The Trade Desk, Inc. Financial Statements — TTD Stock

Income Statement	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Sales/Revenue/Turnover	45	114	203	308	477	661	836	1,196	1,578	1,946
+ Sales & Services Revenue	45	114	203	308	477	661	836	1,196	1,578	1,946
- Cost of Revenue	13	23	40	66	114	156	179	222	281	366
+ Cost of Goods & Services	13	23	40	66	114	156	179	222	281	366
Gross Profit	32	91	163	242	363	505	657	975	1,297	1,581
+ Other Operating Income	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
- Operating Expenses	31	53	106	173	256	393	513	850	1,183	1,380
+ Selling, General & Admin	24	40	78	120	172	276	346	624	863	968
+ Research & Development	7	13	27	53	84	117	167	226	320	412
+ Other Operating Expense	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Operating Income (Loss)	1	38	58	69	107	112	144	125	114	200
- Non-Operating (Income) Loss	2	8	14	6	2	-4	- -	3	-14	-68
+ Interest Expense, Net	1	1	3	2	1	-5	-1	- -	- -	- -
+ Interest Expense	1	1	3	2	2	- -	- -	- -	- -	- -
- Interest Income	- -	- -	- -	- -	- -	5	1	- -	- -	- -
+ Other Non-Op (Income) Loss	1	7	11	4	- -	1	1	3	-14	-68
Pretax Income	-1	30	44	64	106	116	144	122	127	268
- Income Tax Expense (Benefit)	-1	14	23	13	18	8	-98	-16	74	89
- (Income) Loss from Affiliates	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Income (Loss) from Cont Ops	- -	16	20	51	88	108	242	138	53	179
- Net Extraordinary Losses (Gains)	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Discontinued Operations	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Extraord. & Accounting Changes	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Income (Loss) Incl. MI	- -	16	20	51	88	108	242	138	53	179
- Minority Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Income, GAAP	- -	16	20	51	88	108	242	138	53	179
- Preferred Dividends	- -	11	- -	- -	- -	- -	- -	- -	- -	- -
- Other Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Net Income Avail to Common, GAAP	- -	5	20	51	88	108	242	138	53	179
Basic Weighted Avg Shares	473	473	183	403	424	445	463	477	487	489
Basic EPS, GAAP	- -	0.01	0.11	0.13	0.21	0.24	0.52	0.29	0.11	0.37
Basic EPS from Cont Ops	- -	0.03	0.11	0.13	0.21	0.24	0.52	0.29	0.11	0.37
Diluted Weighted Avg Shares	498	498	183	441	458	478	490	499	500	500
Diluted EPS, GAAP	- -	0.01	0.11	0.12	0.19	0.23	0.49	0.28	0.11	0.36
Diluted EPS from Cont Ops	- -	0.03	0.11	0.12	0.19	0.23	0.49	0.28	0.11	0.36
EBITDA	1	40	61	77	119	134	173	167	168	281
EBITDA Margin (%)	3.24	34.97	30.22	24.84	24.96	20.25	20.67	13.96	10.65	14.43
EBITA	1	38	58	69	107	112	144	125	114	200
EBIT	1	38	58	69	107	112	144	125	114	200
Gross Margin (%)	71.81	79.82	80.35	78.51	76.09	76.37	78.61	81.48	82.18	81.21
Operating Margin (%)	1.72	33.36	28.34	22.5	22.49	16.97	17.25	10.43	7.2	10.3
Profit Margin (%)	0.01	13.99	10.09	16.48	18.47	16.39	28.98	11.51	3.38	9.19
Sales per Employee	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Dividend per Share	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Depreciation Expense	1	2	4	7	12	22	29	42	54	80

Balance Sheet	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
Total Current Assets	97	200	516	766	1,057	1,449	2,310	3,092	3,846	4,314
+ Cash, Cash Equivalents & STI	17	4	133	156	207	255	624	959	1,447	1,380
+ Cash & Cash Equivalents	17	4	133	156	207	131	437	754	1,031	895
+ ST Investments	- -	- -	- -	- -	- -	124	187	205	416	485
+ Accounts & Notes Receiv	78	192	377	600	835	1,166	1,584	2,021	2,347	2,870
+ Accounts Receivable, Net	78	192	377	600	835	1,166	1,584	2,021	2,347	2,870
+ Notes Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Loans Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Receivable, Net	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inventories	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Raw Materials	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Work In Process	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Finished Goods	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Inventory Adjustments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Inventory	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other ST Assets	1	4	6	10	15	28	102	112	52	63
+ Misc ST Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Prepaid Expenses	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Assets Held-for-Sale	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Noncurrent Assets	5	10	21	31	61	280	443	486	535	575
+ Property, Plant & Equip, Net	2	7	15	17	33	237	364	370	394	359
+ Property, Plant & Equip	3	8	18	26	49	265	406	439	500	518
- Accumulated Depreciation	- -	1	4	9	16	27	42	69	106	159
+ LT Investments & Receivables	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Investments	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Receivables	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other LT Assets	3	4	6	14	28	42	79	116	141	216
+ Total Intangible Assets	1	2	3	4	8	9	12	14	19	17
+ Goodwill	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Intangible Assets	1	2	3	4	8	9	12	14	19	17
+ LT Deferred Tax Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ LT Derivative & Hedging Assets	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Assets	2	2	4	10	20	33	68	101	122	199
Total Assets	102	210	538	797	1,118	1,729	2,754	3,577	4,381	4,889
+ Payables & Accruals	63	119	344	519	714	916	1,437	1,757	1,977	2,455
+ Accounts Payable	56	105	307	490	669	869	1,348	1,656	1,871	2,317
+ Accrued Taxes	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Interest & Dividends Payable	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Other Payables & Accruals	6	14	37	28	45	47	88	101	105	138
+ ST Debt	- -	- -	- -	- -	- -	15	38	46	52	56
+ ST Borrowings	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ ST Finance Leases	- -	- -	- -	- -	- -	15	38	46	52	56
+ Other ST Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Revenue	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc ST Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Current Liabilities	63	119	344	519	714	930	1,475	1,803	2,029	2,511
+ LT Debt	15	45	26	27	- -	175	255	238	209	180
+ LT Borrowings	15	45	26	27	- -	- -	- -	- -	- -	- -
+ LT Finance Leases	- -	- -	- -	- -	- -	175	255	238	209	180
+ Other LT Liabilities	3	8	3	6	9	11	11	8	27	33
+ Accrued Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Pension Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Revenue	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Deferred Tax Liabilities	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Derivatives & Hedging	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Misc LT Liabilities	3	8	3	6	9	11	11	8	27	33
Total Noncurrent Liabilities	18	53	29	33	9	186	266	247	236	214
Total Liabilities	80	172	373	552	723	1,116	1,740	2,050	2,265	2,724
+ Preferred Equity and Hybrid Capital	28	24	- -	- -	- -	- -	- -	- -	- -	- -
+ Share Capital & APIC	- -	1	179	210	270	380	539	915	1,450	1,967
+ Common Stock	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Additional Paid in Capital	- -	1	179	210	270	380	539	915	1,450	1,967
- Treasury Stock	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
+ Retained Earnings	-7	13	-15	36	124	232	474	612	666	197
+ Other Equity	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Equity Before Minority Interest	22	38	164	246	395	613	1,013	1,527	2,115	2,164
+ Minority/Non Controlling Interest	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -
Total Equity	22	38	164	246	395	613	1,013	1,527	2,115	2,164
Total Liabilities & Equity	102	210	538	797	1,118	1,729	2,754	3,577	4,381	4,889
Shares Outstanding	382	385	391	416	439	455	473	483	490	489
Capital Leases - Total	- -	- -	- -	- -	- -	189	292	285	261	236
Net Debt	-2	41	-108	-129	-207	-131	-437	-754	-1,031	-895
Net Debt to Equity	-10.91	106.51	-65.43	-52.51	-52.52	-21.37	-43.17	-49.38	-48.72	-41.36
Tangible Common Equity Ratio	-6.77	5.97	30.22	30.42	34.82	35.09	36.53	42.46	48.07	44.08
Current Ratio	1.55	1.68	1.5	1.48	1.48	1.56	1.57	1.71	1.9	1.72
Cash Conversion Cycle	- -	-850.62	-1,374.18	-1,618.88	-1,306.23	-1,244.45	-1,662.41	-1,924.76	-1,784.5	-1,601.66
Number of Employees	- -	- -	- -	- -	- -	- -	- -	- -	- -	- -

Cash Flow Statement	2014 Y	2015 Y	2016 Y	2017 Y	2018 Y	2019 Y	2020 Y	2021 Y	2022 Y	2023 Y
+ Net Income	- -	16	20	51	88	108	242	138	53	179
+ Depreciation & Amortization	1	2	4	7	12	22	29	42	54	80
+ Non-Cash Items	-1	7	17	23	42	93	119	368	535	462
+ Stock-Based Compensation	- -	- -	5	21	42	81	112	337	499	492
+ Deferred Income Taxes	-2	- -	-1	-2	-5	-10	-31	-17	-12	-62
+ Asset Impairment Charge	- -	1	2	4	2	3	3	- -	- -	- -
+ Other Non-Cash Adj	1	6	11	-1	3	20	35	48	48	32
+ Chg in Non-Cash Work Cap	-15	-62	34	-50	-55	-163	15	-170	-94	-123
+ (Inc) Dec in Accts Receiv	-53	-114	-188	-225	-240	-331	-418	-444	-292	-554
+ (Inc) Dec in Inventories	- -	- -	- -	- -	- -	- -	- -

The Trade Desk, Inc.

Income Statement

Balance Sheet

Cash Flow Statement