Criteo (CRTO) FY2023 results: revenue $1.9 billion, down 3.3% on the year

Criteo S.A. (CRTO) reported revenue of $1.9 billion for fiscal 2023, the year ended 31 December 2023, down 3.3% on the year before. Net income was $53 million, up 494.9%, and diluted earnings per share $0.88. The figures are the company's own, from the 10-K it filed with the SEC on 23 February 2024.

Revenue

$1.9 billion

-3.3% on the year

FY2016FY2023

Operating margin

4.0%

1.2% a year earlier

FY2016FY2023

Net income

$53 million

+494.9% on the year

FY2016FY2023

Diluted EPS

$0.88

+528.6% on the year

FY2016FY2023

this yearthe year beforeHover a bar for its figure.

The year in brief

The four quarters: Q1 FY2023 · Q2 FY2023 · Q3 FY2023 · Q4 FY2023

Income statement (profit and loss)

$ million	FY2023	FY2022	FY2021	On the year
Revenue	1,949	2,017	2,254	-3.3%
Cost of revenue	927	1,089	1,472	-14.9%
Gross profit	863	795	782	+8.5%
Gross margin	44.3%	39.4%	34.7%
Research and development	242	188	152	+29.2%
Operating income	77.2	24.3	152	+218.1%
Operating margin	4.0%	1.2%	6.7%
Interest expense	2.2	2.0	2.3	+10.8%
Pre-tax income	74.7	42.1	154	+77.7%
Income tax	20.1	31.2	16.2	-35.6%
Effective tax rate	26.9%	74.1%	10.5%
Net income	53.3	9.0	134	+494.9%
Net margin	2.7%	0.4%	6.0%
Diluted EPS	$0.88	$0.14	$2.09	+528.6%

$ 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	FY2023	FY2022	FY2021	On the year
Operating cash flow	224	256	221	-12.4%
Capital expenditure	116	63.8	n/a	+82.0%
Free cash flow	108	192	n/a	-43.7%
Free cash flow margin	5.5%	9.5%	n/a
Cash from investing	-109	-166	-76.4
Cash from financing	-147	-113	-80.1
Depreciation and amortisation	84.8	89.0	88.4	-4.7%
Share-based compensation	97.2	65.0	44.5	+49.4%
Buybacks	125	136	100	-7.5%
Diluted shares, weighted	60m	63m	64m	-4.0%
Shares outstanding at period end	61m	63m	66m	-3.3%

Balance sheet

$ million	FY2023	FY2022	FY2021	On the year
Shareholders' equity	1,080	1,048	1,163	+3.0%
Non-controlling interest	31.8	33.1	35.2	-3.9%
Operating lease liabilities	83.1	77.5	93.9	+7.1%
Other liabilities	1,197	1,190	691	+0.6%
Total liabilities and equity	2,392	2,349	1,984	+1.8%
Fixed assets	126	131	140	-3.6%
Goodwill	524	515	330	+1.8%
Intangible assets	181	176	82.6	+2.8%
Investments	22.5	25.1	55.3	-10.2%
Cash and equivalents	336	348	516	-3.4%
Receivables	776	709	582	+9.4%
Other assets	425	444	278	-4.2%
Total assets	2,392	2,349	1,984	+1.8%

10-K for the year ended 31 December 2023, filed 23 February 2024: the filing.