Welcome to The Trade Desk’s spirited fourth-quarter 2023 earnings conference call. For those in attendance, brace yourself for a spellbinding narration. All snippets of the discussion are being meticulously cataloged. Now, I take the honor of handing over the conference baton to our esteemed host, Chris Toth. Over to you, Chris.

Chris Toth — Vice President, Investor Relations

Thank you, operator. Greetings to everyone and a delightful good afternoon. It’s a pleasure to have you with us. Welcome to The Trade Desk fourth-quarter 2023 earnings conference call. In the spotlight today are our founding father and CEO, Jeff Green; and the money maestro herself, chief financial officer, Laura Schenkein.

The full transcript of our earnings press release can be found on our website at thetradedesk.com in the Investor Relations section. Before we proceed, a heads-up that except for historical information, some of the discussions and our responses in the Q&A segment may contain forward-looking statements. These statements are sheltered under certain risks and uncertainties and represent our beliefs and assumptions only as of the date when they were articulated. Actual results may vary significantly, and we assume no pledge to ignite any updates in this regard.

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Should our beliefs or assumptions sway off-kilter, actual financial results could veer largely from our projections or those implied by these forward-looking statements. I urge you to peruse the risk factors detailed in our press release and housed in our most recent SEC filings. In addition to reporting our GAAP financial results, we present supplemental non-GAAP financial data. A reconciliation of the GAAP to non-GAAP measures can be found in our earnings press release.

We maintain that offering non-GAAP measures, alongside our GAAP results, affords a more meaningful portrayal of the company’s operational performance. Now, over to Founder and CEO Jeff Green. Jeff?

Jeff Green — Founder and Chief Executive Officer

I extend a warm salutation to all today. I’m exhilarated to delve into our robust finish to the year and Q4, reflect on the strides we made in 2023, and elaborate on why I exude confidence in our growth prospects in not just 2024, but for eons to come. Spend on our platform in 2023 reached a staggering high of nearly $10 billion; an unprecedented feat for us. In the fourth quarter, our revenue broke through the $600 million barrier, marking the first instance of such a single-quarter achievement.

This unprecedented surge in spend propelled a 23% revenue growth for the year, once again decisively outstripping the broader digital advertising market. Furthermore, amid a turbulent 2022, when many of our rivals emerged from the year at a standstill, we managed to register substantial growth. In Q4 of 2022, our growth surged by 24% year over year. Thus, a 23% growth in 2023, stacked atop robust growth in 2022, is yet again leading the market.

We banked on adjusted EBITDA of over $770 million in 2023 and amped up $543 million of free cash flow. This unwavering emphasis on profitability and growth empowers us to keep funneling investments into innovation, ensuring our clients receive superlative value. Whether it’s our groundbreaking Kokai launch or pioneering approaches to identity and authentication for the open Internet, we triumph in celebrating 2023. However, my fervor for 2024 and beyond eclipses any conceivable retrospective satisfaction. I’ve never harbored a greater assurance heading into a new year.

I am convinced that we are uniquely positioned to not only flourish in 2024 but also to bolster our market share well into the future. Irrespective of the pressures looming over our industry, such as cookie deprecation, mounting regulatory focus on walled gardens, or the rapidly shifting TV terrain, these seismic industry shifts represent colossal growth opportunities for us. These transformative shifts in our nearly $1 trillion global advertising market bear semblance to alterations in all major markets, including the equities markets. When macroscopic changes unravel in the equities markets due to economic dynamics, central bank maneuvers, or governmental transitions, the astute money is impelled to reshuffle.

The Trade Desk: Transforming the Digital Advertising Landscape

Innovative Identity Strategies Driving Advertising Success

The Trade Desk, a leading platform in digital advertising, has been spearheading a transformation in the online advertising domain by integrating innovative identity strategies. These forward-thinking solutions are enhancing advertising outcomes for major global brands like HP, elevating their ability to target specific audiences and measure campaign effectiveness with remarkable precision.

Redefining the Advertising Relevance Landscape

As the identity landscape in advertising continues to evolve, The Trade Desk is at the forefront of redefining the future of relevance in advertising. With a focus on authenticated audiences in high-growth channels such as CTV, retail media, and digital audio, the company is successfully reshaping the internet from an advertising perspective. This proactive approach is proving to be crucial in meeting the demands of an ever-changing marketing environment.

Kokai: A Catalyst for Growth

The Trade Desk’s commitment to embedding these groundbreaking innovations into its platform, Kokai, underscores its role in propelling growth opportunities amidst the dynamic advertising landscape. By continually anticipating and adapting to industry shifts, The Trade Desk is uniquely positioned to outperform, instilling confidence in its growth potential moving forward.

Macroeconomic Context and Advertising Efficacy

In the context of the macroeconomic environment, characterized by uncertainty and recessionary fears, CMOs have heightened their focus on achieving efficacy and measurable return on ad spend. The Trade Desk’s strategic prowess in capitalizing on advertising channels, particularly in the CTV and retail media realms, has effectively addressed the industry’s evolving needs, reaffirming its leadership in driving advertising precision.

CTV: A Thriving Growth Channel

Amidst the fluctuating landscape of the television industry, The Trade Desk’s emphasis on CTV has proven to be not only resilient but also conducive to its growth. As the platform gears its business around streaming premium content, it aligns with the industry trend of ad-supported models gaining precedence over subscription-only services. The company’s partnerships in this space affirm its pivotal role in catering to the advertising demands of major TV providers.

Digital Audio: A Promising Frontier

In parallel, the realm of digital audio presents itself as a promising frontier for The Trade Desk, with the platform’s ability to tap into a highly engaged and authenticated audience. This aligns with the expanding engagement with audio streaming leaders, signaling the platform’s early foray into optimizing data-driven advertising within this burgeoning domain.

Retail Media: Harnessing Real-World Sales Data

Furthermore, The Trade Desk’s success in the retail media space is underscored by its proficiency in leveraging first-party data, particularly real-world sales data. The platform’s ability to facilitate a strategic shift for advertisers from traditional insertion order strategies to decisioned and retail media-focused approaches represents a paradigm shift in the retail space, epitomizing the company’s influential role in shaping advertising methodologies.

In essence, The Trade Desk’s visionary outlook and proactive measures to integrate advanced identity solutions have positioned it as a trailblazer in transforming the digital advertising landscape. With an astute focus on driving precision in targeting audiences and enhancing advertising relevance, the platform has emerged as a key catalyst for growth amidst the evolving industry dynamics.

Samsung’s Sales Measurement Tool: A Game Changer for Advertisers

Samsung, a global leader in the electronics market, has made a significant stride towards enhancing its advertising strategy. The tech giant has teamed up with Starcom, an innovative agency, to develop a cutting-edge tool for measuring sales on their platform. This tool, aptly named the Samsung Sales Measurement Tool, is a game-changer for advertisers seeking to understand the impact of their marketing efforts on consumer purchases.

The Power of First-Party Data

Previously, the challenge of understanding consumer behavior and the influence of advertising in the retail sector has been a complex riddle for companies like Samsung. However, with the creation of the Samsung Sales Measurement Tool, buyers making a purchase are now prompted to open an account with Samsung and opt-in to marketing and engagement. This unlocks first-party data that provides valuable insights into consumer behavior and preferences, allowing Samsung to attribute campaign activities to different stages of the purchase funnel.

Shaping the Post-Cookie World

Amid the tech industry’s considerable thrash driven by Google’s decision to accelerate the deprecation of third-party cookies, The Trade Desk, our collaborative partner, stands to benefit. As revealed by the CEO, approximately 15 million ad impression opportunities per second are observed on their platform, with the majority having no reliance on third-party cookies. This forward-looking approach positions The Trade Desk at the vanguard of a rapidly evolving advertising landscape, impervious to the disruptions caused by the demise of third-party cookies.

Embracing New Identity Fabric

While the post-cookie world presents challenges, it is also an era of innovation and reinvention. The partnership between The Trade Desk and Unilever in Thailand exemplifies this. Leveraging UID2, a new identifier for addressing the post-cookie environment, Unilever experienced a notable improvement in targeting relevant audiences and measured significant gains in key areas such as click-through rate, brand awareness, and the cost per completed view.

Furthermore, The Trade Desk’s proactive investment in AI and authentication technologies places them in a favorable position, minimizing the impact of the changing advertising dynamics on their business. This adaptability and strategic foresight reaffirm their resilience in the face of industry disruptions.

Navigating the Publisher’s Predicament

While advertisers and platforms like The Trade Desk have strategically maneuvered through the post-cookie terrain, there are significant implications for the publisher’s side of the ad ecosystem. With the potential decline in CPMs for browser-based publishers, the industry faces challenging times. This shift urges publishers to reassess their strategies and consider alternatives such as single sign-on authentication tools to reclaim relevance and sustain profitability in this evolving landscape.

The rapidly changing advertising environment demands a paradigm shift, requiring collective efforts from all stakeholders. As the ad industry braces for transformation, companies like The Trade Desk and Samsung exemplify the spirit of adaptability and resilience, setting the stage for a new era in the digital advertising realm.

The Trade Desk Sees Record Growth and Confidence in New Platform

The Launch of Kokai: A Major Leap Forward

Jeff Green, CEO of The Trade Desk, recently announced the launch of Kokai, a new platform that is set to revolutionize the understanding and relevance scoring of ad impressions across all channels. Green described Kokai as the largest platform overhaul in the company’s history, expressing immense pride in the product and engineering teams behind this groundbreaking development. Visits to four continents and interactions with hundreds of clients yielded overwhelmingly positive feedback, instilling confidence in Kokai’s potential to significantly enhance advertiser performance.

Strategic Shifts and Accelerated Growth

Green emphasized several key factors contributing to The Trade Desk’s exceptional performance. He noted a growing trend among agencies and brands to allocate campaign budgets more deliberately, resulting in a record pace of Joint Value Partnerships (JVPs) with The Trade Desk. Furthermore, the company continues to strengthen its position as the leader in ad tech AI, with AI embedded into its platform since 2016. The widespread distribution of AI across the platform is empowering clients to make informed choices amidst 15 million ad impression opportunities per second.

Additionally, connected TV (CTV) remains a pivotal driver of overall omnichannel growth, with substantial expansion in EMEA and Asia. The Trade Desk anticipates continued growth in retail media, as retail partnerships reshape the paradigm of connecting advertising to consumer actions. Moreover, the company’s significant investments in international markets are yielding accelerated growth outside the U.S., positioning The Trade Desk for further expansion.

Empowering Advertising Ecosystem with UID2

Green highlighted the rapid adoption of UID2 as a new identity currency for the open Internet, driving notable performance improvements for advertisers. As the U.S. prepares for a major year of political spending, The Trade Desk anticipates gaining more share in this segment and believes it is well-positioned to navigate evolving dynamics within the advertising industry.

Emphasizing the company’s steadfast commitment to objectivity and alignment of interests with buyers, Green asserted that The Trade Desk is executing well and poised for substantial growth. Notably, 2023 witnessed exceptional performance, setting the stage for an even stronger 2024.

Financial Resilience and Resounding Growth

Supporting Green’s sentiments, Laura Schenkein, Executive Vice President of Finance, underscored the company’s remarkable resilience and efficiency in executing strategic initiatives. The Trade Desk delivered consistent revenue growth over 20% throughout 2022 and 2023, despite the challenges within the digital advertising industry.

In Q4, the company achieved a remarkable 23% increase in revenue, reaching $606 million, with adjusted EBITDA of $284 million and a margin of 47%. The full-year 2023 results were equally impressive, with over $540 million in free cash flow and $9.6 billion in spend on the platform.

Schenkein highlighted The Trade Desk’s unwavering commitment to maintaining a consistent take rate while significantly enhancing the platform’s value. This approach has been pivotal in sustaining the company’s position as the default DSP for the open Internet. The relentless shift of ad dollars from linear to connected television continues to drive The Trade Desk’s growth, with strong momentum in retail media and the successful utilization of first-party data.

In conclusion, The Trade Desk’s exceptional performance, groundbreaking platform launches, and unwavering growth trajectory reflect a company that is not just thriving, but shaping the future of advertising. As 2024 unfolds, The Trade Desk is poised to continue its upward trajectory, bringing a new wave of innovation and efficiency to the advertising ecosystem.

The Trade Desk Reports Impressive Performance and Growth Prospects for 2024

Overview of Q4 2023 Results

The Trade Desk, a prominent player in the digital advertising space, recently announced its financial results for the fourth quarter of 2023. The figures indicate a stellar performance and promising growth prospects for the company. Jeff Green, the Founder and Chief Executive Officer of The Trade Desk, provided insights into the company’s financial standing and outlined its strategies for the coming year.

During the fourth quarter, The Trade Desk witnessed significant growth in its business, with remarkable increases in mobile, display, and audio segments. The company’s mobile division represented a substantial share of spend, reflecting a strong performance in this sector. Notably, international growth outpaced North America for the fourth consecutive quarter, underlining the company’s expanding global footprint.

Furthermore, the company made substantial investments in its team and platform, particularly in sales, marketing, and technology. This strategic approach aims to position The Trade Desk for long-term growth and sustained success in the competitive digital advertising market.

Financial Highlights and Strategic Initiatives

The robust financial results for the quarter underscore The Trade Desk’s financial strength and its focus on optimizing operational efficiency. The company reported adjusted net income of $207 million, highlighting its ability to generate substantial profits. Additionally, The Trade Desk demonstrated a strong cash and liquidity position, with approximately $1.4 billion in cash, cash equivalents, and short-term investments. Importantly, the absence of debt on the company’s balance sheet reflects a sound financial structure, instilling confidence in investors and stakeholders.

The announcement of a new share repurchase program further accentuates the company’s commitment to maximizing shareholder value. With an authorized amount of up to $700 million, including the remaining sum from the existing authorization, The Trade Desk is poised to leverage its fiscal stability and consistent cash flow to strategically repurchase shares and mitigate dilution from employee stock issuances.

Outlook for the First Quarter of 2024

Looking ahead, The Trade Desk remains optimistic about its growth trajectory. The company’s outlook for the first quarter of 2024 indicates a robust anticipated revenue of at least $478 million, reflecting a 25% year-over-year growth. The estimated adjusted EBITDA of approximately $130 million underscores the company’s proactive approach to operational efficiency and profitability. The plan to continue investing in the business and gradually expanding headcount in line with revenue growth signifies a balanced strategy for sustainable expansion, emphasizing the company’s long-term prospects.

The Trade Desk is strategically positioned to capitalize on significant industry drivers such as CTV and shopper marketing. The company’s international business, coupled with its innovative product offerings, is expected to drive growth and bolster its market position. The projected market share gains within the political vertical, ahead of the U.S. presidential election cycle, further illustrate the company’s proactive strategies and potential for continued success.

Insights into the Digital Ad Market and Future Growth

During the Q&A session, Jeff Green, The Trade Desk’s CEO, shed light on the current digital advertising landscape and the company’s competitive positioning. Green emphasized that the prevailing ad environment presents favorable opportunities for The Trade Desk, particularly in the buyer’s market. The company’s strong competitive position, coupled with its focus on the buy side and objective approach to ad buying, has contributed to its sustained growth over the quarters.

Green outlined several unique tailwinds driving the industry, including the accelerating shift in CTV, robust growth in retail media, and favorable macro trends outside the United States. Additionally, he highlighted the positive impacts of UID2 and the significant product upgrades, reinforcing the company’s strong position and growth potential for 2024.

The Trade Desk’s proactive approach, robust financial performance, and strategic initiatives position it as a formidable player in the digital advertising realm with promising prospects for sustained growth and market leadership.

With a strong performance in 2023, The Trade Desk is well-positioned to leverage its market strengths and industry support to drive profitable growth and innovation in the years to come.

From the CEO’s positive outlook and financial results, it’s evident that The Trade Desk is primed for a successful year and has set the stage for continued growth and expansion in 2024.

The Trade Desk Addresses Fluctuating CTV Market Dynamics

Trade Desk recently shared insights into the impact of Amazon’s ad-supported Prime Video offering on the CTV market, during a recent call of top analysts in the financial space. This intriguing discussion brings to light the potential effects of the increasing CTV inventory on CPMs. Jeff Green, the Founder and CEO of Trade Desk, delved into the potential ramifications of Amazon’s move and also shed light on the ongoing debate surrounding cookie deprecation and its potential impact on Trade Desk.

Jeff Green’s Insight

Jeff Green maintained his characteristic optimism when discussing the impact of Amazon’s ad-supported Prime Video offering on the CTV market in general and Trade Desk’s growth in particular. Reassuring investors, Green pointed out that while the impact of the increased CTV inventory might slightly tip the scale towards a buyer’s market, it would not create a huge imbalance. Green emphasized that this shift is ultimately beneficial for the ecosystem and represents an opportunity for Trade Desk. He highlighted the heightened competition that CTV companies would face and the need to enhance their ad experience, which he believes can only be achieved through programmatic advertising.

Embracing Change

Green expounded on the changes that the market is undergoing due to the increase in CTV inventory and the necessity for more relevant advertising content. He stressed that Trade Desk stands ready to navigate the evolving landscape, with a focus on providing a superior advertising experience through programmatic means. Green was quick to highlight that the adoption and announcement of partnerships with UID2 by major streaming services have resulted in higher CPMs, indicating a shift in the market dynamics and the rising importance of relevant advertising in the CTV space.

Insights on Cookie Deprecation

Addressing the prevalent debate on cookie deprecation, Jeff Green sought to shed light on the potential impact of this significant change. Green differentiated between the deprecation of cookies and Google’s Privacy Sandbox, emphasizing the need to consider these as separate developments. He outlined the varying impacts of cookie deprecation on different players in the ecosystem, particularly underscoring the potential for publishers with strong authentication strategies to benefit from these changes. Green also highlighted the positive impact of UID2 on publishers, with reported CPM increases as high as 30% to 50% for those using UID2, compared to those not leveraging this solution.

Riding the Wave of Change

Green reiterated the importance of understanding that the impact of cookie deprecation varies across different players in the ecosystem. He emphasized Trade Desk’s preparedness to navigate this change, highlighting the minimal overall impact on the company’s business. Green’s nuanced insights underscored the shifting valuations within the digital landscape, drawing parallels to the dynamics of equity markets.

As Trade Desk continues to navigate the evolving CTV market landscape and prepares to address the ramifications of cookie deprecation, investors are keen to see how the company will leverage its programmatic expertise to stay ahead in this dynamic environment.

The Trade Desk CEO Criticizes Google’s Privacy Sandbox

In a recent earnings call, Jeff Green, founder and CEO of The Trade Desk, expressed criticism of Google’s Privacy Sandbox, calling it a “deprecation to the Internet.” The call included discussions on various industry topics, including the impact of cookie deprecation and the company’s OpenPath initiative.

Cookie Deprecation and Privacy Sandbox

Jeff Green highlighted the ongoing cookie deprecation, emphasizing that Chrome’s removal of third-party cookies has been a subject of industry concern. He mentioned Google’s introduction of Privacy Sandbox as a proposed replacement for third-party cookies and expressed skepticism regarding its effectiveness. Green noted the complexity surrounding Privacy Sandbox, stating that it is not fully understood by more than 10 people on the planet. Despite his criticisms, he acknowledged that The Trade Desk will test the product to gain a comprehensive understanding of its functionality and potential impact.

OpenPath Initiative

Jeff Green introduced The Trade Desk’s OpenPath initiative, drawing parallels to Shopify’s user experience. He emphasized the initiative’s objective to simplify and secure the website sign-on process for users. By referencing the efficiency and security aspects of OpenPath, Green highlighted the company’s commitment to facilitating a seamless user experience while prioritizing data security.

Industry Position and Future Outlook

Throughout the call, Green reiterated The Trade Desk’s commitment to innovation and its dedication to preserving the open Internet. Despite expressing reservations about Google’s Privacy Sandbox, he emphasized the company’s adaptability and readiness to navigate through industry changes, underscoring its confidence in the resilience of UID2, an alternative identifier solution.

The call painted a picture of The Trade Desk’s proactive approach, balancing skepticism about industry developments with a forward-looking outlook. The company’s ability to navigate industry challenges while driving innovation was a central theme of the discussion.

The Trade Desk Gains Momentum with OpenPath and JVPs, Surpassing Expectations

Following the exclusive beta launch of OpenPath, The Trade Desk has seen remarkable early adoption, attracting publishers like Snopes and OK Magazine to its network. The groundbreaking product, OpenPath, is set to revolutionize digital advertising by optimizing ad relevancy and competitiveness, empowering smaller publishers to compete with industry giants. The company’s unwavering commitment to expand its network and revolutionize the digital advertising landscape has yielded vigorous results, surpassing projections and inciting excitement about the potential impact on the field of journalism.

OpenPath: A Game-Changer in Digital Advertising

The Trade Desk’s OpenPath is poised to disrupt the digital advertising domain by extending the playing field for smaller publishers, leveling the competition with prominent industry players like Google. The early success of OpenPath in attracting publishers during its invite-only beta is a testament to its value proposition, which promises higher CPM and enhanced competitiveness for advertiser bids. The dynamic nature of OpenPath is set to invigorate the landscape, empowering publishers to thrive and fostering innovation.

Success of JVPs and Advertiser Engagement

The company’s robust growth is anchored in its dynamic relationships with Joint Value Partners (JVPs), which have been instrumental in driving spend growth. With over 45 JVPs and a promising pipeline of prospective partners, The Trade Desk is positioned to unlock billions of dollars in future spend. The growing rapport with JVPs has propelled the company closer to its clients, opening new vistas for brands and agencies to drive incremental ROI by embracing initiatives such as increasing data usage and focusing on decision CTV spend.

Global Growth and Evolving Dynamics

Amidst a landscape of evolving macroeconomic sentiments, The Trade Desk has witnessed a tale of contrasting behaviors among advertisers. The company navigated through a landscape of caution and aggressive spending, culminating in an increase in spend that exceeded initial projections. Moreover, the company is experiencing accelerated growth outside the United States, driven by evolving macroeconomic policies and changing media consumption patterns.

As countries like the U.K. and Germany embrace CTV growth, the company is witnessing the dawn of new opportunities in international markets. The unfolding trends mirror that of the company’s early U.S. expansion, signaling the potential for exponential growth worldwide. This international traction bodes well for The Trade Desk as it charts a path toward global dominance in the domain of digital advertising.

Revolutionizing Attribution with Kokai

Amidst the extensive features of Kokai, The Trade Desk has embarked on a global tour to showcase the myriad capabilities of this groundbreaking product to its customer base. The innovative approach to attribution and KPIs has struck a chord with customers, promising to unlock new avenues for driving future spending patterns. The potential for Kokai to redefine the digital advertising narrative has ignited fervor among investors and customers alike, setting the stage for a paradigm shift in the industry.

In essence, The Trade Desk’s unyielding commitment to innovation and its relentless pursuit of excellence have positioned the company at the vanguard of digital advertising, paving the way for a future characterized by unprecedented growth and transformation.

Investor Confidence in The Trade Desk’s New Platform Upgrade

The Trade Desk’s Bold Platform Upgrade Garners Investor Confidence

Undoubtedly, The Trade Desk’s decision to embark on a comprehensive upgrade of its platform has sparked intense attention and enthusiasm from investors and analysts alike. As they prepared to report their quarterly earnings, Chief Executive Officer, Jeff Green, and Vice President, Chris Toth, hosted a conference call, providing valuable insights into the impact of this ambitious move.

A Global Revelation

During the call, Jeff Green outlined the rigorous efforts taken by the company to ensure the success of the platform upgrade. He expressed confidence in the value it would deliver and shared the overwhelmingly positive reception from customers. These customers, spreading across four continents, reportedly lauded the streamlined reporting and enhanced AI capabilities incorporated into the platform. They were particularly thrilled by the ability to forecast the outcome of their actions before implementation, thereby avoiding costly errors.

Navigating Complexity with Finesse

Notably, Green emphasized the company’s strategy to preserve user-friendliness and declutter the platform while expanding its capabilities. He acknowledged the challenge of providing more power to users without burdening them with added complexity. Accordingly, the upgrade encompasses advancements in attribution methodologies and reporting, achieved without escalating intricacy. The intention remains to empower users without inundating them with an excess of operational intricacies or visual clutter.

Adapting to Cookie Deprecation

In response to questions regarding Google’s plan to phase out cookies by 2024, Jeff Green expressed a mix of optimism and concern. He noted that while some advertisers had made significant strides in readiness, a majority were still lagging. However, Green pointed to a potential boon for those prepared and highlighted potential adverse implications for publishers with a heavy reliance on browser traffic. The potential rapid devaluing of ad space on such sites could profoundly impact content production, particularly in the context of an election cycle.

In Conclusion

Summing up, the conference call left an indelible impression of The Trade Desk’s unwavering confidence in the fortitude of their platform upgrade for the future. The bold steps taken by the company reflect a commitment to not merely meeting but surpassing customer expectations. As investors eagerly await the forthcoming returns, the stage is set for a transformative period in the company’s evolution.

The Trade Desk Chalks Up Record Breaking Figures in Q4 2023

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Operator’s Remarks at the Earnings Conference Call: