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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549  
 
FORM 8-K
 
 
CURRENT REPORT
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
February 7, 2024
Date of Report (Date of earliest event reported)
 
CRITEO S.A.
(Exact name of registrant as specified in its charter)
 
France 001-36153 Not Applicable
(State or other jurisdiction
of incorporation)		 (Commission
File Number)		 (I.R.S. Employer
Identification No.)
32 Rue BlancheParisFrance 75009
(Address of principal executive offices) (Zip Code)
+33 17 585 0939
Registrant’s telephone number, including area code

(Former name or former address, if changed since last report)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
☐Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
☐Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
☐Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
☐Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))





Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
American Depositary Shares, each representing one ordinary share, nominal value €0.025 per shareCRTONasdaq Global Select Market
Ordinary Shares, nominal value €0.025 per share*Nasdaq Global Select Market

*Not for trading, but only in connection with the registration of the American Depositary Shares.

Indicate by check mark whether the registrant is an emerging growth company as defined in as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company    ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.    ☐



ITEM 2.02 Results of Operations and Financial Condition

On February 7, 2024, the Company issued a press release and will hold a conference call regarding its financial results for the quarter ended December 31, 2023. A copy of the press release is furnished as Exhibit 99.1 to this report.

The information furnished with this Item 2.02, including Exhibit 99.1, shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any other filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.

The Company is making reference to non-GAAP financial information in both the press release and the conference call. A reconciliation of these non-GAAP financial measures to the most comparable GAAP financial measures is contained in the attached Exhibit 99.1 press release.


ITEM 9.01 Financial Statements and Exhibits.
 
 (d)Exhibits
Exhibit
Number		  Description
  
104Cover Page Interactive Data File (embedded within the Inline XBRL document)


 




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 hereunto duly authorized.

 
Criteo S.A.
Date: February 7, 2024By:/s/ Sarah Glickman
Name:Sarah Glickman
Title:Chief Financial Officer



Exhibit 99.1
criteologo2021a.jpg
CRITEO REPORTS RECORD FOURTH QUARTER 2023 RESULTS

2023 Activated Media Spend Up 30% to $4.1 Billion
Deployed $125 Million to Repurchase Shares in 2023 and Increases Share Buyback Authorization by $150 Million
Targeting Mid-Single-Digit Growth in 2024

NEW YORK - February 7, 2024 - Criteo S.A. (NASDAQ: CRTO) ("Criteo" or the "Company"), the commerce media company, today announced financial results for the fourth quarter and fiscal year ended December 31, 2023.

Fourth Quarter and Fiscal Year 2023 Financial Highlights:

The following table summarizes our consolidated financial results for the three months and twelve months ended December 31, 2023:

Three Months EndedTwelve Months Ended
December 31,December 31,
20232022YoY Change20232022YoY Change
(in millions, except EPS data)
GAAP Results
Revenue$566$5640.3%$1,949$2,017(3)%
Gross Profit$277$24712%$863$7959%
Net Income$62$16287%$55$11402%
Gross Profit margin49%44%5ppt44%39%5ppt
Diluted EPS$1.02$0.25308%$0.88$0.14529%
Cash from operating activities$161$12529%$224$256(12)%
Cash and cash equivalents$336$348(3)%$336$348(3)%
Non-GAAP Results1
Contribution ex-TAC$316$28312%$1,023$92810%
Contribution ex-TAC margin56%50%6ppt52%46%6ppt
Adjusted EBITDA$139$10433%$302$26713%
Adjusted diluted EPS$1.52$0.8481%$3.18$2.7615%
Free Cash Flow (FCF)$142$11128%$110$200(45)%
FCF / Adjusted EBITDA102%106%(4)ppt36%75%(39)ppt

“We achieved double-digit growth for the second consecutive year, with a historic milestone of crossing $1 billion in Contribution ex-TAC for the first time and Retail Media now surpassing $200 million in annual revenue,” said Megan Clarken, Chief Executive Officer of Criteo. “As we step into 2024, we look forward to harnessing the opportunities that lie ahead, and our commitment remains steadfast towards sustainable, profitable growth to drive shareholder value.”

Operating Highlights
•Criteo's activated media spend2 was $1.3 billion in Q4 and $4.1 billion in the last 12 months, growing 30% year-over-year at constant currency3.
•Our focus on efficiencies delivered over $70 million in cost savings and an adjusted EBITDA margin of 30% in 2023.
•Retail Media Contribution ex-TAC grew 29% year-over-year at constant currency3 in Q4 and 26% in 2023.
•Same-retailer Contribution ex-TAC4 retention for Retail Media was 121% in both Q4 and 2023.
•We expanded our platform adoption to 2,600 brands and 220 retailers, including Albertsons and PcComponentes.
•Marketing Solutions Contribution ex-TAC was up 6% year-over-year at constant currency3 in Q4.
•We deployed $125 million of capital for share repurchases in 2023, and our Board of Directors authorized a $150 million increase to the Company’s existing share repurchase program in February 2024.
•We amended our syndicated credit facility to a €407 million ($450 million) sustainability-linked credit facility.
•The Science Based Targets Initiative approved Criteo’s greenhouse gas (GHG) emissions reduction targets, in line with the Paris Agreement’s goal to limit the global average temperature increase to 1.5° Celsius.
___________________________________________________
1 Contribution ex-TAC, Contribution ex-TAC margin, Adjusted EBITDA, Adjusted EBITDA margin, Adjusted diluted EPS and Free Cash Flow are not measures calculated in accordance with U.S. GAAP.
2 Activated media spend is defined as the sum of our Marketing Solutions revenue, the media spend activated on behalf of our Retail Media clients, and the media spend activated by Iponweb.
3 Constant currency measures exclude the impact of foreign currency fluctuations and is computed by applying the prior year monthly exchange rates to transactions denominated in settlement or billing currencies other than the US dollar.
4 Same-client profitability or Contribution ex-TAC is the profitability or Contribution ex-TAC generated by clients that were live with us in a given quarter and are still live with us the same quarter in the following year.
1

Financial Summary

Revenue for Q4 2023 was $566 million, gross profit was $277 million and Contribution ex-TAC was $316 million. Net income for Q4 was $62 million, or $1.02 per share on a diluted basis. Adjusted EBITDA for Q4 was $139 million, resulting in an adjusted diluted EPS of $1.52. As reported, revenue for Q4 was flat, gross profit increased 12% and Contribution ex-TAC increased by 12%. At constant currency, revenue for Q4 was flat and Contribution ex-TAC increased by 10%.

Revenue for the fiscal year 2023 was $1.9 billion, gross profit was $863 million and Contribution ex-TAC was $1.0 billion. As reported, revenue for 2023 decreased by 3%, gross profit increased 9% and Contribution ex-TAC increased by 10%. At constant currency, revenue for 2023 decreased by 3% and Contribution ex-TAC increased by 11%. Net income for fiscal 2023 was $55 million, or $0.88 per share on a diluted basis. Fiscal year 2023 Adjusted EBITDA was $302 million, resulting in an adjusted diluted EPS of $3.18. Cash flow from operating activities was $161 million in Q4 and Free Cash Flow was $142 million in Q4. As of December 31, 2023, we had $359 million in cash and marketable securities on our balance sheet.
Sarah Glickman, Chief Financial Officer, said, “In 2023, we delivered an adjusted EBITDA margin of 30%, above guidance, and we deployed $125 million of capital for share repurchases to drive shareholder value. Our record fourth quarter performance reflects building momentum for our Commerce Media Platform and our strong focus on cost efficiencies, setting the stage for continued growth and robust profitability in 2024.”

Fourth Quarter 2023 Results

Revenue, Gross Profit and Contribution ex-TAC

Revenue was flat year-over-year in Q4 2023, and flat at constant currency, to $566 million (Q4 2022: $564 million). Gross profit increased by 12% year-over-year in Q4 2023 to $277 million (Q4 2022: $247 million). Gross profit as a percentage of revenue, or gross profit margin, was 49% (Q4 2022: 44%). Contribution ex-TAC in the fourth quarter increased 12% year-over-year, or increased 10% at constant currency, to $316 million (Q4 2022: $283 million). Contribution ex-TAC as a percentage of revenue, or Contribution ex-TAC margin, was 56% (Q4 2022: 50%), up 600 basis points year-over-year, largely driven by Retail Media and Marketing Solutions.

•Marketing Solutions revenue decreased 3%, or 3% at constant currency, and Marketing Solutions Contribution ex-TAC increased 8%, or 6% at constant currency, driven by the continued traction of Commerce Audiences as more clients adopt full funnel activation.
•Retail Media revenue increased 28%, or 26% at constant currency, reflecting continued strength in Retail Media onsite. Retail Media Contribution ex-TAC increased 30%, or 29% at constant currency, driven by continued strength in Retail Media onsite, new client integrations and growing network effects of the platform.
•Iponweb revenue increased 3%, or 2% at constant currency, to $35 million.

Net Income and Adjusted Net Income

Net income was $62 million in Q4 2023 (Q4 2022: net income of $16 million). Net income allocated to shareholders of Criteo was $61 million, or $1.02 per share on a diluted basis (Q4 2022: net income available to shareholders of $15 million, or $0.25 per share on a diluted basis).

Adjusted net income, a non-GAAP financial measure, was $91 million, or $1.52 per share on a diluted basis (Q4 2022: $52 million, or $0.84 per share on a diluted basis).

Adjusted EBITDA and Operating Expenses

Adjusted EBITDA was $139 million, representing an increase of 33% year-over-year (Q4 2022: $104 million). This reflects higher Contribution ex-TAC over the period and planned cost reduction actions. Adjusted EBITDA as a percentage of Contribution ex-TAC, or Adjusted EBITDA margin, was 44% (Q4 2022: 37%).

Operating expenses decreased by 5% year-over-year to $188 million (Q4 2022: $198 million), mostly driven by cost reduction actions. Non-GAAP operating expenses decreased by 5% to $147 million (Q4 2022: $154 million).

Fiscal Year 2023 Results

Revenue, Gross Profit and Contribution ex-TAC

Revenue decreased by 3% year-over-year, or 3% at constant currency, to $1,949 million (FY 2022: $2,017 million). Gross profit increased by 9% year-over-year to $863 million (FY 2022: $795 million). Gross profit as a percentage of revenue, or gross profit margin, was 44% (FY 2022: 39%). Contribution ex-TAC increased 10% year-over-year, or increased 11% at constant currency, to $1,023 million (FY 2022: $928 million). Contribution ex-TAC as a percentage of revenue, or Contribution ex-TAC margin, was 52% (FY 2022: 46%), up 600 basis points year-over-year, largely driven by Retail Media and Iponweb.

2

•Marketing Solutions revenue decreased 8%, or 8% at constant currency, and Marketing Solutions Contribution ex-TAC decreased 3%, or 2% at constant currency, driven by lower Retargeting, partially offset by solid growth for Commerce Audiences.
•Retail Media revenue increased 3%, or 3% at constant currency, reflecting the impact related to the client migration to the Company's platform. Retail Media Contribution ex-TAC increased 26%, or 26% at constant currency, driven by continued strength in Retail Media onsite, new client integrations and growing network effects of the platform.
•Iponweb revenue increased 135%, or 133% at constant currency, to $122 million following the closing of the acquisition on August 1, 2022.

Net Income and Adjusted Net Income

Net income was $55 million (FY 2022: $11 million). Net income available to shareholders of Criteo was $53 million, or $0.88 per share on a diluted basis (FY 2022: $9 million, or $0.14 per share on a diluted basis).

Adjusted net income was $191 million, or $3.18 per share on a diluted basis (FY 2022: $173 million, or $2.76 per share on a diluted basis).

Adjusted EBITDA and Operating Expenses

Adjusted EBITDA was $302 million, representing an increase of 13% year-over-year (FY 2022: $267 million). This reflects higher Contribution ex-TAC and planned cost reduction actions. Adjusted EBITDA as a percentage of Contribution ex-TAC, or Adjusted EBITDA margin, was 30% (FY 2022: 29%).

Operating expenses increased 2% year-over-year to $786 million (FY 2022: $771 million), mostly driven by equity awards compensation expense and operating costs from Iponweb, partially offset by cost reduction actions. Non-GAAP operating expenses increased by 5% or $28 million to $607 million (FY 2022: $580 million).

Cash Flow, Cash and Financial Liquidity Position

Cash flow from operating activities increased to $161 million in Q4 2023 (Q4 2022: $125 million).

Free Cash Flow, defined as cash flow from operating activities less acquisition of intangible assets, property, plant and equipment and change in accounts payable related to intangible assets, property, plant and equipment, increased to $142 million in Q4 2023 (Q4 2022: $111 million).

Cash and cash equivalents, and marketable securities, decreased $14 million compared to December 31, 2022 to $359 million, after spending $125 million on share repurchases in 2023.

As of December 31, 2023, the Company had total financial liquidity of approximately $837 million, including its cash position, marketable securities, revolving credit facility and treasury shares reserved for M&A.

Sustainability-Linked Revolving Credit Facility

A key pillar of our sustainability strategy is reducing our carbon footprint, and we committed to reducing our greenhouse gas (GHG) emissions by 2030 in line with the 1.5°C scenario of the Paris Agreement. Criteo recently became the first AdTech company to have its GHG emissions reduction targets approved by the Science Based Targets initiative ("SBTi").

On November 17, 2023, we updated certain terms of our €407 million ($450 million) syndicated credit facility to a €407 million ($450 million) sustainability-linked credit facility, the framework for which was provided for in the initial credit facility agreement. Certain terms and conditions of the amended credit facility are now linked to our sustainability goals to increase the representation of women in tech roles and reduce our GHG emissions, while the rest of the credit facility agreement remains unchanged.

2024 Business Outlook

The following forward-looking statements reflect Criteo’s expectations as of February 7, 2024.

Fiscal year 2024 guidance:
•Mid-single-digit growth in Contribution ex-TAC at constant currency
•Adjusted EBITDA margin of approximately 29% to 30% of Contribution ex-TAC

First quarter 2024 guidance:
•Contribution ex-TAC between $243 million and $247 million, or year-over-year growth at constant-currency of +10% to +12%
•Adjusted EBITDA between $50 million and $54 million

The above guidance for the first quarter and fiscal year ending December 31, 2024 assumes the following exchange rates for the main currencies impacting our business: a U.S. dollar-euro rate of 0.909, a U.S. dollar-Japanese Yen rate of 145, a U.S. dollar-British pound rate of 0.791, a U.S. dollar-Korean Won rate of 1,300 and a U.S. dollar-Brazilian real rate of 4.95.
3


The above guidance assumes that no additional acquisitions are completed during the first quarter of 2024 or the fiscal year ended December 31, 2024.

Reconciliations of Contribution ex-TAC, Adjusted EBITDA and Adjusted EBITDA margin guidance to the closest corresponding U.S. GAAP measures are not available without unreasonable efforts on a forward-looking basis due to the high variability, complexity and low visibility with respect to the charges excluded from these non-GAAP measures; in particular, the measures and effects of equity awards compensation expense specific to equity compensation awards that are directly impacted by unpredictable fluctuations in our share price. The variability of the above charges could potentially have a significant impact on our future U.S. GAAP financial results.

Extension of Share Repurchase Authorization

Criteo's Board of Directors has authorized a $150 million extension of its previously authorized share repurchase program of up to $480 million of the Company's outstanding American Depository Shares to an increased amount of up to $630 million. The Company intends to use repurchased shares under this extended program to satisfy employee equity obligations in lieu of issuing new shares, which would limit future dilution for its shareholders, as well as to fund potential acquisitions in the future.

Under the terms of the authorization, the stock purchases may be made from time to time in compliance with applicable state and federal securities laws and applicable provisions of French corporate law. The timing and amounts of any purchases will be based on market conditions and other factors including price, regulatory requirements and capital availability, as determined by Criteo's management team. The program does not require the purchase of any minimum number of shares and may be suspended, modified or discontinued at any time without prior notice.

4

Non-GAAP Financial Measures

This press release and its attachments include the following financial measures defined as non-GAAP financial measures by the U.S. Securities and Exchange Commission ("SEC"): Contribution ex-TAC, Contribution ex-TAC margin, Adjusted EBITDA, Adjusted EBITDA margin, Adjusted Net Income, Adjusted diluted EPS, Free Cash Flow and Non-GAAP Operating Expenses. These measures are not calculated in accordance with U.S. GAAP.

Contribution ex-TAC is 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 not a measure calculated in accordance with U.S. GAAP. We have included Contribution ex-TAC because it is a key measure used by our management and board of directors to evaluate operating performance, generate future operating plans and make strategic decisions. In particular, we believe that this measure can provide useful measures for period-to-period comparisons of our business. Accordingly, we believe that Contribution ex-TAC 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.

Adjusted EBITDA is 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 and Adjusted EBITDA margin are key measures 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- and long-term operational plans. In particular, we believe that Adjusted EBITDA and Adjusted EBITDA margin can provide useful measures for period-to-period comparisons of our business. Accordingly, we believe that Adjusted EBITDA and Adjusted EBITDA margin provide useful information to investors and the market generally in understanding and evaluating our results of operations in the same manner as our management and board of directors.

Adjusted Net Income is our net income adjusted to eliminate the impact of equity awards compensation expense, amortization of acquisition-related assets, certain restructuring, integration and transformation costs, certain acquisition costs, a loss contingency related to a regulatory matter, and the tax impact of these adjustments. Adjusted Net Income and Adjusted diluted EPS are key measures used by our management and board of directors to evaluate operating performance, generate future operating plans and make strategic decisions regarding the allocation of capital. In particular, we believe that Adjusted Net Income and Adjusted diluted EPS can provide useful measures for period-to-period comparisons of our business. Accordingly, we believe that Adjusted Net Income and Adjusted diluted EPS provide useful information to investors and the market generally in understanding and evaluating our results of operations in the same manner as our management and board of directors.

Free Cash Flow is defined as cash flow from operating activities less acquisition of intangible assets, property, plant and equipment and change in accounts payable related to intangible assets, property, plant and equipment. Free Cash Flow Conversion is defined as free cash flow divided by Adjusted EBITDA. Free Cash Flow and Free Cash Flow Conversion are key measures used by our management and board of directors to evaluate the Company's ability to generate cash. Accordingly, we believe that Free Cash Flow and Free Cash Flow Conversion permit a more complete and comprehensive analysis of our available cash flows.

Non-GAAP Operating Expenses are our consolidated operating expenses adjusted to eliminate equity awards compensation expense, pension service costs, certain restructuring, integration and transformation costs, certain acquisition and integration costs, and a loss contingency related to a regulatory matter. The Company uses Non-GAAP Operating Expenses to understand and compare operating results across accounting periods, for internal budgeting and forecasting purposes, for short-term and long-term operational plans, and to assess and measure our financial performance and the ability of our operations to generate cash. We believe Non-GAAP Operating Expenses reflects our ongoing operating expenses in a manner that allows for meaningful period-to-period comparisons and analysis of trends in our business. As a result, we believe that Non-GAAP Operating Expenses provides useful information to investors in understanding and evaluating our core operating performance and trends in the same manner as our management and in comparing financial results across periods. In addition, Non-GAAP Operating Expenses is a key component in calculating Adjusted EBITDA, which is one of the key measures the Company uses to provide its quarterly and annual business outlook to the investment community.


5

Please refer to the supplemental financial tables provided in the appendix of this press release for a reconciliation of Contribution ex-TAC to gross profit, Adjusted EBITDA to net income, Adjusted Net Income to net income, Free Cash Flow to cash flow from operating activities, and Non-GAAP Operating Expenses to operating expenses, in each case, the most comparable U.S. GAAP measure. Our use of non-GAAP financial measures has limitations as an analytical tool, and you should not consider such non-GAAP measures in isolation or as a substitute for analysis of our financial results as reported under U.S. GAAP. Some of these limitations are: 1) other companies, including companies in our industry which have similar business arrangements, may address the impact of TAC differently; and 2) other companies may report Contribution ex-TAC, Contribution ex-TAC margin, Adjusted EBITDA, Adjusted Net Income, Free Cash Flow, Non-GAAP Operating Expenses or similarly titled measures but calculate them differently or over different regions, which reduces their usefulness as comparative measures. Because of these and other limitations, you should consider these measures alongside our U.S. GAAP financial results, including revenue and net income.

Forward-Looking Statements Disclosure

This press release contains forward-looking statements, including projected financial results for the quarter ending March 31, 2024 and the year ending December 31, 2024, our expectations regarding our market opportunity and future growth prospects and other statements that are not historical facts and involve risks and uncertainties that could cause actual results to differ materially. Factors that might cause or contribute to such differences include, but are not limited to: failure related to our technology and our ability to innovate and respond to changes in technology, uncertainty regarding our ability to access a consistent supply of internet display advertising inventory and expand access to such inventory, including without limitation uncertainty regarding the timing and scope of proposed changes to and enhancements of the Chrome browser announced by Google, investments in new business opportunities and the timing of these investments, whether the projected benefits of acquisitions materialize as expected, uncertainty regarding international growth and expansion (including related to changes in a specific country's or region's political or economic conditions), the impact of competition, uncertainty regarding legislative, regulatory or self-regulatory developments regarding data privacy matters and the impact of efforts by other participants in our industry to comply therewith, the impact of consumer resistance to the collection and sharing of data, our ability to access data through third parties, failure to enhance our brand cost-effectively, recent growth rates not being indicative of future growth, our ability to manage growth, potential fluctuations in operating results, our ability to grow our base of clients, and the financial impact of maximizing Contribution ex-TAC, as well as risks related to future opportunities and plans, including the uncertainty of expected future financial performance and results and those risks detailed from time-to-time under the caption "Risk Factors" and elsewhere in the Company’s SEC filings and reports, including the Company's Annual Report on Form 10-K filed with the SEC on February 24, 2023, and in subsequent Quarterly Reports on Form 10-Q as well as future filings and reports by the Company. Importantly, at this time, macro-economic conditions including inflation and rising interest rates in the U.S. have impacted Criteo's business, financial condition, cash flow and results of operations.

Except as required by law, the Company undertakes no duty or obligation to update any forward-looking statements contained in this release as a result of new information, future events, changes in expectations or otherwise.



6

Conference Call Information

Criteo’s senior management team will discuss the Company’s earnings on a call that will take place today, February 7, 2024, at 8:00 AM ET, 2:00 PM CET. The conference call will be webcast live on the Company's website at https://criteo.investorroom.com/ and will subsequently be available for replay.

•United States:         +1 855 209 8212
•International:            +1 412 317 0788
•France                080-510-2319

Please ask to be joined into the "Criteo" call.

About Criteo

Criteo (NASDAQ: CRTO) is the global commerce media company that enables marketers and media owners to drive better commerce outcomes. Its industry leading Commerce Media Platform connects thousands of marketers and media owners to deliver richer consumer experiences from product discovery to purchase. By powering trusted and impactful advertising, Criteo supports an open internet that encourages discovery, innovation, and choice. For more information, please visit www.criteo.com.

Contacts

Criteo Investor Relations
Melanie Dambre, m.dambre@criteo.com

Criteo Public Relations
Jessica Meyers, j.meyers@criteo.com

Financial information to follow

7

CRITEO S.A.
Consolidated Statement of Financial Position
(U.S. dollars in thousands, unaudited)

December 31, 2023December 31, 2022
Assets
Current assets:
Cash and cash equivalents$336,341 $348,200 
Trade receivables, net of allowances of $ 43.3 million and $ 47.8 million at December 31, 2023 and December 31, 2022, respectively
775,589 708,949 
Income taxes2,065 23,609 
Other taxes109,306 78,274 
Other current assets48,291 51,866 
Restricted cash - current75,000 25,000 
Marketable securities - current portion5,970 25,098 
Total current assets1,352,562 1,260,996 
Property, plant and equipment, net126,494 131,207 
Intangible assets, net180,888 175,983 
Goodwill524,197 515,140 
Right of Use Asset - operating lease112,487 102,176 
Restricted cash - non current— 75,000 
Marketable securities - non current portion16,575 — 
Non-current financial assets5,294 5,928 
Other non-current assets60,742 50,818 
Deferred tax assets52,680 31,646 
    Total non-current assets1,079,357 1,087,898 
Total assets$2,431,919 $2,348,894 
Liabilities and shareholders' equity
Current liabilities:
Trade payables$838,522 $742,918 
Contingencies - current portion1,467 65,759 
Income taxes17,213 13,037 
Financial liabilities - current portion3,389 219 
Lease liability - operating - current portion35,398 31,003 
Other taxes66,659 58,031 
Employee - related payables113,287 85,569 
Other current liabilities104,552 83,457 
Total current liabilities1,180,487 1,079,993 
Deferred tax liabilities1,083 3,463 
Defined benefit plans4,123 3,708 
Financial liabilities - non current portion77 74 
Lease liability - operating - non current portion83,051 77,536 
Contingencies - non current portion32,625 33,788 
Other non-current liabilities19,082 69,226 
    Total non-current liabilities140,041 187,795 
Total liabilities1,320,528 1,267,788 
Commitments and contingencies
Shareholders' equity:
Common shares, €0.025 par value, 61,165,663 and 63,248,728 shares authorized, issued and outstanding at December 31, 2023 and December 31, 2022 , respectively.
2,023 2,079 
Treasury stock, 5,400,572 and 5,985,104 shares at cost as of December 31, 2023 and December 31, 2022 , respectively.
(161,788)(174,293)
Additional paid-in capital769,240 734,492 
Accumulated other comprehensive income (loss)(85,326)(91,890)
Retained earnings555,456 577,653 
Equity - attributable to shareholders of Criteo S.A.1,079,605 1,048,041 
Non-controlling interests31,786 33,065 
Total equity1,111,391 1,081,106 
Total equity and liabilities$2,431,919 $2,348,894 


8

CRITEO S.A.
Consolidated Statement of Operations
(U.S. dollars in thousands, except share and per share data, unaudited)
Three Months EndedTwelve Months Ended
December 31,December 31,
20232022YoY change20232022YoY change
Revenue$566,302 $564,425 — %$1,949,445 $2,017,003 (3)%
Cost of revenue
Traffic acquisition cost(249,926)(281,021)(11)%(926,839)(1,088,779)(15)%
Other cost of revenue(39,750)(36,810)8 %(159,562)(133,024)20 %
Gross profit276,626 246,594 12 %863,044 795,200 9 %
Operating expenses:
Research and development expenses(48,402)(69,348)(30)%(242,289)(187,596)29 %
Sales and operations expenses(97,687)(99,633)(2)%(406,012)(377,996)7 %
General and administrative expenses(42,219)(28,969)46 %(137,525)(205,330)(33)%
Total Operating expenses(188,308)(197,950)(5)%(785,826)(770,922)2 %
Income (loss) from operations88,318 48,644 82 %77,218 24,278 218 %
Financial and Other income (expense)(4,498)(6,144)(27)%(2,490)17,783 (114)%
Income (loss) before taxes83,820 42,500 97 %74,728 42,061 78 %
Provision for income tax (expense) benefit(21,769)(26,451)(18)%(20,084)(31,186)(36)%
Net income (loss)$62,051 $16,049 287 %$54,644 $10,875 402 %
Net income (loss) available to shareholders of Criteo S.A.$61,017 $15,400 296 %$53,259 $8,952 495 %
Net income (loss) available to non-controlling interests$1,034 $649 59 %$1,385 $1,923 (28)%
Weighted average shares outstanding used in computing per share amounts:
Basic56,107,042 58,732,771 (4)%56,170,658 60,004,707 (6)%
Diluted59,687,020 61,898,460 (4)%60,231,627 62,760,198 (4)%
Net income (loss) allocated to shareholders per share:
Basic$1.09 $0.26 319 %$0.95 $0.15 533 %
Diluted$1.02 $0.25 308 %$0.88 $0.14 529 %

9

CRITEO S.A.
Consolidated Statement of Cash Flows
(U.S. dollars in thousands, unaudited)

Three Months EndedTwelve Months Ended
December 31,December 31,
20232022YoY
Change		20232022YoY
Change
Net income (loss)$62,051 $16,049 287 %$54,644 $10,875 NM
Non-cash and non-operating items60,663 62,986 (4)%103,369 185,029 (44)%
           - Amortization and provisions16,048 15,611 3 %72,336 150,261 (52)%
           - Payment for contingent liability on regulatory matters— — NM(43,334)— NM
           - Equity awards compensation expense (1)
20,832 22,440 (7)%97,185 65,034 49 %
           - Net (gain) or loss on disposal of non-current assets974 167 483 %(7,929)(194)NM
 - Interest accrued and non-cash financial income and expenses— 1,985 (100)%— (259)— %
          - Change in uncertain tax positions(566)412 (237)%(880)412 NM
- Net change in fair value of Earn-out845 771 10 %2,344 771 NM
          - Change in deferred taxes1,154 19,653 (94)%(23,588)3,602 NM
          - Change in income taxes22,431 1,947 NM4,424 (10,952)NM
          - Other(1,055)— NM2,811 (23,646)NM
Changes in working capital related to operating activities38,626 46,420 (17)%66,233 60,081 10 %
           - (Increase) / Decrease in trade receivables(135,234)(117,309)15 %(56,344)(41,910)34 %
           - Increase / (Decrease) in trade payables159,127 153,318 4 %87,937 133,792 (34)%
           - (Increase) / Decrease in other current assets(10,447)8,537 (222)%(8,479)(14,687)(42)%
           - Increase / (Decrease) in other current liabilities25,889 2,316 NM43,815 (17,862)NM
           - Change in operating lease liabilities and right of use assets(709)(442)60 %(696)748 NM
CASH FROM (USED FOR) OPERATING ACTIVITIES161,340 125,455 29 %224,246 255,985 (12)%
Acquisition of intangible assets, property, plant and equipment(14,663)(35,841)(59)%(92,501)(84,796)9 %
Change in accounts payable related to intangible assets, property, plant and equipment(5,061)21,319 (124)%(21,810)28,951 NM
Payment for business, net of cash acquired132 (2,574)(105)%(6,825)(138,027)(95)%
Proceeds from disposition of investment(778)— NM8,847 — NM
Change in other non-current financial assets15,857 (15,299)(204)%3,577 27,753 (87)%
CASH FROM (USED FOR) INVESTING ACTIVITIES(4,513)(32,395)(86)%(108,712)(166,119)(35)%
Proceeds from borrowings under line-of-credit agreement— — NM— 78,513 NM
Repayment of borrowings — — NM— (78,513)NM
Change in other financial liabilities235 (372)(163)%235 (265)NM
Proceeds from exercise of stock options(3)411 (101)%1,945 1,028 89 %
Repurchase of treasury stocks(22,135)(76,523)(71)%(125,489)(135,685)(8)%
Cash payment for contingent consideration— — NM(22,025)— NM
Other(493)(364)35 %(1,920)21,878 NM
CASH FROM (USED FOR) FINANCING ACTIVITIES(22,396)(76,848)(71)%(147,254)(113,044)30 %
Effect of exchange rates changes on cash and cash equivalents6,969 24,665 (72)%(5,223)(44,149)(88)%
Net increase (decrease) in cash and cash equivalents 141,400 40,877 246 %(36,943)(67,327)(45)%
Net cash and cash equivalents at beginning of period269,857 407,323 (34)%448,200 515,526 (13)%
Net cash and cash equivalents and restricted cash at end of period$411,257 $448,200 (8)%$411,257 $448,200 (8)%
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
Cash paid for taxes, net of refunds$1,250 $(4,439)(128)%$(40,127)$(38,124)5 %
Cash paid for interest$(424)$(339)25 %$(1,539)$(1,298)19 %



(1) Share-based compensation expense according to ASC 718 Compensation - stock compensation accounted for $20.3 million and $22.1 million of equity awards
compensation expense for the quarters ended December 31, 2023 and 2022, respectively, and $95.3 million and $63.2 million of equity awards compensation for the twelve months ended December 31, 2023 and 2022, respectively.
10

CRITEO S.A.
Reconciliation of Cash from Operating Activities to Free Cash Flow
(U.S. dollars in thousands, unaudited)

Three Months EndedTwelve Months Ended
December 31,December 31,
20232022YoY
Change		20232022YoY
Change
CASH FROM (USED FOR) OPERATING ACTIVITIES$161,340 $125,455 29 %$224,246 $255,985 (12)%
Acquisition of intangible assets, property, plant and equipment(14,663)(35,841)(59)%(92,501)(84,796)9 %
Change in accounts payable related to intangible assets, property, plant and equipment(5,061)21,319 (124)%(21,810)28,951 NM
FREE CASH FLOW (1)
$141,616 $110,933 28 %$109,935 $200,140 (45)%



(1) Free Cash Flow is defined as cash flow from operating activities less acquisition of intangible assets, property, plant and equipment and change in accounts payable related to intangible assets, property, plant and equipment.
11

CRITEO S.A.
Reconciliation of Contribution ex-TAC to Gross Profit
(U.S. dollars in thousands, unaudited)


Three Months EndedTwelve Months Ended
December 31,December 31,
20232022YoY Change20232022YoY Change
Gross Profit276,626 246,594 12 %863,044 795,200 9 %
Other Cost of Revenue39,750 36,810 8 %159,562 133,024 20 %
Contribution ex-TAC (1)
$316,376 $283,404 12 %$1,022,606 $928,224 10 %




(1) Refer to the "Non-GAAP Financial Measures" section for a definition of this Non-GAAP metric.

















































































12

CRITEO S.A.
Segment Information
(U.S. dollars in thousands, unaudited)


Three Months EndedTwelve Months Ended
December 31,December 31,
Segment20232022YoY Change
YoY Change at Constant Currency (3)
20232022YoY Change
YoY Change at Constant Currency (3)
Revenue
Marketing Solutions$455,030 $470,918 (3)%(3)%$1,617,973 $1,762,517 (8)%(8)%
Retail Media (2)
76,583 59,801 28 %26 %209,007 202,317 3 %3 %
Iponweb34,689 33,706 3 %2 %122,465 52,169 135 %133 %
Total566,302 564,425 0.3 %0.3 %1,949,445 2,017,003 (3)%(3)%
Contribution ex-TAC
Marketing Solutions207,533 192,616 8 %6 %696,681 714,695 (3)%(2)%
Retail Media (2)
74,154 57,082 30 %29 %203,460 161,360 26 %26 %
Iponweb34,689 33,706 3 %2 %122,465 52,169 135 %133 %
Total (1)
$316,376 $283,404 12 %10 %$1,022,606 $928,224 10 %11 %




(1) Refer to the Non-GAAP Financial Measures section of this filing for a definition of the Non-GAAP metric.

(2) The Retail Media Platform, introduced in June 2020, is a strategic building block of Criteo’s Commerce Media Platform and is reported under the retail media segment. It is a self-service solution providing transparency, measurement and control to brands and retailers. In all arrangements running on this platform, Criteo recognizes revenue on a net basis, whereas revenue from arrangements running on legacy Retail Media solutions were accounted for on a gross basis. Most clients using Criteo’s legacy Retail Media solutions transitioned to this platform by the end of 2022. During the transition period, Revenue declined but Contribution ex-TAC margin increased. Contribution ex-TAC was not impacted by this transition.

(3) Constant currency measures exclude the impact of foreign currency fluctuations and is computed by applying the prior year monthly exchange rates to transactions denominated in settlement or billing currencies other than the US dollar.
13

CRITEO S.A.
Reconciliation of Adjusted EBITDA to Net Income (Loss)
(U.S. dollars in thousands, unaudited)

Three Months EndedTwelve Months Ended
December 31,December 31,
20232022YoY
Change		20232022YoY
Change
Net income (loss)$62,051 $16,049 287 %$54,644 $10,875 402 %
Adjustments:
Financial (Income) expense4,497 6,427 (30)%2,805 (17,053)(116)%
Provision for income taxes21,769 26,451 (18)%20,084 31,186 (36)%
Equity awards compensation expense21,003 22,441 (6)%99,222 65,035 53 %
Pension service costs(131)970 (114)%401 1,756 (77)%
Depreciation and amortization expense23,079 27,450 (16)%99,653 89,018 12 %
Acquisition-related costs613 1,093 (44)%1,894 12,584 (85)%
Net loss contingency on regulatory matters35 (699)(105)%(21,632)63,221 (134)%
Restructuring, integration and transformation costs5,729 4,123 39 %44,727 10,677 319 %
Total net adjustments76,594 88,256 (13)%247,154 256,424 (4)%
Adjusted EBITDA (1)
$138,645 $104,305 33 %$301,798 $267,299 13 %

(1) Refer to the "Non-GAAP Financial Measures" section for a definition of this Non-GAAP metric.

14

CRITEO S.A.
Reconciliation from Non-GAAP Operating Expenses to Operating Expenses under GAAP
(U.S. dollars in thousands, unaudited)

Three Months EndedTwelve Months Ended
December 31,December 31,
20232022YoY Change20232022YoY Change
Research and Development expenses$(48,402)$(69,348)(30)%$(242,289)$(187,596)29 %
Equity awards compensation expense10,465 15,348 (32)%55,078 36,514 51 %
Depreciation and Amortization expense 10,258 12,792 (20)%38,485 22,474 71 %
Pension service costs(18)483 (104)%263 891 (70)%
Acquisition-related costs(3)(2)50 %504 165 205 %
Restructuring, integration and transformation costs1,030 633 63 %9,853 1,618 509 %
Non GAAP - Research and Development expenses(26,670)(40,094)(33)%(138,106)(125,934)10 %
Sales and Operations expenses(97,687)(99,633)(2)%(406,012)(377,996)7 %
Equity awards compensation expense4,819 4,505 7 %21,633 14,200 52 %
Depreciation and Amortization expense3,140 3,930 (20)%13,267 14,808 (10)%
Pension service costs(132)220 (160)%(49)339 (114)%
Acquisition-related costs— — NM— — NM
Restructuring, integration and transformation costs2,913 408 614 %19,923 4,316 362 %
Non GAAP - Sales and Operations expenses(86,947)(90,570)(4)%(351,238)(344,333)2 %
General and Administrative expenses(42,219)(28,969)46 %(137,525)(205,330)(33)%
Equity awards compensation expense5,719 2,588 121 %22,511 14,321 57 %
Depreciation and Amortization expense477 (925)(152)%2,127 854 149 %
Pension service costs19 267 (93)%187 526 (64)%
Acquisition-related costs616 1,095 (44)%1,390 12,419 (89)%
Restructuring, integration and transformation costs1,786 3,082 (42)%14,951 4,743 215 %
Net loss contingency on regulatory matters35 (699)(105)%(21,632)63,221 (134)%
Non GAAP - General and Administrative expenses(33,567)(23,561)42 %(117,991)(109,246)8 %
Total Operating expenses(188,308)(197,950)(5)%(785,826)(770,922)2 %
Equity awards compensation expense21,003 22,441 (6)%99,222 65,035 53 %
Depreciation and Amortization expense 13,875 15,797 (12)%53,879 38,136 41 %
Pension service costs(131)970 (114)%401 1,756 (77)%
Acquisition-related costs613 1,093 (44)%1,894 12,584 (85)%
Restructuring, integration and transformation costs5,729 4,123 39 %44,727 10,677 319 %
Net loss contingency on regulatory matters35 (699)(105)%(21,632)63,221 (134)%
Total Non GAAP Operating expenses (1)
(147,184)$(154,225)(5)%(607,335)(579,513)5 %

(1) Refer to the "Non-GAAP Financial Measures" section for a definition of this Non-GAAP metric.
15

CRITEO S.A.
Reconciliation of Adjusted Net Income to Net Income (Loss)
(U.S. dollars in thousands except share and per share data, unaudited)

Three Months EndedTwelve Months Ended
December 31,December 31,
20232022YoY Change20232022YoY Change
Net income (loss)$62,051 $16,049 287 %$54,644 $10,875 402 %
Adjustments:
Equity awards compensation expense21,003 22,441 (6)%99,222 65,035 53 %
Amortization of acquisition-related intangible assets8,943 12,423 (28)%34,980 23,276 50 %
Acquisition-related costs613 1,093 (44)%1,894 12,584 (85)%
Net loss contingency on regulatory matters35 (699)(105)%(21,632)63,221 (134)%
Restructuring, integration and transformation costs 5,729 4,123 39 %44,727 10,677 319 %
Tax impact of the above adjustments (1)
(7,469)(3,535)111 %(22,536)(12,513)80 %
Total net adjustments28,854 35,846 (20)%136,655 162,280 (16)%
Adjusted net income(2)
$90,905 $51,895 75 %$191,299 $173,155 10 %
Weighted average shares outstanding
 - Basic56,107,042 58,732,771 56,170,658 60,004,707 
 - Diluted59,687,020 61,898,460 60,231,627 62,760,198 
Adjusted net income per share
 - Basic$1.62 $0.88 84 %$3.41 $2.89 18 %
 - Diluted$1.52 $0.84 81 %$3.18 $2.76 15 %



(1) We consider the nature of the adjustment to determine its tax treatment in the various tax jurisdictions we operate in. The tax impact is calculated by applying the actual tax rate for the entity and period to which the adjustment relates.
(2) Refer to the "Non-GAAP Financial Measures" section for a definition of this Non-GAAP metric.
16

CRITEO S.A.
Constant Currency Reconciliation(1)
(U.S. dollars in thousands, unaudited)

Three Months EndedTwelve Months Ended
December 31,December 31,
20232022YoY
Change		20232022YoY
Change
Gross Profit as reported$276,626 $246,594 12 %$863,044 $795,200 9 %
Other cost of revenue as reported(39,750)(36,810)8 %(159,562)(133,024)20 %
Contribution ex-TAC as reported(2)
316,376 283,404 12 %1,022,606 928,224 10 %
Conversion impact U.S. dollar/other currencies(4,174)— 3,112 — 
Contribution ex-TAC at constant currency312,202 283,404 10 %1,025,718 928,224 11 %
Contribution ex-TAC(2)/Revenue as reported
56 %50 %52 %46 %
Traffic acquisition costs as reported(249,926)(281,021)(11)%(926,839)(1,088,779)(15)%
Conversion impact U.S. dollar/other currencies(3,965)— (5,815)— 
Traffic acquisition costs at constant currency(253,891)(281,021)(10)%(932,654)(1,088,779)(14)%
Revenue as reported566,302 564,425 0.3 %1,949,445 2,017,003 (3)%
Conversion impact U.S. dollar/other currencies(209)— 8,927 — 
Revenue at constant currency$566,093 $564,425 0.3 %$1,958,372 $2,017,003 (3)%



(1) Constant currency measures exclude the impact of foreign currency fluctuations and is computed by applying the prior year monthly exchange rates to transactions denominated in settlement or billing currencies other than the US dollar.

(2) Refer to the "Non-GAAP Financial Measures" section for a definition of this Non-GAAP metric.


17

CRITEO S.A.
Information on Share Count
(unaudited)

Twelve Months Ended
20232022
Shares outstanding as at January 1,57,263,62460,675,474
Weighted average number of shares issued during the period(1,092,966)(670,767)
Basic number of shares - Basic EPS basis56,170,65860,004,707
Dilutive effect of share options, warrants, employee warrants - Treasury method4,060,969 2,755,491 
Diluted number of shares - Diluted EPS basis60,231,62762,760,198
Shares issued as at December 31, before Treasury stocks61,165,66363,248,728
Treasury stocks as of December 31,(5,400,572)(5,985,104)
Shares outstanding as of December 31, after Treasury stocks55,765,09157,263,624
Total dilutive effect of share options, warrants, employee warrants8,471,1139,507,770
Fully diluted shares as at December 31,64,236,20466,771,394
































18

CRITEO S.A.
Supplemental Financial Information and Operating Metrics
(U.S. dollars in thousands except where stated, unaudited)

YoY
Change		QoQ
Change		Q4
2023		Q3
2023		Q2
2023		Q1
2023		Q4
2022		Q3
2022		Q2
2022		Q1
2022		Q4
2021
Clients(4)%(1)%18,19718,42318,64618,67918,99019,00818,91118,764NA
Revenue 0.3%21%566,302469,193468,934445,016564,425446,921495,090510,567653,267
Americas(0.4)%31%280,597213,607204,755188,288281,806201,274213,340194,847287,270
EMEA2%15%189,291164,890158,215160,214185,125150,915176,867193,954234,559
APAC(1)%6%96,41490,696105,96496,51497,49494,732104,883121,766131,438
Revenue0.3%21%566,302469,193468,934445,016564,425446,921495,090510,567653,267
Marketing Solutions(3)%18%455,030385,762395,274381,907470,918387,288440,423463,888577,962
Retail Media (2)
28%54%76,58349,81344,59038,02159,80141,17054,66746,67975,305
Iponweb3%3%34,68933,61829,07025,08833,70618,463———
TAC(11)%12%(249,926)(223,798)(228,717)(224,398)(281,021)(233,543)(280,565)(293,650)(377,076)
Marketing Solutions(11)%11%(247,497)(222,421)(227,645)(223,729)(278,302)(229,266)(262,454)(277,800)(349,584)
Retail Media (2)
(11)%76%(2,429)(1,377)(1,072)(669)(2,719)(4,277)(18,111)(15,850)(27,492)
IponwebNMNM—————————
Contribution ex-TAC (1)
12%29%316,376245,395240,217220,618283,404213,378214,525216,917276,191
Marketing Solutions8%27%207,533163,341167,629158,178192,616158,022177,969186,088228,378
Retail Media (2)
30%53%74,15448,43643,51837,35257,08236,89336,55630,82947,813
Iponweb3%3%34,68933,61829,07025,08833,70618,463———
Cash flow from operating activities 29%723%161,34019,6141,32841,964125,45541,62813,97274,93066,012
Capital expenditures36%24%19,72415,84945,51933,21914,52220,30715,4525,56410,145
Net cash position (8)%52%411,257269,857298,183380,663448,200407,323562,546589,343515,527
Headcount(4)%2%3,5633,4873,5143,6363,7163,5373,1462,9392,781
Days Sales Outstanding (days - end of month) (3)
(13) days(3) days586169747178767465

(1) Refer to the "Non-GAAP Financial Measures" section for a definition of this Non-GAAP metric.

(2) The Retail Media Platform, introduced in June 2020, is a strategic building block of Criteo’s Commerce Media Platform and is reported under the retail media segment. It is a self-service solution providing transparency, measurement and control to brands and retailers. In all arrangements running on this platform, Criteo recognizes revenue on a net basis, whereas revenue from arrangements running on legacy Retail Media solutions were accounted for on a gross basis. Most clients using Criteo’s legacy Retail Media solutions transitioned to this platform by the end of 2022. During the transition period, Revenue declined but Contribution ex-TAC margin increased. Contribution ex-TAC was not impacted by this transition.

(3) From September 2023, we have included Iponweb in our calculation of Days Sales Outstanding. Days Sales Outstanding excluding Iponweb would have been 71 days for the same period.
19
v3.24.0.1
Document and Entity Information
Feb. 07, 2024
Cover [Abstract]  
Document Type 8-K
Document Period End Date Feb. 07, 2024
Entity Registrant Name CRITEO S.A.
Entity Incorporation, State or Country Code I0
Entity File Number 001-36153
Entity Address, Address Line One 32 Rue Blanche
Entity Address, City or Town Paris
Entity Address, Country FR
Entity Address, Postal Zip Code 75009
Country Region 33
City Area Code 17
Local Phone Number 585 0939
Written Communications false
Soliciting Material false
Pre-commencement Tender Offer false
Pre-commencement Issuer Tender Offer false
Entity Emerging Growth Company false
Entity Central Index Key 0001576427
Amendment Flag false
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