The Trade Desk, Inc. (TTD) Q2 2023 Earnings Call Transcript

For the period ending June 30, 2023

August 9, 2023 5:00 p.m. ET

Prepared Remarks

Questions and Answers

Call Participants

Prepared Remarks:

Operator

Greetings. Welcome to The Trade Desk Second Quarter 2023 Earnings Conference Call. [Operator Instructions] Please note, this conference is being recorded.

I will now turn the conference over to your host, Chris Toth . Please proceed.

Chris Toth. Please proceed.

Chris Toth

Thank you, operator. Hello, and good afternoon to everyone. Welcome to The Trade Desk second quarter 2023 earnings conference call. On the call today are Founder and CEO, Jeff Green; and Chief Financial Officer, Laura Schenkein. A copy of our earnings press release can be found on our website at thetradedesk.com in the Investor Relations section.

Before we begin, I would like to remind you that except for historical information, some of the discussion and our responses in Q&A may contain forward-looking statements, which are dependent upon certain risks and uncertainties. These forward-looking statements represent our beliefs and assumptions only as of the date such statements are made. Actual results may vary significantly, and we expressly assume no obligations to update any of our forward-looking statements. Should any of our beliefs or assumptions prove to be incorrect, actual financial results could differ materially from our projections or those implied by these forward-looking statements. I encourage you to refer to the risk factors referenced in our press release and included in our most recent SEC filings.

In addition to reporting our GAAP financial results, we present supplemental non-GAAP financial data. A reconciliation of the GAAP to non-GAAP measures can be found in our earnings press release. We believe that providing non-GAAP measures, combined with our GAAP results, provide a more meaningful representation of the company’s operational performance.

With that, I will now turn the call over to Founder and CEO, Jeff Green. Jeff?

Jeff Green.

Thanks, Chris, and thank you all for joining us today. As you’ve seen from our press release, we posted very strong growth in the second quarter. We reported revenue of $464 million growing 23% compared with last year. This also represents an acceleration in our growth rate compared with the first quarter. And just like the last few quarters, we continue to significantly outperform the digital advertising industry.

What’s particularly notable about our performance is that most advertisers are still dealing with some degree of uncertainty in their business. Even though certain macro indicators are improving, there’s still a sense from many advertisers that we are in an unpredictable environment. For them, it’s hard to dismiss what we’ve been through over the last 2 to 3 years with the global pandemic, rampant inflation, supply chain crises and banking system uncertainty, and of course, global rebalancing.