The Trade Desk, Inc.

Our Q1 and full FY25 estimates remain unchanged. We are tweaking the timing of revenue for Q2, Q3 and Q4. We are modeling the following: Q1 revenue of $575m, Adjusted Ebitda of $145m and adjusted…

We are updating our estimates following Q4 report and adjusting our price target to $121 which is based on 35x EV/FY27E Adjusted Ebitda. We are now modeling Q1 revenue of $575m, Adjusted Ebitda of $145m…

Disappointing results and guidance, probably the worst combination in years. The CEO’s message in the press release is different this quarter and calls out a reorganization in December. We expect the call to be different,…

The unveiling of the Ventura TV OS and, to lesser degree the announcement of the partnership with Spotify added dimensions to the TTD story that are unlikely to matter for the businesses performance in FY25,…

We are updating estimates following Q3 report and raising price target to $142 to reflect high forward esitmates. We are now modeling Q4 revenue of $756m and Adjusted Ebitda of $363m. We expect FY25 revenue…

The guide for Q4 is likely to be seen as disappointing today given the expectations which kept growing. We would point out, however, that the 5% beat implies that the business is firing on all…

We believe that the current revenue contribution as well as the growth potential of TTD’s shopper marketing business is still not fully understood at this point. We estimate that shopper marketing is on track to…

We are updating estimates following Q2 report. Our rating and price target remain unchanged. We are now modeling Q3 revenue of $618m and Adjusted Ebitda of $248m. We expect full FY24 revenue of $2,432m and…

The question now is how much upside there is to Q3 and Q4 estimates and what will Fy25 look like as get get closer to it. Q2 results and guide for Q3 once again show…

We are updating estimates following Q1 report. Our rating and price target remain unchanged. We are now modeling Q2 revenue of $575m and Adjusted Ebitda of $224m. We expect full FY24 revenue of $2,391m and…

The top line beat greater than usual. The guidance is a touch lighter but we think the Street will just see as just that much more beatable. After the 3p cookies deprecation timetable shift, the…

We think that the main takeaway from TTD’s Q4 results is that the October air pocket was an isolated event with no impact on the growth in FY24. We expect bears’ arguments now to center…

Better than usual beat and guidance show the soft October patch is behind us now. The question is how much upside to FY24 estimates. We continue to believe that as we go through the year…

In this note we argue that the bear case centered around the negative impact the introduction of Prime Video advertising will have on TTD’s revenue growth trajectory is based on what we see as low…

In this note we show that, based on what we see as fairly conservative assumptions, shopper marketing should become a legitimate contributor to growth next year. We estimate it will account for 8.6% of total…