Balance Sheet: Liabilities and Stockholders’ Equity
The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.
Liabilities represents obligations of a company arising from past events, the settlement of which is expected to result in an outflow of economic benefits from the entity.
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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., consolidated balance sheet: liabilities and stockholders’ equity
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).
The financial data reveals a consistent upward trend across most liability and equity categories over the five-year period from 2020 to 2024. This indicates growth in the scale of operations and financial structure changes.
- Current Liabilities
- Accounts payable has steadily increased each year, rising from approximately $1.35 billion in 2020 to about $2.63 billion in 2024, reflecting expanded purchasing or operational activities. Accrued expenses and other current liabilities also show a steady increase, growing from $88.3 million to $177.8 million in the same period. Together, these contribute to the overall growth in current liabilities, which increased from $1.47 billion to $2.87 billion over the five years.
- Operating Lease Liabilities
- Current operating lease liabilities grew gradually from $37.9 million in 2020 to $64.5 million in 2024, indicating more short-term lease obligations. Conversely, non-current operating lease liabilities declined from $254.6 million in 2020 down to $180.4 million in 2023 before rising again to $247.7 million in 2024. This fluctuation could suggest refinancing or restructuring of lease agreements, with a significant reduction before increasing again towards the end of the period.
- Non-Current Liabilities
- Aside from operating lease liabilities, other non-current liabilities rose steadily from $11.3 million in 2020 to $41.6 million in 2024. However, total non-current liabilities decreased gradually from $265.8 million in 2020 to $213.6 million in 2023, before increasing again in 2024 to $289.3 million. This pattern aligns with the trends observed in operating lease liabilities, indicating fluctuations in long-term obligations and perhaps reflecting shifts in capital structure or long-term financing.
- Total Liabilities
- Total liabilities showed a persistent increase from $1.74 billion in 2020 to $3.16 billion in 2024. The growth is driven primarily by increases in current liabilities, especially accounts payable, and a recovery in non-current liabilities in the final year.
- Equity Components
- Additional paid-in capital exhibited strong growth, climbing from $538.8 million in 2020 to $2.59 billion in 2024. This significant increase reflects ongoing capital raises or stock issuances, contributing to the company’s equity base. Retained earnings rose from $474.4 million in 2020 to $665.5 million in 2022 but then showed volatility with a sharp decline to $197.0 million in 2023, before recovering to $354.2 million in 2024. The dip may indicate an unusual expense, dividend payout, or other adjustments affecting accumulated profits during 2023.
- Stockholders’ Equity and Total Capitalization
- Stockholders’ equity increased steadily overall, from about $1.01 billion in 2020 to $2.95 billion in 2024, demonstrating strengthening solvency and capital resources. The total size of the balance sheet, as represented by total liabilities and stockholders’ equity, expanded from $2.75 billion in 2020 to $6.11 billion in 2024, indicating rapid growth in the company’s financial scale and operations.