Criteo SA Q3 2020 Earnings Call Transcript

The following is excerpted from the question-and-answer section of the transcript.

Question: Daniel Salmon - BMO Capital Markets Equity Research - Analyst : First for Megan, and welcome to Todd. Just some follow-ups on the identity questions. I guess, we also saw Trade Desk tie up more tightly with LiveRamp yesterday. I guess the big question here is, is this type of federated approach necessary in a post-cookie, post-mobile ID world, where the walled gardens have some obvious advantages? And how could you see that playing out even further? It would been fairly impressive on the level of partnerships you've already talked about today, but maybe help tease out where that goes further. And then second, welcome to Sarah. You mentioned that the fourth quarter guidance embeds the impact of the browser changes going on across iOS right now. Your predecessor was nice enough to quantify those sort of things for us at times, if you're willing to do that. And then just any big picture comments in particular on what you hope to bring to the position, maybe in particular your views on uses of free cash flow.

Question: Sarah Simon - Joh. Berenberg, Gossler & Co. KG, Research Division - Analyst : I've got a couple of questions. First one would be whether you're seeing any sign of the walled gardens being more accommodating in the context of the antitrust investigations that are being opened up. The second one, in terms of Classifieds, are you seeing any distinction between the kind of classified sites? I think the big weak spot for you is in the jobs area, if you could correct me if I'm wrong, because obviously, we're seeing strong numbers coming out of classified sites in kind of other areas. Third one would just be, can you comment on the revenue ex-TAC margin? It's obviously coming down sequentially. Is that just a function of mix in terms of Retail Media becoming a bigger and bigger part of the total revenue?