The Trade Desk (Neutral, TP: $43, -14%) TTD 4Q22 earnings quick take
4Q22 topline results were very good in the face of a more challenging backdrop, with strong expense management driving a solid adjusted EBITDA beat. Contrary to our view, 2022 take rate grew after two years of declines, and we’ll be interested to hear about key drivers and sustainability of this. A new $700mm buyback was announced to offset stock-based comp, and we’ll be interested to hear management’s latest views on broader uses of FCF, including potential M&A.The Trade Desk is a technology company for buyers of advertising. Through the company's self-service, cloud-based platform, ad buyers can create, manage, and optimize data-driven digital advertising campaigns across ad formats, including display, video, audio, native and social, on a multitude of devices, such as computers, mobile devices, and connected TV. The company's platform's integrations with data, inventory, and publisher partners provides ad buyers reach and decisioning capabilities, and its enterprise application programming interfaces enable its customers to develop on top of the platform.
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- Pan European Telecom Services and Cable
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- Global Emerging Market Telecoms
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- Pan European Telecom Services and Cable
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