Criteo announces double digit growth and share buyback plan
Investing.com | Editor Emilio Ghigini
Published Feb 23, 2024 08:03AM ET
NEW YORK - Criteo S.A. (NASDAQ: CRTO), a global commerce media company, has responded to a recent public letter from Petrus Advisers, highlighting its financial achievements and commitment to shareholder value. The company reported double-digit growth for the second consecutive year in 2023 and celebrated a milestone of over $1 billion in Contribution ex-TAC, with more than half derived from non-Retargeting solutions. Criteo also noted an adjusted EBITDA of 30% and over $70 million in annualized savings.
In 2023, Criteo's Retail Media revenue surpassed $200 million, and the company experienced organic growth acceleration in the fourth quarter. To further drive shareholder value, Criteo completed over $125 million in share repurchases last year and has approved an additional $150 million for future buybacks, with an acceleration of this plan in the first quarter of 2024 under a new 10b5-1 plan.
The company's Board of Directors, which includes seven independent members, remains focused on executing Criteo's strategy and has recently appointed Frederik van der Kooi, who brings extensive experience in global advertising businesses.
Criteo maintains an open dialogue with its shareholders, valuing their input towards enhancing value. While specific discussions with shareholders like Petrus Advisers are not publicly commented on, the company has engaged with them over the past three years and is reviewing their letter attentively.
Evercore is acting as Criteo's financial advisor, and Skadden, Arps, Slate, Meagher & Flom LLP as legal counsel, as the company continues to navigate its shareholder relationships and execute its value creation strategy.
This information is based on a press release statement from Criteo.
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