Income Statement

The income statement presents information on the financial results of a company business activities over a period of time. The income statement communicates how much revenue the company generated during a period and what cost it incurred in connection with generating that revenue.

Trade Desk Inc., consolidated income statement

US$ in thousands

12 months ended:	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021	Dec 31, 2020
Revenue	2,444,831)	1,946,120)	1,577,795)	1,196,467)	836,033)
Platform operations	(472,012)	(365,598)	(281,123)	(221,554)	(178,812)
Gross profit	1,972,819)	1,580,522)	1,296,672)	974,913)	657,221)
Sales and marketing	(546,517)	(447,970)	(337,975)	(249,298)	(174,742)
Technology and development	(463,319)	(411,794)	(319,876)	(226,137)	(166,654)
General and administrative	(535,816)	(520,278)	(525,167)	(374,661)	(171,617)
Income from operations	427,167)	200,480)	113,654)	124,817)	144,208)
Interest expense	(1,514)	(1,656)	(4,014)	(1,030)	—)
Interest income	80,356)	70,164)	16,769)	—)	656)
Interest income (expense), net	78,842)	68,508)	12,755)	(1,030)	656)
Foreign currency exchange gain (loss), net	1,293)	(993)	961)	(1,751)	(961)
Other income (expense), net	80,135)	67,515)	13,716)	(2,781)	(305)
Income before income taxes	507,302)	267,995)	127,370)	122,036)	143,903)
(Provision for) benefit from income taxes	(114,226)	(89,055)	(73,985)	15,726)	98,414)
Net income	393,076)	178,940)	53,385)	137,762)	242,317)

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: The company’s revenue exhibited a consistent and strong upward trajectory over the five-year period, growing from $836,033 thousand in 2020 to $2,444,831 thousand in 2024. This represents nearly a threefold increase, indicating robust business expansion and market penetration.
Platform Operations: Platform operations costs also increased steadily, rising from a negative $178,812 thousand in 2020 to negative $472,012 thousand in 2024. While increasing expenses are typical with growth, the rise in platform operations indicates higher investment in maintaining and developing the core operational infrastructure consistent with rising revenues.
Gross Profit: Gross profit showed a parallel upward trend, increasing from $657,221 thousand in 2020 to $1,972,819 thousand in 2024. The growth in gross profit kept pace with revenue increases, suggesting that the company maintained or improved its gross margin despite expanding scale.
Sales and Marketing Expenses: Sales and marketing expenditures increased significantly from $174,742 thousand in 2020 to $546,517 thousand in 2024. This reflects a substantial investment in customer acquisition and branding efforts, consistent with the company’s growth strategy.
Technology and Development Expenses: Technology and development costs rose from $166,654 thousand in 2020 to $463,319 thousand in 2024, showing continuous commitment to innovation and product development. The steady increase aligns with the company’s operational scale and competitive positioning.
General and Administrative Expenses: General and administrative expenses increased sharply from $171,617 thousand in 2020 to a peak of $525,167 thousand in 2022, before stabilizing around $520,000 to $535,816 thousand through 2024. The initial spike may indicate scaling of corporate functions as the company grew, with subsequent stabilization suggesting improved cost control.
Income from Operations: Operating income fluctuated with a dip from $144,208 thousand in 2020 to $113,654 thousand in 2022, followed by a strong recovery and growth to $427,167 thousand in 2024. This pattern indicates initial margin pressure potentially from rising expenses, with later operational efficiency improvements and enhanced profitability.
Interest Income and Expense: Net interest income showed significant improvement from a net income of $656 thousand in 2020 to $78,842 thousand in 2024. The company reversed previous interest expenses recorded in 2021 and 2022, demonstrating improved financial management or more favorable interest environments.
Foreign Currency Exchange and Other Income (Expense), Net: Foreign currency exchange gains and losses were relatively minor and volatile, not showing a strong trend. Other income saw substantial growth from a loss of $305 thousand in 2020 to gains exceeding $80,000 thousand in 2024, suggesting enhanced non-operating income streams contributing positively to overall profitability.
Income Before Income Taxes: Pre-tax income showed a recovery and robust growth from $143,903 thousand in 2020, dipping slightly in 2021 and 2022, before increasing significantly to $507,302 thousand in 2024. This improvement reflects the combined effects of stronger operational performance and increased non-operating income.
Provision for Income Taxes: Income tax provisions varied substantially, from a benefit of $98,414 thousand in 2020 to a provision of $114,226 thousand in 2024. The fluctuation includes years with tax benefits and years with tax expenses, highlighting potential changes in tax strategies, regulations, or profitability mix.
Net Income: Net income exhibited volatility in the early years, starting high at $242,317 thousand in 2020, dropping significantly to $53,385 thousand in 2022, but then recovering strongly to $393,076 thousand in 2024. The trend indicates that despite fluctuations, the company achieved significant net earnings growth by the end of the period, supported by improved operations and favorable financial income.

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Trade Desk Inc. (NASDAQ:TTD)

Income Statement