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Share Name | Share Symbol | Market | Type |
---|---|---|---|
The Trade Desk Inc | NASDAQ:TTD | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 95.32 | 94.85 | 95.70 | 50 | 09:43:00 |
The Trade Desk, Inc. (“The Trade Desk,” the “Company” or “we”) (NASDAQ: TTD), a provider of a global technology platform for buyers of advertising, today announced financial results for its first quarter ended March 31, 2024.
“Q1 was a strong quarter for The Trade Desk as we delivered revenue of $491 million, accelerating growth to 28% year-over-year. Our outstanding performance to start the year underlines the value advertisers are placing on premium inventory on the open internet,” said Jeff Green, Co-founder and CEO of The Trade Desk. “With the continued strong growth of CTV, the growing ubiquity of UID2, new approaches to authentication, greater deployment of first-party data and retail data, and with significant AI advances in our Kokai platform, we are better positioned than ever to deliver premium value to advertisers and continue to gain market share.”
First Quarter 2024 Financial Highlights:
The following table summarizes our consolidated financial results for the three months ended March 31, 2024 and 2023 ($ in millions, except per share amounts):
Three Months Ended
March 31,
2024
2023
GAAP Results
Revenue
$
491
$
383
Increase in revenue year over year
28
%
21
%
Net income
$
32
$
9
GAAP diluted earnings per share
$
0.06
$
0.02
Non-GAAP Results
Adjusted EBITDA
$
162
$
109
Adjusted EBITDA margin
33
%
28
%
Non-GAAP net income
$
131
$
114
Non-GAAP diluted earnings per share
$
0.26
$
0.23
First Quarter and Recent Business Highlights:
Financial Guidance:
Second Quarter 2024 outlook summary:
We have not provided an outlook for GAAP Net Income or reconciliation of Adjusted EBITDA guidance to Net Income, the closest corresponding U.S. GAAP measure, because Net Income outlook is not available without unreasonable efforts on a forward-looking basis due to the variability and complexity with respect to the charges excluded from these non-GAAP measures; in particular, the measures and effects of our stock-based compensation expense that are directly impacted by unpredictable fluctuations in our share price. We expect the variability of the above charges could have a significant and potentially unpredictable impact on our future U.S. GAAP financial results.
Use of Non-GAAP Financial Information
Included within this press release are the non-GAAP financial measures of Adjusted EBITDA, Non-GAAP Net Income and Non-GAAP Diluted EPS that supplement the Condensed Consolidated Statements of Operations of The Trade Desk, Inc. (the Company) prepared under generally accepted accounting principles (GAAP). Adjusted EBITDA is earnings before interest income, net; provision for (benefit from) income taxes; depreciation and amortization; and stock-based compensation. Non-GAAP Net Income excludes charges and the related income tax effects for stock-based compensation. Tax rates on the tax-deductible portions of the stock-based compensation expense approximating 25% to 30% have been used in the computation of non-GAAP Net Income and non-GAAP Diluted EPS. Reconciliations of GAAP to non-GAAP amounts for the periods presented herein are provided in schedules accompanying this release and should be considered together with the Condensed Consolidated Statements of Operations. These non-GAAP measures are not meant as a substitute for GAAP, but are included solely for informational and comparative purposes. The Company's management believes that this information can assist investors in evaluating the Company's operational trends, financial performance, and cash-generating capacity. Management believes these non-GAAP measures allow investors to evaluate the Company’s financial performance using some of the same measures as management. However, the non-GAAP financial measures should not be regarded as a replacement for or superior to corresponding, similarly captioned, GAAP measures and may be different from non-GAAP financial measures used by other companies.
First Quarter 2024 Financial Results Webcast and Conference Call Details
The Trade Desk, Inc. uses its Investor Relations website (http://investors.thetradedesk.com/), its Twitter feed (@TheTradeDesk), LinkedIn page (https://www.linkedin.com/company/the-trade-desk/), Facebook page (https://www.facebook.com/TheTradeDesk/) and Jeff Green’s LinkedIn profile (https://www.linkedin.com/in/jefftgreen/) as a means of disclosing information about the company and for complying with its disclosure obligations under Regulation FD. The information that is posted through these channels may be deemed material. Accordingly, investors should monitor these channels in addition to The Trade Desk’s press releases, SEC filings, public conference calls and webcasts.
About The Trade Desk
The Trade Desk™ is a technology company that empowers buyers of advertising. Through its self-service, cloud-based platform, ad buyers can create, manage, and optimize digital advertising campaigns across ad formats and devices. Integrations with major data, inventory, and publisher partners ensure maximum reach and decisioning capabilities, and enterprise APIs enable custom development on top of the platform. Headquartered in Ventura, CA, The Trade Desk has offices across North America, Europe and Asia Pacific. To learn more, visit thetradedesk.com or follow us on Facebook, Twitter, LinkedIn and YouTube.
Forward-Looking Statements
This press release contains “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements relate to expectations concerning matters that (a) are not historical facts, (b) predict or forecast future events or results, or (c) embody assumptions that may prove to have been inaccurate, including statements relating to industry and market trends, the Company’s financial targets, such as revenue and Adjusted EBITDA, and the amount, timing and sources of funding for the Company’s share repurchase program. When words such as “believe,” “expect,” “anticipate,” “will”, “outlook” or similar expressions are used, the Company is making forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it cannot give readers any assurance that such expectations will prove correct. These forward-looking statements involve risks, uncertainties and assumptions, including those related to the Company’s relatively limited operating history, which makes it difficult to evaluate the Company’s business and prospects, the market for programmatic advertising developing slower or differently than the Company’s expectations, the demands and expectations of clients and the ability to attract and retain clients. The actual results may differ materially from those anticipated in the forward-looking statements as a result of numerous factors, many of which are beyond the control of the Company. These are disclosed in the Company’s reports filed from time to time with the Securities and Exchange Commission, including its most recent Form 10-K and any subsequent filings on Forms 10-Q or 8-K, available at www.sec.gov. Readers are urged not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company does not intend to update any forward-looking statement contained in this press release to reflect events or circumstances arising after the date hereof.
THE TRADE DESK, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in thousands, except per share amounts)
(Unaudited)
Three Months Ended March 31,
2024
2023
Revenue
$
491,253
$
382,803
Operating expenses (1):
Platform operations
103,630
84,867
Sales and marketing
121,725
97,222
Technology and development
107,686
93,710
General and administrative
129,555
130,312
Total operating expenses
462,596
406,111
Income (loss) from operations
28,657
(23,308
)
Total other income, net
(17,376
)
(13,700
)
Income (loss) before income taxes
46,033
(9,608
)
Provision for (benefit from) income taxes
14,373
(18,934
)
Net income
$
31,660
$
9,326
Earnings per share:
Basic
$
0.06
$
0.02
Diluted
$
0.06
$
0.02
Weighted-average shares outstanding:
Basic
488,551
489,712
Diluted
498,192
499,795
___________________________
(1) Includes stock-based compensation expense as follows:
THE TRADE DESK, INC.
STOCK-BASED COMPENSATION EXPENSE
(Amounts in thousands)
(Unaudited)
Three Months Ended March 31,
2024
2023
Platform operations
$
5,555
$
3,946
Sales and marketing
20,292
14,123
Technology and development
27,974
20,867
General and administrative (1)
56,799
74,534
Total
$
110,620
$
113,470
___________________________(1) Includes stock-based compensation expense related to a long-term CEO performance grant of $36 million and $60 million for the three months ended March 31, 2024 and 2023, respectively.
THE TRADE DESK, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in thousands)
(Unaudited)
As of March 31, 2024
As of December 31, 2023
ASSETS
Current assets:
Cash and cash equivalents
$
918,200
$
895,129
Short-term investments, net
501,360
485,159
Accounts receivable, net
2,619,280
2,870,313
Prepaid expenses and other current assets
57,579
63,353
Total current assets
4,096,419
4,313,954
Property and equipment, net
150,551
161,422
Operating lease assets
201,859
197,732
Deferred income taxes
154,849
154,849
Other assets, non-current
60,119
60,730
Total assets
$
4,663,797
$
4,888,687
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable
$
2,094,855
$
2,317,318
Accrued expenses and other current liabilities
131,287
137,996
Operating lease liabilities
57,208
55,524
Total current liabilities
2,283,350
2,510,838
Operating lease liabilities, non-current
180,456
180,369
Other liabilities, non-current
33,436
33,261
Total liabilities
2,497,242
2,724,468
Stockholders' equity:
Preferred stock
—
—
Common stock
—
—
Additional paid-in capital
2,063,311
1,967,265
Retained earnings
103,244
196,954
Total stockholders' equity
2,166,555
2,164,219
Total liabilities and stockholders' equity
$
4,663,797
$
4,888,687
THE TRADE DESK, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts in thousands)
(Unaudited)
Three Months Ended March 31,
2024
2023
OPERATING ACTIVITIES:
Net income
$
31,660
$
9,326
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
21,742
19,293
Stock-based compensation
110,620
113,470
Noncash lease expense
12,751
11,917
Provision for expected credit losses on accounts receivable
40
316
Other
1,125
(1,310
)
Changes in operating assets and liabilities:
Accounts receivable
238,147
258,165
Prepaid expenses and other current and non-current assets
3,331
(5,481
)
Accounts payable
(220,196
)
(200,701
)
Accrued expenses and other current and non-current liabilities
(104
)
(4,309
)
Operating lease liabilities
(13,644
)
(13,113
)
Net cash provided by operating activities
185,472
187,573
INVESTING ACTIVITIES:
Purchases of investments
(159,731
)
(144,721
)
Maturities of investments
147,794
126,731
Purchases of property and equipment
(7,224
)
(9,156
)
Capitalized software development costs
(1,958
)
(1,467
)
Net cash used in investing activities
(21,119
)
(28,613
)
FINANCING ACTIVITIES:
Repurchases of Class A common stock
(125,280
)
(291,534
)
Proceeds from exercise of stock options
10,804
10,365
Taxes paid related to net settlement of restricted stock awards
(26,806
)
(15,595
)
Net cash used in financing activities
(141,282
)
(296,764
)
Increase (decrease) in cash and cash equivalents
23,071
(137,804
)
Cash and cash equivalents—Beginning of period
895,129
1,030,506
Cash and cash equivalents—End of period
$
918,200
$
892,702
Non-GAAP Financial Metrics
(Amounts in thousands, except per share amounts)
The following tables show the Company’s non-GAAP financial metrics reconciled to the comparable GAAP financial metrics included in this release.
Three Months Ended
March 31,
2024
2023
Net income
$
31,660
$
9,326
Add back (deduct):
Depreciation and amortization expense
21,742
19,293
Stock-based compensation expense
110,620
113,470
Interest income, net
(16,661
)
(14,423
)
Provision for (benefit from) income taxes
14,373
(18,934
)
Adjusted EBITDA
$
161,734
$
108,732
Three Months Ended
March 31,
2024
2023
GAAP net income
$
31,660
$
9,326
Add back (deduct):
Stock-based compensation expense
110,620
113,470
Adjustment for income taxes
(11,412
)
(8,299
)
Non-GAAP net income
$
130,868
$
114,497
GAAP diluted earnings per share
$
0.06
$
0.02
GAAP weighted-average shares outstanding—diluted
498,192
499,795
Non-GAAP diluted earnings per share
$
0.26
$
0.23
Non-GAAP weighted-average shares used in computing Non-GAAP earnings per share, diluted
498,192
499,795
View source version on businesswire.com: https://www.businesswire.com/news/home/20240508315722/en/
Investors Jake Graves Senior Manager, Investor Relations The Trade Desk ir@thetradedesk.com
Media Melinda Zurich VP, Communications The Trade Desk melinda.zurich@thetradedesk.com
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