Criteo (CRTO) FY2021 results: revenue $2.3 billion, up 8.8% on the year

Criteo S.A. (CRTO) reported revenue of $2.3 billion for fiscal 2021, the year ended 31 December 2021, up 8.8% on the year before. Net income was $134 million, up 87.6%, and diluted earnings per share $2.09. The figures are the company's own, from the 10-K it filed with the SEC on 25 February 2022.

Revenue

$2.3 billion

+8.8% on the year

FY2014FY2021

Operating margin

6.7%

5.3% a year earlier

FY2014FY2021

Net income

$134 million

+87.6% on the year

FY2014FY2021

Diluted EPS

$2.09

+80.2% on the year

FY2014FY2021

this yearthe year beforeHover a bar for its figure.

The year in brief

The quarters: Q4 FY2021

Income statement (profit and loss)

$ million	FY2021	FY2020	FY2019	On the year
Revenue	2,254	2,073	2,262	+8.8%
Cost of revenue	1,472	1,385	1,432	+6.3%
Gross profit	782	688	829	+13.7%
Gross margin	34.7%	33.2%	36.7%
Research and development	152	133	173	+14.6%
Operating income	152	109	141	+39.6%
Operating margin	6.7%	5.3%	6.2%
Interest expense	2.3	2.8	2.4	-19.2%
Pre-tax income	154	107	135	+43.9%
Income tax	16.2	32.2	39.5	-49.8%
Effective tax rate	10.5%	30.1%	29.2%
Net income	134	71.7	90.7	+87.6%
Net margin	6.0%	3.5%	4.0%
Diluted EPS	$2.09	$1.16	$1.38	+80.2%

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow

$ million	FY2021	FY2020	FY2019	On the year
Operating cash flow	221	185	223	+19.2%
Cash from investing	-76.4	-101	-104
Cash from financing	-80.1	-57.7	-59.1
Depreciation and amortisation	88.4	88.2	93.5	+0.2%
Share-based compensation	44.5	28.8	41.0	+54.8%
Buybacks	100	43.7	58.6	+129.1%
Diluted shares, weighted	64m	62m	66m	+3.9%
Shares outstanding at period end	66m	66m	66m	-0.6%

Balance sheet

$ million	FY2021	FY2020	FY2019	On the year
Shareholders' equity	1,163	1,117	1,007	+4.1%
Non-controlling interest	35.2	35.5	30.7	-1.0%
Debt	n/a	1.5	2.1
Operating lease liabilities	93.9	83.0	118	+13.1%
Other liabilities	691	616	632	+12.2%
Total liabilities and equity	1,984	1,853	1,790	+7.0%
Fixed assets	140	190	194	-26.1%
Goodwill	330	326	317	+1.2%
Intangible assets	82.6	79.7	86.9	+3.6%
Investments	55.3	41.8	0.0	+32.3%
Cash and equivalents	516	488	419	+5.6%
Receivables	582	474	482	+22.8%
Other assets	278	254	292	+9.4%
Total assets	1,984	1,853	1,790	+7.0%

10-K for the year ended 31 December 2021, filed 25 February 2022: the filing.