TTD beat expectations for the quarter and guided to a better-than-expected 4Q result, initially sending shares up ~11% after hours before they reversed to settle down ~3% in late trade.
- Revenue: $739m, +18% y/y (beat est. $720m)
- Adj. EPS: $0.45 (vs $0.44 est)
- Adj. EBITDA: $317m (vs $279m est) – margin strength was good
- 4Q Guide: Revenue “at least” $840m (est. $831m), Adj. EBITDA ~$375m (est. $365m)
Capex discipline also stood out to us, with operating expenses up only 11%, well ahead of expectations, plus, the board added another $500m to the share buyback.
Around the grounds….
- Citi (Neutral, $50 PT): “Beat & raise — but too small.” Concerned about decelerating growth into 2025.
- RBC (Outperform, $90 PT): Highlights strong profitability and “better-than-expected” guide after sentiment had been clouded by Amazon competition.
- Evercore (Outperform, $80 PT): Solid print, modest raise — nothing broken, but nothing spectacular.
- Bloomberg Intelligence: The outlook should quiet the Amazon-share-loss narrative for now — but re-acceleration to 20%+ growth is likely required to spark a proper rerate.
MM remains patiently long TTD US
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