Analysis of Property, Plant and Equipment
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Trade Desk Inc. pages available for free this week:
- Income Statement
- Statement of Comprehensive Income
- Analysis of Profitability Ratios
- Analysis of Solvency Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Enterprise Value to EBITDA (EV/EBITDA)
- Dividend Discount Model (DDM)
- Return on Equity (ROE) since 2016
- Return on Assets (ROA) since 2016
- Debt to Equity since 2016
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Property, Plant and Equipment Disclosure
Trade Desk Inc., balance sheet: property, plant and equipment
US$ in thousands
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
- Computer and Networking Equipment
- The value of computer and networking equipment shows a consistent and significant upward trend throughout the analyzed period, increasing from $28,528 thousand in 2020 to $189,821 thousand by 2024. This indicates a sustained investment in hardware infrastructure.
- Purchased Software
- Purchased software values remain relatively stable from 2020 through 2023, fluctuating slightly around the $10,000 to $10,400 thousand range. However, there is a notable increase in 2024, rising to $14,016 thousand, suggesting a delayed but more substantial investment in software assets.
- Furniture and Fixtures
- Furniture and fixtures also display a steady increase over the years. Values grow from $17,971 thousand in 2020 to $29,551 thousand by 2024, indicating ongoing capital expenditure on office or operational furnishings.
- Construction in Progress
- Construction in progress exhibits volatility during the period. It starts at $13,862 thousand in 2020, declines sharply to $6,810 thousand in 2021, then rises moderately over the next two years before a significant increase to $34,537 thousand in 2024. This variability suggests fluctuating levels of ongoing projects or investments in assets under development.
- Leasehold Improvements
- Leasehold improvements show steady growth from $87,803 thousand in 2020 to $156,423 thousand in 2024. The consistent rise points to continuing enhancements or expansions of leased properties.
- Property and Equipment, Gross
- The gross value of property and equipment displays a strong and continuous upward trend, increasing from $158,343 thousand in 2020 to $424,348 thousand in 2024. This highlights significant capital investments overall across all asset categories.
- Accumulated Depreciation
- Accumulated depreciation increases substantially in magnitude (more negative values) during the period, from -$42,480 thousand in 2020 to -$215,016 thousand by 2024. This reflects the aging of existing assets and the systematic allocation of asset costs over their useful lives.
- Property and Equipment, Net
- The net value of property and equipment rises from $115,863 thousand in 2020 to a peak of $173,759 thousand in 2022, then decreases to $161,422 thousand in 2023 before increasing again to $209,332 thousand in 2024. This fluctuation suggests that the impact of depreciation and investments varies over time, with the decrease in 2023 potentially due to accelerated asset write-offs or lower capital expenditures in the prior period.
Asset Age Ratios (Summary)
Trade Desk Inc., asset age ratios
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
- Average Age Ratio
- The average age ratio of property, plant, and equipment demonstrates an increasing trend over the observed periods, rising from 26.83% at the end of 2020 to 50.67% by the end of 2024. This upward trajectory indicates that a larger proportion of the assets are aging, reflecting either limited recent acquisitions or slower asset turnover.
- Estimated Total Useful Life
- The estimated total useful life of assets exhibits some variability across the years. Initially, it decreased from 7 years in 2020 to 6 years in 2021, then reverted to 7 years in 2022 before reducing again to 5 years in 2023 and slightly increasing to 6 years in 2024. This fluctuation may suggest adjustments in asset classification or revisions in depreciation schedules based on asset condition or technological changes.
- Estimated Age (Time Elapsed Since Purchase)
- The estimated age of assets remains relatively stable, increasing marginally from 2 years in 2020 and 2021 to 3 years from 2022 onwards and maintaining that level through 2024. This consistency implies a gradually aging asset base without significant recent additions, sustaining a relatively mature portfolio.
- Estimated Remaining Life
- The estimated remaining life of the assets shows a declining trend, decreasing from 5 years in 2020 to 3 years by 2023 and maintaining this figure into 2024. The reduction corresponds with the aging assets and shorter estimated total useful life, indicating an increasingly limited remaining period for the productive use of the assets.
Average Age
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | ||
|---|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | ||||||
| Accumulated depreciation | ||||||
| Property and equipment, gross | ||||||
| Asset Age Ratio | ||||||
| Average age1 | ||||||
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
2024 Calculations
1 Average age = 100 × Accumulated depreciation ÷ Property and equipment, gross
= 100 × ÷ =
- Accumulated Depreciation
- The accumulated depreciation amount shows a consistent upward trend across the periods. Starting at 42,480 thousand US dollars in 2020, it increased steadily each year, reaching 215,016 thousand US dollars by 2024. This represents a more than fivefold increase over the five-year span, indicating ongoing use and aging of the property and equipment assets.
- Property and Equipment, Gross
- The gross value of property and equipment exhibits significant growth over the same period. Beginning at 158,343 thousand US dollars in 2020, it rose to 424,348 thousand US dollars by 2024. This represents approximately a 2.7 times increase, signifying substantial investment and asset acquisition over the years.
- Average Age Ratio
- The average age ratio, expressed as a percentage, has increased steadily from 26.83% in 2020 to 50.67% in 2024. This reveals that the asset base is aging, with the average age of assets reaching more than half of their estimated useful life by the end of the analyzed period.
- Summary of Trends
- The data collectively illustrate an expanding property and equipment base accompanied by growing accumulated depreciation. The progressive increase in both gross asset value and accumulated depreciation is consistent with ongoing asset additions and the passage of time leading to asset aging. The rising average age ratio underscores that, despite new investments, the existing asset portfolio is progressively aging, which may have implications for maintenance costs and future capital expenditures.
Estimated Total Useful Life
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
2024 Calculations
1 Estimated total useful life = Property and equipment, gross ÷ Depreciation expense
= ÷ =
- Gross Property and Equipment
- The gross value of property and equipment demonstrates a consistent upward trajectory over the five-year period. Starting from US$158,343 thousand at the end of 2020, the value increased to US$204,746 thousand in 2021, representing notable growth. This upward trend continued, reaching US$279,653 thousand in 2022, US$319,959 thousand in 2023, and finally peaking at US$424,348 thousand by the end of 2024. The data suggests ongoing investments or capital expenditures in property and equipment assets, reflecting expansion or modernization initiatives.
- Depreciation Expense
- The depreciation expense also rises significantly throughout the timeframe. It starts at US$21,200 thousand in 2020 and increases sharply to US$34,200 thousand in 2021. This upward trend sustains with US$42,000 thousand in 2022, followed by a considerable jump to US$62,000 thousand in 2023, and further to US$67,000 thousand in 2024. The increase in depreciation expense aligns with the growing gross property and equipment base, indicating higher depreciation charges as the asset base expands or as newer assets with potentially shorter useful lives are added.
- Estimated Total Useful Life
- The estimated total useful life of property and equipment shows some variability across the years. It begins at 7 years in 2020, decreases to 6 years in 2021, returns to 7 years in 2022, then drops to 5 years in 2023, and rises again to 6 years by 2024. This fluctuation may reflect changes in asset composition, with a mix of assets having different expected lifespans, or updates in company policies regarding asset depreciation schedules.
- Overall Analysis
- The upward trend in gross property and equipment is accompanied by a proportionate increase in depreciation expenses, which is consistent with the expansion of the asset base. The fluctuations in estimated useful life suggest adjustments in asset categorization or useful life assumptions, which might impact depreciation rates. The pattern indicates sustained investment activity with ongoing impacts on depreciation, requiring close monitoring for capital management and financial planning purposes.
Estimated Age, Time Elapsed since Purchase
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
2024 Calculations
1 Time elapsed since purchase = Accumulated depreciation ÷ Depreciation expense
= ÷ =
- Accumulated Depreciation
- The accumulated depreciation shows a consistent and significant increase throughout the periods analyzed. Starting at 42,480 thousand USD at the end of 2020, it rises steadily to reach 215,016 thousand USD by the end of 2024. The growth each year appears to accelerate, particularly between 2022 and 2024, indicating an expanding base of depreciable assets or increasing depreciation charges.
- Depreciation Expense
- The depreciation expense demonstrates an upward trend over the five-year span. Beginning at 21,200 thousand USD in 2020, it increases annually to 67,000 thousand USD by 2024. The most notable increments occur from 2021 to 2023, where expenses grow sharply, possibly due to asset acquisitions or changes in depreciation policies. The expense increase rate moderates slightly in 2024 but remains high relative to the initial period.
- Time Elapsed Since Purchase
- The time elapsed since purchase remains relatively stable, increasing slightly from 2 years in 2020 and 2021 to 3 years by 2022, and holding constant at 3 years through 2024. This stability suggests a consistent age profile for the property, plant, and equipment assets, with no significant influx of new assets or disposals that would reset the average age drastically.
- Overall Analysis
- The data indicates a growing asset base subject to depreciation, reflected in both the rising accumulated depreciation and depreciation expense figures. The considerable increase in depreciation expense suggests enhanced investment in fixed assets or changes in asset valuation methods. Meanwhile, the relatively steady time elapsed since purchase implies stable asset aging dynamics, without large-scale asset turnovers within the periods reviewed.
Estimated Remaining Life
Based on: 10-K (reporting date: 2024-12-31), 10-K (reporting date: 2023-12-31), 10-K (reporting date: 2022-12-31), 10-K (reporting date: 2021-12-31), 10-K (reporting date: 2020-12-31).
2024 Calculations
1 Estimated remaining life = Property and equipment, net ÷ Depreciation expense
= ÷ =
- Property and Equipment, Net
- The net value of property and equipment demonstrates a generally upward trend from 2020 to 2024. Starting at approximately 115.9 million USD at the end of 2020, it increased to around 135.9 million USD in 2021. This growth continued more significantly to about 173.8 million USD by the end of 2022. A slight dip occurred in 2023, with the net value decreasing to approximately 161.4 million USD. However, this was followed by a notable rebound in 2024, reaching roughly 209.3 million USD, the highest value in the observed period.
- Depreciation Expense
- Depreciation expense shows a consistent increase over the five-year span. Starting at 21.2 million USD in 2020, depreciation expense rose to 34.2 million USD in 2021, followed by a further increase to 42.0 million USD in 2022. The expense escalated more sharply in subsequent years, reaching 62.0 million USD in 2023 and climbing to 67.0 million USD by the end of 2024. This pattern indicates an accelerating recognition of asset wear or usage costs over time.
- Estimated Remaining Life of Property and Equipment
- The estimated remaining life of the property and equipment decreases progressively during the period. It started at 5 years in 2020, then reduced to 4 years by 2021 and remained stable at that level through 2022. It further decreased to 3 years in both 2023 and 2024. This shortening of the useful life suggests either accelerated asset aging or changes in asset management and depreciation policy.