Criteo (CRTO) Q4 2024 earnings summary

Executive summary

• Achieved record 2024 results with double-digit revenue growth, 11% increase in Contribution ex-TAC to over $1.1B, and third consecutive year of double-digit growth.

• Retail Media revenue grew 25% year-over-year, with media spend up 31% and platform adoption by over 3,500 brands and 225 retailers.

• Adjusted EBITDA margin reached 35%, up 500 basis points year-over-year; free cash flow was $182M, up 65%.

• Net income for 2024 was $115M, up 110% year-over-year; adjusted EPS was $4.57, up 44%.

• Leadership transition announced, with Michael Komasinski to become CEO on February 15, 2025.

Financial highlights

• 2024 revenue reached $1.93B; Contribution ex-TAC grew 11% at constant currency to over $1.1B.

• Retail Media revenue was $258M, Contribution ex-TAC up 25% year-over-year; Performance Media revenue was $1.7B, Contribution ex-TAC up 8%.

• Q4 2024 revenue was $553M, Contribution ex-TAC $334M, with a 7% year-over-year increase at constant currency; net income $72M, up 16%.

• Adjusted EBITDA for 2024 was $390M, up 29% year-over-year; Q4 Adjusted EBITDA was $144M, up 4%.

• Free cash flow for 2024 was $182M, up 65% year-over-year.

Outlook and guidance

• For 2025, expects mid-single-digit growth in Contribution ex-TAC at constant currency, with Retail Media Contribution ex-TAC forecasted to grow 20%-22% and Performance Media in the low single digits.

• Adjusted EBITDA margin anticipated at 33%-34% for 2025, reflecting continued investment in AI and platform innovation.

• Q1 2025 Contribution ex-TAC expected at $256-$260M, up 3%-5% at constant currency; adjusted EBITDA of $68-$72M.

• Anticipates $15M–$20M negative FX impact for FY 2025 and $5M–$7M for Q1 2025.