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.
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- 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 cash flow statement (quarterly data)
US$ in thousands
Based on: 10-Q (reporting date: 2025-06-30), 10-Q (reporting date: 2025-03-31), 10-K (reporting date: 2024-12-31), 10-Q (reporting date: 2024-09-30), 10-Q (reporting date: 2024-06-30), 10-Q (reporting date: 2024-03-31), 10-K (reporting date: 2023-12-31), 10-Q (reporting date: 2023-09-30), 10-Q (reporting date: 2023-06-30), 10-Q (reporting date: 2023-03-31), 10-K (reporting date: 2022-12-31), 10-Q (reporting date: 2022-09-30), 10-Q (reporting date: 2022-06-30), 10-Q (reporting date: 2022-03-31), 10-K (reporting date: 2021-12-31), 10-Q (reporting date: 2021-09-30), 10-Q (reporting date: 2021-06-30), 10-Q (reporting date: 2021-03-31), 10-K (reporting date: 2020-12-31), 10-Q (reporting date: 2020-09-30), 10-Q (reporting date: 2020-06-30), 10-Q (reporting date: 2020-03-31).
- Net income (loss)
- Net income showed significant fluctuations over the periods. It peaked strongly in December 2020 and December 2021, indicating periods of substantial profitability, followed by notable losses in early 2022. There was a recovery trend from mid-2022 onwards, with net income increasing markedly through 2023 and into early 2025, suggesting improved operational performance or favorable market conditions in the latest periods.
- Depreciation and amortization
- Depreciation and amortization expenses generally increased steadily over time, rising from approximately 6,477 thousand USD in early 2020 to over 26,000 thousand USD by mid-2025. This trend indicates increasing capital investments or acquisitions of long-term assets, leading to higher non-cash expenses related to asset usage.
- Stock-based compensation
- Stock-based compensation expenses were highly volatile, with a remarkable spike in December 2021, exceeding 205,000 thousand USD, far above other periods. Although values moderated afterward, the expenses remained significantly elevated compared to early 2020 levels, indicating considerable share-based incentive programs impacting reported expenses.
- Noncash lease expense
- Noncash lease expenses showed a gradual and consistent increase across the periods, rising from around 7,400 thousand USD in early 2020 to over 17,000 thousand USD by mid-2025, reflecting adjustments or expansions in leased assets or contractual obligations.
- Provision for expected credit losses on accounts receivable
- This provision fluctuated with no clear trend, displaying spikes at certain quarters such as mid to late 2022 and mixed values thereafter. The variability suggests episodic credit risk events affecting receivables, requiring ongoing management attention.
- Deferred income taxes
- Deferred income taxes exhibited significant volatility, with values swinging between notable negative and positive amounts, including substantial negative spikes in December 2021 and March 2024. These movements could be related to changes in tax positions, timing differences, or adjustments in valuation allowances.
- Other items
- The "Other" category showed irregular and fluctuating values, alternating between positive and negative amounts, indicating miscellaneous items or nonrecurring events influencing financial results without a discernible trend.
- Accounts receivable
- Accounts receivable showed large swings between positive and negative figures across quarters, suggesting significant timing differences or adjustments that complicate the assessment of true receivables trends. Overall, the lack of consistency points to volatility in billing, collections, or accounting treatments.
- Prepaid expenses and other current/non-current assets
- This category demonstrated high volatility without a definitive pattern, alternating between negative and positive values, indicating fluctuating prepaid items and asset adjustments possibly linked to operational activities or capital expenditures.
- Accounts payable
- Accounts payable similarly exhibited wide fluctuations, alternating between significant negative and positive values, which may reflect variability in payment timing, vendor arrangements, or operational cycles.
- Accrued expenses and other current/non-current liabilities
- Accrued expenses and other liabilities followed variable patterns with periods of positive and negative values, suggestive of shifting obligations or adjustments in accrual accounting practices.
- Operating lease liabilities
- Operating lease liabilities remained sizeable negative amounts throughout, with some fluctuations but no clear directional trend, reflecting consistent lease commitments.
- Changes in operating assets and liabilities
- This component displayed pronounced variability, with large positive and negative swings quarter by quarter, indicating fluctuating cash impacts from working capital changes that affect operating cash flow unpredictably.
- Adjustments to reconcile net income to net cash from operating activities
- Adjustments generally remained positive, peaking early and late in the period under review, indicating sizable non-cash expenses or other reconciling entries contributing to operating cash flow.
- Net cash provided by operating activities
- Operating cash flow was largely positive and showed a growth trend over the analysis period, despite some fluctuations. Notably strong cash generation occurred in late 2020, parts of 2021, and from mid-2023 forward, suggesting improving operational efficiency or collection effectiveness.
- Purchases of investments
- Investment purchases consistently represented significant cash outflows, increasing in magnitude over time, especially from late 2023 to mid-2025. This pattern indicates ongoing strategic asset acquisitions or financial investments with substantial capital deployment.
- Sales and maturities of investments
- Sales of investments were sporadic and limited, while maturities of investments displayed somewhat steady sizeable cash inflows, supporting liquidity. Maturities increased gradually, indicating a growing portfolio of maturing assets contributing to cash inflows periodically.
- Purchases of property and equipment
- Capital expenditures on property and equipment fluctuated, with some quarters showing spikes in spending, notably in late 2022 and parts of 2024. This suggests periods of intensified investment in fixed assets, possibly for capacity expansion or technological upgrades.
- Capitalized software development costs
- Capitalized software development costs were relatively stable, with moderate quarterly expenditures reflecting sustained investment in internal technology development.
- Business acquisition
- Business acquisition outflows appeared infrequently but with large one-time expenses noted in 2021 and 2025, highlighting periods of strategic acquisitions impacting investing cash flows.
- Net cash used in investing activities
- Investing cash flows were predominantly negative due to significant purchases of investments and capital expenditures, with occasional positive spikes tied to sales or maturities. The negative trend suggested ongoing asset growth and investment initiatives throughout the period.
- Repurchases of Class A common stock
- Stock repurchases initiated in late 2022 showed increasing usage of cash resources for buybacks, with large amounts expended in late 2023 and 2024, indicating active capital return policies and reduction in outstanding shares.
- Financing activities
- Financing cash flows showed considerable variability, including line of credit drawdowns and repayments early on and large-scale share repurchases in later periods. Proceeds from stock options and employee purchase plans provided positive inflows intermittently. Overall, financing activities reflect dynamic capital structure management with periods of both sourced and returned capital.
- Increase (decrease) in cash and cash equivalents
- The cash position experienced substantial changes, with major increases in early 2020 and late 2021, offset by sharp decreases during certain periods in 2023 and 2025. Despite these fluctuations, the company maintained positive cash flow generation from operations, with investing and financing outflows contributing to periodic cash declines.