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In response to the public letter from Petrus Advisers, Criteo’s management and Board of Directors noted their ongoing conversations with the investment firm over the past three years. The company expressed its intention to review the contents of the letter carefully and to maintain a constructive engagement with Petrus Advisers.
Criteo’s statement underlined the company’s dedication to executing its strategy and its success in achieving significant milestones. In 2023, Criteo reported double-digit growth for the second consecutive year and surpassed $1 billion in Contribution ex-TAC for the first time, with over half of this revenue generated from non-Retargeting solutions. The company also boasted an adjusted EBITDA of 30%, including more than $70 million in annualized savings.
Additionally, Criteo has strengthened its position in the Retail Media sector, with annual revenue exceeding $200 million. The fourth quarter of 2023 saw record top-line results and an acceleration in organic growth.
The company has also been strategic in its capital allocation, focusing on driving value for shareholders. Following over $125 million in share repurchases in 2023, Criteo’s Board approved an additional $150 million for share buyback programs. The company has ramped up these efforts in the first quarter of 2024 with a new 10b5-1 plan.
The Board of Criteo, which includes eight directors, seven of whom are independent, is committed to ensuring its composition aligns with the company’s strategic plan. This includes the recent appointment of Frederik van der Kooi, who brings extensive experience in the advertising industry.
Criteo is looking forward to continuing its dialogue with all shareholders as it pursues its strategy for value creation. This statement is based on information from a recent SEC filing by the company.
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