Criteo S.A. (NASDAQ:CRTO) Q2 2020 Earnings Conference Call - Final Transcript

Jul 29, 2020 • 08:00 am ET


Criteo S.A. (NASDAQ:CRTO) Q2 2020 Earnings Conference Call - Final Transcript


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Good morning, and welcome to the Criteo Second Quarter 2020 Earnings Conference Call. [Operator Instructions] Please note this event is being recorded.

I would now like to turn the conference over to Edouard Lassalle, VP, Head of Investor and Analyst Relations. Please go ahead.

Edouard Lassalle

Thank you, Cole. Good morning, everyone, and welcome to Criteo's second quarter 2020 earnings call. We hope you're all safe and healthy wherever you are. With us today are CEO, Megan Clarken and CFO, Dave Anderson. Please note that because of ongoing restrictions, we're all going -- joining this call from different locations today and, as a result, may face unwanted technical changes.

In the course of our call, management will make forward-looking statements. These statements reflect Criteo's judgment and analysis only as of today. And actual results may differ materially from current expectations based on a number of factors affecting Criteo's business. Importantly, at this time, the global COVID-19 pandemic is still having a meaningful impact on the global economy, on the business of our clients as well as on Criteo's business and may further impact Criteo's financial condition, results of operations and cash flows in the future. There are significant uncertainties around the duration and extent of the pandemic. The dynamic nature of these circumstances means that what is said on this call today could still materially change at any time. For more information, please refer to the risk factors discussed in our earnings release as well as our most recent Form 10-K and Form 10-Q filed with the SEC. We do not undertake any obligation to update any forward-looking statements discussed today, except as required by law.

In addition, during this call, we'll also discuss non-GAAP measures of our performance. Definitions of such metrics and the reconciliation to the most directly comparable GAAP financial measures are included in the earnings release published on our website earlier today.

Finally, unless otherwise stated, all growth comparisons made during this call are against the same period in the prior year.

With that, it's my pleasure to now hand it over to Megan.

Megan Clarken

Thank you, Edouard, and good morning, everybody. It's a great pleasure to be with all of you for our third call together. Once again, I'm joining you from the safety of my house in Upstate New York, and I hope everyone is staying safe as well.

On our call today, I'm going to cover five key topics: number one, the current business context and our learnings from it; number two, our better-than-expected results in Q2; number three, a brief recap of our strategy, including executing on our four strategic pillars; number four, our progress on online identification; number five, our operational priorities going forward.

Now let's start with the current business context. In the unusual times that we're living in, the world is changing fast, and so many interesting trends are shaping up. Global retailer sales are shifting to e-commerce. Based on eMarketer data, e-commerce is predicted to grow from 16% of total retail sales