Criteo SA
For the period ended Jun 30, 2024. Filed Aug 1, 2024.
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A company's report for each of its first three quarters. The financial statements are not audited. It shows how the business has moved since the last annual report, and what management says changed.
Jun 30, 2024 · Filed Aug 1, 2024
CRTO$15.42+0.3%Stored close · as of Nov 6, 2026
What changed in Management’s Discussion and Analysis?
Read the current filingPrevious report: 10-Q
Period ended 2024-03-31; filed 2024-05-02.
0001576427-24-000064
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsCurrent report: 10-Q
Period ended 2024-06-30; filed 2024-08-01.
0001576427-24-000098
Item 2. Management's Discussion and Analysis of Financial Condition and Results of OperationsThe baseline is this issuer’s latest earlier reporting period of the same form that was filed before the current report. A previous 10-Q is a different quarter, not a year-over-year comparison. Amendments are excluded.
Compared 99 previous paragraphs and 118 current paragraphs.
64 unchanged; 32 reworded; 11 added; 3 removed; 0 previous and 11 current paragraphs rearranged.
Tables are not compared: 15 previous and 15 current tables excluded. Dates, whitespace, punctuation and numbering changes are ignored; changes to financial figures remain significant.
A changed paragraph is not evidence that risk increased or decreased. An unchanged paragraph does not establish that risk stayed the same.
Added paragraphs (11)
Current report
Cash flow from operating activities was $17.2 million for the three months ended June 30, 2024, compared to $1.3 million in the same period in the prior year, as a result of the positive trends in our income from operations.
Current report
Our revenue in the Asia-Pacific region decreased (6)%, or increased 1% on a constant currency basis, to $97.9 million for the three months ended June 30, 2024 compared to the three months ended June 30, 2023, reflecting improved trends in Classified and solid trends in Travel and Retail in the region.
Current report
Traffic acquisition costs in Retail Media decreased by (15)%, or (15)% at constant currency, compared to the three months ended June 30, 2023.
Current report
Traffic acquisition costs in Retail Media decreased by (7)%, or (8)% at constant currency, compared to the six months ended June 30, 2023.
Current report
Contribution ex-TAC increased $60.1 million, or 13% for the six months ended June 30, 2024 compared to the six months ended June 30, 2023. The increase in Contribution ex-TAC was driven by growth in both segments.
Current report
Research and development expenses for the three months ended June 30, 2024, decreased $(8.1) million or (12)% compared to the three months ended June 30, 2023. This decrease is mainly related to a decrease in headcount-related costs and share based compensation expense, mostly related to the annual vesting of the Lock-up shares related to the Iponweb acquisition.
Current report
Research and development expenses for the six months ended June 30, 2024, decreased $(4.9) million or (4)% compared to the six months ended June 30, 2023. This decrease is mainly related to a decrease in headcount-related costs and share based compensation expense, mostly related to the annual vesting of the Lock-up shares related to the Iponweb acquisition.
Current report
General and administrative expenses for the three months ended June 30, 2024, increased $22.7 million or 122%, compared to the three months ended June 30, 2023. The increase mainly relates to the partial reversal of the loss contingency on regulatory matters in 2023.
Current report
Financial and Other expenses for the three months ended June 30, 2024, decreased by $(1.6) million or (85)% compared to the three months ended June 30, 2023. The decrease is mainly related to financial income from cash and cash equivalents, partially offset by a negative change in foreign exchange loss.
Current report
Provision for income tax expense for the three months ended June 30, 2024, increased $7.5 million or 697% compared to the three months ended June 30, 2023. The increase of the income tax provision reflected the higher profitability and the lower operating expenses.
Current report
Adjusted EBITDA increased $69.4 million, or 73%, for the six months ended June 30, 2024 compared to the six months ended June 30, 2023, primarily due to higher Contribution ex-TAC.
Removed paragraphs (3)
Previous report
Cash flow from operating activities was $14.0 million for the three months ended March 31, 2024, compared to $42.0 million in the same period in the prior year, reflecting TAC payments in line with seasonality.
Previous report
Traffic acquisition costs in Retail Media increased by 5% (or 4% at constant currency).
Previous report
Research and development expenses for the three months ended March 31, 2024, increased $3.3 million or 5% compared to the three months ended March 31, 2023. This increase mainly related to higher headcount-related costs and depreciation and amortization costs.
Reworded paragraphs (32)
Previous wording
For the three months ended March 31, 2024, revenue grew by 1% to $450.1 million, compared to the same period in the prior year, reflecting growth in Retail Media. At constant currency, revenue increased by 3%.
Current wording
For the three months ended June 30, 2024, revenue increased by 1% to $471.3 million, compared to the same period in the prior year, primarily driven bygrowth in Retail Media. At constant currency, revenue increased by 3%.
Previous wording
Gross profit for the three months ended March 31, 2024 increased by 20% to $217.2 million, compared to the same period in the prior year, primarily due to revenue growth and lower traffic acquisition costs.
Current wording
Gross profit for the three months ended June 30, 2024 increased by 17% to $232.8 million, compared to the same period in the prior year, mainly due to revenue growth and lower traffic acquisition costs.
Previous wording
Contribution ex-TAC for the three months ended March 31, 2024 increased by 15% to $253.9 million, compared to the same period in the prior year, driven by growth across both segments. At constant currency, Contribution ex-TAC increased by 17%.
Current wording
Contribution ex-TAC for the three months ended June 30, 2024 increased by 11% to $267.1 million, compared to the same period in the prior year, driven by growth across both segments. At constant currency, Contribution ex-TAC increased by 14%.
Previous wording
Net income for the three months ended March 31, 2024 increased by 171% to $8.6 million, compared to the same period in the prior year, primarily due to revenue growth.
Current wording
Net income for the three months ended June 30, 2024 increased to $28.1 million, primarily due to growth in gross profit.
Previous wording
Adjusted EBITDA for the three months ended March 31, 2024 increased by 83% to $70.7 million, compared to the same period in the prior year, primarily due to higher Contribution ex-TAC over the period and disciplined cost management.
Current wording
Adjusted EBITDA for the three months ended June 30, 2024 increased by 67% to $93.4 million, compared to the same period in the prior year, primarily due to higher Contribution ex-TAC over the period and disciplined cost management.
Previous wording
Global economic and geopolitical conditions have been increasingly volatile due to factors such as the conflicts in Ukraine and the Middle East, inflation, and high interest rates. The economic uncertainty resulting from these factors has negatively impacted advertising demand, consumer behavior, and to some extent, our performance.
Current wording
Global economic and geopolitical conditions have been volatile due to factors such as the conflicts in Ukraine and the Middle East, inflation, and high interest rates. The economic uncertainty resulting from these factors may negatively impact advertising demand, consumer behavior, and to some extent, our performance.
Previous wording
We are subject to U.S. and international laws and regulations regarding privacy, data protection, digital advertising and the collection of user data. In addition, large Internet and technology companies such as Google and Apple are making their own decisions as to how to protect consumer privacy with measures resulting in signal loss, which impact the entire digital ecosystem. Google’s web browser, Chrome, announced plans to deprecate support for third-party cookies in 2025, which will follow a one-percent deprecation of third-party cookies for Chrome users globally that was implemented in the first quarter of 2024. These developments could cause instability in the advertising technology industry. We have developed a multi-pronged addressability strategy to enhance our resilience post third-party identifiers.
Current wording
We are subject to U.S. and international laws and regulations regarding privacy, data protection, digital advertising and the collection of user data. In addition, large Internet and technology companies such as Google and Apple are making their own decisions as to how to protect consumer privacy with measures resulting in signal loss, which impact the entire digital ecosystem. While Google has recently announced that it will not pursue its original plan to fully phase out third-party cookies in Chrome, Google has proposed an updated approach that allows users to make an informed choice across web browsing that can be adjusted at any time. This proposal remains subject to consultation with the UK Competition and Market Authority, the Information Commissioner's Office and other global regulators. These developments could cause instability in the advertising technology industry. We have developed a multi-pronged addressability strategy to enhance our resilience post third-party identifiers.
Previous wording
Revenue for the three months ended March 31, 2024 increased 1%, or 3% on a constant currency basis, to $456.3 million compared to the three months ended March 31, 2023 reflecting growth in Retail Media.
Current wording
Revenue for the three months ended June 30, 2024 increased 1%, or 3% on a constant currency basis, to $481.5 million compared to the three months ended June 30, 2023 reflecting growth in Retail Media.
Previous wording
In the three months ended March 31, 2024, 89% of revenue came from existing clients while 11% came from new client additions.
Current wording
In the three months ended June 30, 2024, 93% of revenue came from existing clients while 7% came from new client additions.
Previous wording
Retail Media revenue increased 34%, or 33% on a constant currency basis, to $50.6 million for the three months ended March 31, 2024, driven by continued strength in Retail Media onsite, in particular in the U.S. market, and growing network effects of onboarding brands and retailers to the platform.
Current wording
Retail Media revenue increased 23%, or 23% on a constant currency basis, to $54.8 million for the three months ended June 30, 2024, driven by continued strength in Retail Media onsite, in particular in the U.S. market, and growing network effects of onboarding brands and retailers to the platform.
Previous wording
Performance Media revenue decreased (2)%, or 0% on a constant currency basis, to $405.6 million for the three months ended March 31, 2024, with improving trends across all verticals.
Current wording
Performance Media revenue decreased (2)%, or increased 1% on a constant currency basis, to $426.6 million for the three months ended June 30, 2024, with improving trends across all verticals.
Previous wording
Additionally, our $450.1 million of revenue for the three months ended March 31, 2024 was negatively impacted by $6.2 million of currency fluctuations, particularly as a result of the depreciation of the Euro, Japanese Yen, and the Brazilian Real compared to the U.S. dollar.
Current wording
Additionally, our $471.3 million of revenue for the three months ended June 30, 2024 was negatively impacted by $10.2 million of currency fluctuations, particularly as a result of the depreciation of the Euro, Japanese Yen, and the Brazilian Real compared to the U.S. dollar.
Previous wording
Our revenue in the Americas region increased 5%, or 5% on a constant currency basis, to $197.7 million for the three months ended March 31, 2024 compared to the three months ended March 31, 2023. This primarily reflects continued strong performance of Retail Media as the platform continues to scale with large retailers and consumer brands and strong Classified trends in the region.
Current wording
Our revenue in the Americas region increased 2%, or 2% on a constant currency basis, to $212.8 million for the three months ended June 30, 2024 compared to the three months ended June 30, 2023. This primarily reflects continued strong performance of Retail Media as the platform continues to scale with large retailers and consumer brands and strong Classified and travel trends in the region.
Previous wording
Our revenue in EMEA increased 2%, or 1% on a constant currency basis, to $162.5 million for the three months ended March 31, 2024 compared to the three months ended March 31, 2023, reflecting continued traction in Retail Media and continued strength in Travel.
Current wording
Our revenue in EMEA increased 3%, or 4% on a constant currency basis, to $170.8 million for the three months ended June 30, 2024 compared to the three months ended June 30, 2023, reflecting continued traction in Retail Media and continued strength in Travel.
Previous wording
Our revenue in the Asia-Pacific region decreased (8)%, or (1)% on a constant currency basis, to $96.0 million for the three months ended March 31, 2024 compared to the three months ended March 31, 2023, reflecting soft Classified trends, partially offset by solid Retail and Travel trends in the region.
Current wording
Our revenue in the Asia-Pacific region decreased (7)%, or increased 0.5% on a constant currency basis, to $193.9 million for the six months ended June 30, 2024 compared to the six months ended June 30, 2023, reflecting soft trends in Classified, partially offset by solid Retail and Travel trends in the region.
Previous wording
Cost of revenue for the three months ended March 31, 2024 decreased $(30.7) million, or (12)%, compared to the three months ended March 31, 2023. This decrease was primarily the result of a decrease of $(28.2) million, or (13)% (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 $(2.4) million, or (6)% in other cost of revenue.
Current wording
Cost of revenue for the three months ended June 30, 2024 decreased $(30.7) million, or (11)%, compared to the three months ended June 30, 2023. This decrease was primarily the result of a decrease of $(24.5) million, or (11)% (or (9)% 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 $(6.2) million, or (15)% in other cost of revenue.
Previous wording
Traffic acquisition costs in Performance Media decreased by (13)% (or (12)% at constant currency). This was driven by a (8)% decrease (or (6)% 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 (6)% decrease in the number of impressions we purchased.
Current wording
Traffic acquisition costs in Performance Media decreased by (12)%, or (10)% at constant currency, compared to the six months ended June 30, 2023. This was driven by a (15)% decrease (or (13)% 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 4% increase in the number of impressions we purchased.
Previous wording
Contribution ex-TAC increased $33.3 million, or 15% for the three months ended March 31, 2024 compared to the three months ended March 31, 2023. The increase in Contribution ex-TAC was driven by growth in both segments.
Current wording
Contribution ex-TAC increased $26.9 million, or 11% for the three months ended June 30, 2024 compared to the three months ended June 30, 2023. The increase in Contribution ex-TAC was driven by growth in both segments.
Previous wording
Sales and operations expenses for the three months ended March 31, 2024 decreased $(8.4) million or (8)% compared to the three months ended March 31, 2023. This decrease mainly related to a decrease in headcount-related costs, a decrease in bad debt expense partially offset by an increase in share based compensation expense.
Current wording
Sales and operations expenses for the six months ended June 30, 2024 decreased $(25.8) million or (12)% compared to the six months ended June 30, 2023. This decrease mainly related to a decrease in headcount-related costs, a decrease in bad debt expense partially offset by an increase in share based compensation expense.
Previous wording
General and administrative expenses for the three months ended March 31, 2024, increased $7.0 million or 17%, compared to the three months ended March 31, 2023. The increase mainly relates to the change in fair value of the earn-out liability related to the acquisition of the Iponweb business, and an increase in share based compensation expense.
Current wording
General and administrative expenses for the six months ended June 30, 2024, increased $29.7 million or 51%, compared to the six months ended June 30, 2023. The increase mainly relates to the partial reversal of the loss contingency on regulatory matters in 2023 and adjustments to the Earn-out liability related to the Iponweb acquisition.
Previous wording
Financial and Other income for the three months ended March 31, 2024, decreased by $(5.6) million or (83)% compared to the three months ended March 31, 2023. The decrease is related to the disposal of non consolidated investments during the three months ended March 31, 2023, and the accretion of the earn-out liability related to the Iponweb Acquisition, partially offset by the positive change in foreign exchange gain and income from cash equivalents.
Current wording
Financial and Other income for the six months ended June 30, 2024, decreased by $(4.1) million or (82)% compared to the six months ended June 30, 2023. The decrease is related to the disposal of non consolidated investments during the three months ended March 31, 2023, and the accretion of the earn-out liability related to the Iponweb Acquisition, partially offset by the positive impact in foreign exchange gain and income from cash equivalents.
Previous wording
Provision for income tax expense for the three months ended March 31, 2024, decreased $7.6 million or (165)% compared to the three months ended March 31, 2023. The decrease was driven by the income from operations.
Current wording
Provision for income tax expense for the six months ended June 30, 2024, increased $15.1 million or (429)% compared to the six months ended June 30, 2023. The increase was driven by higher income from operations.
Previous wording
Adjusted EBITDA increased $32.0 million, or 83% for the three months ended March 31, 2024 compared to the three months ended March 31, 2023, primarily due to higher Contribution ex-TAC.
Current wording
Adjusted EBITDA increased $37.4 million, or 67%, for the three months ended June 30, 2024 compared to the three months ended June 30, 2023, primarily due to higher Contribution ex-TAC.
Previous wording
Our cash and cash equivalents and restricted cash at March 31, 2024 were held for working capital and general corporate purposes, which could include acquisitions, and amounted to $341.9 million as of March 31, 2024. The $(69.4) million decrease in cash and cash equivalents, and restricted cash compared to December 31, 2023, primarily resulted from a decrease of $(13.9) million in cash used for investing activities and by $(62.2) million in cash used for financing activities over the period, partially offset by an increase of $14.0 million in cash provided by operating activities. 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.
Current wording
Our cash and cash equivalents and restricted cash at June 30, 2024 were held for working capital and general corporate purposes, which could include acquisitions, and amounted to $291.7 million as of June 30, 2024. The $(119.6) million decrease in cash and cash equivalents, and restricted cash compared to December 31, 2023, primarily resulted from a decrease of $(102.1) million in cash used for financing activities, a decrease of $(35.2) million in cash used for investing activities partially offset by an increase of $31.2 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.
Previous wording
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 ($440.0 million) of liquidity, which, combined with our cash position, marketable securities and treasury shares as of March 31, 2024, provides total liquidity above $805.5 million. Overall, we believe that our current financial liquidity, combined with our expected cash-flow generation in 2024, enables financial flexibility.
Current wording
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 ($435.7 million) of liquidity, which, combined with our cash position, marketable securities and treasury shares as of June 30, 2024, provides total liquidity above $675.5 million. Overall, we believe that our current financial liquidity, combined with our expected cash-flow generation in 2024, enables financial flexibility.
Previous wording
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 three months ended March 31, 2024, we have repurchased $62.1 million of shares.
Current wording
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 six months ended June 30, 2024, we have repurchased $102.5 million of shares.
Previous wording
For the three months ended March 31, 2024 and 2023, our capital expenditures were $13.2 million and $33.2 million, respectively. During the three months ended March 31, 2024, these capital expenditures were mainly comprised of acquisition of data center and server equipment, and software development costs. We expect our capital expenditures to remain at around 9% 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.
Current wording
For the six months ended June 30, 2024 and 2023, our capital expenditures were $(34.3) million and $(78.7) million, respectively. During the six months ended June 30, 2024, these capital expenditures were mainly comprised of acquisition of data center, 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.
Previous wording
Cash from operating activities is primarily impacted by the increase in the number of clients using our solutions and by the amount of cash we invest in personnel to support the anticipated growth of our business. Cash 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.
Current wording
Cash from operating activities is driven by an increase in the number of clients using our solutions and by the amount of cash we invest in personnel to support the anticipated growth of our business. 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.
Previous wording
For the three months ended March 31, 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 $25.2 million, and equity awards compensation expense of $27.3 million, partially offset by $(54.7) million of changes in working capital. The decrease in cash flows from operating activities during the three months ended March 31, 2024, compared to the same period in 2023, was mainly due to higher trade payables.
Current wording
For the six months ended June 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 $46.3 million, and equity awards compensation expense of $48.0 million, partially offset by $(88.0) million of changes in working capital. The decrease in cash flow from operating activities during the six months ended June 30, 2024, compared to the same period in 2023, was mainly due to higher trade payables.
Previous wording
Our investing activities to date have consisted primarily of purchases of servers and other data-center equipment, software development costs, and business acquisitions. For the three months ended March 31, 2024, net cash used for investing activities was $(13.9) million and consisted of a $(13.2) million change mainly due to capitalized software development costs, a $(0.5) million release of holdback liability, and a $(0.1) million change from the maturity of investments in Marketable Securities.
Current wording
Our investing activities to date consist primarily of purchases of servers and other data-center equipment, software development costs, and business acquisitions. For the six months ended June 30, 2024, net cash used for investing activities was $(35.2) million and primarily driven by purchases of data-center and capitalized software development costs of $(34.3) million, $(0.5) million release of holdback liability, and $(0.3) million change from the maturity of investments in Marketable Securities.
Previous wording
The decrease in cash used in investing activities during the three months ended March 31, 2024, compared to the same period in 2023, was mostly due to lower capital expenditures, and the non-repeat of proceeds from the sale of a non consolidated investment during the period ended March 31, 2023.
Current wording
Cash used for investing activities decreased during the six months ended June 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.
Previous wording
For the three months ended March 31, 2024, net cash used for financing activities was $(62.2) million, resulting mainly from a $(62.1) million payment for shares repurchased, partially offset by $0.4 million of proceeds from capital increase following the exercises of stock options. The decrease in cash used for financing activities during the three months ended March 31, 2024, compared to the same period in 2023, was mostly due to the one-time payout of a portion of the earn-out liability resulting from the Iponweb Acquisition.
Current wording
For the six months ended June 30, 2024, net cash used for financing activities was $(102.1) million, due to the repurchasing of shares of $(102.5) million. The increase in cash used for financing activities during the six months ended June 30, 2024, compared to the same period in 2023, was mostly due to an increase in the amount of shares repurchased.
Rearranged current paragraphs (11)
Current report — wording carried from elsewhere
Revenue for the six months ended June 30, 2024 increased 1%, or 3% on a constant currency basis, to $937.8 million compared to the six months ended June 30, 2023 reflecting growth in Retail Media.
Current report — wording carried from elsewhere
In the six months ended June 30, 2024, 93% of revenue came from existing clients while 7% came from new client additions.
Current report — wording carried from elsewhere
Retail Media revenue increased 28%, or 28% on a constant currency basis, to $105.5 million for the six months ended June 30, 2024, driven by continued strength in Retail Media onsite, in particular in the U.S. market, and growing network effects of onboarding brands and retailers to the platform.
Current report — wording carried from elsewhere
Performance Media revenue decreased (2)%, or increased 0.1% on a constant currency basis, to $832.3 million for the six months ended June 30, 2024, with improving trends across all verticals.
Current report — wording carried from elsewhere
Additionally, our $921.4 million of revenue for the six months ended June 30, 2024 was negatively impacted by $16.4 million of currency fluctuations, particularly as a result of the depreciation of the Euro, Japanese Yen, and the Brazilian Real compared to the U.S. dollar.
Current report — wording carried from elsewhere
Our revenue in the Americas region increased 4%, or 3% on a constant currency basis, to $410.5 million for the six months ended June 30, 2024 compared to the six months ended June 30, 2023. This primarily reflects continued strong performance of Retail Media as the platform continues to scale with large retailers and consumer brands and strong Classified trends in the region.
Current report — wording carried from elsewhere
Our revenue in EMEA increased 2%, or 3% on a constant currency basis, to $333.3 million for the six months ended June 30, 2024 compared to the six months ended June 30, 2023, reflecting continued traction in Retail Media and continued strength in Travel.
Current report — wording carried from elsewhere
Traffic acquisition costs in Performance Media decreased by (11)%, or (9)% at constant currency, compared to the three months ended June 30, 2023. This was driven by a (22)% 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 a 14% increase in the number of impressions we purchased.
Current report — wording carried from elsewhere
Cost of revenue for the six months ended June 30, 2024 decreased $(61.4) million, or (12)%, compared to the six months ended June 30, 2023. This decrease was primarily the result of a decrease of $(52.7) million, or (12)% (or (10)% 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 $(8.6) million, or (11)% in other cost of revenue.
Current report — wording carried from elsewhere
The decrease in other cost of revenue included a decrease in depreciation of servers, offset by other hosting costs.
Current report — wording carried from elsewhere
Sales and operations expenses for the three months ended June 30, 2024 decreased $(17.4) million or (16)% compared to the three months ended June 30, 2023. This decrease mainly related to a decrease in headcount-related costs and a decrease in bad debt expense.