The following is excerpted from the question-and-answer section of the transcript.
(Questions from industry analysts are provided in full, but answers are omitted - download the transcript to see the full question-and-answer session)
Question: Sarah Simon - Joh. Berenberg, Gossler & Co. KG, Research Division - Analyst
: I've got a few questions. First one is to Sarah. You obviously referred to higher bonus provisions given how strong the numbers have been. As we
kind of head into 2022, do you think, relative to what you achieved this year, you're kind of fully paid up? Or is there going to be a catch-up in terms
of bonuses next year?
Second one for Megan. Just on agency relationships and so on. Obviously, we've seen Publicis by CitrusAd. Has that resulted in holdcos coming to
you as opposed to maybe going to CitrusAd because they've lost their independence? I'd be interested in anything you can say on that.
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NOVEMBER 03, 2021 / 12:00PM, CRTO.OQ - Q3 2021 Criteo SA Earnings Call
And then just another one on travel, you've talked about it recovering. Is it doing better than where you thought it was going to be at this point,
if you compare that to say what you said to us at Q2?
Question: Daniel Salmon - BMO Capital Markets Equity Research - Analyst
: I have 2 questions. First, for Sarah or Megan, or maybe a combination of both. I just want to follow up on the comments about the expectation for
less than $60 million of privacy impact for 2022. I just want to make sure I understand what's built in there. It sounds like ATT and iOS 15 make up
the majority of that still as it does in the fourth quarter. But can you remind us what else is baked into that figure for next year? And how timing of
that impact may ebb or flow?
And then second for Todd. I hope Todd's on. I would love to hear his take about the continued drumbeat that we're hearing around cleanroom as
the next technology -- next generation of technology, rather, that marketers are using to leverage their first-party data. How is that trend relevant
to Criteo? And do you see it as a risk or an opportunity or a mix of both for the organization?
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NOVEMBER 03, 2021 / 12:00PM, CRTO.OQ - Q3 2021 Criteo SA Earnings Call
Question: Daniel Salmon - BMO Capital Markets Equity Research - Analyst
: Great. And Sarah, can I just clarify, the $60 million impact for next year is an absolute amount, correct? Not incremental to this year?
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