — 16,604 — 
按恒定货币计算的营业收入$92,321 $90,770 2%$286,220 $283,786 0.9%
我们在美洲地域板块的营业收入较去年同期下降了6％，在恒定货币基础上下降了5%，从2024年9月30日结束的三个月内的208.3百万美元，与2023年9月30日结束的三个月相比。这主要是由于我们的媒体交易市场和供应以及零售趋势变软而导致支出减少，部分抵消了性能媒体中旅行和分类广告的持续增长，以及零售媒体的持续强劲表现，随着大型零售商和消费品牌的规模扩大，平台继续保持强劲表现。

我们在欧洲、中东、非洲的营业收入在截至2024年9月30日的三个月内增加了2％，或按恒定货币计算增长了1％，达到1.6亿美元，相比于2023年9月30日结束的三个月，代表着零售媒体业务持续获得动力以及旅行和分类广告业务持续强劲，部分被法国营业收入下降所抵消。

我们在亚太地域板块的营业收入下降了（0.5）%，或按不变货币计基础增长了2%，截至2024年9月30日的三个月与截至2023年9月30日的三个月相比，达到了92.3百万美元，反映了该地域中分类广告和旅行零售行业良好趋势和零售业稳固趋势。

我们在美洲地域板块的营业收入在截至2024年9月30日的九个月内同比增长0.2％，或按恒定货币计为0.4％，达到6.189亿美元，与截至2023年9月30日的九个月相比。这主要反映了零售媒体业务持续强劲表现，随着平台继续与大型零售商和消费品牌合作，以及该地域板块分类服务的强劲趋势。

32

我们在欧洲、中东、非洲地区的营业收入增长了2％，或根据固定货币基础计算增长了2％，截至2024年9月30日的九个月达到4.933亿美元，与2023年9月30日的九个月相比，这反映了零售媒体持续增长和旅游业持续增强，部分被法国营业收入下降部分抵消。

我们在亚太地区的营业收入减少了(5)%，或按不变货币计算增长了1%，达到了2024年9月30日结束的九个月的2.862亿美元，相比于2023年9月30日结束的九个月，这反映出了该地区零售和旅游业务的稳固趋势，部分被该地区分类业务的疲软趋势抵消。



营收成本
三个月截至九个月结束
2024年9月30日2023年9月30日%
更改		2024年9月30日2023年9月30日%
更改
（以千计，百分比除外）
流量获取成本 192,789 223,798 (14)%593,170 676,913 (12)%
其他营业成本 34,171 40,268 (15)%105,084 119,812 (12)%
营业成本总额$226,960 $264,066 (14)%$698,254 $796,725 (12)%
收入占比49 %56 %51 %58 %
(1,632,908)51 %44 %49 %42 %
三个月截至九个月结束
2024年9月30日2023年9月30日%
change		%
以恒定货币汇率换算		2024年9月30日2023年9月30日%
change		%
change
在固定货币下
（以千计，百分比除外）
Retail Media业务 营业收入同比增长75%，达到1760万美元，占广告收入解决方案的24%；相比去年的百分之10有了巨大的提升。
1,182 1,377 (14)%(14)%2,796 3,118 (10)%(10)%
表现媒体191,607 222,421 (14)%(13)%590,374 673,795 (12)%(11)%
流量获取成本$192,789 $223,798 (14)%(13)%$593,170 $676,913 (12)%(11)%

2024年9月30日 ended 三个月的营业收入成本减少了3710万美元，或14%，与2023年9月30日 ended 三个月相比。这种减少主要是由于流量获取成本减少了3100万美元，或14%（或基于恒定货币的13%），这是由于较低的平均价格部分抵消了成交量的增加以及 其他营业收入成本减少了610万美元，或15%。

Retail Media中的交通获取成本减少了（14）%，或者按照固定货币计算为（14）%，与2023年9月30日结束的三个月相比。

Traffic acquisition costs in Performance Media decreased by (14)%, or (13)% at constant currency, compared to the three months ended September 30, 2023. This was driven by a (20)% 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 an 8% 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.
33

Cost of revenue for the nine months ended September 30, 2024 decreased $(98.5) million, or (12)%, compared to the nine months ended September 30, 2023. This decrease was primarily the result of a decrease of $(83.7) million, or (12)% (or (11)% 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 $(14.7) million, or (12)% in other cost of revenue.

Traffic acquisition costs in Retail Media decreased by (10)%, or (10)% at constant currency, compared to the nine months ended September 30, 2023.

Traffic acquisition costs in Performance Media decreased by (12)%, or (11)% at constant currency, compared to the nine months ended September 30, 2023. This was driven by a (17)% decrease (or (15)% 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 5% 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.

不含流量获取成本的贡献

我们定义的除去流量获取成本的贡献"Contribution ex-TAC"，类似于毛利润的盈利能力指标。它是通过从营业收入中扣除流量获取成本来计算的，并通过排除其他营业成本来与毛利润协调。 Contribution ex-TAC不是根据GAAP计算的一项指标。我们包含了Contribution ex-TAC，因为它是我们管理层和董事会用于评估运营业绩、制定未来营运计划和做出战略决策的关键指标。我们相信，该指标可以为我们业务的周期间比较提供有用的参考。因此，我们认为Contribution ex-TAC提供的信息对投资者和其他人理解和评估我们的经营成果具有实用价值，方式与我们的管理层和董事会一样。我们对Contribution ex-TAC的使用作为分析工具具有局限性，您不应仅单独考虑它们，也不应将其视为GAAP下报告的财务结果分析的替代。其中一些局限性包括：(a)其他公司，包括行业内具有类似业务安排的公司，可能会不同方式处理TAC的影响；(b)其他公司可能会报告Contribution ex-TAC或类似命名的指标，但计算方法有所不同，这降低了它们作为比较指标的实用性。鉴于这些和其他限制，您应该将Contribution ex-TAC与我们的其他GAAP财务指标一起考虑。

以下表格提供了Contribution ex-TAC与毛利润的调解:

三个月截至九个月结束
2024年9月30日2023年9月30日2024年9月30日2023年9月30日
（以千为单位）
毛利润$231,932 $205,127 $682,000 $586,418 
其他营业收入成本34,171 40,268 105,084 119,812 
除去TAC的贡献 $266,103 $245,395 $787,084 $706,230 

我们认为除去TAC的贡献是我们业务活动的关键衡量标准。我们的策略侧重于在绝对基础上最大化除去TAC的贡献，而非最大化近期毛利率。我们认为这种关注可以通过加强我们的竞争优势，包括获取广告库存的渠道、数据的广度和深度以及Criteo人工智能引擎性能的持续提升，使其能够规模化地提供更有关联性的广告，为我们的业务创造可持续的长期价值。作为这一关注的一部分，我们继续投资于建立与直接发布商的首选关系，并追求进入领先的广告交易所。
34

以下表格列出了我们按部门划分的营业收入和税前贡献额（排除交通费）：

三个月截至九个月结束
2024年9月30日2023年9月30日%
change		%
按固定货币汇率变动		2024年9月30日2023年9月30日%
change		%
按固定汇率变动
（金额以千为单位，除百分比外）
营业收入
Retail Media业务 营业收入同比增长75%，达到1760万美元，占广告收入解决方案的24%；相比去年的百分之10有了巨大的提升。$60,765 $49,813 22%22%$166,414 $132,424 26%26%
表现媒体398,127 419,380 (5)%(5)%1,213,840 1,250,719 (3)%(1.5)%
总计$458,892 $469,193 (2)%(2)%$1,380,254 $1,383,143 —%1%
不包括流量购买成本的贡献
Retail Media业务 营业收入同比增长75%，达到1760万美元，占广告收入解决方案的24%；相比去年的百分之10有了巨大的提升。$59,583 $48,436 23%23%$163,618 $129,306 27%26%
表现媒体206,520 196,959 5%5%623,466 576,924 8%10%
总计$266,103 $245,395 8%9%$787,084 $706,230 11%13%

2024年9月30日结束的三个月内，除TAC贡献增加了2070万美元，同比2023年9月30日结束的三个月增长了8%。除TAC贡献的增加是由两个部门的增长驱动的。

截至2024年9月30日的九个月比2023年9月30日的九个月，扣除TAC的贡献增加8090万美元，增长11%。扣除TAC的贡献增长是由两个领域的增长驱动的。

35

持续货币调整
关于以恒定货币基础呈现的结果，本10-Q表格中的信息是通过将先前期间的平均汇率应用于当前期间的结果来计算的。管理层审查并分析业务结果，排除外汇翻译的影响，因为他们认为这更能代表我们基础业务趋势。下面是一张表格，将本节中呈现的实际结果与以恒定货币基础呈现的结果进行了调和：
三个月截至九个月结束
2024年9月30日2023年9月30日%
change		2024年9月30日2023年9月30日%
change
（金额以千为单位，除百分比外）
毛利润如报告$231,932 $205,127 13%$682,000 $586,418 16%
其他营业收入成本如报告34,171 40,268 (15)%105,084 119,812 (12)%
不含TAC的贡献如报告266,103 245,395 8%787,084 706,230 11%
美元/其他货币的转换影响534 — 9,858 — 
不含TAC的贡献--在恒定的货币下266,637 245,395 9%796,942 706,230 13%
不含TAC的贡献/营业收入如报告58 %52 %57 %51 %
流量获取成本如报告192,789 223,798 (14)%593,170 676,913 (12)%
美元/其他货币的转换影响1,164 — 8,253 — 
以恒定货币计算的流量获取成本193,953 223,798 (13)%601,423 676,913 (11)%
按照报告计算的营业收入458,892 469,193 (2)%1,380,254 1,383,143 —%
美元/其他货币的转换影响1,698 — 18,110 — 
以恒定货币计算的营业收入$460,590 $469,193 (2)%$1,398,364 $1,383,143 1%









36

Research and Development Expenses
Three Months EndedNine Months Ended
September 30, 2024September 30, 2023%
change		September 30, 2024September 30, 2023%
change
(in thousands, except percentages)
Research and development expenses$85,285 $62,522 36%$211,782 $193,887 9%
% of revenue19 %13 %15 %14 %
Research and development expenses for the three months ended September 30, 2024, increased $22.8 million or 36% compared to the three months ended September 30, 2023. This increase was related to an increase in share-based compensation expense related to the Iponweb lock-up shares (see Note 10), an increase in amortization, and impairment of certain intangible assets.
Research and development expenses for the nine months ended September 30, 2024, increased $17.9 million or 9% compared to the nine months ended September 30, 2023. This increase was mainly related to an increase in amortization, impairment of certain intangible assets, and headcount-related costs.

Sales and Operations Expenses
Three Months EndedNine Months Ended
September 30, 2024September 30, 2023%
change		September 30, 2024September 30, 2023%
change
(in thousands, except percentages)
Sales and operations expenses$90,823 $94,572 (4)%$278,734 $308,325 (10)%
% of revenue20 %20 %20 %22 %
Sales and operations expenses for the three months ended September 30, 2024 decreased $(3.7) million or (4)% compared to the three months ended September 30, 2023. This decrease was mainly related to a decrease in headcount-related costs and a decrease in bad debt expense partially offset by third-party services and marketing costs.
Sales and operations expenses for the nine months ended September 30, 2024 decreased $(29.6) million or (10)% compared to the nine months ended September 30, 2023. This decrease was mainly related to a decrease in headcount-related costs, a decrease in bad debt expense partially offset by an increase in marketing costs.

General and Administrative Expenses
Three Months EndedNine Months Ended
September 30, 2024September 30, 2023%
change		September 30, 2024September 30, 2023%
change
(in thousands, except percentages)
General and administrative expenses$46,222 $36,599 26%$134,590 $95,306 41%
% of revenue10 %8 %10 %7 %
General and administrative expenses for the three months ended September 30, 2024, increased $9.6 million or 26%, compared to the three months ended September 30, 2023. The increase primarily related to third party services and an increase in share-based compensation.
37

General and administrative expenses for the nine months ended September 30, 2024, increased $39.3 million or 41%, compared to the nine months ended September 30, 2023. The increase was mainly related to the partial reversal of the loss contingency on regulatory matters in 2023 and an increase to third-party services.

Financial and Other Income
Three Months EndedNine Months Ended
September 30, 2024September 30, 2023%
change		September 30, 2024September 30, 2023%
change
(in thousands, except percentages)
Financial and Other Income (Expense)
$(8)$(2,967)(100)%$889 $2,008 (56)%
% of revenue0 %(1)%0 %0 %
Financial and Other Expenses for the three months ended September 30, 2024, decreased by $3.0 million or 100% compared to the three months ended September 30, 2023. The decrease was mainly related to financial income from cash and cash equivalents, a positive change in foreign exchange loss, and the accretion of the earn-out liability related to the Iponweb Acquisition.
Financial and Other Income for the nine months ended September 30, 2024, decreased by $(1.1) million or (56)% compared to the nine months ended September 30, 2023. The decrease was due to the disposal of non consolidated investments during the three months ended March 31, 2023, partially offset by income from cash equivalents, the accretion of the earn-out liability related to the Iponweb Acquisition, and income from cash equivalents.
As of September 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 EndedNine Months Ended
September 30, 2024September 30, 2023%
change		September 30, 2024September 30, 2023%
change
(in thousands, except percentages)
Provision for income tax (expense) benefit$(3,450)$(1,832)88%$(15,014)$1,685 (991)%

Provision for income tax expense for the three months ended September 30, 2024, increased $1.6 million or 88% compared to the three months ended September 30, 2023. The increase of the income tax provision was driven by higher Contribution ex-Tac.
Provision for income tax expense for the nine months ended September 30, 2024, increased $16.7 million or (991)% compared to the nine months ended September 30, 2023. The increase was driven by higher Contribution ex-TAC.
The provision for income taxes differs from the nominal standard French rate of 25.0% primarily due to the application of the reduced income tax rate on the majority of the technology royalties income in France and nondeductible equity awards compensation expense.

38

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 EndedNine Months Ended
September 30, 2024September 30, 2023September 30, 2024September 30, 2023
(in thousands, except percentages)
Net Income (loss)$6,144 $6,635 $42,769 $(7,407)
Adjustments:
Financial (Income) expense8 2,958 (889)(1,692)
Provision for income taxes (benefit)3,450 1,832 15,014 (1,685)
Equity awards compensation expense34,863 24,323 84,032 78,219 
Pension service costs174 179 518 532 
Depreciation and amortization expense25,684 24,648 75,679 76,574 
Acquisition-related costs1,961 86 1,961 1,281 
Net loss contingency on regulatory matters— (51)— (21,667)
Restructuring, integration and transformation costs9,717 7,833 27,026 38,998 
Total net adjustments75,857 61,808 203,341 170,560 
Adjusted EBITDA
$82,001 $68,443 $246,110 $163,153 
The following table presents our Adjusted EBITDA on a comparative basis:
Three Months EndedNine Months Ended
September 30, 2024September 30, 2023% changeSeptember 30, 2024September 30, 2023% change
(in thousands, except percentages)
Adjusted EBITDA$82,001 $68,443 20%$246,110 $163,153 51%
Adjusted EBITDA increased $13.6 million, or 20%, for the three months ended September 30, 2024 compared to the three months ended September 30, 2023, primarily due to higher Contribution ex-TAC partially offset by an increase in operating expenses.
Adjusted EBITDA increased $83.0 million, or 51%, for the nine months ended September 30, 2024 compared to the nine months ended September 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 September 30, 2024 were held for working capital and general corporate purposes, which could include acquisitions, and amounted to $284.0 million as of September 30, 2024. The $(127.4) million decrease in cash and cash equivalents, and restricted cash compared to December 31, 2023, primarily resulted from a decrease of $(154.4) million in cash used for financing activities, a decrease of $(59.0) million in cash used for investing activities partially offset by an increase of $88.7 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 ($455.7 million) of liquidity, which, combined with our cash position, marketable securities and treasury shares as of September 30, 2024, provides total liquidity above $710.8 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 nine months ended September 30, 2024, we have repurchased $157.5 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 nine months ended September 30, 2024 and 2023, our capital expenditures were $(53.2) million and $(94.6) million, respectively. During the nine months ended September 30, 2024, these capital expenditures were mainly comprised of acquisitions of data centers, 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.
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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.
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 September 30, 2024 and September 30, 2023:
Nine Months Ended
September 30, 2024September 30, 2023
(in thousands)
Cash (used for) from operating activities $88,707 $62,906 
Cash (used for) from investing activities$(58,966)$(104,199)
Cash (used for) from financing activities$(154,355)$(124,858)
Operating Activities
Cash from operating activities was driven by the increased performance of our operations, primarily due to higher Contribution ex-TAC partially offset by an increase in operating expenses. 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 nine months ended September 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 $67.1 million, and equity awards compensation expense of $82.2 million, partially offset by $(90.1) million of changes in working capital. The increase in cash flow from operating activities during the nine months ended September 30, 2024, compared to the same period in 2023, was mainly due to higher net income.
Investing Activities
Our investing activities to date consisted primarily of purchases of servers and other data-center equipment, software development costs, and business acquisitions. For the nine months ended September 30, 2024, net cash used for investing activities was $(59.0) million, primarily driven by purchases of data-center and capitalized software development costs of $(53.2) million, and a $(5.2) million change from the maturity of investments in Marketable Securities.
Cash used for investing activities decreased during the nine months ended September 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 nine months ended September 30, 2024, net cash used for financing activities was $(154.4) million, due to the repurchasing of shares of $(157.5) million. The increase in cash used for financing activities during the nine months ended September 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.
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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 nine months ended September 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 fiscal 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:
Nine Months Ended
September 30, 2024September 30, 2023
(in thousands)
GBP/USD +10%-10%+10%-10%
Net income (loss) impact $383 $(383)$(244)$244 
Nine Months Ended
September 30, 2024September 30, 2023
(in thousands)
BRL/USD +10%-10%+10%-10%
Net income (loss) impact $217 $(217)$126 $(126)
Nine Months Ended
September 30, 2024September 30, 2023
(in thousands)
JPY/USD +10%-10%+10%-10%
Net income (loss) impact $2,966 $(2,966)$832 $(832)
Nine Months Ended
September 30, 2024September 30, 2023
(in thousands)
EUR/USD +10%-10%+10%-10%
Net income (loss) impact $1,959 $(1,959)$(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 September 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 June 30, 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. 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 June 30, 2024.


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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 third 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)
July 1 to 31, 2024263,641 $41.03 263,641 $155,484,463 
August 1 to 31, 2024
859,838 $47.03 859,838 $115,049,219 
September 1 to 30, 202483,945 $44.56 83,945 $111,307,372 
Total1,207,424 1,207,424 
(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) Weighted average price paid per share excludes any broker commissions paid.


Item 5. Other Information
Trading Plans
On September 13, 2024, Ryan Damon, the Company's Chief Legal and Transformation Officer, adopted a trading plan to sell up to 51,211 shares of Company stock between December 12, 2024 and May 30, 2025. Mr. Damon's trading plan is intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act and the Company's policies regarding insider transactions.

On August 8, 2024, Brian Gleason, the Company's Chief Revenue Officer and President, Retail Media, adopted a trading plan to sell up to 54,720 shares of Company stock between November 8, 2024 and August 8, 2025. Mr. Gleason's trading plan is intended to satisfy the affirmative defense of Rule 10b5-1(c) under the Exchange Act and the Company's policies regarding insider transactions.

During the three months ended September 30, 2024, no other 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.

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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.
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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: October 30, 2024
Name:Sarah Glickman
Title: Chief Financial Officer
 (Principal financial officer and duly authorized signatory)
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