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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 | |
---|---|---|---|---|---|---|---|---|---|---|
2.64 | 3.07% | 88.66 | 88.47 | 88.65 | 89.86 | 85.80 | 88.00 | 8,743,897 | 00:09:50 |
The Trade Desk also announced an additional share repurchase authorization, bringing the total amount of authorized future repurchases to $700 million of its Class A common stock.
The Trade Desk, Inc. (“The Trade Desk” or the “Company”) (NASDAQ: TTD), a provider of a global technology platform for buyers of advertising, today announced financial results for its fourth quarter and fiscal year ended December 31, 2023.
“Once again The Trade Desk outpaced nearly all areas of digital advertising in 2023, with $1.95 billion of revenue representing 23% growth year over year and a record $9.6 billion of spend on our platform. At the same time, we continue to generate significant profitability and cash flow, which allows us to remain at the bleeding edge of our industry, with innovations such as Kokai. Our results are testament to the growing value that advertisers are placing on the open internet versus the limitations of walled gardens,” said Jeff Green, founder and CEO of The Trade Desk. “More and more of the world’s leading advertisers are gravitating to channels and partnerships that offer precision and premium value at scale, such as Connected TV (CTV) and retail media. More companies across the advertising ecosystem are leveraging new tools, such as UID2, OpenPath and OpenPass, which allow them to build the new identity and authentication fabric of the open internet. And with the launch of Kokai, we are bringing more value to advertisers with the industry’s most advanced, intuitive media buying platform.”
Fourth Quarter and Full Year 2023 Financial Highlights:
The following table summarizes the Company’s consolidated financial results for the quarters and fiscal years ended December 31, 2023 and 2022 ($ in millions, except per share amounts):
Three Months Ended December 31,
Year Ended December 31,
2023
2022
2023
2022
GAAP Results
Revenue
$
606
$
491
$
1,946
$
1,578
Increase in revenue year over year
23
%
24
%
23
%
32
%
Net income
$
97
$
71
$
179
$
53
GAAP diluted earnings per share
$
0.19
$
0.14
$
0.36
$
0.11
Non-GAAP Results
Adjusted EBITDA
$
284
$
245
$
772
$
668
Adjusted EBITDA margin
47
%
50
%
40
%
42
%
Non-GAAP net income
$
207
$
190
$
628
$
522
Non-GAAP diluted earnings per share
$
0.41
$
0.38
$
1.26
$
1.04
Fourth Quarter and 2023 Recent Business Highlights
Financial Guidance:
First Quarter 2024 outlook summary:
The Company has 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. The Company expects 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 Consolidated Statements of Operations of the Company prepared under generally accepted accounting principles (“GAAP”). Adjusted EBITDA is earnings before interest income, net; provision for 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 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.
Fourth Quarter and Fiscal Year 2023 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 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.
Share Repurchase Program
The Company also announced that its board of directors approved an additional $647 million under its share repurchase program pursuant to which the Company may purchase its outstanding Class A Common Stock, bringing the total amount for future repurchases back to $700 million. This program does not obligate the Company to acquire any particular amount of Class A Common Stock, and may be modified, suspended or terminated at any time at the discretion of the Company’s board of directors.
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.
CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in thousands, except per share amounts)
(Unaudited)
Three Months Ended December 31,
Year Ended December 31,
2023
2022
2023
2022
Revenue
$
605,797
$
490,737
$
1,946,120
$
1,577,795
Operating expenses (1):
Platform operations
100,695
79,619
365,598
281,123
Sales and marketing
126,793
92,829
447,970
337,975
Technology and development
102,004
84,479
411,794
319,876
General and administrative
131,867
133,650
520,278
525,167
Total operating expenses
461,359
390,577
1,745,640
1,464,141
Income from operations
144,438
100,160
200,480
113,654
Total other income, net
(16,238
)
(11,960
)
(67,515
)
(13,716
)
Income before income taxes
160,676
112,120
267,995
127,370
Provision for income taxes
63,353
40,933
89,055
73,985
Net income
$
97,323
$
71,187
$
178,940
$
53,385
Earnings per share:
Basic
$
0.20
$
0.15
$
0.37
$
0.11
Diluted
$
0.19
$
0.14
$
0.36
$
0.11
Weighted-average shares outstanding:
Basic
489,454
489,217
489,261
486,937
Diluted
499,682
500,432
500,182
499,925
___________________________
(1) Includes stock-based compensation expense as follows:
THE TRADE DESK, INC.
STOCK-BASED COMPENSATION EXPENSE
(Amounts in thousands)
(Unaudited)
Three Months Ended December 31,
Year Ended December 31,
2023
2022
2023
2022
Platform operations
$
6,406
$
4,031
$
21,048
$
18,285
Sales and marketing
21,885
15,724
75,924
64,442
Technology and development
29,540
27,564
120,823
94,822
General and administrative (1)
63,604
80,212
273,826
321,093
Total
$
121,435
$
127,531
$
491,621
$
498,642
___________________________
(1) Includes stock-based compensation expense related to a long-term CEO performance grant of $42 million and $66 million for the three months ended December 31, 2023 and 2022, respectively, as well as $198 million and $262 million for the twelve months ended December 31, 2023 and 2022, respectively. THE TRADE DESK, INC.CONSOLIDATED BALANCE SHEETS
(Amounts in thousands)
(Unaudited)
As of December 31, 2023
As of December 31, 2022
ASSETS
Current assets:
Cash and cash equivalents
$
895,129
$
1,030,506
Short-term investments, net
485,159
416,080
Accounts receivable, net
2,870,313
2,347,195
Prepaid expenses and other current assets
63,353
51,836
Total current assets
4,313,954
3,845,617
Property and equipment, net
161,422
173,759
Operating lease assets
197,732
220,396
Deferred income taxes
154,849
94,028
Other assets, non-current
60,730
46,879
Total assets
$
4,888,687
$
4,380,679
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable
$
2,317,318
$
1,871,419
Accrued expenses and other current liabilities
137,996
105,474
Operating lease liabilities
55,524
52,430
Total current liabilities
2,510,838
2,029,323
Operating lease liabilities, non-current
180,369
208,527
Other liabilities, non-current
33,261
27,490
Total liabilities
2,724,468
2,265,340
Stockholders' equity:
Preferred stock
—
—
Common stock
—
—
Additional paid-in capital
1,967,265
1,449,825
Retained earnings
196,954
665,514
Total stockholders' equity
2,164,219
2,115,339
Total liabilities and stockholders' equity
$
4,888,687
$
4,380,679
THE TRADE DESK, INC.CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts in thousands)
(Unaudited)
Year Ended December 31,
2023
2022
OPERATING ACTIVITIES:
Net income
$
178,940
$
53,385
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization
80,418
54,425
Stock-based compensation
491,621
498,642
Noncash lease expense
48,955
44,115
Provision for expected credit losses on accounts receivable
2,960
3,203
Deferred income taxes
(61,597
)
(11,507
)
Other
(20,379
)
622
Changes in operating assets and liabilities:
Accounts receivable
(554,012
)
(291,747
)
Prepaid expenses and other current and non-current assets
(26,815
)
50,655
Accounts payable
475,463
187,119
Accrued expenses and other current and non-current liabilities
35,681
8,168
Operating lease liabilities
(52,913
)
(48,346
)
Net cash provided by operating activities
598,322
548,734
INVESTING ACTIVITIES:
Purchases of investments
(608,379
)
(553,295
)
Sales of investments
—
1,977
Maturities of investments
555,806
338,829
Purchases of property and equipment
(46,790
)
(84,160
)
Capitalized software development costs
(8,230
)
(7,725
)
Net cash used in investing activities
(107,593
)
(304,374
)
FINANCING ACTIVITIES:
Repurchases of Class A common stock
(646,597
)
—
Proceeds from exercise of stock options
60,525
47,525
Proceeds from employee stock purchase plan
38,482
33,062
Taxes paid related to net settlement of restricted stock awards
(78,516
)
(48,595
)
Net cash provided by (used in) financing activities
(626,106
)
31,992
Increase (decrease) in cash and cash equivalents
(135,377
)
276,352
Cash and cash equivalents—Beginning of year
1,030,506
754,154
Cash and cash equivalents—End of year
$
895,129
$
1,030,506
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 December 31,
Year Ended December 31,
2023
2022
2023
2022
Net income
$
97,323
$
71,187
$
178,940
$
53,385
Add back (deduct):
Depreciation and amortization expense
20,529
16,844
80,418
54,425
Stock-based compensation expense
121,435
127,531
491,621
498,642
Interest income, net
(18,952
)
(11,434
)
(68,508
)
(12,755
)
Provision for income taxes
63,353
40,933
89,055
73,985
Adjusted EBITDA
$
283,688
$
245,061
$
771,526
$
667,682
Three Months Ended December 31,
Year Ended December 31,
2023
2022
2023
2022
GAAP net income
$
97,323
$
71,187
$
178,940
$
53,385
Add back (deduct):
Stock-based compensation expense
121,435
127,531
491,621
498,642
Adjustment for income taxes
(11,896
)
(8,576
)
(42,462
)
(29,995
)
Non-GAAP net income
$
206,862
$
190,142
$
628,099
$
522,032
GAAP diluted earnings per share
$
0.19
$
0.14
$
0.36
$
0.11
GAAP weighted-average shares outstanding—diluted
499,682
500,432
500,182
499,925
Non-GAAP diluted earnings per share
$
0.41
$
0.38
$
1.26
$
1.04
Non-GAAP weighted-average shares used in computing Non-GAAP earnings per share, diluted
499,682
500,432
500,182
499,925
View source version on businesswire.com: https://www.businesswire.com/news/home/20240215543128/en/
Investors Jake Graves 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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