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The Trade Desk, Inc. (TTD) reported a first-quarter 2025 cash outflow of $386 million for common stock buybacks. The firm generated $291 million in operating cash flow and $230 million in free cash flow during the same period, indicating the buybacks exceeded quarterly cash generation. At the end of the first quarter, TTD reported approximately $1.7 billion in cash and no debt, and had a total repurchase authorization of $1 billion, including a recent $564 million approval in January 2025.
For the upcoming second quarter of 2025, TTD projects revenues of at least $682 million, reflecting a 17% year-over-year growth. Adjusted EBITDA for this period is expected to be around $259 million. Current market conditions will partially influence these projections, as the comparison period included prior political ad spending.
Meanwhile, competitors Magnite, Inc. and PubMatic, Inc. have also initiated share buyback programs, with Magnite having $88 million remaining from its $125 million authorization as of the first quarter of 2025, and PubMatic expanding its total buyback authorization to $275 million.
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