Criteo (CRTO) FY2022 results: revenue $2.0 billion, down 10.5% on the year

Criteo S.A. (CRTO) reported revenue of $2.0 billion for fiscal 2022, the year ended 31 December 2022, down 10.5% on the year before. Net income was $9 million, down 93.3%, and diluted earnings per share $0.14. The figures are the company's own, from the 10-K it filed with the SEC on 24 February 2023.

Revenue

$2.0 billion

-10.5% on the year

FY2015FY2022

Operating margin

1.2%

6.7% a year earlier

FY2015FY2022

Net income

$9 million

-93.3% on the year

FY2015FY2022

Diluted EPS

$0.14

-93.3% on the year

FY2015FY2022

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2022 · Q2 FY2022 · Q3 FY2022 · Q4 FY2022

Income statement (profit and loss)

$ million	FY2022	FY2021	FY2020	On the year
Revenue	2,017	2,254	2,073	-10.5%
Cost of revenue	1,089	1,472	1,385	-26.0%
Gross profit	795	782	688	+1.7%
Gross margin	39.4%	34.7%	33.2%
Research and development	188	152	133	+23.6%
Operating income	24.3	152	109	-84.0%
Operating margin	1.2%	6.7%	5.3%
Interest expense	2.0	2.3	2.8	-10.8%
Pre-tax income	42.1	154	107	-72.7%
Income tax	31.2	16.2	32.2	+92.9%
Effective tax rate	74.1%	10.5%	30.1%
Net income	9.0	134	71.7	-93.3%
Net margin	0.4%	6.0%	3.5%
Diluted EPS	$0.14	$2.09	$1.16	-93.3%

$ 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	FY2022	FY2021	FY2020	On the year
Operating cash flow	256	221	185	+15.9%
Capital expenditure	63.8	n/a	n/a
Free cash flow	192	n/a	n/a
Free cash flow margin	9.5%	n/a	n/a
Cash from investing	-166	-76.4	-101
Cash from financing	-113	-80.1	-57.7
Depreciation and amortisation	89.0	88.4	88.2	+0.7%
Share-based compensation	65.0	44.5	28.8	+46.1%
Buybacks	136	100	43.7	+35.6%
Diluted shares, weighted	63m	64m	62m	-2.3%
Shares outstanding at period end	63m	66m	66m	-4.0%

Balance sheet

$ million	FY2022	FY2021	FY2020	On the year
Shareholders' equity	1,048	1,163	1,117	-9.9%
Non-controlling interest	33.1	35.2	35.5	-6.0%
Debt	n/a	n/a	1.5
Operating lease liabilities	77.5	93.9	83.0	-17.4%
Other liabilities	1,190	691	616	+72.2%
Total liabilities and equity	2,349	1,984	1,853	+18.4%
Fixed assets	131	140	190	-6.3%
Goodwill	515	330	326	+56.2%
Intangible assets	176	82.6	79.7	+113.0%
Investments	25.1	55.3	41.8	-54.6%
Cash and equivalents	348	516	488	-32.5%
Receivables	709	582	474	+21.8%
Other assets	444	278	254	+59.5%
Total assets	2,349	1,984	1,853	+18.4%

10-K for the year ended 31 December 2022, filed 24 February 2023: the filing.