Stock Analysis on Net
Stock Analysis on Net

Trade Desk Inc. (NASDAQ:TTD)

$24.99

Cash Flow Statement

The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.

The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.

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Trade Desk Inc., consolidated cash flow statement

US$ in thousands

Microsoft Excel
12 months ended: Dec 31, 2024 Dec 31, 2023 Dec 31, 2022 Dec 31, 2021 Dec 31, 2020
Net income
Depreciation and amortization
Stock-based compensation
Deferred income taxes
Noncash lease expense
Provision for expected credit losses on accounts receivable
Other
Accounts receivable
Prepaid expenses and other current and non-current assets
Accounts payable
Accrued expenses and other current and non-current liabilities
Operating lease liabilities
Changes in operating assets and liabilities
Adjustments to reconcile net income to net cash provided by operating activities
Net cash provided by operating activities
Purchases of investments
Sales of investments
Maturities of investments
Purchases of property and equipment
Capitalized software development costs
Business acquisition
Net cash used in investing activities
Repurchases of Class A common stock
Proceeds from line of credit
Repayment on line of credit
Payment of debt financing costs
Proceeds from exercise of stock options
Proceeds from employee stock purchase plan
Taxes paid related to net settlement of restricted stock awards
Net cash provided by (used in) financing activities
Increase (decrease) in cash and cash equivalents
Cash and cash equivalents, beginning of year
Cash and cash equivalents, end of year

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 reflects various notable trends and changes over the five-year period ending in 2024.

Profitability and Income
Net income exhibits a fluctuating pattern, initially declining sharply from 242,317 thousand USD in 2020 to 53,385 thousand USD in 2022, followed by a recovery to 393,076 thousand USD by 2024. This resurgence suggests significant improvement in operating performance or other income sources in the latter years.
Non-Cash Expenses
Depreciation and amortization steadily increased from 28,632 thousand USD in 2020 to 87,490 thousand USD in 2024, reflecting ongoing capital investment or intangible asset amortization. Stock-based compensation showed substantial growth, peaking at nearly 495,000 thousand USD in 2024, which indicates increased compensation expense largely through equity, potentially impacting earnings quality. Deferred income taxes moved from negative values, widening to -76,903 thousand USD by 2024, indicating increasing deferred tax liabilities or adjustments.
Working Capital and Operating Assets/Liabilities
Accounts receivable fluctuated with notable negative values, indicating reductions or write-offs, and a sizable decrease in 2023. Accounts payable also varied considerably, with a peak of 481,313 thousand USD in 2020 and decreases thereafter. Changes in operating assets and liabilities were negative in most years after 2020, reaching a substantial outflow of -209,281 thousand USD in 2024, suggesting increased cash being tied up in working capital.
Cash Flows from Operating Activities
Operating cash flow remained strong throughout the period, increasing from 405,069 thousand USD in 2020 to 739,456 thousand USD in 2024. This consistent positive cash generation signals robust operational efficiency despite fluctuations in net income.
Investing Activities
Purchases of investments steadily increased, reaching nearly 680,000 thousand USD in 2024, indicating aggressive investment or asset acquisition strategies. Concurrently, maturities of investments rose significantly to 629,088 thousand USD in 2024, showing a high turnover or redemption of investment holdings. Capital expenditures (property and equipment) were variable but remained a significant cash outflow. Overall, net cash used in investing activities was positive only in 2021, with substantial negative outflows in other years, particularly 2022.
Financing Activities
Financing cash flows evolved from positive to strongly negative over the period, with major outflows in 2023 due to large repurchases of Class A common stock (646,597 thousand USD) and further share repurchases in 2024 (234,784 thousand USD). Proceeds from exercise of stock options and employee stock purchase plans grew, reflecting ongoing equity financing engagement. Taxes paid on net settlement of restricted stock awards increased dramatically, reaching -139,095 thousand USD in 2024. The company executed line of credit borrowings and repayments in 2020 but not in later years.
Liquidity and Cash Position
Cash and cash equivalents exhibited significant growth from 130,876 thousand USD at the start of 2020 to 1,369,463 thousand USD by the end of 2024, despite a dip in 2023. The increase in cash reserves reflects strong operating cash flows and careful cash management even amid large investing and financing outflows.

Overall, the data indicates a dynamic financial profile characterized by fluctuating profitability but strong operational cash flow generation, heavy investment activities, substantial equity compensation expenses, and aggressive share repurchases beginning in 2023. The company has maintained robust liquidity through the period, supporting its strategic financial management decisions.