LOS ANGELES--(BUSINESS WIRE)--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, 2022.
“We delivered outstanding performance in the first quarter, growing 43% versus a year ago, representing our strongest first quarter revenue growth in the last four years. This performance is testament to the value that marketers are increasingly placing on data-driven advertising on the open internet,” said Jeff Green, Co-founder and CEO of The Trade Desk. “We continue to innovate in ways that help marketers succeed, whether it’s launching the world’s most advanced data marketplace that helps advertisers value and price data accurately and use more of it, or our OpenPath solution, which provides advertisers with a more direct path to premium publisher inventory. With this innovation focus, along with strong growth across all channels, led by CTV, we are reinforcing our position as the default demand side platform for the open internet.”
First Quarter 2022 Financial Highlights:
The following table summarizes our consolidated financial results for the quarters ended March 31, 2022 and 2021 ($ in millions, except per share amounts):
|
Three Months Ended |
|||||||
|
March 31, |
|||||||
|
2022 |
|
2021 |
|||||
GAAP Results |
|
|
|
|
|
|
||
Revenue |
$ |
315 |
|
$ |
220 |
|
||
Increase in revenue year over year |
|
43 |
% |
|
37 |
% |
||
Net income (loss) |
$ |
(15 |
) |
$ |
23 |
|
||
GAAP diluted earnings (loss) per share |
$ |
(0.03 |
) |
$ |
0.05 |
|
||
|
|
|
|
|
|
|
||
Non-GAAP Results |
|
|
|
|
|
|
||
Adjusted EBITDA |
$ |
121 |
|
$ |
71 |
|
||
Adjusted EBITDA margin |
|
38 |
% |
|
32 |
% |
||
Non-GAAP net income |
$ |
105 |
|
$ |
70 |
|
||
Non-GAAP diluted earnings per share |
$ |
0.21 |
|
$ |
0.14 |
|
||
First Quarter and Recent Business Highlights:
Financial Guidance:
Second Quarter 2022 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 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 (benefit from) 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.
First Quarter 2022 Financial Results Webcast and Conference Call Details
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, 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 |
||||||
|
|
March 31, |
||||||
|
|
2022 |
|
2021 |
||||
Revenue |
$ |
315,323 |
|
$ |
219,811 |
|
||
Operating expenses (1): |
|
|
|
|
|
|
||
Platform operations |
|
63,890 |
|
|
50,500 |
|
||
Sales and marketing |
|
70,688 |
|
|
55,764 |
|
||
Technology and development |
|
71,999 |
|
|
53,918 |
|
||
General and administrative |
|
125,799 |
|
|
51,845 |
|
||
Total operating expenses |
|
332,376 |
|
|
212,027 |
|
||
Income (loss) from operations |
|
(17,053 |
) |
|
7,784 |
|
||
Total other expense (income), net |
|
281 |
|
|
(308 |
) |
||
Income (loss) before income taxes |
|
(17,334 |
) |
|
8,092 |
|
||
Benefit from income taxes |
|
(2,736 |
) |
|
(14,550 |
) |
||
Net income (loss) |
$ |
(14,598 |
) |
$ |
22,642 |
|
||
Earnings (loss) per share: |
|
|
|
|
|
|
||
Basic |
$ |
(0.03 |
) |
$ |
0.05 |
|
||
Diluted |
$ |
(0.03 |
) |
$ |
0.05 |
|
||
Weighted-average shares outstanding: |
|
|
|
|
|
|
||
Basic |
|
484,190 |
|
|
472,816 |
|
||
Diluted |
|
484,190 |
|
|
497,916 |
|
||
_______________________ |
||||||||
(1) Includes stock-based compensation expense as follows: |
|
|||||||
|
|
|
|
|
|
|
||
STOCK-BASED COMPENSATION EXPENSE |
||||||||
(Amounts in thousands) |
||||||||
(Unaudited) |
||||||||
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended |
||||||
|
|
March 31, |
||||||
|
|
2022 |
|
2021 |
||||
Platform operations |
$ |
5,950 |
|
$ |
5,015 |
|
||
Sales and marketing |
|
16,525 |
|
|
13,684 |
|
||
Technology and development |
|
22,393 |
|
|
16,094 |
|
||
General and administrative (1) |
|
80,027 |
|
|
17,561 |
|
||
Total |
$ |
124,895 |
|
$ |
52,354 |
|
||
_______________________ |
|
|
|
|
||||
(1) Stock-based compensation for the three months ended March 31, 2022 included $66 million expense related to a long-term CEO performance grant in G&A. |
|
|||||||
THE TRADE DESK, INC.
|
||||||||
CONSOLIDATED BALANCE SHEETS |
||||||||
(Amounts in thousands) |
||||||||
(Unaudited) |
||||||||
|
|
|
|
|
|
|
||
|
|
As of |
|
As of |
||||
|
|
March 31,
|
|
December 31,
|
||||
ASSETS |
|
|
|
|
||||
Current assets: |
|
|
|
|
||||
Cash and cash equivalents |
$ |
844,223 |
$ |
754,154 |
||||
Short-term investments, net |
|
260,347 |
|
|
204,625 |
|
||
Accounts receivable, net |
|
1,760,985 |
|
|
2,020,720 |
|
||
Prepaid expenses and other current assets |
|
89,784 |
|
|
112,150 |
|
||
Total current assets |
|
2,955,339 |
|
|
3,091,649 |
|
||
Property and equipment, net |
|
130,640 |
|
|
135,856 |
|
||
Operating lease assets |
|
228,991 |
|
|
234,091 |
|
||
Deferred income taxes |
|
73,548 |
|
|
68,244 |
|
||
Other assets, non-current |
|
44,203 |
|
|
47,500 |
|
||
Total assets |
$ |
3,432,721 |
|
$ |
3,577,340 |
|
||
|
|
|
|
|
||||
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
||||
Current liabilities: |
|
|
|
|
||||
Accounts payable |
$ |
1,405,673 |
|
$ |
1,655,684 |
|
||
Accrued expenses and other current liabilities |
|
92,903 |
|
|
101,472 |
|
||
Operating lease liabilities |
|
47,226 |
|
|
46,149 |
|
||
Total current liabilities |
|
1,545,802 |
|
|
1,803,305 |
|
||
Operating lease liabilities, non-current |
|
229,489 |
|
|
238,449 |
|
||
Other liabilities, non-current |
|
8,327 |
|
|
8,280 |
|
||
Total liabilities |
|
1,783,618 |
|
|
2,050,034 |
|
||
|
|
|
|
|
||||
Stockholders' equity: |
|
|
|
|
||||
Preferred stock |
|
— |
|
|
— |
|
||
Common stock |
|
— |
|
|
— |
|
||
Additional paid-in capital |
|
1,051,572 |
|
|
915,177 |
|
||
Retained earnings |
|
597,531 |
|
|
612,129 |
|
||
Total stockholders' equity |
|
1,649,103 |
|
|
1,527,306 |
|
||
Total liabilities and stockholders' equity |
$ |
3,432,721 |
|
$ |
3,577,340 |
|
||
|
|
|
|
|
THE TRADE DESK, INC.
|
||||||||
CONSOLIDATED STATEMENTS OF CASH FLOWS |
||||||||
(Amounts in thousands) |
||||||||
(Unaudited) |
||||||||
|
|
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
||||||
|
|
2022 |
|
2021 |
||||
OPERATING ACTIVITIES: |
|
|
|
|
|
|
||
Net income (loss) |
$ |
(14,598 |
) |
$ |
22,642 |
|
||
Adjustments to reconcile net income to net cash provided by operating activities: |
|
|
|
|
|
|
||
Depreciation and amortization |
|
12,350 |
|
|
10,011 |
|
||
Stock-based compensation |
|
124,895 |
|
|
52,354 |
|
||
Allowance for credit losses on accounts receivable |
|
725 |
|
|
203 |
|
||
Noncash lease expense |
|
10,515 |
|
|
9,451 |
|
||
Deferred income taxes |
|
(5,304 |
) |
|
— |
|
||
Other |
|
998 |
|
|
4,905 |
|
||
Changes in operating assets and liabilities: |
|
|
|
|
|
|
||
Accounts receivable |
|
259,483 |
|
|
208,847 |
|
||
Prepaid expenses and other assets |
|
23,743 |
|
|
(16,180 |
) |
||
Accounts payable |
|
(245,937 |
) |
|
(200,578 |
) |
||
Accrued expenses and other liabilities |
|
(8,688 |
) |
|
(5,691 |
) |
||
Operating lease liabilities |
|
(11,990 |
) |
|
(10,894 |
) |
||
Net cash provided by operating activities |
|
146,192 |
|
|
75,070 |
|
||
INVESTING ACTIVITIES: |
|
|
|
|
|
|
||
Purchases of investments |
|
(121,221 |
) |
|
(89,354 |
) |
||
Sales of investments |
|
— |
|
|
4,539 |
|
||
Maturities of investments |
|
64,133 |
|
|
62,670 |
|
||
Purchases of property and equipment |
|
(8,401 |
) |
|
(13,120 |
) |
||
Capitalized software development costs |
|
(1,614 |
) |
|
(1,062 |
) |
||
Net cash used in investing activities |
|
(67,103 |
) |
|
(36,327 |
) |
||
FINANCING ACTIVITIES: |
|
|
|
|
|
|
||
Proceeds from exercise of stock options |
|
24,408 |
|
|
12,621 |
|
||
Taxes paid related to net settlement of restricted stock awards |
|
(13,428 |
) |
|
(17,080 |
) |
||
Net cash provided by (used in) financing activities |
|
10,980 |
|
|
(4,459 |
) |
||
Increase in cash and cash equivalents |
|
90,069 |
|
|
34,284 |
|
||
Cash and cash equivalents—Beginning of period |
|
754,154 |
|
|
437,353 |
|
||
Cash and cash equivalents—End of period |
$ |
844,223 |
|
$ |
471,637 |
|
||
|
|
|
|
|
|
|
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, |
|||||||
|
2022 |
|
2021 |
|||||
|
|
|
||||||
Net income (loss) |
$ |
(14,598 |
) |
$ |
22,642 |
|
||
Add back: |
|
|
|
|
|
|
||
Depreciation and amortization |
|
12,350 |
|
|
10,011 |
|
||
Stock-based compensation |
|
124,895 |
|
|
52,354 |
|
||
Interest expense, net |
|
1,076 |
|
|
45 |
|
||
Benefit from income taxes |
|
(2,736 |
) |
|
(14,550 |
) |
||
Adjusted EBITDA |
$ |
120,987 |
|
$ |
70,502 |
|
||
|
|
|
|
|
|
|
||
|
Three Months Ended |
|||||||
|
March 31, |
|||||||
|
2022 |
|
2021 |
|||||
GAAP net income (loss) |
$ |
(14,598 |
) |
$ |
22,642 |
|
||
Add back (deduct): |
|
|
|
|
|
|
||
Stock-based compensation expense |
|
124,895 |
|
|
52,354 |
|
||
Adjustment for income taxes |
|
(5,635 |
) |
|
(5,007 |
) |
||
Non-GAAP net income |
$ |
104,662 |
|
$ |
69,989 |
|
||
|
|
|
|
|
|
|
||
GAAP diluted earnings (loss) per share |
$ |
(0.03 |
) |
$ |
0.05 |
|
||
|
|
|
|
|
|
|
||
GAAP Weighted average shares outstanding—diluted |
|
484,190 |
|
|
497,916 |
|
||
|
|
|
|
|
|
|
||
Non-GAAP diluted earnings per share |
$ |
0.21 |
|
$ |
0.14 |
|
||
|
|
|
|
|
|
|
||
Non-GAAP Weighted average shares used in computing Non-GAAP earnings per share, diluted (1) |
|
499,801 |
|
|
497,916 |
|
||
_______________________ |
|
|
|
|
|
|
||
(1) Includes an additional 15.6 million of dilutive securities for the three months ended March 31, 2022, which are excluded from GAAP diluted weighted average shares outstanding due to the Company’s net loss position for the three months ended March 31, 2022. |
ЛОС-АНДЖЕЛЕС - (ДЕЛОВАЯ ПЕРЕПИСКА) -The Trade Desk, Inc. (NASDAQ: TTD), поставщик глобальной технологической платформы для покупателей рекламы, сегодня объявил финансовые результаты за первый квартал, закончившийся 31 марта 2022 года.
“В первом квартале мы добились выдающихся результатов, увеличившись на 43% по сравнению с прошлым годом, что свидетельствует о самом сильном росте выручки в первом квартале за последние четыре года. Эта производительность свидетельствует о том значении, которое маркетологи все больше придают рекламе, основанной на данных, в открытом Интернете”, - сказал Джефф Грин, соучредитель и генеральный директор The Trade Desk. “Мы продолжаем внедрять инновации, которые помогают маркетологам добиться успеха, будь то запуск самого передового в мире рынка данных, который помогает рекламодателям точно оценивать и оценивать данные и использовать их больше, или наше решение OpenPath, которое предоставляет рекламодателям более прямой путь к премиальному инвентарю издателей. Благодаря этому инновационному фокусу, наряду с сильным ростом по всем каналам, возглавляемым CTV, мы укрепляем наши позиции в качестве платформы по умолчанию для открытого Интернета”.
Основные финансовые показатели Первого квартала 2022 года:
В следующей таблице представлены наши консолидированные финансовые результаты за кварталы, закончившиеся 31 марта 2022 и 2021 годов (в миллионах долларов США, за исключением сумм на акцию):
|
Three Months Ended |
|||||||
|
March 31, |
|||||||
|
2022 |
|
2021 |
|||||
GAAP Results |
|
|
|
|
|
|
||
Revenue |
$ |
315 |
|
$ |
220 |
|
||
Increase in revenue year over year |
|
43 |
% |
|
37 |
% |
||
Net income (loss) |
$ |
(15 |
) |
$ |
23 |
|
||
GAAP diluted earnings (loss) per share |
$ |
(0.03 |
) |
$ |
0.05 |
|
||
|
|
|
|
|
|
|
||
Non-GAAP Results |
|
|
|
|
|
|
||
Adjusted EBITDA |
$ |
121 |
|
$ |
71 |
|
||
Adjusted EBITDA margin |
|
38 |
% |
|
32 |
% |
||
Non-GAAP net income |
$ |
105 |
|
$ |
70 |
|
||
Non-GAAP diluted earnings per share |
$ |
0.21 |
|
$ |
0.14 |
|
||
Первый квартал и последние события в бизнесе:
Финансовое руководство:
Краткий прогноз на второй квартал 2022 года:
Мы не предоставили прогноз чистой прибыли по GAAP или сверку Скорректированного показателя EBITDA с Чистой прибылью, наиболее близким показателем, соответствующим ОПБУ США, поскольку прогноз чистой прибыли недоступен без необоснованных усилий на основе прогнозов из-за изменчивости и сложности в отношении расходов, исключенных из этих не-GAAP меры; в частности, меры и последствия наших компенсационных расходов, основанных на акциях, на которые непосредственно влияют непредсказуемые колебания цены наших акций. Мы ожидаем, что изменчивость вышеуказанных расходов может оказать значительное и потенциально непредсказуемое влияние на наши будущие финансовые результаты по ОПБУ США.
Использование финансовой информации, не относящейся к ОПБУ
В настоящий пресс-релиз включены финансовые показатели Скорректированной EBITDA, не относящиеся к GAAP, Чистой прибыли, не относящейся к GAAP, и Разводненной прибыли на акцию, не относящиеся к GAAP, которые дополняют Консолидированные отчеты о деятельности The Trade Desk, Inc. (Компания), подготовленные в соответствии с общепринятыми принципами бухгалтерского учета (GAAP). Скорректированный показатель EBITDA представляет собой прибыль до вычета процентных расходов (доходов), нетто; резерв под (льготы) по налогу на прибыль; износ и амортизацию; и компенсацию на основе акций. Чистая прибыль, не относящаяся к ОПБУ, исключает расходы и связанные с ними налоговые последствия для компенсации, основанной на акциях. Налоговые ставки на не облагаемую налогом часть компенсационных расходов, связанных с акциями, в размере от 25% до 30% использовались при расчете Чистой прибыли, не соответствующей ОПБУ, и разводненной прибыли на акцию, не соответствующей ОПБУ. Сверки сумм по ОПБУ с суммами, не относящимися к ОПБУ, за представленные здесь периоды приведены в таблицах, прилагаемых к настоящему выпуску, и их следует рассматривать вместе с Консолидированными отчетами о прибылях и убытках. Эти показатели, не относящиеся к GAAP, не предназначены для замены GAAP, а включены исключительно в информационных и сравнительных целях. Руководство Компании считает, что эта информация может помочь инвесторам в оценке операционных тенденций Компании, финансовых показателей и способности генерировать денежные средства. Руководство считает, что эти показатели, не относящиеся к GAAP, позволяют инвесторам оценивать финансовые показатели Компании, используя некоторые из тех же показателей, что и руководство. Однако финансовые показатели, не относящиеся к GAAP, не следует рассматривать как замену или превосходство соответствующих показателей GAAP с аналогичными заголовками и могут отличаться от финансовых показателей, не относящихся к GAAP, используемых другими компаниями.
Информация о финансовых результатах за Первый квартал 2022 года Веб-трансляция и конференц-связь
The Trade Desk, Inc. использует свой веб-сайт по связям с инвесторами (http://investors.thetradedesk.com/investor-overview ), его канал в Твиттере (@TheTradeDesk), страница LinkedIn (https://www.linkedin.com/company/the-trade-desk /), и страница в Facebook (https://www.facebook.com/TheTradeDesk /), а также канал Джеффа Грина в Твиттере (@jefftgreen) и профиль LinkedIn (https://www.linkedin.com/in/jefftgreen /) в качестве средства раскрытия информации о компании и за соблюдение ее обязательств по раскрытию информации в соответствии с Положением FD. Информация, размещенная по этим каналам, может считаться существенной. Соответственно, инвесторы должны следить за этими каналами в дополнение к пресс-релизам The Trade Desk, заявкам SEC, телефонным конференциям и веб-трансляциям.
Об The Trade Desk
The Trade Desk™ - это технологическая компания, которая расширяет возможности покупателей рекламы. Благодаря своей облачной платформе самообслуживания покупатели рекламы могут создавать, управлять и оптимизировать цифровые рекламные кампании в разных форматах и на разных устройствах. Интеграция с основными партнерами по обработке данных, инвентаризации и издателям обеспечивает максимальный охват и возможности принятия решений, а корпоративные API позволяют осуществлять индивидуальную разработку поверх платформы. Штаб-квартира The Trade Desk находится в Вентуре, Калифорния, и имеет офисы по всей Северной Америке, Европе и Азиатско-Тихоокеанскому региону. Чтобы узнать больше, посетите thetradedesk.com или следите за нами на Facebook, Twitter, LinkedIn и YouTube.
Прогнозные заявления
Этот документ содержит “прогнозные заявления” по смыслу Закона о реформе судебных разбирательств по частным ценным бумагам 1995 года. Эти заявления касаются ожиданий в отношении вопросов, которые (а) не являются историческими фактами, (б) предсказывают или прогнозируют будущие события или результаты, или (в) воплощают предположения, которые могут оказаться неточными, включая заявления, касающиеся отраслевых и рыночных тенденций, а также финансовых целей Компании, таких как выручка и скорректированная EBITDA. Когда используются такие слова, как “полагать”, “ожидать”, “предвидеть”, “будет”, “перспективы” или аналогичные выражения, Компания делает прогнозные заявления. Хотя Компания считает, что ожидания, отраженные в таких прогнозных заявлениях, являются разумными, она не может дать читателям никаких гарантий в том, что такие ожидания окажутся верными. Эти прогнозные заявления связаны с рисками, неопределенностями и допущениями, в том числе связанными с относительно ограниченной историей деятельности Компании, что затрудняет оценку бизнеса и перспектив Компании, рынок программной рекламы развивается медленнее или иначе, чем ожидала Компания, требования и ожидания клиентов и способность привлекать и удерживать клиентов. Фактические результаты могут существенно отличаться от ожидаемых в прогнозных заявлениях в результате многочисленных факторов, многие из которых находятся вне контроля Компании. Они раскрываются в отчетах Компании, которые время от времени подаются в Комиссию по ценным бумагам и биржам, включая ее самую последнюю форму 10-K и любые последующие заявки по формам 10-Q или 8-K, доступные по адресу www.sec.gov . Читателям настоятельно рекомендуется не полагаться чрезмерно на эти прогнозные заявления, которые относятся только к дате настоящего пресс-релиза. Компания не намерена обновлять какие-либо прогнозные заявления, содержащиеся в настоящем пресс-релизе, чтобы отразить события или обстоятельства, возникшие после даты настоящего Соглашения.
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The Trade Desk, INC. |
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CONSOLIDATED STATEMENTS OF OPERATIONS |
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(Amounts in thousands, except per share amounts) |
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(Unaudited) |
||||||||
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Three Months Ended |
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March 31, |
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2022 |
|
2021 |
||||
Revenue |
$ |
315,323 |
|
$ |
219,811 |
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||
Operating expenses (1): |
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|
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||
Platform operations |
|
63,890 |
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|
50,500 |
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||
Sales and marketing |
|
70,688 |
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|
55,764 |
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||
Technology and development |
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71,999 |
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|
53,918 |
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||
General and administrative |
|
125,799 |
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|
51,845 |
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||
Total operating expenses |
|
332,376 |
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|
212,027 |
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Income (loss) from operations |
|
(17,053 |
) |
|
7,784 |
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Total other expense (income), net |
|
281 |
|
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(308 |
) |
||
Income (loss) before income taxes |
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(17,334 |
) |
|
8,092 |
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||
Benefit from income taxes |
|
(2,736 |
) |
|
(14,550 |
) |
||
Net income (loss) |
$ |
(14,598 |
) |
$ |
22,642 |
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||
Earnings (loss) per share: |
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Basic |
$ |
(0.03 |
) |
$ |
0.05 |
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Diluted |
$ |
(0.03 |
) |
$ |
0.05 |
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||
Weighted-average shares outstanding: |
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Basic |
|
484,190 |
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|
472,816 |
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Diluted |
|
484,190 |
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|
497,916 |
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_______________________ |
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(1) Includes stock-based compensation expense as follows: |
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STOCK-BASED COMPENSATION EXPENSE |
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(Amounts in thousands) |
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(Unaudited) |
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Three Months Ended |
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March 31, |
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2022 |
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2021 |
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Platform operations |
$ |
5,950 |
|
$ |
5,015 |
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||
Sales and marketing |
|
16,525 |
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|
13,684 |
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||
Technology and development |
|
22,393 |
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16,094 |
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General and administrative (1) |
|
80,027 |
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|
17,561 |
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Total |
$ |
124,895 |
|
$ |
52,354 |
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_______________________ |
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(1) Stock-based compensation for the three months ended March 31, 2022 included $66 million expense related to a long-term CEO performance grant in G&A. |
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The Trade Desk, INC.
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CONSOLIDATED BALANCE SHEETS |
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(Amounts in thousands) |
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(Unaudited) |
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As of |
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As of |
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March 31,
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December 31,
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ASSETS |
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Current assets: |
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Cash and cash equivalents |
$ |
844,223 |
$ |
754,154 |
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Short-term investments, net |
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260,347 |
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204,625 |
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Accounts receivable, net |
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1,760,985 |
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2,020,720 |
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Prepaid expenses and other current assets |
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89,784 |
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|
112,150 |
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Total current assets |
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2,955,339 |
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3,091,649 |
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Property and equipment, net |
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130,640 |
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135,856 |
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Operating lease assets |
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228,991 |
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234,091 |
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Deferred income taxes |
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73,548 |
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68,244 |
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Other assets, non-current |
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44,203 |
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|
47,500 |
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Total assets |
$ |
3,432,721 |
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$ |
3,577,340 |
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
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Current liabilities: |
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Accounts payable |
$ |
1,405,673 |
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$ |
1,655,684 |
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Accrued expenses and other current liabilities |
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92,903 |
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|
101,472 |
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Operating lease liabilities |
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47,226 |
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|
46,149 |
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Total current liabilities |
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1,545,802 |
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1,803,305 |
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Operating lease liabilities, non-current |
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229,489 |
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238,449 |
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Other liabilities, non-current |
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8,327 |
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|
8,280 |
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Total liabilities |
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1,783,618 |
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2,050,034 |
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Stockholders' equity: |
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Preferred stock |
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— |
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— |
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Common stock |
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— |
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— |
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Additional paid-in capital |
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1,051,572 |
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915,177 |
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Retained earnings |
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597,531 |
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|
612,129 |
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Total stockholders' equity |
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1,649,103 |
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|
1,527,306 |
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Total liabilities and stockholders' equity |
$ |
3,432,721 |
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$ |
3,577,340 |
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The Trade Desk, INC.
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CONSOLIDATED STATEMENTS OF CASH FLOWS |
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(Amounts in thousands) |
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(Unaudited) |
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Three Months Ended March 31, |
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2022 |
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2021 |
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OPERATING ACTIVITIES: |
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Net income (loss) |
$ |
(14,598 |
) |
$ |
22,642 |
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Adjustments to reconcile net income to net cash provided by operating activities: |
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Depreciation and amortization |
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12,350 |
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10,011 |
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Stock-based compensation |
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124,895 |
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52,354 |
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Allowance for credit losses on accounts receivable |
|
725 |
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203 |
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Noncash lease expense |
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10,515 |
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9,451 |
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Deferred income taxes |
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(5,304 |
) |
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— |
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Other |
|
998 |
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4,905 |
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Changes in operating assets and liabilities: |
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Accounts receivable |
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259,483 |
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208,847 |
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Prepaid expenses and other assets |
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23,743 |
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(16,180 |
) |
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Accounts payable |
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(245,937 |
) |
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(200,578 |
) |
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Accrued expenses and other liabilities |
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(8,688 |
) |
|
(5,691 |
) |
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Operating lease liabilities |
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(11,990 |
) |
|
(10,894 |
) |
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Net cash provided by operating activities |
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146,192 |
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|
75,070 |
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INVESTING ACTIVITIES: |
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Purchases of investments |
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(121,221 |
) |
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(89,354 |
) |
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Sales of investments |
|
— |
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|
4,539 |
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Maturities of investments |
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64,133 |
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|
62,670 |
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Purchases of property and equipment |
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(8,401 |
) |
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(13,120 |
) |
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Capitalized software development costs |
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(1,614 |
) |
|
(1,062 |
) |
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Net cash used in investing activities |
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(67,103 |
) |
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(36,327 |
) |
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FINANCING ACTIVITIES: |
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Proceeds from exercise of stock options |
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24,408 |
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|
12,621 |
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Taxes paid related to net settlement of restricted stock awards |
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(13,428 |
) |
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(17,080 |
) |
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Net cash provided by (used in) financing activities |
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10,980 |
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(4,459 |
) |
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Increase in cash and cash equivalents |
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90,069 |
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|
34,284 |
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Cash and cash equivalents—Beginning of period |
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754,154 |
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|
437,353 |
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Cash and cash equivalents—End of period |
$ |
844,223 |
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$ |
471,637 |
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Финансовые показатели, не относящиеся к GAAP (Суммы в тысячах, за исключением сумм на акцию)
В следующих таблицах показаны финансовые показатели Компании, не относящиеся к GAAP, сверенные с сопоставимыми финансовыми показателями GAAP, включенными в этот выпуск.
|
Three Months Ended |
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March 31, |
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|
2022 |
|
2021 |
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Net income (loss) |
$ |
(14,598 |
) |
$ |
22,642 |
|
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Add back: |
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|
|
|
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|
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Depreciation and amortization |
|
12,350 |
|
|
10,011 |
|
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Stock-based compensation |
|
124,895 |
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|
52,354 |
|
||
Interest expense, net |
|
1,076 |
|
|
45 |
|
||
Benefit from income taxes |
|
(2,736 |
) |
|
(14,550 |
) |
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Adjusted EBITDA |
$ |
120,987 |
|
$ |
70,502 |
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Three Months Ended |
|||||||
|
March 31, |
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|
2022 |
|
2021 |
|||||
GAAP net income (loss) |
$ |
(14,598 |
) |
$ |
22,642 |
|
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Add back (deduct): |
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|
|
|
|
|
||
Stock-based compensation expense |
|
124,895 |
|
|
52,354 |
|
||
Adjustment for income taxes |
|
(5,635 |
) |
|
(5,007 |
) |
||
Non-GAAP net income |
$ |
104,662 |
|
$ |
69,989 |
|
||
|
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|
|
|
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|
||
GAAP diluted earnings (loss) per share |
$ |
(0.03 |
) |
$ |
0.05 |
|
||
|
|
|
|
|
|
|
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GAAP Weighted average shares outstanding—diluted |
|
484,190 |
|
|
497,916 |
|
||
|
|
|
|
|
|
|
||
Non-GAAP diluted earnings per share |
$ |
0.21 |
|
$ |
0.14 |
|
||
|
|
|
|
|
|
|
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Non-GAAP Weighted average shares used in computing Non-GAAP earnings per share, diluted (1) |
|
499,801 |
|
|
497,916 |
|
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_______________________ |
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(1) Includes an additional 15.6 million of dilutive securities for the three months ended March 31, 2022, which are excluded from GAAP diluted weighted average shares outstanding due to the Company’s net loss position for the three months ended March 31, 2022. |