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     387  0 Kommentare The Trade Desk Reports First Quarter Financial Results

    The Trade Desk, Inc. (NASDAQ: TTD), a provider of a global technology platform for buyers of advertising, today announced financial results for its first quarter ended March 31, 2021.

    “We delivered outstanding performance in the first quarter, once again surpassing our expectations. Revenue growth acceleration over Q1 a year ago is testament to the value that marketers are placing on data-driven advertising. Nowhere is this more apparent than CTV, which continues to lead our growth,” said Jeff Green, Co-founder and CEO of The Trade Desk. “We continue to invest in our platform so that we can best meet the evolving needs of the modern marketer. Whether it’s the ability to set precise business goals, to activate valuable first-party data, to pioneer new approaches to identity, or to leverage a full scope of onsite and offsite measurement tools, The Trade Desk continues to pioneer the bleeding edge of ad tech for our clients. As a result, we are rapidly emerging as the default DSP for the open internet.”

    First Quarter 2021 Financial Highlights:

    The following table summarizes our consolidated financial results for the quarters ended March 31, 2021 and 2020 ($ in millions, except per share amounts):

     

     

    Three Months Ended

     

     

     

    March 31,

     

     

     

    2021

     

     

    2020

     

    GAAP Results

     

     

     

     

     

     

     

     

    Revenue

     

    $

    219.8

     

     

    $

    160.7

     

    Increase in revenue year over year

     

     

    37

    %

     

     

    33

    %

    Net Income

     

    $

    22.6

     

     

    $

    24.1

     

    Diluted EPS

     

    $

    0.45

     

     

    $

    0.50

     

     

     

     

     

     

     

     

     

     

    Non-GAAP Results

     

     

     

     

     

     

     

     

    Adjusted EBITDA

     

    $

    70.5

     

     

    $

    39.0

     

    Adjusted EBITDA Margin

     

     

    32

    %

     

     

    24

    %

    Non-GAAP Net Income

     

    $

    70.0

     

     

    $

    43.4

     

    Non-GAAP Diluted EPS

     

    $

    1.41

     

     

    $

    0.90

     

    First Quarter and Recent Business Highlights Include:

    • Strong Customer Retention: Customer retention remained over 95% during the quarter, as it has for the previous 7 years.
    • Expanded Partnerships:
      • In Q1, The Trade Desk partnered with Walmart to launch a new DSP based on The Trade Desk’s platform that will provide advertisers with access to unique Walmart shopper data and sales measurement data in a self-service platform.
    • Continued Industry-Wide Collaboration and Support for Unified ID 2.0: The Trade Desk is building support for Unified ID 2.0 (UID2), a new industry-wide approach to identity that preserves the value of relevant advertising, while putting user control and privacy at the forefront. The ID is an upgrade and alternative to third-party cookies. Recent pledges of support and integration with UID2 include:
      • Global advertising conglomerate, Publicis Groupe SA’s Epsilon and its Core ID
      • Xandr, a business unit within AT&T that powers a global marketplace for premium advertising
      • AcuityAds Holdings, the leading technology company that enables advertisers to connect intelligently with audiences across digital campaigns from a single platform
      • Throtle, a leading identity and data onboarding company
      • FuboTV, a leading sports-first live TV streaming platform
      • Prebid which will independently operate the technical infrastructure of Unified ID 2.0 and monitor the use of its technology. The goal is to ensure impartial oversight of the open-source identifier
    • Industry Awards: The Trade Desk was recently ranked #7 for Best Workplaces Asia 2020 for the small/medium company category.

    Financial Guidance:

    Our business has been impacted by the COVID-19 pandemic that has significantly impacted advertiser demand. Like many companies that are ad-funded, we are facing a period of higher uncertainty in our business outlook. We expect our business performance could be impacted by issues beyond our control, such as changing economic conditions or additional shelter-in-place orders that may or may not occur. Assuming that the economy continues to recover and we do not have any major COVID-19 related setbacks that may cause economic conditions to deteriorate, we estimate the following:

    Second Quarter 2021 outlook summary:

    • Revenue range between $259 million and $262 million
    • Adjusted EBITDA of at least $84 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 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.

    Announces Ten-for-One Stock Split

    Concurrent with today’s Q1 2021 financial results, The Trade Desk also announced that the Board of Directors has approved and declared a ten-for-one split of The Trade Desk’s common stock in the form of a stock dividend. Each stockholder of record on June 9, 2021 will receive nine additional shares of common stock for each then-held share, to be distributed after close of trading on June 16, 2021. Trading will begin on a stock split-adjusted basis on June 17, 2021.

    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 Income of The Trade Desk, Inc. (the Company) prepared under generally accepted accounting principles (GAAP). Adjusted EBITDA is earnings before depreciation and amortization, stock-based compensation, interest expense (income), net, and benefit from income taxes. 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 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 Income. 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 Financial Results Webcast and Conference Call Details

    • When: May 10, 2021 at 8:30 A.M. Pacific Time (11:30 A.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 the United States, 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 “430244” 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: 41109). Outside the United States, please dial 1-919-882-2331 (replay code: 41109). The audio replay will be available via telephone until May 17, 2021.

    The Trade Desk, Inc. uses its Investor Relations website (http://investors.thetradedesk.com/investor-overview), its Twitter feed (@TheTradeDesk), LinkedIn page (https://www.linkedin.com/company/the-trade-desk/), and Facebook page (https://www.facebook.com/TheTradeDesk/), and 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 and the impact of COVID-19 on the Company and its customers and partners, 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 INCOME

     

    (Amounts in thousands, except per share amounts)

     

    (Unaudited)

     

     

     

     

     

     

     

     

     

     

     

     

    Three Months Ended

     

     

     

    March 31,

     

     

     

    2021

     

     

    2020

     

    Revenue

     

    $

    219,811

     

     

    $

    160,660

     

    Operating expenses (1):

     

     

     

     

     

     

     

     

    Platform operations

     

     

    50,500

     

     

     

    40,208

     

    Sales and marketing

     

     

    55,764

     

     

     

    34,294

     

    Technology and development

     

     

    53,918

     

     

     

    36,794

     

    General and administrative

     

     

    51,845

     

     

     

    38,598

     

    Total operating expenses

     

     

    212,027

     

     

     

    149,894

     

    Income from operations

     

     

    7,784

     

     

     

    10,766

     

    Total other expense (income), net

     

     

    (308

    )

     

     

    417

     

    Income before income taxes

     

     

    8,092

     

     

     

    10,349

     

    Benefit from income taxes

     

     

    (14,550

    )

     

     

    (13,708

    )

    Net income

     

    $

    22,642

     

     

    $

    24,057

     

    Earnings per share:

     

     

     

     

     

     

     

     

    Basic

     

    $

    0.48

     

     

    $

    0.53

     

    Diluted

     

    $

    0.45

     

     

    $

    0.50

     

    Weighted average shares outstanding:

     

     

     

     

     

     

     

     

    Basic

     

     

    47,282

     

     

     

    45,501

     

    Diluted

     

     

    49,792

     

     

     

    48,313

     

    _______________________

     

     

     

     

     

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

     

     

     

     

     

     

     

     

     

     

    STOCK-BASED COMPENSATION EXPENSE

     

    (Amounts in thousands)

     

    (Unaudited)

     

     

     

     

     

     

     

     

     

     

     

     

    Three Months Ended

     

     

     

    March 31,

     

     

     

    2021

     

     

    2020

     

    Platform operations

     

    $

    5,015

     

     

    $

    1,462

     

    Sales and marketing

     

     

    13,684

     

     

     

    5,314

     

    Technology and development

     

     

    16,094

     

     

     

    8,590

     

    General and administrative

     

     

    17,561

     

     

     

    7,599

     

    Total

     

    $

    52,354

     

     

    $

    22,965

     

    THE TRADE DESK, INC.

     

    CONSOLIDATED BALANCE SHEETS

     

    (Amounts in thousands)

     

    (Unaudited)

     

     

     

     

     

     

     

     

     

     

     

     

    As of

     

     

    As of

     

     

     

    March 31,
    2021

     

     

    December 31,
    2020

     

    ASSETS

     

     

     

     

     

     

     

     

    Current assets:

     

     

     

     

     

     

     

     

    Cash and cash equivalents

     

    $

    471,637

     

     

    $

    437,353

     

    Short-term investments, net

     

     

    208,446

     

     

     

    186,685

     

    Accounts receivable, net

     

     

    1,368,668

     

     

     

    1,584,109

     

    Prepaid expenses and other current assets

     

     

    121,398

     

     

     

    102,170

     

    Total current assets

     

     

    2,170,149

     

     

     

    2,310,317

     

    Property and equipment, net

     

     

    115,914

     

     

     

    115,863

     

    Operating lease assets

     

     

    237,917

     

     

     

    248,143

     

    Deferred income taxes

     

     

    50,168

     

     

     

    50,168

     

    Other assets, non-current

     

     

    28,551

     

     

     

    29,154

     

    Total assets

     

    $

    2,602,699

     

     

    $

    2,753,645

     

     

     

     

     

     

     

     

     

     

    LIABILITIES AND STOCKHOLDERS’ EQUITY

     

     

     

     

     

     

     

     

    Current liabilities:

     

     

     

     

     

     

     

     

    Accounts payable

     

    $

    1,142,258

     

     

    $

    1,348,480

     

    Accrued expenses and other current liabilities

     

     

    83,530

     

     

     

    88,335

     

    Operating lease liabilities

     

     

    37,688

     

     

     

    37,868

     

    Total current liabilities

     

     

    1,263,476

     

     

     

    1,474,683

     

    Operating lease liabilities, non-current

     

     

    245,899

     

     

     

    254,562

     

    Other liabilities, non-current

     

     

    9,011

     

     

     

    11,255

     

    Total liabilities

     

     

    1,518,386

     

     

     

    1,740,500

     

     

     

     

     

     

     

     

     

     

    Stockholders' equity:

     

     

     

     

     

     

     

     

    Preferred stock

     

     

     

     

     

     

    Common stock

     

     

     

     

     

     

    Additional paid-in capital

     

     

    587,304

     

     

     

    538,778

     

    Retained earnings

     

     

    497,009

     

     

     

    474,367

     

    Total stockholders' equity

     

     

    1,084,313

     

     

     

    1,013,145

     

    Total liabilities and stockholders' equity

     

    $

    2,602,699

     

     

    $

    2,753,645

     

    THE TRADE DESK, INC.

     

    CONSOLIDATED STATEMENTS OF CASH FLOWS

     

    (Amounts in thousands)

     

    (Unaudited)

     

     

     

     

     

     

     

     

     

     

     

     

    Three Months Ended March 31,

     

     

     

    2021

     

     

    2020

     

    OPERATING ACTIVITIES:

     

     

     

     

     

     

     

     

    Net income

     

    $

    22,642

     

     

    $

    24,057

     

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

     

     

     

     

     

     

     

     

    Depreciation and amortization

     

     

    10,011

     

     

     

    6,477

     

    Stock-based compensation

     

     

    52,354

     

     

     

    22,965

     

    Allowance for credit losses on accounts receivable

     

     

    203

     

     

     

    1,310

     

    Noncash lease expense

     

     

    9,451

     

     

     

    7,402

     

    Other

     

     

    4,905

     

     

     

    3,484

     

    Changes in operating assets and liabilities:

     

     

     

     

     

     

     

     

    Accounts receivable

     

     

    208,847

     

     

     

    210,552

     

    Prepaid expenses and other assets

     

     

    (16,180

    )

     

     

    (15,791

    )

    Accounts payable

     

     

    (200,578

    )

     

     

    (205,967

    )

    Accrued expenses and other liabilities

     

     

    (5,691

    )

     

     

    960

     

    Operating lease liabilities

     

     

    (10,894

    )

     

     

    (2,673

    )

    Net cash provided by operating activities

     

     

    75,070

     

     

     

    52,776

     

    INVESTING ACTIVITIES:

     

     

     

     

     

     

     

     

    Purchases of investments

     

     

    (89,354

    )

     

     

    (35,931

    )

    Sales of investments

     

     

    4,539

     

     

     

     

    Maturities of investments

     

     

    62,670

     

     

     

    39,180

     

    Purchases of property and equipment

     

     

    (13,120

    )

     

     

    (18,310

    )

    Capitalized software development costs

     

     

    (1,062

    )

     

     

    (965

    )

    Net cash used in investing activities

     

     

    (36,327

    )

     

     

    (16,026

    )

    FINANCING ACTIVITIES:

     

     

     

     

     

     

     

     

    Proceeds from line of credit

     

     

     

     

     

    143,000

     

    Proceeds from exercise of stock options

     

     

    12,621

     

     

     

    19,478

     

    Taxes paid related to net settlement of restricted stock awards

     

     

    (17,080

    )

     

     

    (4,893

    )

    Net cash provided by (used in) financing activities

     

     

    (4,459

    )

     

     

    157,585

     

    Increase in cash and cash equivalents

     

     

    34,284

     

     

     

    194,335

     

    Cash and cash equivalents—Beginning of period

     

     

    437,353

     

     

     

    130,876

     

    Cash and cash equivalents—End of period

     

    $

    471,637

     

     

    $

    325,211

     

    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,

     

     

     

    2021

     

     

    2020

     

     

     

     

     

    Net income

     

    $

    22,642

     

     

    $

    24,057

     

    Add back:

     

     

     

     

     

     

     

     

    Depreciation and amortization

     

     

    10,011

     

     

     

    6,477

     

    Stock-based compensation

     

     

    52,354

     

     

     

    22,965

     

    Interest expense (income), net

     

     

    45

     

     

     

    (817

    )

    Benefit from income taxes

     

     

    (14,550

    )

     

     

    (13,708

    )

    Adjusted EBITDA

     

    $

    70,502

     

     

    $

    38,974

     

     

     

     

     

     

     

     

     

     

     

     

    Three Months Ended

     

     

     

    March 31,

     

     

     

    2021

     

     

    2020

     

    GAAP net income

     

    $

    22,642

     

     

    $

    24,057

     

    Add back (deduct):

     

     

     

     

     

     

     

     

    Stock-based compensation expense

     

     

    52,354

     

     

     

    22,965

     

    Adjustment for income taxes

     

     

    (5,007

    )

     

     

    (3,653

    )

    Non-GAAP net income

     

    $

    69,989

     

     

    $

    43,369

     

     

     

     

     

     

     

     

     

     

    GAAP diluted EPS

     

    $

    0.45

     

     

    $

    0.50

     

    Non-GAAP diluted EPS

     

    $

    1.41

     

     

    $

    0.90

     

     

     

     

     

     

     

     

     

     

    Weighted average shares outstanding—diluted

     

     

    49,792

     

     

     

    48,313

     

     



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    The Trade Desk Reports First Quarter Financial Results The Trade Desk, Inc. (NASDAQ: TTD), a provider of a global technology platform for buyers of advertising, today announced financial results for its first quarter ended March 31, 2021. “We delivered outstanding performance in the first quarter, once …