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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 | |
---|---|---|---|---|---|---|---|---|---|---|
0.10 | 0.11% | 94.85 | 94.51 | 95.20 | 95.68 | 94.10 | 94.50 | 1,902,269 | 01:00:00 |
The Trade Desk, Inc. (NASDAQ: TTD), a provider of a global technology platform for buyers of advertising, today announced financial results for its second quarter ended June 30, 2023.
“Q2 marked another quarter of outstanding execution and share gains for The Trade Desk, delivering $464 million of revenue and 23% growth. With advances in areas such as CTV, retail and identity, we are helping the world’s largest brands buy media on the open internet with more precision and transparency than ever,” said Jeff Green, Co-founder and CEO of The Trade Desk. “With the launch of Kokai, we are surfacing that value more intuitively and putting data next to every decision. We are helping our clients put their first-party data to work, we’re making it easier for partners to integrate with us, and we’re helping clients get the full value of AI as a co-pilot across many aspects of the campaign process. As a result of these innovations, I’m confident we will continue to gain share, especially in key growth markets such as CTV.”
Second Quarter 2023 Financial Highlights:
The following table summarizes our consolidated financial results for the three and six months ended June 30, 2023 and 2022 ($ in millions, except per share amounts):
Three Months Ended
June 30,
Six Months Ended
June 30,
2023
2022
2023
2022
GAAP Results
Revenue
$
464
$
377
$
847
$
692
Increase in revenue year over year
23
%
35
%
22
%
39
%
Net income (loss)
$
33
$
(19
)
$
42
$
(34
)
GAAP diluted earnings (loss) per share
$
0.07
$
(0.04
)
$
0.08
$
(0.07
)
Non-GAAP Results
Adjusted EBITDA
$
180
$
139
$
288
$
260
Adjusted EBITDA margin
39
%
37
%
34
%
38
%
Non-GAAP net income
$
139
$
99
$
254
$
203
Non-GAAP diluted earnings per share
$
0.28
$
0.20
$
0.51
$
0.41
Second Quarter and Recent Business Highlights:
Financial Guidance:
Third Quarter 2023 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 expense (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 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.
Second Quarter 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/), Jeff Green’s Twitter feed (@jefftgreen) 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.
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 document 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 the industry and market trends, and the Company’s financial targets, such as revenue and Adjusted EBITDA. 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 June 30,
Six Months Ended June 30,
2023
2022
2023
2022
Revenue
$
464,254
$
376,962
$
847,057
$
692,285
Operating expenses (1):
Platform operations
86,654
67,490
171,521
131,380
Sales and marketing
111,489
89,420
208,711
160,108
Technology and development
98,308
83,483
192,018
155,482
General and administrative
126,130
134,826
256,442
260,625
Total operating expenses
422,581
375,219
828,692
707,595
Income (loss) from operations
41,673
1,743
18,365
(15,310
)
Total other income, net
(18,254
)
(339
)
(31,954
)
(58
)
Income (loss) before income taxes
59,927
2,082
50,319
(15,252
)
Provision for income taxes
26,988
21,155
8,054
18,419
Net income (loss)
$
32,939
$
(19,073
)
$
42,265
$
(33,671
)
Earnings (loss) per share:
Basic
$
0.07
$
(0.04
)
$
0.09
$
(0.07
)
Diluted
$
0.07
$
(0.04
)
$
0.08
$
(0.07
)
Weighted-average shares outstanding:
Basic
488,431
486,310
489,068
485,256
Diluted
499,349
486,310
499,570
485,256
___________________________
(1) Includes stock-based compensation expense as follows:
STOCK-BASED COMPENSATION EXPENSE(Amounts in thousands)
(Unaudited)
Three Months Ended June 30,
Six Months Ended June 30,
2023
2022
2023
2022
Platform operations
$
4,967
$
4,787
$
8,913
$
10,737
Sales and marketing
18,800
17,332
32,923
33,857
Technology and development
26,689
22,224
47,556
44,617
General and administrative (1)
66,627
80,870
141,161
160,897
Total
$
117,083
$
125,213
$
230,553
$
250,108
___________________________
(1) Includes stock-based compensation expense related to a long-term CEO performance grant of $48 million and $66 million for the three months ended June 30, 2023 and 2022, respectively, as well as $108 million and $131 million for the six months ended June 30, 2023 and 2022, respectively.
THE TRADE DESK, INC.CONDENSED CONSOLIDATED BALANCE SHEETS
(Amounts in thousands)
(Unaudited)
As of June 30, 2023
As of December 31, 2022
ASSETS
Current assets:
Cash and cash equivalents
$
965,831
$
1,030,506
Short-term investments, net
465,113
416,080
Accounts receivable, net
2,346,070
2,347,195
Prepaid expenses and other current assets
54,749
51,836
Total current assets
3,831,763
3,845,617
Property and equipment, net
159,805
173,759
Operating lease assets
212,088
220,396
Deferred income taxes
94,028
94,028
Other assets, non-current
49,284
46,879
Total assets
$
4,346,968
$
4,380,679
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities:
Accounts payable
$
1,892,906
$
1,871,419
Accrued expenses and other current liabilities
103,285
105,474
Operating lease liabilities
54,793
52,430
Total current liabilities
2,050,984
2,029,323
Operating lease liabilities, non-current
198,075
208,527
Other liabilities, non-current
26,499
27,490
Total liabilities
2,275,558
2,265,340
Stockholders' equity:
Preferred stock
—
—
Common stock
—
—
Additional paid-in capital
1,700,498
1,449,825
Retained earnings
370,912
665,514
Total stockholders' equity
2,071,410
2,115,339
Total liabilities and stockholders' equity
$
4,346,968
$
4,380,679
THE TRADE DESK, INC.CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts in thousands)
(Unaudited)
Six Months Ended June 30,
2023
2022
OPERATING ACTIVITIES:
Net income (loss)
$
42,265
$
(33,671
)
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization
39,359
24,624
Stock-based compensation
230,553
250,108
Noncash lease expense
24,325
21,343
Allowance for credit losses on accounts receivable
318
2,078
Deferred income taxes
—
1,555
Other
(8,423
)
6,630
Changes in operating assets and liabilities:
Accounts receivable
(35,368
)
112,345
Prepaid expenses and other current and non-current assets
(3,659
)
29,018
Accounts payable
50,995
(129,853
)
Accrued expenses and other current and non-current liabilities
399
(22,190
)
Operating lease liabilities
(25,102
)
(24,029
)
Net cash provided by operating activities
315,662
237,958
INVESTING ACTIVITIES:
Purchases of investments
(316,307
)
(233,877
)
Sales of investments
—
1,977
Maturities of investments
274,401
154,092
Purchases of property and equipment
(16,556
)
(12,541
)
Capitalized software development costs
(3,415
)
(3,226
)
Net cash used in investing activities
(61,877
)
(93,575
)
FINANCING ACTIVITIES:
Repurchases of Class A common stock
(336,494
)
—
Proceeds from exercise of stock options
27,772
31,795
Proceeds from employee stock purchase plan
21,316
25,547
Taxes paid related to net settlement of restricted stock awards
(31,054
)
(23,196
)
Net cash provided by (used in) financing activities
(318,460
)
34,146
Increase (decrease) in cash and cash equivalents
(64,675
)
178,529
Cash and cash equivalents—Beginning of period
1,030,506
754,154
Cash and cash equivalents—End of period
$
965,831
$
932,683
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
June 30,
Six Months Ended
June 30,
2023
2022
2023
2022
Net income (loss)
$
32,939
$
(19,073
)
$
42,265
$
(33,671
)
Add back:
Depreciation and amortization expense
20,066
12,274
39,359
24,624
Stock-based compensation expense
117,083
125,213
230,553
250,108
Interest expense (income), net
(17,507
)
(656
)
(31,930
)
420
Provision for income taxes
26,988
21,155
8,054
18,419
Adjusted EBITDA
$
179,569
$
138,913
$
288,301
$
259,900
Three Months Ended
June 30,
Six Months Ended
June 30,
2023
2022
2023
2022
GAAP net income (loss)
$
32,939
$
(19,073
)
$
42,265
$
(33,671
)
Add back (deduct):
Stock-based compensation expense
117,083
125,213
230,553
250,108
Adjustment for income taxes
(10,525
)
(7,500
)
(18,824
)
(13,135
)
Non-GAAP net income
$
139,497
$
98,640
$
253,994
$
203,302
GAAP diluted earnings (loss) per share
$
0.07
$
(0.04
)
$
0.08
$
(0.07
)
GAAP weighted-average shares outstanding—diluted
499,349
486,310
499,570
485,256
Non-GAAP diluted earnings per share
$
0.28
$
0.20
$
0.51
$
0.41
Non-GAAP weighted-average shares used in computing Non-GAAP earnings per share, diluted (1)
499,349
499,155
499,570
499,477
_________________________
(1) Includes an additional 12.8 million and 14.2 million of dilutive securities for the three and six months ended June 30, 2022, respectively, which are not included in GAAP diluted weighted-average shares outstanding due to the Company's net loss position for the three and six months ended June 30, 2022.
View source version on businesswire.com: https://www.businesswire.com/news/home/20230809873189/en/
Investors Jake Graves Manager, Investor Relations The Trade Desk ir@thetradedesk.com 312-620-0806
Media Melinda Zurich VP, Communications The Trade Desk melinda.zurich@thetradedesk.com 201-320-9398
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