Overall rating $TTD (+13,53%)🟢 Above expectations (based on CEO comment "outperformance" and strong figures)
Financial highlights Q1 2025 (YoY comparison):
* Revenue:
* Q1 2025: $616m.
* YoY: +25% (from $491m in Q1 2024)
* Performance: 🟢 Strong growth, outperforms the market.
* Adjusted EBITDA:
* Q1 2025: $208m.
* YoY: +28.4% (from $162m in Q1 2024)
* Performance: 🟢 Significant increase, shows operational strength.
* Adjusted EBITDA margin:
* Q1 2025: 34%
* YoY: +1 percentage point (from 33% in Q1 2024)
* Performance: 🟢 Efficiency further improved.
* Non-GAAP diluted earnings per share (EPS):
* Q1 2025: $0,33
* YoY: +26.9% (from $0.26 in Q1 2024)
* Performance: 🟢 Solid earnings growth.
* GAAP net income:
* Q1 2025: $51m.
* YoY: +59.4% (from $32m in Q1 2024)
* Performance: 🟢 Very strong improvement in profitability.
* Customer retention:
* Q1 2025: >95% (constant for 11 years)
* Performance: 🟢 Outstanding, evidence of strong customer benefit.
Key statements from the earnings report:
* Jeff Green (CEO): "We delivered strong results in the first quarter... [Strategic upgrades] contributed to our outperformance."
* Focus on Open Internet: "Leading marketers are looking for ways to leverage the open Internet... Kokai gives them more power than ever to achieve this, unlike the many limitations of walled gardens."
* Strategic initiatives:
* 🟢 Kokai platform: positive early impact of upgrades.
* 🟢 UID2 (Unified ID 2.0): Progressing adoption (Perion, Toyo Keizai, Piemme) as a future-proof identity solution.
* 🟢 OpenPath: Successful integrations (Warner Bros. Discovery, The Guardian, NY Post) for direct & transparent access to publisher inventory.
* 🟢 Sincera acquisition: Completed to strengthen data analytics and insights for advertisers.
* COO appointment: Vivek Kundra (ex-Salesforce, ex-US CIO) to drive operational excellence and scale.
Outlook Q2 2025:
* Revenue: At least $682m (indicates continued strong growth) 🟢
* Adjusted EBITDA: Approximately $259m (implies a margin of approx. 38%, further increase) 🟢
Brief conclusion:
The Trade Desk continues to show impressive growth momentum and profitability improvement. Strategic bets on the open internet, transparency (OpenPath) and a future-proof identity solution (UID2) are paying off. The outlook is promising and underlines the management's confidence in the continuation of the successful course.
