The Trade Desk Q420

TTD - Q419

PR: http://investors.thetradedesk.com/news-releases/news-release…
Fool take (Sparks): https://www.fool.com/investing/2020/02/27/the-trade-desks-fo…
CC transcript: https://www.fool.com/earnings/call-transcripts/2020/02/27/th…

Revenue 215.9M +34.5%
Adj Income 71.6M +40.1% !!
Adj EPS 1.49 +36.7%
Gross Spend 3.1B +33%
Opex 163.3M +46.5%

FY19 ad growth:
Video +54%
Connected TV +137%
Audio +185% !!
Mobile Video +50%
Mobile in-app +67%

My stance: I exited majority of this position earlier this year as revenue growth has slowed down significantly, using part of the proceeds to get into Cloudflare. That was a really good move on my part, as NET is +21% while TTD is -46% since. I still think it is a fantastic business w/ a mgmt that is executing, and do think the stock will rebound quickly at some point now that income is ramping up – but at this time, I see more opportunity elsewhere, as this pandemic is sure to have an impact on ad spend. Hypergrowth had already waned here, and now this new crisis … I’ll be repositioning the remainder soon.

-muji
long TTD 5%

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