Analysis of Geographic Areas
Trade Desk Inc. operates in 2 regions: United States and International.
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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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Area Asset Turnover
Trade Desk Inc., asset turnover by geographic area
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| United States | |||||
| International |
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 annual geographic area asset turnover ratios demonstrate notable trends across the United States and International segments over the five-year period ending December 31, 2024.
- United States
- The asset turnover ratio in the United States shows a consistent upward trajectory from 13.66 in 2020 to a peak of 29.45 in 2023. This reflects a strong improvement in the efficiency with which the company utilizes its assets to generate revenue in this region. However, in 2024, the ratio slightly declines to 27.98, indicating a minor reduction in asset utilization efficiency compared to the previous year, though the level remains significantly higher than the figures observed in 2020 through 2022.
- International
- The International segment also exhibits growth in asset turnover ratios throughout the period. Starting at 5.62 in 2020, the ratio climbs steadily each year, reaching 15.15 in 2023. This indicates a positive trend in asset utilization efficiency internationally, albeit at lower absolute levels than the United States segment. In 2024, a slight decrease to 14.11 is observed, mirroring the pattern seen domestically and suggesting a modest slowdown or stabilization in growth efficiency.
Overall, both geographic areas reveal significant improvements in asset turnover across the five years, with rapid growth especially pronounced between 2020 and 2023. The slight reductions in 2024 for both segments may warrant monitoring to determine if they represent temporary fluctuations or the start of a trend. The markedly higher ratios in the United States suggest that asset utilization efficiency is consistently stronger there compared to international markets.
Area Asset Turnover: United States
Trade Desk Inc.; United States; area asset turnover calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||
| Gross Billings | |||||
| Property and equipment, net and operating lease assets | |||||
| Area Activity Ratio | |||||
| Area asset turnover1 | |||||
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).
1 2024 Calculation
Area asset turnover = Gross Billings ÷ Property and equipment, net and operating lease assets
= ÷ =
- Gross Billings
- Gross billings have exhibited a consistent upward trend over the analyzed period. Starting at approximately 3.61 billion USD in 2020, the figure increased to over 10.24 billion USD by 2024. This represents nearly a threefold growth over five years, indicating robust expansion in revenue-generating activities within the United States geographic segment.
- Property and Equipment, Net and Operating Lease Assets
- The net value of property and equipment, including operating lease assets, showed moderate growth with some fluctuations. Beginning at approximately 263.9 million USD in 2020, it increased to 366.2 million USD by 2024. There was a peak in 2022 at 316 million USD, a slight decline in 2023 to around 279 million USD, followed by a recovery in 2024. This pattern suggests strategic investments or disposals impacting asset levels during the period.
- Area Asset Turnover Ratio
- This ratio trended generally upwards from 13.66 in 2020 to a peak of 29.45 in 2023, before experiencing a slight decline to 27.98 in 2024. The increasing trend indicates improving efficiency in the utilization of property and equipment assets to generate gross billings. The peak in 2023 corresponds to the period when gross billings saw a substantial rise, despite the temporary dip in net property and equipment value.
Area Asset Turnover: International
Trade Desk Inc.; International; area asset turnover calculation
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| Selected Financial Data (US$ in thousands) | |||||
| Gross Billings | |||||
| Property and equipment, net and operating lease assets | |||||
| Area Activity Ratio | |||||
| Area asset turnover1 | |||||
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).
1 2024 Calculation
Area asset turnover = Gross Billings ÷ Property and equipment, net and operating lease assets
= ÷ =
- Gross Billings
- The gross billings have exhibited a consistent upward trend over the five-year period. Starting at approximately $562.6 million in 2020, the value increased to about $1.51 billion by the end of 2024. This growth indicates a significant expansion in the volume of business transacted in the international segment, with the most substantial annual increases observed between 2022 and 2024.
- Property and Equipment, Net and Operating Lease Assets
- The net value of property and equipment along with operating lease assets experienced a decline from 2020 to 2022, decreasing from $100.1 million to $78.2 million. After this trough, the value stabilized and began to rise, reaching $106.9 million by 2024, slightly surpassing its initial value in 2020. This pattern suggests a phase of asset reduction or depreciation followed by reinvestment or acquisition of new assets toward the latter part of the period.
- Area Asset Turnover
- The area asset turnover ratio demonstrated a notable increase throughout the timeframe, growing from 5.62 in 2020 to a peak of 15.15 in 2023 before a minor decline to 14.11 in 2024. This metric reflects enhanced efficiency in utilizing assets to generate billings in the international segment, implying improvements in operational productivity or asset management despite the slight dip in the final year.
Gross Billings
Trade Desk Inc., gross billings by geographic area
US$ in thousands
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| United States | |||||
| International | |||||
| Total |
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).
- United States Gross Billings
- The gross billings in the United States exhibit a consistent upward trend over the five-year period. Starting at approximately $3.61 billion in 2020, the amount increased each year, reaching approximately $10.24 billion by 2024. This represents nearly a threefold increase, indicating robust growth in this region.
- International Gross Billings
- International gross billings also show a positive growth trajectory, although the absolute values are smaller compared to the United States. Beginning at around $563 million in 2020, international billings rose steadily to approximately $1.51 billion in 2024. The growth trend is consistent, with notable increases each year.
- Total Gross Billings
- The total gross billings, combining both United States and international markets, reflect a strong and sustained increase from roughly $4.17 billion in 2020 to approximately $11.75 billion in 2024. This upward movement is driven primarily by the substantial growth in the United States, complemented by steady international expansion.
- Overall Analysis
- The data demonstrates continuous and significant growth across all regions over the observed period. The United States market remains the dominant contributor to total gross billings, with its share consistently increasing. Meanwhile, the international segment, while smaller, maintains steady progress, suggesting expansion opportunities outside the domestic market. The company’s gross billings have effectively more than doubled in the span of five years, reflecting strong business momentum and an expanding market presence.
Property and equipment, net and operating lease assets
Trade Desk Inc., property and equipment, net and operating lease assets by geographic area
US$ in thousands
| Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | |
|---|---|---|---|---|---|
| United States | |||||
| International | |||||
| Total |
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).
- United States Property and Equipment, Net
- The value of property and equipment in the United States exhibited a generally positive trend from 2020 to 2024. Starting at $263,891 thousand in 2020, the figure increased to $282,650 thousand in 2021 and further to $316,000 thousand in 2022. However, a decline to $278,998 thousand occurred in 2023, followed by a significant recovery and growth to $366,188 thousand in 2024. This pattern indicates some fluctuations but an overall upward trajectory, with a notable peak in the final year.
- International Property and Equipment, Net
- The international segment presented a contrasting trend. Beginning at $100,115 thousand in 2020, the value steadily decreased over the next two years to $87,297 thousand in 2021 and $78,155 thousand in 2022. A slight recovery was observed in 2023 with an increase to $80,156 thousand, followed by a more robust rise to $106,905 thousand in 2024. Despite initial declines, the international figures show improvement toward the end of the period analyzed, surpassing the starting value.
- Total Property and Equipment, Net
- The total property and equipment values, combining both geographic areas, follow a generally increasing trend, with some volatility. The total increased moderately from $364,006 thousand in 2020 to $369,947 thousand in 2021 and $394,155 thousand in 2022, indicating sustained investment. A decrease occurred in 2023 to $359,154 thousand, which appears to be largely influenced by the drop in the United States segment. In 2024, the total amount rose substantially to $473,093 thousand, reflecting strong growth overall, driven primarily by the significant increase in the United States and the recovery in international markets.