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No. of Recommendations: 4

TTD was a huge winner for me, despite selling too soon (pre Covid).

I dont quite get the valuation. I happened to be reading the CC transcript just now.

The Trade Desk, Inc. (TTD) CEO Jeff Green on Q4 2020 Results - Earnings Call Transcript

"Q4 revenue was $320 million, a 48% increase from a year ago. For full year 2020, revenue was $836 million, a 26% increase from a year ago"

"Obviously, we benefited from the surge in political advertising last year, which represented a high single digit contribution to our growth in the fourth quarter. "

"North America represented 88% of spend and international represented 12% of spend."

"Operating expenses were $213 million in Q4, up 31% year-over-year. I would like to remind you that due to the virtual environment, our operating expense growth continues to benefit from lower than normal employee support costs, including travel and corporate events, which are running significantly lower than the prior year. "


I havent read a Jeff Green CC in a while. Outside of covud mentions, this feels like 2018, 2019, or early 2020.

They are still executing, but the growth doesnt seem to justify 3 straight years of over 100%+ share prive appreciation.

The biggest election of all time gave them a 8-9% boost in q4 it sounds like. Growth under 30% for the year??

OpEx outpaced griwth despite covid cost savings Jeff mentioned.

CTV still equals avod and amazon disney hbomax and netflix are all the biggest streamers and are svod. No ads.

I feel like Intl used to be 15% of the business, so it hasnt grown larger yet? Almost no mention of China in CC.

How much risk is tied to uid2.0 succeeding?

Again...happy for your success. I just dont get why this is over $300.

Maybe it is simply it became hip/trendy due to covid and public awareness of them grew.

The walmart thing is interesting. But amazon publishing was a huge announcement in july 2019 that has since kind of fizzled.

Always have a fond view of TTD though!!

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