Criteo S.A. (CRTO) Earnings Call Transcript & Summary
November 19, 2020
Earnings Call Speaker Segments
Sean Diffley
analystSean Diffley. I'm from Morgan Stanley TMT sector sales. And this is Day 2 of our European TMT conference virtual Barcelona. I'm very excited to be joined by the CEO of Criteo, Megan Clarken, who is new in her role for about a year in the seat. So Megan, thank you so much for joining us and your first time at the conference. We're very happy to have you.
Megan Clarken
executiveSean, thank you for inviting me.
Sean Diffley
analystSo as I said, you've been in the seat for a little over a year now. I'd love your perspective on what brought you to Criteo in the first place? We were chatting a little earlier. You had Nielsen for many years. So what has changed in terms of what you came into? And how it's evolved over the course of the year? Obviously, a lot of things have happened in the world. So kind of take us through what were your priorities coming in? And how have they developed in the course of your time?
Megan Clarken
executiveOkay. Sean, what's -- I'm breaking up a little bit with you. So I'm going to try to make sure that you indicate to me if something is going wrong at the sense, but I'll do my best. So coming into the company, it was a job that required a complete transformation of the company. Most of all, people know that we were in decline. And the job was to turn that business around and leverage the assets to get into positive growth. So look, I've done a lot over the last year in terms of executing against the transformation. The most basic things in terms of coming into a company and setting a clear mission and vision statements, setting values for the company, getting everybody on course, really rallying around what those were, what the strategy was going forward, and basically, steering the ship. And I always believe that you can't steer a ship unless it's moving. So for us, it was about just getting the company moving again from where it was about 3 years ago when it sort of ran into a bit of a standstill. And so that was about getting business continuity going. We were then hit by COVID, not long into that. So it meant flexing a different set of muscles on top of the transformation muscles, which were about getting everybody safely working from home, making sure that everybody had computers and desks and chairs and that they were safe and productive, and that's been an ongoing effort, making sure that our clients are continued to be serviced. There's continuity there. There's continuity across the business. And that's been a very big job in itself. It hasn't stopped us though. We, in the background, worked on our strategic review -- internal strategic review to look at the strategy of the organization and, of course, the product road map. With focus on our cost structure and how to support the business going forward, execution against that road map, reorganization of the people inside of the company and the different functions inside of the company, which, quite frankly, wasn't there when I started up. It was a company that had moved people around, moved structure around for what was probably a good reason at that time, but made no sense if you come in from scratch and looked at the company and through the eyes, through the lens of transforming the company. I brought a new C-suite in place. There was no C-suite. So I went back to the basics and put in, it's not rocket science, the CPO, the CTO, the Chief Revenue Officer, the Chief Marketing Officer. So all of those sort of standard C-suite roles, which have been tried and passed over many, many years for a good reason because they actually work. And then obviously, organization structure, organizing the structure to land into each of those different areas, and therefore, set what was most important, which was accountability for executing against the strategy. So that's happened. We've created better transparency, I think and I hope with the investment community, than what we've had before, and we'll continue to be transparent with the investment community. That's incredibly important to me. I've most recently been appointed an Executive Director on the Board. So that's been a privilege for me to step into that position. And so look, we'll continue to sweep through and do all of the standard transformation work that I came in here to do, while balancing this -- the notion of COVID underneath and how to fix our organization, our people and our clients. But what hasn't changed and the reason why I came to Criteo has been the strength of the people. So the people at Criteo are just -- they're amazing. We have a 2,600-personnel organization, the average age is 32. These are people that are passionate about the business and passionate about returning to growth. They work very hard. They're very smart. We have a unique set of assets that we haven't really drawn on yet. And so we're pulling those out, identifying them and making sure that they roll nicely into our product strategy. And we have a new set of priorities. I hope that we're starting to turn the corner. The Street is starting to see that we've -- we're starting to stabilize ourselves, and the priority is to return to growth and where we were 3 or 4 years ago. So that's the long story short, I hope.
Sean Diffley
analystExcellent. Thank you, Megan. That's a good starting point, and we'll get into a lot of that. I guess on the management team changes, maybe you can walk us through a few of your key hires and what their priorities are? From the outside, sometimes, we don't see exactly what's going on. So maybe just highlight several of the people that you've hired? And what they're focused on and working on?
Megan Clarken
executiveSure. Look, what I'll say about bringing in new hires is it's really important to bring in some new bloods and some new energy and a new way of doing things or a set of people that question the old. And it's also very important that they come in with an understanding and with, I guess, a consideration for why things have been done the way that they've been done. And I've always been focused on bringing the best in the world into the company. I think that's what the company deserves. As you said before, I come out of Nielsen. So from a Nielsen perspective, you kind of get to see everything. It's just the nature of the job. And you kind of get to see everybody. So to be a little selective and handpick people has been a privilege that I've been able to bring to the company. But just to name a few, there was no Chief Product Officer inside of Criteo when I started. And that, to me, seemed somewhat of a large miss because an ad tech company, you would think would have a Chief Product Officer. And it showed in the sort of the disarray of the road map. And I say all of these things about what was missing and how those things that were missing seem to be some things in bizarre as to why they're missing. But think of it as also an opportunity for the company because the company has been tracking well in consideration of some of these really basic elements not being there. So I see them as an opportunity. But we brought in Todd Parsons, for instance, as a CPO, and he comes out of LiveRamp, Acxiom, OpenX. And he's one of the best in the world, I believe. And what we're seeing from him has certainly ticked those boxes in terms of a Chief Product Officer. He's hit the ground running with the company. He's restacked the product road map. He sees the 3-year vision. He's embracing the work that we did in the business strategy, the company strategy. He's seen the assets. He knows what differentiates us from everybody else. And so he's been a delight to work with and a real asset to the organization, and anybody that saw or, I apologize, listened to our earnings call must have thought. He did a bit of a debut on that call and talked about his vision there. We had a resignation of the CFO before -- just after I joined. And so we've replaced him with a new CFO called Sarah Glickman, and she started and, boy, she's been a tornado through the organization. She just hit the ground running, went broad, went deep, has been raising questions and new ways of doing things across the organization, not just within the finance side of the organization but she's really rallied the troops and got everybody moving in the right direction, and has a deep understanding of what needs to be done to turn the corner here and drive growth. She is 120% focused on growth and on making sure that we can contain our expenses. So next there are few more quickly that I'll call out, Chief Revenue Officer. There wasn't one or there was a few that were highly professional commercial leads across the regions, but I always believe in, again, accountability and one person being responsible. And so I brought in somebody who has an entrepreneurial background, and prior to that, was a lead of sales inside the Akamai organization, which is an ex -- a company that I used to work for and have always been amid of their sales and marketing arm. And so David Fox comes out of there, and he's brought a whole new set of disciplines to our sales organization. And then we've just had a recent hire into our Chief Marketing Officer role, which hasn't been announced yet, but incredibly exciting given where he comes from and the fact that he really specializes in strategic communications. And I got to say, Sean, I think one of the things that's missing from the organization is our voice. We've been a French company that's been sitting outside of where the action is in the ad tech space. And having somebody based in the U.S., who's a strategic communications wiz, I think we'll start to see more momentum. We've gained momentum, but more momentum around really being front and center and being part of the narrative that is the change in growth in ad tech. So just to name a few, this is really important for us. And I'm really excited about the sort of people, the caliber, the people that we're bringing in.
Sean Diffley
analystNo. That's excellent. That's helpful background. And I did want to talk about the COVID impact on the business and how that's had some impact on you running the organization. So first, how have the priorities of brands and retailers shifted through this period? You guys had fared somewhat better than The Street had expected, but still kind of down mid-teens revenue in 3Q and the guidance for 4Q is somewhat similar. So maybe walk us through how your clients, how their budgets and priorities have changed through COVID? And then also how running the organization with a lot of people working from anywhere, how have you approached that? And what lessons have you learned around COVID-19?
Megan Clarken
executiveOkay. Well, let's start with clients and the performance of the business. The obvious clients for us that have been hit during this time has been the travel industry, who have been amongst our large clients in Classifieds, travel industry. And then the Classified players themselves have been hit. Now not all of them, I mean, Classifieds breaks itself into a number of different specialist areas, but the obvious ones have been around travel. Auto, for instance, has been a higher performer than clearly travel. But those are the 2 parts of that business that have struggled the most, along with the retailers, the very large retailers who have been bricks-and-mortar. For obvious reasons, they've been hit. So I'm not telling you anything that's not intuitive in terms of the client base for us that have been hit. The areas that have been most interesting for us have been the mid-market retailers who have had e-commerce presence or have moved very -- in a very nimble way into e-commerce presence. And again, nothing -- none of this has -- is news. This is pretty intuitive. And our commercial teams have been on fire. They've been finding these new groups, new sources of revenue. They've been nurturing the large clients that we've had, who are struggling, of course, we'll continue to make sure that we do everything we can to help them, but really going after these new niches. And e-commerce, I know you guys have had a real focus on this one because it just booms and continues to boom on the back of the fact that people have been shopping from home. It's -- again, this is not -- this is very intuitive. What we found really interesting, particularly in the mid-market sector is that people have been going to where they can get stuff instead of the crudest form of explaining this, but the logistics have caused an issue for some of the larger e-commerce providers. And so what we find is that consumers have been getting products from a more local perspective, when they know that it can -- they know it, they've used it before, and they know that it can be delivered. And so we see this opening up of a marketplace, which is very exciting. And it sort of plays to our strategy going forward around servicing and e-commerce marketplace, particularly in the open internet and off-the-walled gardens because that's where we see a lot of activity. That's where we see a lot of growth. And as we sort of drive through the reasons behind our strategy going after open internet, creating a marketplace, if you like, inside of the open internet for e-commerce and for media, that, to us, opens up a large opportunity that lends itself to our assets and our skill sets. So this is where you'll see us circle. And this is where our product strategy and our business strategy has come out to support in terms of the opportunity there. And we've looked at this from all different angles to try and prove ourselves wrong. But it's not. I'll just give you a stat here for a second on the size of the opportunity in terms of the size of this open internet structure that is emerging for e-commerce is that, globally, and so I'm going to try and get these numbers right at the top of my head. But globally, the large-walled gardens or very large retailers take up about 60% of the GMV, of the gross merchandising volume, in terms of spend inside of an environment, which means that the rest of that space about 38%, 40% is, I'll call it, up for grabs. So it's the space of the retailers that aren't walled gardens that are trading inside of the open internet, if that makes sense. And so the 38% to 40% of spend in there is a really big opportunity for us to help them in terms of creating an open marketplace. That means they're not reliant on the big walled gardens in terms of retailers competing with retailers. And they've got this massive supply of ad inventory available to them. And that's what we've seen. So through the eyes of, again, long story short, through the eyes of COVID this opportunity lends itself really nicely to us to support our current clients, support our current services, but expand into new space. In terms of our people, well, I do this kind of somewhat crazy thing. I have what's called coffee breaks with Criteos. We call our people Criteos. And they would be randomly selected out of a hat, about 10 of them at a time, and they come and they spend half an hour with me just talking on this sort of crazy Brady Bunch Zoom space that we all know and love. And so far, out of 2,600 people, I've met with over 600. So they are often. And when I speak to the Criteos, they've gone from -- I've listened to the trend. They've gone from sort of a little frightened, a little sort of scared about what the world is going to be like, to just completely used to it. It's just -- it just become -- they like it. When they go back -- this notion of going back to the office is they want more flexibility. It's very rare who -- people that want to be there 0 days a week or 5 days a week, it's somewhere in between. They miss their colleagues. But they're innovative in the way that they connect with their colleagues and sorts of things that they do. The way that they're coping with the day-to-day. And I got to tell you, I'm on the older spectrum here, and I might have thought in the past that young ones would be at home watching Netflix in their pajamas, but they're not. They're so productive. And now they're sort of -- the thing that needs to be solved is how do you get them off their computers? How do you get them to exercise during the day? How do you stop them? So it's been a real eye opener for our folks who have stayed at home. At the center of everything that I think about is to make decisions about this is their safety, safety of them and the safety of others. So we've been faring really well, and we're lucky that we're a tech company because we can service our clients that way. I do feel for those who are in logistics or who, unfortunately, have to have people on the frontline, that's tough. But I feel lucky moving to a great group of people.
Sean Diffley
analystYes, working from anywhere means always working for many of us, it feels.
Megan Clarken
executiveIt does. Isn't it?
Sean Diffley
analystYes. No, that's a helpful perspective. And on the e-commerce point, as you alluded to, we've basically seen a 3-year pull-forward in e-commerce adoption. Maybe you could talk about why that hasn't -- you guys didn't really guide to an acceleration in the fourth quarter. Maybe why is that? It feels like the e-commerce tailwinds could help a lot. And what are your product sets and offerings that appeal, specifically, to this vertical? You had mentioned a few different pieces in that, but maybe give us a little color there.
Megan Clarken
executiveYes. Look, as I said before, it's kind of intuitive as to where we've landed in terms of the type of client base that have been strong and those that have struggled during this time. And I will reiterate again the sort of strength of our commercial teams to see that navigate through it. We -- what we have been doing, well, this has been going on, is finding sort of new ways to bring value to our clients through the assets that we've had or that we have and continuing to use that into the future to rediscover what Criteo is and why we're [indiscernible] our clients through the value that we bring. One of the things that we have discovered has been that in this environment, clients have continued to use direct response, which is the sort of traditional heart and soul of our business. That really hasn't changed. But they also have done 2 things. One is that they've moved up the funnel. So they are moving their marketing dollars from bottom of the funnel direct response into audience-based targeting into higher-level channels like TV, CTV or the use of -- the more sophisticated use of DSP-type capabilities, APIs, measurements, those sorts of things. So we've seen them move around. We've also seen them want to have choice around what parts of the service they take. And Criteo in the past has been through this retargeting somewhat of the black box that you can't pull apart. And so that's what we've had. The notion of building on top of that and building out what I've described in the past as a full stack DSP capability, where you can take or not take parts of the service, has been a critical element of our product road map going forward. Now remember that we're a year into this. And while some of those capabilities have been built, there's a lot to go. There's a lot to go. And our 2021 road map is absolutely packed. Having said that, again, the strategy going forward to respond to clients' needs and to go after this shift towards what we've described as a commerce media platform is real. It's the direction that we're taking, and it's the response to the sort of 3-year e-commerce pull that you're talking about, this -- the pull-forward, is to get in front of that as fast as possible. And the way that I'll describe us doing this is the notion of the commerce media platform integrates sort of what has been both sides of our business: our new solutions, which is primarily the retail media piece, and the assets that we had on the retargeting side of the business, which has been traditionally called the marketing solutions piece of the business. So the integration of those 2 pieces really lend themselves to this notion of e-commerce, the e-commerce pull-forward, the e-commerce opportunity that I talked about before. So if you imagine this, if I break into this a little bit more, on the retail media space, we're offering up the retailers, the ability to attract brands through the data that they have around shoppers. So brands known to their own retail sites. On the marketing solutions side to date, we've offered reach. So we've offered them the ability to get direct response audiences on a large network of publishers, which gives them reach. So in numbers, the reach data has been to about 5,000 publishers. And on the retail media side, the retailers attracting brands has been by using about 2 billion IDs of shopper data of shoppers right down to everything they buy down to the SKU level, what they've spent, where they were, et cetera. So in its most basic, the strategy going forward is to merge those 2 things so that we have not just retargeting but targeting to audiences inside of that Shopper Graph into 2.5 billion identities that are as -- that are deeper than anything I've ever seen before. So now we open that up in terms of the ability to target and get reach. And on the retail media side, we open up to brands that we see and demand and ad space that we see that we get out of the marketing solutions side of the business. So you can kind of draw a picture. I've described it very, very broadly and roughly, but that's what we're doing to make sure that we can capitalize and get in front of the e-commerce resurgence that you're seeing and draw on the market space opportunity that we see. So for us, it's all laser-focused on getting that done as fast as possible and building that out through 2021, 2022 and continuing to evolve it into a full-blown ad network, if you like, that takes advantage of that very large opportunity around the open internet.
Sean Diffley
analystExcellent. And I wanted to hit on the recent partnerships that you've announced, which garnered some attention. So you announced a new partnership with LiveRamp on IdentityLink; and Connected TV is certainly something that's a hot buzzword that's being talked about a lot; and then a recent partnership with the Trade Desk on Unified ID. So maybe just give us the rundown on how you're approaching each of those partnerships? What they -- what you bring to the partnership? What you get from the partnership? And then how you think about partnering with companies who, I think, some people might consider frenemies to a certain extent?
Megan Clarken
executiveYes. Yes. And I've always believed that frenemies are okay, depending on what it is that you do with them and making -- just making sure that you're not being cannibalized along the way. For all of us, if we find relationships that bring growth and that can be win-win on both sides, then that's always fine with me. Criteo hasn't necessarily had partnerships before. So we've been focused in this year on making sure that where there is obvious synergies and that we don't cannibalize our business and those synergies drive growth, then we'll -- and they tick a box for something that they believe inside of our strategy, then they're important to try to nurture. Let me just focus on the Trade Desk for a minute because it's the sort of hottest off the press. Look, what happened here is that with -- let me pick on the Chrome announcement for a minute because it's most -- it really came out of what Google and Chrome have decided to do, which is to make redundant the ability for you to use third-party cookies off the Chrome browser, which is over 60% of the browsers in the marketplace, may be higher today. What happens when you take away the use of third-party data and, therefore, some measure of identity with signal, then you can't identify anything about the person that actually was -- who hit the website. So when you can't properly monetize that impression, unless you're Google or Facebook or you have access to a single sign-on or some sort of loyalty data about people that you have a very, very large database, but for publishers out there, most of them don't have that capability. So what happens is if you can't monetize that impression, then you can't sell it for advertising. And if you can't sell it for advertising and it's a lot, then advertising fuels the internet, and we don't have an open internet. That sounds sort of horrible and that kind of a big thing to make. But I got to tell you, you don't have an open internet. We're all down to walled gardens, which none of us want. So look, we talked -- Criteo was creating its own form of universal ID. Based on the work that we were doing with W3C, and to some extent, the work that we were doing with the IAB. The IAB sets standards. The Trade Desk was also creating their own. And so look, we went and talked to them, and said, why don't we just unite? Because this is not about trying to win anything here or to drive one-sided revenue. This was about continuing to light up the open internet, which helps us all. Because if we don't -- if the open internet dies, we're all done, we're all done. So we agreed. For Criteo, we bring a couple of things to the -- we bring tech to the table. So we bring our ability to run the single sign-on and all of the user experience that goes with that. We also bring massive supply. So we bring over 5,000 publishers that if you can roll this capability out across 5,000 publishers, I think the Trade Desk brings 1,000 or something through their agencies, then you start to get a snowball effect. And you start to get up to take from this thing, and it just goes. Since then, LiveRamp came in, joined. And since then Nielsen came in, and what we expect to see is probably more. The more the merrier in this regard because it's about replacing third-party cookies with something that I got to tell you is better. It's better because third-party cookies go back to my early days in the late '90s when they were sort of first introduced and used. So their old technology that might have been good at the time but have become overused and have taken the control away from the consumer in terms of how do you set privacy around the identity that you won't use, which should never have happened. That's where the browser has taken too much control. So the notion of what we're all doing is to put the control back into the hands of the consumer. You will come across as a single sign-on somewhere in your journey. You'll sign up to that. You'll get the ability to control your settings. And the data that you give will be first-party data, and it will be available to almost all unless some brand there [indiscernible] control of the obvious data that is the domain of somebody and not the other in terms of the frenemy situation. But that's the notion of it. It's -- if you like, it's sort of a party of minds, and let's try and make sure that we -- the entire ecosystem stays in business because Google is making it very hard for us. So that's one. The other one I'll call out, which I think is important is measurement. And we partnered with Nielsen, and we've got an announcement coming out soon for another partnership. This one is critical because when I came into the company, Criteo is building its own measurements and maybe coming out of Nielsen is that's kind of [indiscernible] I get it, but we should be partnering with the best in the world, and we're not in the measurement game. So why would we want to try to own that? And we want currency type measurement that everybody knows and trusts, they know the brand name, et cetera. So that just was an obvious one as to tap Nielsen, and say, can you be our partner of choice for measurement, et cetera. And again, there's one coming up. So I'm going to continue to forge these relationships, particularly in areas that we don't want to be a measurement provider, and we need to move our people onto more proprietary assets. And yes, so that's the notion of sort of the partnerships that we've forged and we'll continue to.
Sean Diffley
analystGreat. And sticking with the identifiers and cookies topic, how do you see Criteo navigating a post-cookie environment potentially? And then IDFA changes from the Apple iOS 14 update, that's gotten delayed to '21. But Facebook had flagged it on their call. Twitter has talked about their map products being pushed out as a result of IDFA. So maybe -- what changes to your business could IDFA have? And then just how you're thinking about cookies in the environment going forward?
Megan Clarken
executiveYes. Look, we've built out some guidance, if you like, around IDFA or those sorts of headwinds into Q4 of this year. And we haven't given any guidance for 2021 yet on that one. So still working through it. But let me take it up a couple of levels because I think this one is important. I kind of -- the discussion around identity when it comes to Criteo in the way that Criteo is sort of surrounded by these identity questions is, it's perplexing to me given what I know about the rest of the industry and that everybody is going to have to build identity in some way, shape or form. And given what I know about everybody else and what we have from my background at Nielsen, we're in extremely good shape. And the question is that we're starting to pivot towards an answer internally is how do we better tell our story around the value that we offer to clients? Because this notion that we're in trouble and not the else is, is crazy. And what's more important is that if everybody has being hindered in some way, shape or form by something that's happened to identity, then it becomes a game of who provides the most value to clients. And we believe that we're in extremely good shape. So if I'm going to go into the sort of nuts and bolts of it, there's a few different backdrops to the way that we deal with identity, and I don't want to get into technical inside baseball here. But nobody else sounds self-starting. I know that nobody else has the sorts of different layers of assets that we have to overcome this issue. Firstly, is I go back to this Shopper Graph, the data that the 2.5 billion unique shoppers that we have inside of that graph is that huge percentage of them, about 90% of them provide us with first-party data. So this is hash email addresses. This is data that nobody else has. And I think the industry acknowledges that this is a massive asset for us that we haven't used. So now we have this massive pool of first-party data. It doesn't rely on third-party data. And we get it because we have a unique and privileged relationship with the buyer and the seller. They need us there to be able to -- for that transaction. And so they pass this data through to us to make those links. So that's the first part, and I think the most important part. The second is that we have a really strong relationship with Chrome. And you know that we've been working with them through the SPARROW work, which is the enhancements that we've offered to their TURTLEDOVE to make sure that we get what we need out of Chrome post Chrome's turning off support for third-party cookies. We feel good about the stuff that they're giving us. They do give cohorts. So it's not a one-to-one, it's a one-to-a-few in terms of identifying consumers. The third is the work that's going on around us and the Trade Desk to get first-party data out of the single sign-on engine. And so that ticks another box. The fourth is the ability for us to do contextual work or probabilistic work out of the data that we have, which is, I apologize, this is inside baseball. But if you think about the amount of knowledge that we have as being a panel, if you like, I go back to panels because of my Nielsen days. But have machine learning look for patterns in the way in which consumers are moving around because it's caught by the panel, if you like, that we have is another really powerful way to [indiscernible] to be able to target them individually. And then the fourth (sic) [ fifth ] is the fact that we're building out our strategy and our product sets to not be one that relies on third-party data. So the products that we have that do will be replaced by the different elements that I just described. But the strength of the retail media business, the strength of us going up the funnel, the minute we get out of the direct response, then we're into areas that don't rely on third-party data. So look, I think I got to find a better way to explain this, Sean, because I've done a terrible job of having the market understand that, like this is not out. This is not our beef nor is this about proving that we're getting return on investment for our clients. Because again, if I go back to my Nielsen days and I talk to the market is that's all they want. They want return on investment. They want to know that they've got what they paid for. And that's our job to show them that and to sufficiently charge them for that and to keep their loyalty. And that's what I want the company to have been more focused on these days.
Sean Diffley
analystThat makes a lot of sense. And I want to close out in the last minute here. How are you approaching the trade-off between growth and profitability? So how do you think about reinvesting in a lot of these opportunities that you're talking about while also kind of keeping a watchful eye on the margin trajectory of the company?
Megan Clarken
executiveYes. Well, we're thinking about both. It's just good business. We have areas in which we can go after more savings in terms of our expenses to try to maintain the profitability -- to work to maintain the profitability. However, we will invest in growth and that's both sort of organically by shifting dollars around if we think that it's going to give us more on the top line, which will maintain the productivity, will maintain the bottom line. And then we have a lot of cash on the balance sheet a lot. And so for me and the team, we've got to move quickly. We're not going to build everything ourselves. And we're going to look for where it makes sense, where we have synergies, some tuck-ins or larger acquisitions, if they make sense in order to drive -- and drive return to our shareholders. And that's the way we think about it now every single day. Every day, by the way, because of the new blood that's come into the organization, we're asking ourselves, why are we doing it? Why are we picking up this piece of paper? Do we need to do a -- why do we have 15 people on this meeting? So just discipline around business continuity and making sure that we have our eye on both the top line and the bottom line always.
Sean Diffley
analystExcellent. And that brings us to the time. Megan, thank you so much for joining us. Congrats on the progress that you've made so far, and good luck going forward. We really appreciate you taking the time.
Megan Clarken
executiveThanks a lot, Sean. Thanks for having us here. Bye now.
Sean Diffley
analystThank you.
Read the full transcript via the API
You're viewing the first half of this call. Get the complete Criteo S.A. transcript — plus 251,000+ transcripts from 12,000+ companies, speaker segments, AI summaries and full-text search — through the EarningsCalls.dev API.
Get the API View API docs →For developers and AI pipelines
Programmatic access to Criteo S.A. earnings transcripts and 251,000+ others is available through the
EarningsCalls.dev REST API. Plans from $24.99/month — full transcripts, speaker segments,
full-text search, and the recently-added /api/v1/transcripts/recent polling endpoint for ETL pipelines.