Common-Size Income Statement
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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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Trade Desk Inc., common-size consolidated income statement
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).
- Revenue and Gross Profit Trends
- Revenue remained constant at 100% across all years, serving as the baseline for other financial metrics expressed as a percentage of revenue. Gross profit showed a generally stable and high margin, increasing from 78.61% in 2020 to a peak of 82.18% in 2022, before slightly declining to 80.69% in 2024.
- Platform Operations Costs
- Platform operations costs decreased as a percentage of revenue from -21.39% in 2020 to -17.82% in 2022, indicating improved operational efficiency. However, these costs increased again to -19.31% by 2024, suggesting some rising operational expenses in the most recent periods.
- Sales and Marketing Expenses
- Sales and marketing costs showed a rising trend from -20.9% in 2020 to a peak of -23.02% in 2023, reflecting potentially increased investment in customer acquisition or retention strategies. This expense slightly decreased to -22.35% in 2024, indicating some retrenchment or improved efficiency in marketing spending.
- Technology and Development Expenses
- Technology and development expenditures fluctuated across the years, starting at -19.93% in 2020, decreasing to -18.9% in 2021, then increasing to -21.16% in 2023, followed by a decline to -18.95% in 2024. This volatility may reflect shifts in R&D investment priorities or project cycles.
- General and Administrative Expenses
- General and administrative expenses increased sharply from -20.53% in 2020 to a high of -33.28% in 2022, indicating a significant rise in overhead or administrative costs. However, these expenses decreased substantially to -21.92% by 2024, suggesting cost control measures or restructuring initiatives.
- Income from Operations
- Operating income experienced a notable decline from 17.25% in 2020 to 7.2% in 2022, reflecting pressure from rising expenses. It recovered to 17.47% in 2024, almost restoring the initial profitability level, likely due to reductions in general and administrative costs and stabilization of other expense categories.
- Net Interest and Other Income/Expense
- The net interest income shifted from a minor net gain of 0.08% in 2020 to a more significant gain of 3.22% in 2024, driven primarily by increased interest income. Foreign currency exchange and other income/expense items were volatile but contributed positively in later years, particularly in 2023 and 2024, enhancing overall income before taxes.
- Income Before Taxes and Tax Provision
- Income before taxes decreased from 17.21% in 2020 to 8.07% in 2022, before recovering strongly to 20.75% in 2024. The provision for income taxes shifted from a positive benefit of 11.77% in 2020 to a negative impact of around -4.6% in the last three years, indicating increased tax expenses affecting net profitability.
- Net Income Trends
- Net income as a percentage of revenue declined substantially from 28.98% in 2020 to a low of 3.38% in 2022, demonstrating a significant compression of profit margins. Subsequently, net income improved to 16.08% in 2024, reflecting operational improvements, cost management, and favorable net interest and other income gains.