v3.24.3
Segment information
 9 Months Ended
Sep. 30, 2024
Segment Reporting [Abstract]  
Segment information Segment information
The Company reports segment information based on the management approach. The management approach designates the internal reporting used by management for making decisions and assessing performance as the source of the Company's reportable segments. Beginning with the first quarter of 2024, the Company changed its segment reporting structure and reports its results of operations through the following two segments: Retail Media and Performance Media.
–Retail Media: This segment encompasses revenue generated from brands, agencies and retailers for the purchase and sale of retail media digital advertising inventory and audiences, and services.

–Performance Media: This segment encompasses commerce activation, monetization, and services.

The Company's CODM allocates resources to and assesses the performance of each segment using information about Contribution excluding Traffic Acquisition Costs (Contribution ex-TAC), which is our segment profitability measure and reflects our gross profit plus other costs of revenue. The Company's CODM does not review any other financial information for our two segments, on a regular basis.
The following table shows revenue by reportable segment:
Three Months EndedNine Months Ended
September 30, 2024September 30, 2023September 30, 2024September 30, 2023
(in thousands)
Retail Media$60,765 $49,813 $166,414 $132,424 
Performance Media398,127 419,380 1,213,840 1,250,719 
Total Revenue$458,892 $469,193 $1,380,254 $1,383,143 

The following table shows Contribution ex-TAC by reportable segment and its reconciliation to the Company’s Consolidated Statements of Operation:

Three Months EndedNine Months Ended
September 30, 2024September 30, 2023September 30, 2024September 30, 2023
(in thousands)
Contribution ex-TAC
Retail Media$59,583 $48,436 $163,618 $129,306 
Performance Media206,520 196,959 623,466 576,924 
$266,103 $245,395 $787,084 $706,230 
Other costs of sales(34,171)(40,268)(105,084)(119,812)
Gross profit$231,932 $205,127 $682,000 $586,418 
Operating expenses
Research and development expenses(85,285)(62,522)(211,782)(193,887)
Sales and operations expenses(90,823)(94,572)(278,734)(308,325)
General and administrative expenses(46,222)(36,599)(134,590)(95,306)
Total Operating expenses$(222,330)$(193,693)$(625,106)$(597,518)
Income (loss) from operations$9,602 $11,434 $56,894 $(11,100)
Financial and Other Income (Expense)(8)(2,967)889 2,008 
Income (loss) before tax$9,594 $8,467 $57,783 $(9,092)
Breakdown of Revenue and Non-Current Assets by Geographical Areas
The Company operates in the following three geographical markets:
•    Americas (North and South America);
•    EMEA (Europe, Middle-East and Africa); and
•    Asia-Pacific.
The following tables disclose our consolidated revenue for each geographical area for each of the reported periods. Revenue by geographical area is based on the location of advertisers’ campaigns or of the retailers.
Three Months EndedAmericasEMEAAsia-PacificTotal
(in thousands)
September 30, 2024$206,816 $161,745 $90,331 $458,892 
September 30, 2023$219,667 $158,756 $90,770 $469,193 
Nine Months EndedAmericasEMEAAsia-PacificTotal
(in thousands)
September 30, 2024$617,555 $493,083 $269,616 $1,380,254 
September 30, 2023$616,418 $482,939 $283,786 $1,383,143 
Revenue generated in other significant countries where we operate is presented in the following table:
Three Months EndedNine Months Ended
September 30, 2024September 30, 2023September 30, 2024September 30, 2023
(in thousands)
Americas
United States$185,864 $199,270 $553,867 $557,116 
EMEA
Germany$48,128 $46,391 $146,881 $140,592 
France$20,888 $23,423 $64,836 $71,130 
Asia-Pacific
Japan$49,763 $49,213 $151,760 $162,767 
For each reported period, non-current assets (corresponding to the net book value of tangible and intangible assets, excluding right of use assets related to lease agreements) are presented in the table below. The geographical information includes results from the locations of legal entities.
AmericasEMEAAsia-PacificTotal
(in thousands)
September 30, 2024$74,080 $199,948 $13,197 $287,225 
December 31, 2023$89,355 $202,969 $15,058 $307,382