Criteo S.A. (CRTO) Earnings Call Transcript & Summary

Thank you everyone for joining us at the Morgan Stanley European TMT Conference. My name is Sean Diffley. I'm one of the TMT sector specialist based in New York. Very excited to be joined by the CEO of Criteo, Megan Clarken for the second year. Megan, you're celebrating your second year at the company. So clearly, a lot going on, and we want to dive right in.

Obviously, Apple changes at front and center and everyone trying to figure out what's going on there. But first, I was hoping you could remind us of kind of the key pillars of the strategic transformation of the company? What you've achieved so far? Maybe just a recap of kind of what you've seen over the last 2 years that you've been at the company and recently executing extremely well in a really difficult operating environment?

Thanks, Sean. It's going to be here. It has been a crazy 2 years. Let me remind everybody of the pillars that were -- have been Criteos to date. They've been around growth, focusing on growth, back to growth, execution, doing what we say we're going to do and a really heavy shift towards being a first-party data company rather than a third-party cookie company, so they've been the 3. If you remember 2 years ago, Criteo's history or when I came on to the scene, the company was in decline. The retargeting business, which was the engine of the company, if you like, was in decline. And the company was being heavily hit by Google's announcement to eradicate the support of third-party cookies, which were the essence of the retargeting business was how retargeting was done. So with a focus on growth, execution of first-party data, we've, over the last 2 years, really gone through this transformation of shifting from our third-party retargeting business to a first-party commerce media platform, which is about bringing commerce audiences to market this and media owners across the open Internet. And if you have a look at the numbers, they speak for themselves, I guess, over the last couple of years. In the last quarter, we saw our new solutions business, which is the new part of our business, the growing part of our business, grow by about 66%. We've really seen that take off. It now accounts for about 1/3 of our business overall. So 30% of Criteo's business now is in new solutions as a Retail Media and then targeting that doesn't use third-party cookies. And third-party cookies actually have been on the decline in terms of the way in which we retarget as well. So really good progress there. Today versus 2 years ago, we see about 650 million daily active users across the ads in which we distribute, which puts us in the category of the big walled gardens in terms of the reach, the sheer scale and size of the reach. And the data that we use to be able to target is actual shopper data, and we get that off our Retail Media or sector; and of our marketing solutions sector because we see about $900 billion worth of e-commerce sales. So this is an incredibly powerful data set that we've built up over the last couple of years. Today, we have over 22,000 marketers. That's a client base of 22,000 marketers, which this year grew by -- or it should grow by the end of this year by about 1,200s marketers. It's a very, very big client base. And our client retention is about 90%. We expect that in 2021, we'll be at double-digit growth, which is a complete turnaround of the business. And you'll see that our share price has performed incredibly well over the last 2 years as well. So I feel really good about the transformation that we've been through in the last couple of years to focus on growth execution and first party data. We're doing well.

Excellent. Yes. Congratulations. Stocks up 100% year-to-date, but we're joking earlier, where you think you're just getting started. So a lot to dice in through there.

Just getting started.

I like that. Maybe you can talk about '22 or now kind of in mid-November. Within the 3 kind of key strategic pillars, what are kind of the puts and takes and things that you're most focused on for next year?

Well, next year is I don't want to say more of the same because that sounds boring, but there's something magic about continuing the momentum of growth, continuing to do what you say you're going to do and continue to focus on your differentiator or our differentiator, which is first-party data. So we've still got the same large sort of pillars and the way in which we do our business. But as we tailor them down to 2022, and the things that we'll be executing against. We want to make sure that we're scaling our targeting business, which is the business in our new solutions, which is growing incredibly fast, 68%, I think, in quarter 3. We want to make sure that, that starts to really offset the decline of retargeting. And then I'm going to retargeting in a minute, it's actually not declining, but targeting is the next evolution of. And it uses our first-party data. So it's a way to surround ourselves with the moat and not be tempted by anything that might come at us from whatever happens to third-party cookies. We want to make sure that targeting business expands up the funnel and across into categories like video, like CTV, like those new and fast-growing categories. So targeting for us is a really big push in 2022. As is the continued momentum on Retail Media, and our focus in going off-site for Retail Media to expand our footprint there, there's a really good TAM that comes with Retail Media. We want to go -- we're going to take advantage of our first move or advantage and really go after that TAM in '22. And then on the retargeting side, what we're finding from retargeting is that it's actually stabilizing. We're maintaining that business, which we want to continue to do in '22 as well. And part of that is because the pushback and dates from Google sees -- has effect on our clients. This performance marketing, the bottom of the funnel marketing, which retargeting is all about, is still hot. Our clients really like it. And so when Google say, look, we're going to leave this cookie business alone for a little while. This continues to give us momentum in that space, and we've seen that it's been good for us in quarter 3 around retargeting. We'll continue to ride that wave in 2022 and continue to move retargeting away from the use of third-party cookies over the course of the year. So 3 big players for us.

Great. So actually, I was hoping you could explain for us in simple terms what it means for you guys to use first-party data for targeting? How you're getting that as opposed to the third-party cookies? And then remind us the time line on Google's push out now?

Yes. Okay. Well, look, let me explain in the simple terms if I can around what cookies -- what third-party cookies are and then about how first-party supersedes them. So cookies -- cookie is a drop on our browser. So basically, when a machine goes to a browser, it will drop a cookie on that browser if one doesn't already exist. And basically, they're an identifier that says this machine, so the browser is attached to machine, has been to this URL. And what happens is it's used to be able to track a machine across URLs. It's as simple as that, it's a really dumb identifier. It doesn't have much more than that attached to it. So it's been really effective to date. What's better though is if there's an identifier dropped, which is one that's got consent from a consumer and it carries more information. So it has shopping data attached or an e-mail address attached or a loyalty program attached. And that generally comes from a marketer who has that consent from the consumer he wants to make sure that when they're identifying on a consumer on an ad or on a site, they know more about the consumer than just this is a machine, of which I don't really don't know who the machine belongs to. We believe in first-party data. We think that's the right way going forward. And what we have going back to the 22,000 marketers that we have as clients, is a willing plant base that says, Criteo, can you use our first-party identifiers, which has all -- have all of this data attached and has consent them from the consumer to tell us what's going on with that consumer as they move their way around the network. And so if you have 22,000 marketers who have that and you have 5,000 media owners who have that through integrations or relationships with consumers, then you have this wealth of first-party knowledge going on for us across the open Internet, and it is far better in terms of consent and privacy and the sort of information that we can glean from that than any first -- third-party data that exists today. So our mission, if you like, is to make our entire business based on third-party data. And we're on track to do that at the moment. So our new solutions are all first data generated and our retargeting business, our effort is to move that as quickly as we can to a first-party-based solution. Does that help?

Yes. No, that's super helpful. I think I would love to kind of go into the Apple ATT changes on the back of that. So maybe from your perspective, I think after Snapchat reported, there was kind of a freak out that the entire advertising ecosystem was in trouble. Maybe you could walk through how you guys are impacted by it? I think you've certainly given some disclosure around that, but why you're better positioned than most on the back of these changes?

Yes. So firstly, we're an ads company, an ad tech company that is -- Uber focused on web than app. So the ATT changes are heavily focused around app and less around web. So that's number one. So if you think about the size of the business, our business sets that has some exposure here to ATT, it's about 10% of our retargeting business. And of that, which is app-based, is about 4%. So it's very, very small, as opposed to the big media players who are apps, so the Facebook, the Snapchats, they're media players who are -- they are at, that's it. But for us, we diversify elsewhere. We actually has been really transparent in our disclosure around our headwinds as related to -- as it relates to Apple in all of our earnings calls. And so have factored in those headwinds into those earnings calls, part of our financial outlook past and forward. So we have a pretty good line of sight using our own technology and systems into how we're affected by ATT and iOS. We see it as -- actually as an opportunity. Because consumers are not just Apple device consumers, they also have PCs or Macs and they can be seen on -- across the open Internet through other devices or other media properties, and we have the ability to see them. So our first-party data solutions, our targeting and retargeting solutions, enables us to find the Mac consumers and not have to go into apps on their devices to be able to get to them. So if you want to find an audience come to Criteo because we'll find it. If we can't find them on app because it's blocked for some reason, we'll find them in Apple user somewhere else. So we see that as an opportunity for us to say, hey, we can get to these audiences because we see them 650 million of them every single day. And then the other side of it is because we're a first-party based because we have expertise around targeting using other methods, contextual methods or cohort methods or things that don't rely on the identifier coming off Apple devices, we can also target using different ways to get there. So we think that we can sit in front of this and say, hey, you've still got to do business to consumers who are trying to access media sites through Apple devices come to us because we can find them or we can get to them using the data sets that we have and the different methodologies that we have in order to target.

Great. That all makes a lot of sense. And I have an investor question here asking, do you think this could be a permanent wallet share shift to you guys from the likes of Facebook and Snapchat on the back of this?

Look, what we do see is that the privacy fixes that the large walled gardens have had to put in place -- have raised opportunities for us. So for instance, Google, so on the back of what Google having to do most recently, their CPMs -- we know that their CPMs have increased. And so that gives us the opportunity to go and say, hey, we can do a better job at the same price or a more optimal price or whatever that is and have a conversation that we might not have before. So look, I would definitely say that for the restrictions that the walled gardens are putting up gives us the opportunity to go after a share that we haven't had access to before, definitely.

Great. And I wanted to ask about the opportunity you see in online video. More specifically, you've talked about the shoppable video format. Maybe you could just elaborate on that and what it is and how big the opportunity can be?

Sure. So online video, I think I've talked before about we see it in 2 forms. One is CTV and one is the online video. We love online video because it really is in our sweet spot, and it is a $43 billion market as opposed to CTV, which is today about a $7 billion market growing and growing quickly. But that online video is well and truly above that right now. We just launched what we call shoppable ads. And what this does is it uses our data and our AI technology to bring shopper audiences to content by our video ads. So those video ads are interactive. They're hyper targeted, because remember, we have first-party data and the ability to get to a shopper, and they can be seen on any kind of format outside of the video ad themselves. So another way, it's a video ad on a display format or it's a video ad that appears inside of video itself. So it's very, very flexible in terms of the different formats, different content types that we can overlay video ads on to. It's right up our alley because it uses the technology that we have in our performance marketing and targeting business. It uses video formats generated in the same way that we would generate a retargeting type ad. And it's -- better still, it brings commerce audiences forward. So as opposed to just I'm going to get to somebody who -- somebody who wears Nike shoes. This time, I'm going to get to somebody who I know is in the market for Nike shoes and bought them 6 months ago. So very, very hyper-targeted advertising opportunity for us. This one, we think it's brands banking new. It's showing a lot of progress already, and we suspect it will do really well through '22. And we'll evolve on top of it. So this momentum just brings us the ability to -- that should drive further into the space.

Great. That's really helpful. And then I wanted you to talk about the Criteo supply side platform. How does that fit into the strategy?

So for us, it's all about first-party data and to create a network, if you like, whereby the buy side can talk to the sell sides and pass audiences or content backwards and forwards using first-party data. For us, we have integration with the buy side. So those 22,000 marketers. What we need to do is do the same with the media owners, so to get more integrated with them, so we can get access to their first-party data. We're finding fantastic momentum right now. So right now, we have 550 -- about 500 media owners signed up into our sort of the beginnings of SSP. We're not fully flushed out yet in terms of that technology. But this need from the media owners that understand that the only way that they can transact going forward is to have direct -- to have this relationship with the marketers using first-party data because third-party goes away, they see that need. So that's very encouraging for us. So as we build out that technology, it will become quicker and easier for us to bring the media owners on board and really start to join. It's like a dumbbell effect having the ability to integrate directly into the marketers and then into the media owners and to take that data and have them be able to interconnect with each other. It fixes the sort of tech tax business, it optimizes that supplier chain, it does so many things just really, really clean out the noise when it comes to buying and selling media across the open Internet.

Great. That's super helpful. So I wanted to dive deeper into the Retail Media segment within new solutions. So that you mentioned that's growing kind of mid-60s. I think you guys have Lowe's and Best Buy and Walmart Canada as customers. Maybe you could talk about how big you think this opportunity is? What differentiates you from others? And like how do you assess the competitive set? Who else is attacking this opportunity?

It's -- well, this one is big. So we see the TAM as being a $32 billion TAM. We've talked about that before. As you said, we've got a massive first-mover advantage here. We have half of the top 25 retailers in the U.S. and the top 20 retailers in EMEA already on board. There's a trend amongst retailers to move into Retail Media. They see their ability to monetize their own assets and sell advertising and bring them closer to the brands that they want to attract marketing budgets from. So when you have a client base that is growing, there's an opportunity, it's growing. They see us as being the first mover or experts in this area, then that puts you in a really good position to take advantage of what's going on in the marketplace. And eye on the price, the $32 billion in TAM. So look, I think right now, we have very strong moats around this business. We're -- we were first in there by all accounts. There's a network effect by being -- by having that many retailers engaged. They all know that they're all engaged. And our investments to make sure that we're servicing the networks helps everybody. So they see that as supposed to just having a sort of one-stop shop or one player help them out with this that doesn't have a history in this. They have access to the unique inventory that we have. So that media side of the business I was talking about the first-party data that across 5,000 media owners, they have access to that. That's there, so that's a huge differentiator. They -- it's a really sticky solution. It's a good sort of 6-month integration. And -- which means that we've worked incredibly hard with them to get the solution in place to train them, to customize it for them. And with that -- but it's very hard to extract. So that's fantastic for us. And then these commitments shown are multi -- they're multiyear commitments too. So it's a really solid business. Eye on the price for us is the $32 billion TAM.

Excellent. And then in the third quarter, you guys also highlighted one of the reasons for the acceleration was driven by some of your agency partners. So maybe you could talk about what your partnership with the agencies looks like and what the growth opportunity could be there?

Well, look, it's new. It's pretty nice. And however, having said that -- so a little bit of history, is that Criteo, prior to me, did not have strong relationships with agencies. And I think maybe it was because at that point in time, there was a bit of a sense of competition as opposed to how to engage and help the agencies. I believe that agencies are critical to the ecosystem. And I believe that what Criteo offers is incredibly important asset to agencies. And so our job is to try to find those matches with the agencies and help them grow us and help us grow them. So right now, today, about 1/3 of our business actually does go through agencies and where we have had really strong relationships with the holding companies has been through Retail Media. And so we've leveraged as much as we can our relationships through Retail Media to look for ways to bring value to the performance agencies and bring the marketing solutions or the targeting pieces into the performance agencies. And I think that's an opportunity for us, of which we've only just begun. We see traction there already when we talked about contextual targeting. So using our AI and methodologies other than third-party cookies to target based on context or signals that we saw from behaviors. The agencies really like that notion and started to lean into it because they have data themselves. They could see the writing on the wall with third-party cookies and they could see us as part of a potential partnership play for them. So while it's strong today, and it's been showing traction and it's helping, I think there's a lot still there to do, and that's an exciting proposition for us next year.

Great. And you were at Nielsen prior to Criteo. Were there any learnings from your prior role that you're applying to the current opportunity? The partnership certainly seem to be one of them, but just any interesting analogs or thoughts as it relates to your prior lessons from Nielsen?

Wow. Everything. Everything. Well, I was there for 15 years, don't forget. So I'm a product of Nielsen. And Nielsen -- one of the amazing assets that you have with Nielsen is -- or couple of them. One is that clients are everything and understanding the strategies of every single client is a very unique ability that you have the sort of trusted custodian of if you're a Nielsen executive like me. So I would sit in front of all the marketers, all of the media owners and understand what their strategies are. And that's trusted information, we never share that for a million years. But coming into this trial, that gives me a really good feel for the dynamic, et cetera, that play here. And then overlaying on top of that is it's a very political environment. And Nielsen is -- unfortunately, is tie up with a whole lot of politics. And so overlaying all of the politics of things that can happen or can't happen, will happen, all of that kind of dynamic, I think, has been incredibly helpful for me at Criteo to move Criteo forward. And ultimately breakthrough, which we're doing. So Nielsen has been a really good training.

That makes a lot of sense. And then kind of shifting to what we're seeing now. Supply chain issues is something that comes up almost on every earnings call. You guys have generally downplayed the risk there, but maybe just to check in on that in the fourth quarter operating environment. Maybe how are you guys approaching supply chain issues? Does it have any impact on your business whatsoever? And just how the holidays impact the business as well given we're going into the holiday season very quickly here with Thanksgiving just the corner?

Yes. The last quarter was the -- last earnings was the first time we've sort of been asked the supply chain issue questions on the back of -- again, to your point earlier that Snapchat earnings and others that had source that as being a problem. We just haven't -- we haven't seen it or we haven't heard it. And certainly going into earnings, I called a few clients to make doubly sure that I wasn't missing something here, those clients who are big retail clients and I thought may be vulnerable. But they -- for every call I made, they had strategies in place, whereby they had bought inventory early or they were doubling down on advertising for inventory that they needed to move because they were missing some other pieces. So it wasn't like their advertising spend was going away that were saying, I can't ship things if I'm not going to advertise. It was actually the other way. And like leaning into and trying to ship what they had. So look, we continue to watch that space. We're watching, in particular, vulnerable areas like consumer electronics or auto, they make up very small parts of our business. Our business is highly diversified. It's good Sam services and as I said, it's 22,000 clients that help offset anything that we see here. But having said that, we're not seeing anything the very small part of our business that is consumer electronics and auto. Consumer electronics is actually growing in terms of their spend. So we took a crack at that to just see if there was anything under the hood there and there's not. We have shopping at shopper season coming up. It's around us now. And by and large, from what I could see, it's tracking to plan. So it's all good news for us for now.

Great. That's encouraging to hear. So I guess just on kind of the outlook and the retargeting business was up 10% in the third quarter, ex the privacy impact. Maybe how should we think about the legacy retargeting business growth into '22?

We would describe it as being stable. We're stabilizing that business. We haven't given guidance for next year apart from to use language like that. And I think that's appropriate. It's a good resilient performer. We want to keep it that way. Google pulling back has been helpful. And as I said, upfront clients -- clients love retargeting. And where they have crept away, where they thought that third-party cookies were going away and it was under threat, they have crept forward, that went forward into the business since Google's relaxed their stance on that because it works for clients, they like it and they need to retarget.

Got it. That makes sense. Turning to kind of balance sheet and use of cash. You guys have an increase in the buyback. Maybe just walk us through kind of your capital allocation priorities? How you think of M&A? How you think of further buybacks from here? Just where your mind is on capital allocation priorities?

Yes. So we went -- we extended the share buyback from $100 million to $175 million. We announced that last time around. Our allocation is always towards internal organic investments buybacks or M&A. Our M&A pipeline is always hot. This sector is incredibly expensive as most people will know. And so for us, we know exactly what we're looking for. We have a laser sharp view on what our next few years priorities are and what we would need to go outside to look for. And we want to make sure that when we make decisions, there are decisions that come with deep insight into the due diligence and health of anything that we were to acquire and including the fit, strategic fit and cultural fit into our business. So is just stock standard diligence around acquisitions. We haven't -- we do have an appetite for us for it. But again, I'll just reiterate that we take them extremely seriously. They're expensive. We want to make sure that we pay the right price and that we get what -- exactly what we need and nothing more and nothing less. And so we make sure that we had some capital allocation set aside for when we pull the trigger on those sorts of things.

Great. I guess just more broadly on consolidation in the sector, yes, there's been some deals for sure, but maybe less than I think most investors would have expected. Why do you think that is? Do you think there's a benefit to scale? Just what's your assessment of why there hasn't been more deal activity?

I think they're expensive. I think it's -- however, price is multiples or horrendous in some places. It's an extremely -- the environment is one where if you're -- we feel fantastic about our position, but if I was to look across the environment, there's players that are just working as hard as they possibly can to fight to keep themselves in a good position for their own exit strategies as opposed to one where they're acquiring. And then for the big player who potentially in the driver seat to make those acquisitions, it's a volatile environment in terms of what the FAN are doing and privacy issues and the amount of subject matter expertise you need to have to -- in history, you need to have to navigate the sector. So it's not an easy one. So I think there's expensive assets, those that are trying to keep their head above water, and there's those who have deeper pockets who are really maybe just waiting to see, watch how this shakes out a little bit into next year. That's my guess.

Great. That's helpful. One investor question that came in is very exciting progress on the SSP front. But a big part of this is getting flow from 3P demand from other DSPs. Maybe you could talk about the progress that you've seen there?

Look, we've talked about that. And we think that, that's -- making sure that you do get that network effect, if you like, is important. For us, having DSP and SSP capabilities is very new. I think the amount of DSPs that are out there would certainly -- would be interested in being part of a broader, deeper network effects. So again, as I said before, coming into the game now, exploring SSP capability is one where it is a no-brainer you have to have -- it pays to make sure that there are integrations across the board. But nobody is sort of -- there's not their reluctance or resistance here. There's a clean it up, make it happen and then move forward. So I think the statement applies for the network effect for DSPs as does for SSPs. I feel good about this. I think is the right thing to do for Criteo. I think it's the right thing to do for the industry and the ecosystems. So we'll see how we progress.

Great. And I wanted to ask you a question about ESG and diversity and inclusion. I would love to hear kind of how you frame it? And obviously, many investors are focused on ESG, and you guys have done a really good job of hiring diverse candidates. It's obviously a tight labor market as well. So how do you view that as a differentiator when you're trying to attract talent?

It's a funny one because it comes so naturally to me, I have to say. I've sort of -- I don't -- it just isn't everything that I do. And therefore, now it's in everything that Criteo does, although Criteo has -- is a company that it is very diverse, it is very hungry to make sure that there are DEI -- there's DEI in place across the board of the company always is very active in terms of DEI, very noisy when things happen that shouldn't happen. And it self-corrects itself, if you like. So if there's not a diverse slate, there should be, and those that are responsible for diverse slate know that. I've just recruited a new Chief HR Officer. And she is all over this. We have really tough KPIs in place. This year, we closed pay parity across gender, which is -- we would be one of the few companies to be in that position. And I got to say -- part of me wants to say I'm really proud of that, but the other part of me goes well, it's just -- it is what it is. It has to be. It just has to be. So we take it very seriously. And all I can say is that it needs to be measured, it needs to be monitored. We have KPIs in place. It's monitored all the time, and we're incredibly proud of the position that we're in. Our reputation speaks for itself. So reputation and candidates that see us and know what we stand for, that attracts diversity and diversity attracts diversity. So that's where I'd rather be when -- then struggling to work out how to do this.

That's very refreshing and great to hear. And maybe just unprecedented times, what have been kind of your leadership ways of showing your organization that you're kind of connecting with them? Where are you guys in kind of the return-to-work policy or work from home? How have you approached that from your seat?

Yes, it's a good question. You and I talked off camera about this a little earlier in terms of the way that I approach it. I try to stay very connected to the people. I'm lucky enough that it's not a huge company. It's 2,700 people, and I have had phone calls with now nearly 2,000 people throughout the last couple of years to make sure everybody is okay. So it is a people safety-first environment. So our people are very settled. They answer -- we do surveys every quarter. We've got a great -- very interesting survey response this time around. I will say this because this is really interesting, is that 30% of our team now say that they want to be off site. They want to have a permanent work-from-home situation and did not want to come back to the office. And so we find ourselves listening to our people, but trying to make sure that environment sets ourselves up to be able to support that kind of structure. There's been no shortage of performance from Criteos. I have no problem about performance. What I want to do is make sure that it's safety first, and that we set up an environment for flexibility. If people want to work from home, how do we make sure that we manage that so that managers are not compromised or we're not paying for people's flights to come in to team meetings for saying how do we -- it's more about the little nuances of things, but making sure that we stay flexible and that we create an environment that works for the future and not try to revisit the past because what it was yesterday, will not be tomorrow.

Excellent. I want to close out by asking you, what are you most excited about for 2022? Where do you think the greatest opportunities are? And if you were to identify what you see as 1 or 2 of the greatest risk factors what those might be?

Look, I'm really excited about the momentum that we've built at Criteo. We've talked about it a couple of times in this session, just the performance of the organization, the eye on the price, the strategic plan, the commerce media platform that we're steering at and starting to execute against with growing and growing and growing momentum. I can't wait for this time next year to see what, again, another year has brought to Criteo and to our shareholders and to our clients. I think it's a fantastic story to get behind. I think the positioning that we have around the open Internet as our space. So if we think of the walled gardens, our media property, is the open Internet and all of the media that exist there. We have the scale to be the custodians of the infrastructure that facilitates buying and selling across the open Internet. I think that's a wild vision that I think it's absolutely out for the taking if we focus and execute as we have so far. I think the risks -- look, if you go back over 2 years, as I said, coming into this call, Sean. After 2 months on the job or less than 2 months, I got hit by the Google announcement, and I get hit by a pandemic. So the risks for me now are just like nothing compared to that where we can do anything. I feel pretty good. But having said that, I'm not blind to the fact that the FAN can do something tomorrow, which will set us all on another course. I just feel very confident that our team are resilient and that we're putting the things in place that we need to be able to ride any kind of storm.

And that's -- I think it's a great place to end it. And hopefully, 2022 will be a more normal year with no Google changes and no pandemic. So thank you so much for taking the time to join us. This has been a great conversation and best of luck as you close out 4Q and into next year.

Thank you, Sean. Thanks a lot.

Thanks.