Table of Contents
1. The Trade Desk (TTD) – Earnings Review
a. Key Points
They continue to blame softer guidance on macro.
Leadership is adamant that structural tailwinds remain intact.
They are optimistic that the feud with Publicis will soon be over.
Chief Strategy Officer Sam Jacobson is leaving for OpenAI.
b. Demand
The Trade Desk beat revenue estimates by 1.5% & beat its “at least” revenue guidance by 1.6%.
c. Profits & Margins
Beat EBITDA estimate by 4.9% & beat guide by 5.1%.
OpEx grew by 18% Y/Y to support platform-level innovation.
Missed $0.32 EPS estimate by $0.04.
EPS fell by 15% Y/Y.
d. Balance Sheet
$1.4B cash & equivalents.
No debt.
Diluted share count fell by 5% Y/Y.
Very pretty balance sheet.
e. Guidance & Valuation
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