Stock Analysis on Net
Stock Analysis on Net

Trade Desk Inc. (NASDAQ:TTD)

Common-Size Balance Sheet: Liabilities and Stockholders’ Equity

Trade Desk Inc., common-size consolidated balance sheet: liabilities and stockholders’ equity

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Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Accounts payable 43.05 47.40 42.72 46.28 48.97
Accrued expenses and other current liabilities 2.91 2.82 2.41 2.84 3.21
Operating lease liabilities, current 1.06 1.14 1.20 1.29 1.38
Current liabilities 47.01% 51.36% 46.32% 50.41% 53.55%
Operating lease liabilities, non-current 4.05 3.69 4.76 6.67 9.24
Other liabilities, non-current 0.68 0.68 0.63 0.23 0.41
Non-current liabilities 4.73% 4.37% 5.39% 6.90% 9.65%
Total liabilities 51.75% 55.73% 51.71% 57.31% 63.21%
Preferred stock, par value $0.000001; zero shares issued and outstanding 0.00 0.00 0.00 0.00 0.00
Common stock, par value $0.000001 0.00 0.00 0.00 0.00 0.00
Additional paid-in capital 42.46 40.24 33.10 25.58 19.57
Accumulated other comprehensive income 0.00 0.00 0.00 0.00 0.00
Retained earnings 5.80 4.03 15.19 17.11 17.23
Stockholders’ equity 48.25% 44.27% 48.29% 42.69% 36.79%
Total liabilities and stockholders’ equity 100.00% 100.00% 100.00% 100.00% 100.00%

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).

Liabilities Trends
There is a noticeable decline in total liabilities as a percentage of total liabilities and stockholders’ equity from 63.21% in 2020 to a low of 51.71% in 2022, followed by a slight recovery to 55.73% in 2023 and a subsequent decrease to 51.75% in 2024. Current liabilities follow a similar pattern, decreasing from 53.55% in 2020 to 46.32% in 2022, then rising to 51.36% in 2023 before falling again to 47.01% in 2024.
Within current liabilities, accounts payable shows a generally declining trend over the period, dropping from 48.97% in 2020 to 43.05% in 2024, despite a temporary increase to 47.4% in 2023. Accrued expenses and other current liabilities remain relatively stable, oscillating slightly between 2.41% and 3.21% but without dramatic shifts.
Operating lease liabilities, both current and non-current, exhibit a downward trend. Current operating lease liabilities decrease steadily from 1.38% in 2020 to 1.06% in 2024, and non-current operating lease liabilities reduce more markedly from 9.24% in 2020 to a low of 3.69% in 2023 before a minor increase to 4.05% in 2024.
Other non-current liabilities stay consistently low, hovering between 0.23% and 0.68%, with a slight increase observed starting 2022 and stabilizing thereafter.
Non-current liabilities overall diminish from 9.65% in 2020 to 4.73% in 2024, reflecting a trend of reducing longer-term obligations.
Stockholders’ Equity Trends
The proportion of stockholders’ equity relative to total liabilities and equity increases from 36.79% in 2020 to reach a peak of 48.29% in 2022, dips to 44.27% in 2023, and then recovers to 48.25% in 2024.
Additional paid-in capital grows consistently and significantly, from 19.57% in 2020 to 42.46% in 2024, indicating increased capital contributions or retained earnings reinvested in the company over time.
Retained earnings as a percentage of total liabilities and stockholders’ equity decline notably from 17.23% in 2020 to 15.19% in 2022, then sharply drop to 4.03% in 2023, with a modest recovery to 5.8% in 2024. This could imply that earnings retention was lower or losses were higher in the later periods, or that equity increases were driven more by paid-in capital than by accumulated earnings.
Overall Capital Structure Insights
The company demonstrates a tendency toward reducing total liabilities as a proportion of its capitalization, particularly in non-current liabilities, signifying a move to lower leverage or longer-term obligations. This is balanced by an increase in equity financing, mainly from additional paid-in capital rather than from retained earnings.
The fluctuations in accounts payable and accrued expenses suggest some variability in short-term vendor or operational obligations. The consistent reduction in operating lease liabilities may reflect changes in lease agreements or shifts in asset utilization policies.
Overall, the capital structure shows a gradual strengthening of equity relative to liabilities, implying a more conservative financial position toward the end of the period analyzed.