Cash Flow Statement
Quarterly Data

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.

Trade Desk Inc., consolidated cash flow statement (quarterly data)

US$ in thousands

3 months ended:	Sep 30, 2025	Jun 30, 2025	Mar 31, 2025	Dec 31, 2024	Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020	Jun 30, 2020	Mar 31, 2020
Net income (loss)	115,547)	90,129)	50,678)	182,229)	94,158)	85,029)	31,660)	97,323)	39,352)	32,939)	9,326)	71,187)	15,869)	(19,073)	(14,598)	8,039)	59,384)	47,697)	22,642)	151,902)	41,247)	25,111)	24,057)
Depreciation and amortization	33,135)	26,704)	23,985)	24,112)	20,754)	20,882)	21,742)	20,529)	20,530)	20,066)	19,293)	16,844)	12,957)	12,274)	12,350)	12,250)	8,952)	11,006)	10,011)	7,855)	7,517)	6,783)	6,477)
Stock-based compensation	121,316)	128,885)	128,253)	129,229)	128,510)	126,340)	110,620)	121,435)	139,633)	117,083)	113,470)	127,531)	121,003)	125,213)	124,895)	205,403)	34,459)	45,197)	52,354)	38,024)	26,852)	23,934)	22,965)
Deferred income taxes	118,163)	—)	—)	(76,903)	—)	—)	—)	(61,597)	—)	—)	—)	(12,111)	(951)	6,859)	(5,304)	(21,821)	—)	5,044)	—)	(10,240)	(9,281)	(11,697)	—)
Noncash lease expense	16,981)	17,291)	16,962)	15,881)	15,062)	13,709)	12,751)	12,283)	12,347)	12,408)	11,917)	11,561)	11,211)	10,828)	10,515)	10,401)	10,361)	10,102)	9,451)	9,217)	8,227)	8,423)	7,402)
Provision for expected credit losses on accounts receivable	321)	685)	492)	16)	704)	93)	40)	1,149)	1,493)	2)	316)	242)	883)	1,353)	725)	936)	281)	36)	203)	427)	338)	1,074)	1,310)
Other	58)	(2,023)	(11,876)	4,020)	(7,784)	(5,242)	1,125)	(12,067)	111)	(7,113)	(1,310)	(3,072)	(2,936)	5,632)	998)	(927)	(2,335)	4,160)	4,905)	948)	3,614)	(5,856)	3,484)
Accounts receivable	(229,086)	(202,303)	282,336)	(348,516)	(76,390)	(287,468)	238,147)	(423,362)	(95,282)	(293,533)	258,165)	(316,652)	(87,440)	(147,138)	259,483)	(395,705)	(98,439)	(159,045)	208,847)	(439,117)	(272,514)	83,025)	210,552)
Prepaid expenses and other current and non-current assets	(73,293)	(38,299)	20,018)	29,707)	(16,426)	(55,395)	3,331)	(15,445)	(7,711)	1,822)	(5,481)	7,742)	13,895)	5,275)	23,743)	(18,979)	27,439)	9,368)	(16,180)	(42,736)	7,449)	(15,577)	(15,791)
Accounts payable	140,220)	214,827)	(234,666)	211,744)	100,422)	206,949)	(220,196)	349,802)	74,666)	251,696)	(200,701)	255,877)	61,095)	116,084)	(245,937)	353,515)	89,405)	67,068)	(200,578)	433,585)	262,124)	(8,429)	(205,967)
Accrued expenses and other current and non-current liabilities	(2,717)	(53,186)	29,105)	37,718)	18,835)	(9,885)	(104)	17,242)	18,040)	4,708)	(4,309)	26,946)	3,412)	(13,502)	(8,688)	22,386)	8,062)	(17,161)	(5,691)	24,440)	18,541)	(8,427)	892)
Operating lease liabilities	(15,959)	(17,697)	(13,854)	(9,836)	(4,521)	(13,753)	(13,644)	(16,172)	(11,639)	(11,989)	(13,113)	(12,615)	(11,702)	(12,039)	(11,990)	(12,104)	(7,891)	(13,101)	(10,894)	(6,707)	(5,653)	(2,062)	(2,673)
Changes in operating assets and liabilities	(180,835)	(96,658)	82,939)	(79,183)	21,920)	(159,552)	7,534)	(87,935)	(21,926)	(47,296)	34,561)	(38,702)	(20,740)	(51,320)	16,611)	(50,887)	18,576)	(112,871)	(24,496)	(30,535)	9,947)	48,530)	(12,987)
Adjustments to reconcile net income (loss) to net cash provided by operating activities	109,139)	74,884)	240,755)	17,172)	179,166)	(3,770)	153,812)	(6,203)	152,188)	95,150)	178,247)	102,293)	121,427)	110,839)	160,790)	155,355)	70,294)	(37,326)	52,428)	15,696)	47,214)	71,191)	28,651)
Net cash provided by operating activities	224,686)	165,013)	291,433)	199,401)	273,324)	81,259)	185,472)	91,120)	191,540)	128,089)	187,573)	173,480)	137,296)	91,766)	146,192)	163,394)	129,678)	10,371)	75,070)	167,598)	88,461)	96,302)	52,708)
Purchases of investments	(248,376)	(346,254)	(231,580)	(192,943)	(168,627)	(158,238)	(159,731)	(160,128)	(131,944)	(171,586)	(144,721)	(174,089)	(145,329)	(112,656)	(121,221)	(44,960)	(69,396)	(74,677)	(89,354)	(103,642)	(37,428)	(53,984)	(35,705)
Sales of investments	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	1,977)	—)	—)	—)	—)	4,539)	—)	—)	—)	—)
Maturities of investments	251,293)	181,006)	165,114)	154,066)	160,424)	166,804)	147,794)	130,406)	150,999)	147,670)	126,731)	86,130)	98,607)	89,959)	64,133)	61,367)	75,308)	54,099)	62,670)	39,287)	43,132)	46,003)	39,180)
Purchases of property and equipment	(66,336)	(45,239)	(59,113)	(20,190)	(48,709)	(22,115)	(7,224)	(25,196)	(5,038)	(7,400)	(9,156)	(47,766)	(23,853)	(4,140)	(8,401)	(10,884)	(25,421)	(5,379)	(13,120)	(16,340)	(20,001)	(19,410)	(18,310)
Capitalized software development costs	(3,354)	(3,079)	(2,660)	(2,116)	(2,284)	(2,466)	(1,958)	(2,133)	(2,682)	(1,948)	(1,467)	(2,892)	(1,607)	(1,612)	(1,614)	(1,485)	(1,009)	(1,613)	(1,062)	(1,807)	(1,929)	(1,352)	(965)
Business acquisition	—)	—)	(4,350)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(13,261)	—)	—)	—)	—)	—)	—)
Net cash used in investing activities	(66,773)	(213,566)	(132,589)	(61,183)	(59,196)	(16,015)	(21,119)	(57,051)	11,335)	(33,264)	(28,613)	(138,617)	(72,182)	(26,472)	(67,103)	4,038)	(33,779)	(27,570)	(36,327)	(82,502)	(16,226)	(28,743)	(15,800)
Repurchases of Class A common stock	(310,447)	(260,843)	(386,250)	(57,356)	(52,148)	—)	(125,280)	(219,913)	(90,190)	(44,960)	(291,534)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Proceeds from line of credit	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	143,000)
Repayment on line of credit	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(72,000)	(70,000)	(1,000)	—)
Payment of debt financing costs	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	(72)	(1,852)	—)	—)	—)	—)	—)
Proceeds from exercise of stock options	6,202)	6,145)	7,940)	88,591)	89,526)	27,360)	10,804)	15,162)	17,591)	17,407)	10,365)	4,813)	10,917)	7,387)	24,408)	21,917)	13,220)	13,718)	12,621)	22,204)	12,247)	22,375)	19,320)
Proceeds from employee stock purchase plan	(4)	32,450)	—)	19,867)	—)	30,122)	—)	17,166)	—)	21,316)	—)	7,515)	—)	25,547)	—)	6,471)	—)	22,758)	—)	6,636)	—)	15,035)	—)
Taxes paid related to net settlement of restricted stock awards	(22,678)	(25,596)	(31,452)	(41,332)	(39,394)	(31,563)	(26,806)	(23,119)	(24,343)	(15,459)	(15,595)	(11,341)	(14,058)	(9,768)	(13,428)	(18,582)	(9,038)	(12,155)	(17,080)	(38,954)	(6,455)	(2,836)	(4,893)
Proceeds from short-term borrowings	(74,239)	74,239)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)	—)
Net cash provided by (used in) financing activities	(401,166)	(173,605)	(409,762)	9,770)	(2,016)	25,919)	(141,282)	(210,704)	(96,942)	(21,696)	(296,764)	987)	(3,141)	23,166)	10,980)	9,806)	4,110)	22,469)	(4,459)	(82,114)	(64,208)	33,574)	157,427)
Increase (decrease) in cash and cash equivalents	(243,253)	(222,158)	(250,918)	147,988)	212,112)	91,163)	23,071)	(176,635)	105,933)	73,129)	(137,804)	35,850)	61,973)	88,460)	90,069)	177,238)	100,009)	5,270)	34,284)	2,982)	8,027)	101,133)	194,335)

Net income (loss): The net income displays marked volatility across the periods analyzed. It started with moderate positive figures in 2020, peaked significantly at the end of 2020, then dropped sharply behind negative territory in early 2022. Subsequent quarters show a recovery trend with large positive spikes from late 2023 onwards, achieving peak values towards early 2025. This fluctuation suggests variability in operational performance or non-recurring items impacting profitability.
Depreciation and amortization: Depreciation and amortization expenses steadily increased over the periods, indicating growing capital investments or amortizable intangibles. The upward trend is consistent and suggests ongoing asset additions or changes in asset base composition.
Stock-based compensation: Stock-based compensation exhibits a general upward trend with particularly high values reported during 2021, reaching extreme peaks in Q4 2021. Post-2021, it stabilizes at a high level, reflecting a significant and sustained expense likely related to employee incentives or equity compensation plans.
Deferred income taxes: The data for deferred income taxes is sporadic and irregular, with negative and positive swings, including large one-time changes. This irregularity suggests tax asset or liability revaluations, write-offs, or tax strategy adjustments throughout the periods.
Noncash lease expense: Noncash lease expense shows a gradual and consistent increase over time, indicating higher lease liabilities or adjustments under lease accounting standards.
Provision for expected credit losses on accounts receivable: This provision fluctuates without a clear trend, though large spikes occur in some quarters, indicating periodic reassessment of credit risk and potential increases in expected uncollectible accounts.
Other: The 'Other' category varies widely from negative to positive amounts with no discernible pattern, suggesting misc or non-recurring items that impact quarterly results sporadically.
Accounts receivable: Accounts receivable shows high volatility with large positive and negative swings, reflecting significant changes in sales, collections, or write-offs. The negative values in some quarters suggest adjustments, returns, or significant decreases in receivables outstanding.
Prepaid expenses and other assets: The balance of prepaid expenses and other current/non-current assets fluctuates widely, alternating between positive and negative values, implying irregular timing of payments or asset reclassifications.
Accounts payable: Accounts payable similarly swings between large positive and negative values, indicating substantial variations in payment timing to suppliers or accrual reversals.
Accrued expenses and other liabilities: This category shows significant quarter-to-quarter variability, likely reflecting expense timing differences or periodic accrual adjustments.
Operating lease liabilities: Operating lease liabilities vary substantially, with no clear direction, possibly due to lease modifications, renewals, or changes in lease accounting judgments.
Changes in operating assets and liabilities: The changes in operating assets and liabilities line is characterized by large swings between positive and negative values, highlighting significant fluctuations in working capital management across quarters.
Adjustments to reconcile net income to net cash from operations: These adjustments fluctuate but generally maintain a positive balance, supporting operating cash flows despite net income variability.
Net cash provided by operating activities: Operating cash flow shows considerable fluctuations but remains predominantly positive, indicating that core operations generate cash consistently even during periods of net income losses. Strong operating cash flow peaks are visible in late 2024 and early 2025.
Purchases and sales of investments: Purchases of investments are consistently large and mostly outpace sales, indicating an aggressive investment policy. Sales of investments are infrequent and small by comparison, while maturities of investments trend upward over time, implying a maturing portfolio with re-investment needs.
Purchases of property and equipment: Capital expenditures display substantial variation, with periodic spikes indicating cycles of heavy investment followed by lulls, suggesting planned asset growth or upgrades unevenly spread.
Capitalized software development costs: Capitalized software development costs remain relatively steady with a slight increasing tendency, reflecting ongoing investment in internal software assets.
Business acquisition: Business acquisitions occurred in isolated periods with significant cash outflows, indicating strategic expansion efforts at specific times.
Net cash used in investing activities: Investing activities consistently consume cash, with large negative amounts driven mainly by investment purchases and property acquisitions. Occasional positive values indicate proceeds from disposals or maturities but are insufficient to offset outflows over the long term.
Repurchases of stock: Stock repurchases are material and concentrated mainly from 2022 onwards, showing a strategy of returning capital to shareholders or managing share count aggressively during these periods.
Debt activities: Proceeds from and repayments on lines of credit are sporadic, with significant early activity tapering off later. Debt financing costs are minor but noted in some periods.
Proceeds from employee-related stock plans: Proceeds from stock options exercise and employee stock purchase plans are consistent, contributing a steady source of financing.
Taxes paid related to net settlement of restricted stock awards: Significant and growing periodic cash outflows reflect tax payments relating to equity compensation, indicating substantial stock-based remuneration settlements.
Proceeds from short-term borrowings: Short-term borrowings occur scarcely with one instance of equal and offsetting repayment shortly thereafter.
Net cash provided by (used in) financing activities: Financing cash flows vary widely, with large inflows notably early on, turning to substantial outflows from mid-2022, driven largely by stock repurchases and repayments, indicating active capital structure management over time.
Increase (decrease) in cash and cash equivalents: Cash changes reflect the combined effects of operating, investing, and financing activities showing large positive cash inflows early followed by intermittent declines, particularly in recent periods, consistent with the spending patterns outlined above.

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Trade Desk Inc. (NASDAQ:TTD)

Cash Flow Statement Quarterly Data

Cash Flow Statement
Quarterly Data