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    The Trade Desk Reports Second Quarter 2024 Financial Results

    8/8/24 4:01:00 PM ET
    $TTD
    Computer Software: Programming Data Processing
    Technology
    Get the next $TTD alert in real time by email

    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 second quarter ended June 30, 2024.

    "Q2 was another strong quarter for The Trade Desk, with revenue of $585 million, representing 26% year-over-year growth," said Jeff Green, Co-founder and CEO of The Trade Desk. "We've made significant strides in CTV, retail media and identity, empowering the world's largest brands to buy premium media on the open internet with unprecedented agility and precision. As Kokai ramps, we're intuitively surfacing value for advertisers, integrating data into every decision, advancing the full power of AI as a co-pilot, and enabling advertisers to maximize the potential of their first party data. With ongoing innovations in Kokai, the widespread adoption of UID2, and the expanding use of retail data, we will continue to deliver exceptional value to advertisers and grow our leadership in key high growth markets such as CTV."

    Second Quarter 2024 Financial Highlights:

    The following table summarizes our consolidated financial results for the three and six months ended June 30, 2024 and 2023 ($ in millions, except per share amounts):

     

    Three Months Ended

    June 30,

     

    Six Months Ended

    June 30,

     

    2024

     

    2023

     

    2024

     

    2023

    GAAP Results

     

     

     

     

     

     

     

    Revenue

    $

    585

     

     

    $

    464

     

     

    $

    1,076

     

     

    $

    847

     

    Increase in revenue year over year

     

    26

    %

     

     

    23

    %

     

     

    27

    %

     

     

    22

    %

    Net income

    $

    85

     

     

    $

    33

     

     

    $

    117

     

     

    $

    42

     

    GAAP diluted earnings per share

    $

    0.17

     

     

    $

    0.07

     

     

    $

    0.23

     

     

    $

    0.08

     

     

     

     

     

     

     

     

     

    Non-GAAP Results

     

     

     

     

     

     

     

    Adjusted EBITDA

    $

    242

     

     

    $

    180

     

     

    $

    404

     

     

    $

    288

     

    Adjusted EBITDA margin

     

    41

    %

     

     

    39

    %

     

     

    38

    %

     

     

    34

    %

    Non-GAAP net income

    $

    197

     

     

    $

    139

     

     

    $

    328

     

     

    $

    254

     

    Non-GAAP diluted earnings per share

    $

    0.39

     

     

    $

    0.28

     

     

    $

    0.66

     

     

    $

    0.51

     

    Second Quarter and Recent Business Highlights:

    • Strong Customer Retention: Customer retention remained over 95% during the second quarter, as it has for the past ten consecutive years.
    • Connected TV (CTV): The Trade Desk offers the largest CTV inventory marketplace in the industry, giving advertisers unmatched access to premium content across major networks and ad-supported streaming services around the world. Because we do not compete in content or supply, we have built lasting relationships with premium publishers to help brands confidently engage their audiences and drive measurable results. Recent CTV updates include:
      • Netflix announced it will expand buying capabilities to include The Trade Desk as one of its main programmatic partners for advertisers.
      • FOX announced expanded partnership with The Trade Desk through integration of UID2 and OpenPath across FOX brands and the AdRise technology platform.
      • E.W. Scripps is streamlining its programmatic ad buying process for advertisers through the adoption of OpenPass and UID2, making it the first CTV publisher to adopt OpenPass.
      • At Forward ‘24 in Canada, CBC announced its Olympics inventory will be available programmatically for the first time ever via The Trade Desk.
    • Continued Collaboration and Support for Unified ID 2.0: The Trade Desk is building support for Unified ID 2.0 (UID2), an industry-wide approach to identity that preserves the value of relevant advertising, while putting user control and privacy at the forefront. UID2 is an upgrade and alternative to third-party cookies. Recent partnerships and pledges of integration and support include:
      • Roku announced its adoption of UID2, allowing advertisers to implement more precise targeting and a secure means to facilitate data collaboration with Roku Media.
      • SiriusXM Media announced Pandora Media as the first audio publisher to adopt UID2.
      • LG Ad Solutions announced it is integrating UID2 to enable advertisers to leverage their first-party data across LG's extensive audience network in a privacy-conscious manner.
      • TF1, M6, and Media Figaro, three of the leading broadcasters and publishers in France, announced their adoption of EUID to help their advertisers run effective campaigns with improved targeting capabilities.
    • Industry Recognition (2024):
      • Institutional Investor Awards - Most Honored Company, Best CEO, Best Company Board, Best IR Program, Best IR Professional, Best IR Team, Best Analyst Day
      • U.S. News & World Report Best Company to Work For
      • Business Insider Rising Stars of Adtech
      • AdExchanger Top Women in Media & Ad Tech
      • MM+M 40 under 40
      • Retail TouchPoints 40 under 40
    • Share Repurchases: The Company did not repurchase any shares of its Class A common stock in the second quarter of 2024. As of June 30, 2024, the Company had $575 million available and authorized for repurchases.

    Financial Guidance:

    Third Quarter 2024 outlook summary:

    • Revenue at least $618 million
    • Adjusted EBITDA of approximately $248 million

    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 this non-GAAP measure; 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 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 2024 Financial Results Webcast and Conference Call Details

    • When: August 8, 2024 at 2:00 P.M. Pacific Time (5:00 P.M. Eastern Time).
    • Webcast: A live webcast of the call can be accessed from the Investor Relations section of The Trade Desk's website at http://investors.thetradedesk.com/. Following the call, a replay will be available on the company's website.
    • Dial-in: To access the call via telephone in North America, please dial 888-506-0062. For callers outside the United States, please dial 1-973-528-0011. Participants should reference the conference call ID code "250454" after dialing in.
    • Audio replay: An audio replay of the call will be available beginning about two hours after the call. To listen to the replay in the United States, please dial 877-481-4010 (replay code: 50885). Outside the United States, please dial 1-919-882-2331 (replay code: 50885). The audio replay will be available via telephone until August 15, 2024.

    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

    June 30,

     

    Six Months Ended

    June 30,

     

    2024

     

    2023

     

    2024

     

    2023

    Revenue

    $

    584,550

     

     

    $

    464,254

     

     

    $

    1,075,803

     

     

    $

    847,057

     

    Operating expenses (1):

     

     

     

     

     

     

     

    Platform operations

     

    110,459

     

     

     

    86,654

     

     

     

    214,089

     

     

     

    171,521

     

    Sales and marketing

     

    133,867

     

     

     

    111,489

     

     

     

    255,592

     

     

     

    208,711

     

    Technology and development

     

    110,035

     

     

     

    98,308

     

     

     

    217,721

     

     

     

    192,018

     

    General and administrative

     

    135,469

     

     

     

    126,130

     

     

     

    265,024

     

     

     

    256,442

     

    Total operating expenses

     

    489,830

     

     

     

    422,581

     

     

     

    952,426

     

     

     

    828,692

     

    Income from operations

     

    94,720

     

     

     

    41,673

     

     

     

    123,377

     

     

     

    18,365

     

    Total other income, net

     

    (17,772

    )

     

     

    (18,254

    )

     

     

    (35,148

    )

     

     

    (31,954

    )

    Income before income taxes

     

    112,492

     

     

     

    59,927

     

     

     

    158,525

     

     

     

    50,319

     

    Provision for income taxes

     

    27,463

     

     

     

    26,988

     

     

     

    41,836

     

     

     

    8,054

     

    Net income

    $

    85,029

     

     

    $

    32,939

     

     

    $

    116,689

     

     

    $

    42,265

     

    Earnings per share:

     

     

     

     

     

     

     

    Basic

    $

    0.17

     

     

    $

    0.07

     

     

    $

    0.24

     

     

    $

    0.09

     

    Diluted

    $

    0.17

     

     

    $

    0.07

     

     

    $

    0.23

     

     

    $

    0.08

     

    Weighted-average shares outstanding:

     

     

     

     

     

     

     

    Basic

     

    489,353

     

     

     

    488,431

     

     

     

    488,952

     

     

     

    489,068

     

    Diluted

     

    500,040

     

     

     

    499,349

     

     

     

    499,117

     

     

     

    499,570

     

    ___________________________

    (1) Includes stock-based compensation expense as follows:

    THE TRADE DESK, INC.

    STOCK-BASED COMPENSATION EXPENSE

    (Amounts in thousands)

    (Unaudited)

     

     

    Three Months Ended

    June 30,

     

    Six Months Ended

    June 30,

     

     

    2024

     

     

     

    2023

     

     

     

    2024

     

     

     

    2023

     

     

     

     

     

     

     

     

     

    Platform operations

    $

    7,272

     

     

    $

    4,967

     

     

    $

    12,827

     

     

    $

    8,913

     

    Sales and marketing

     

    25,068

     

     

    18,800

     

     

    45,360

     

     

    32,923

    Technology and development

     

    32,509

     

     

     

    26,689

     

     

     

    60,483

     

     

     

    47,556

     

    General and administrative (1)

     

    61,491

     

     

     

    66,627

     

     

     

    118,290

     

     

     

    141,161

     

    Total

    $

    126,340

     

     

    $

    117,083

     

     

    $

    236,960

     

     

    $

    230,553

     

    ___________________________

    (1) Includes stock-based compensation expense related to a long-term CEO performance grant of $36 million and $48 million for the three months ended June 30, 2024 and 2023, respectively, as well as $71 million and $108 million for the six months ended June 30, 2024 and 2023, respectively.

    THE TRADE DESK, INC.

    CONDENSED CONSOLIDATED BALANCE SHEETS

    (Amounts in thousands)

    (Unaudited)

     

     

    As of June 30,

    2024

     

    As of December 31,

    2023

    ASSETS

     

     

     

    Current assets:

     

     

     

    Cash and cash equivalents

    $

    1,009,363

     

    $

    895,129

    Short-term investments, net

     

    497,168

     

     

    485,159

    Accounts receivable, net

     

    2,905,533

     

     

    2,870,313

    Prepaid expenses and other current assets

     

    110,776

     

     

    63,353

    Total current assets

     

    4,522,840

     

     

    4,313,954

    Property and equipment, net

     

    191,912

     

     

    161,422

    Operating lease assets

     

    229,411

     

     

    197,732

    Deferred income taxes

     

    154,849

     

     

    154,849

    Other assets, non-current

     

    60,910

     

     

    60,730

    Total assets

    $

    5,159,922

     

    $

    4,888,687

     

     

     

     

    LIABILITIES AND STOCKHOLDERS' EQUITY

     

     

     

    Current liabilities:

     

     

     

    Accounts payable

    $

    2,336,589

     

    $

    2,317,318

    Accrued expenses and other current liabilities

     

    120,218

     

     

    137,996

    Operating lease liabilities

     

    61,579

     

     

    55,524

    Total current liabilities

     

    2,518,386

     

     

    2,510,838

    Operating lease liabilities, non-current

     

    202,769

     

     

    180,369

    Other liabilities, non-current

     

    33,361

     

     

    33,261

    Total liabilities

     

    2,754,516

     

     

    2,724,468

     

     

     

     

    Stockholders' equity:

     

     

     

    Preferred stock

     

    —

     

     

    —

    Common stock

     

    —

     

     

    —

    Additional paid-in capital

     

    2,217,043

     

     

    1,967,265

    Retained earnings

     

    188,363

     

     

    196,954

    Total stockholders' equity

     

    2,405,406

     

     

    2,164,219

    Total liabilities and stockholders' equity

    $

    5,159,922

     

    $

    4,888,687

    THE TRADE DESK, INC.

    CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

    (Amounts in thousands)

    (Unaudited)

     

     

    Six Months Ended June 30,

     

    2024

     

    2023

    OPERATING ACTIVITIES:

     

     

     

    Net income

    $

    116,689

     

     

    $

    42,265

     

    Adjustments to reconcile net income to net cash provided by operating activities:

     

     

     

    Depreciation and amortization

     

    42,624

     

     

     

    39,359

     

    Stock-based compensation

     

    236,960

     

     

     

    230,553

     

    Noncash lease expense

     

    26,460

     

     

     

    24,325

     

    Provision for expected credit losses on accounts receivable

     

    133

     

     

     

    318

     

    Other

     

    (4,117

    )

     

     

    (8,423

    )

    Changes in operating assets and liabilities:

     

     

     

    Accounts receivable

     

    (49,321

    )

     

     

    (35,368

    )

    Prepaid expenses and other current and non-current assets

     

    (52,064

    )

     

     

    (3,659

    )

    Accounts payable

     

    (13,247

    )

     

     

    50,995

     

    Accrued expenses and other current and non-current liabilities

     

    (9,989

    )

     

     

    399

     

    Operating lease liabilities

     

    (27,397

    )

     

     

    (25,102

    )

    Net cash provided by operating activities

     

    266,731

     

     

     

    315,662

     

    INVESTING ACTIVITIES:

     

     

     

    Purchases of investments

     

    (317,969

    )

     

     

    (316,307

    )

    Maturities of investments

     

    314,598

     

     

     

    274,401

     

    Purchases of property and equipment

     

    (29,339

    )

     

     

    (16,556

    )

    Capitalized software development costs

     

    (4,424

    )

     

     

    (3,415

    )

    Net cash used in investing activities

     

    (37,134

    )

     

     

    (61,877

    )

    FINANCING ACTIVITIES:

     

     

     

    Repurchases of Class A common stock

     

    (125,280

    )

     

     

    (336,494

    )

    Proceeds from exercise of stock options

     

    38,164

     

     

     

    27,772

     

    Proceeds from employee stock purchase plan

     

    30,122

     

     

     

    21,316

     

    Taxes paid related to net settlement of restricted stock awards

     

    (58,369

    )

     

     

    (31,054

    )

    Net cash used in financing activities

     

    (115,363

    )

     

     

    (318,460

    )

    Increase (decrease) in cash and cash equivalents

     

    114,234

     

     

     

    (64,675

    )

    Cash and cash equivalents—Beginning of period

     

    895,129

     

     

     

    1,030,506

     

    Cash and cash equivalents—End of period

    $

    1,009,363

     

     

    $

    965,831

     

    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,

     

    2024

     

    2023

     

    2024

     

    2023

     

     

     

     

     

     

     

     

    Net income

    $

    85,029

     

     

    $

    32,939

     

     

    $

    116,689

     

     

    $

    42,265

     

    Add back (deduct):

     

     

     

     

     

     

     

    Depreciation and amortization expense

     

    20,882

     

     

     

    20,066

     

     

     

    42,624

     

     

     

    39,359

     

    Stock-based compensation expense

     

    126,340

     

     

     

    117,083

     

     

     

    236,960

     

     

     

    230,553

     

    Interest income, net

     

    (17,817

    )

     

     

    (17,507

    )

     

     

    (34,478

    )

     

     

    (31,930

    )

    Provision for income taxes

     

    27,463

     

     

     

    26,988

     

     

     

    41,836

     

     

     

    8,054

     

    Adjusted EBITDA

    $

    241,897

     

     

    $

    179,569

     

     

    $

    403,631

     

     

    $

    288,301

     

     

     

     

     

     

     

     

     

     

    Three Months Ended

    June 30,

     

    Six Months Ended

    June 30,

     

    2024

     

    2023

     

    2024

     

    2023

    GAAP net income

    $

    85,029

     

     

    $

    32,939

     

     

    $

    116,689

     

     

    $

    42,265

     

    Add back (deduct):

     

     

     

     

     

     

     

    Stock-based compensation expense

     

    126,340

     

     

     

    117,083

     

     

     

    236,960

     

     

     

    230,553

     

    Adjustment for income taxes

     

    (13,886

    )

     

     

    (10,525

    )

     

     

    (25,298

    )

     

     

    (18,824

    )

    Non-GAAP net income

    $

    197,483

     

     

    $

    139,497

     

     

    $

    328,351

     

     

    $

    253,994

     

     

     

     

     

     

     

     

     

    GAAP diluted earnings per share

    $

    0.17

     

     

    $

    0.07

     

     

    $

    0.23

     

     

    $

    0.08

     

     

     

     

     

     

     

     

     

    GAAP weighted-average shares outstanding—diluted

     

    500,040

     

     

     

    499,349

     

     

     

    499,117

     

     

     

    499,570

     

     

     

     

     

     

     

     

     

    Non-GAAP diluted earnings per share

    $

    0.39

     

     

    $

    0.28

     

     

    $

    0.66

     

     

    $

    0.51

     

     

     

     

     

     

     

     

     

    Non-GAAP weighted-average shares used in computing Non-GAAP earnings per share, diluted

     

    500,040

     

     

     

    499,349

     

     

     

    499,117

     

     

     

    499,570

     

     

    View source version on businesswire.com: https://www.businesswire.com/news/home/20240808229961/en/

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