The Trade Desk, Inc.

NasdaqGM-TTD

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Operating Activities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Net Income	115.5	90.1	50.7	182.2	94.2	85
Net Income
Net Income (Loss)
Depreciation & Amortization	33.1	26.7	24	24.1	20.8	20.9
Depreciation and Amortization
Share-Based Compensation Expense	121.3	128.9	128.3	129.2	128.5	126.3
Stock-Based Compensation
Other Adjustments	135.5	16	5.6	-57	-30.5	8.6
Amortization of Debt Issuance Costs and Income on Extinguishment
Change in Fair Value of Preferred Stock Warrant Liabilities
Unrealized Foreign Currency Gain
Deferred Income Taxes
Noncash Lease Expense
Provision for Expected Credit Losses on Accounts Receivable
Other
Changes in Trade Receivables	-229.1	-202.3	282.3	-348.5	-76.4	-287.5
Accounts Receivable
Accounts Receivable
Changes in Accounts Payable	140.2	214.8	-234.7	211.7	100.4	206.9
Accounts Payable
Accounts Payable
Changes in Accrued Expenses	-18.7	-70.9	15.3	27.9	14.3	-23.6
Accrued Expenses and Other Current Liabilities
Accrued Expenses and Other Current and Non-Current Liabilities
Other Liabilities, Non-Current
Operating Lease Liabilities
Changes in Other Operating Activities	-73.3	-38.3	20	29.7	-16.4	-55.4
Prepaid Expenses and Other Current Assets
Other Assets-Non Current
Other Assets, Non-Current
Prepaid Expenses and Other Current and Non-Current Assets
Cash from Operating Activities	224.7	165	291.4	199.4	273.3	81.3
Net Cash Provided by Operating Activities

Investing Activities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Capital Expenditure	-66.3	-45.2	-59.1	-20.2	-48.7	-22.1
Purchases of Property and Equipment
Purchases of Intangible Assets	-3.4	-3.1	-2.7	-2.1	-2.3	-2.5
Capitalized Software Development Costs
Purchases of Investments	-248.4	-346.3	-231.6	-192.9	-168.6	-158.2
Purchases of Investments
Proceeds from Sale of Investments	251.3	181	165.1	154.1	160.4	166.8
Sales of Investments
Maturities of Investments
Payments for Business Acquisitions	—	-2.2	-4.4	—	—	—
Business Acquisition
Cash from Investing Activities	-66.8	-213.6	-132.6	-61.2	-59.2	-16
Net Cash Provided by Investing Activities

Financing Activities	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Issuance of Short-Term Debt	-74.2	74.2	—	—	—	—
Proceeds from Line of Credit
Proceeds from Short-Term Borrowings
Repayments of Short-Term Debt	—	—	—	—	—	—
Repayment on Line of Credit
Net Issuance / (Repayments) of Short-Term Debt	-74.2	74.2	—	—	—	—
Issuance of Long-Term Debt	—	—	—	—	—	—
Proceeds from Term Debt
Repayments of Long-Term Debt	—	—	—	—	—	—
Repayment of Term Debt
Net Issuance / (Repayments) of Long-Term Debt	—	—	—	—	—	—
Issuance of Common Shares	6.2	38.6	7.9	108.5	99.5	57.5
Proceeds from the Issuance of Class a Common Stock in Initial Public Offering, Net of Underwriting Commissions
Proceeds from Exercise of Stock Options
Proceeds from Employee Stock Purchase Plan
Repurchases of Common Shares	-333.1	-286.4	-417.7	-98.7	-91.5	-94.2
Repurchases of Class a Common Stock
Taxes Paid Relating to Net Settlement of Restricted Stock Awards
Net Issuance / (Repurchases) of Common Shares	-326.9	-247.8	-409.8	9.8	7.9	-36.7
Issuance of Preferred Shares	—	—	—	—	—	—
Proceeds from Issuance of Series C Convertible Preferred Stock
Net Issuance / (Repurchases) of Preferred Shares	—	—	—	—	—	—
Other Financing Activities	—	—	—	—	—	—
Payment of Stock Repurchase Costs
Payment of Series C Convertible Preferred Stock Offering Costs
Payment of Offering Costs-Initial Public Offering
Payment of Debt Financing Costs
Payment of Financing Obligations
Cash from Financing Activities	-401.2	-173.6	-409.8	9.8	-2	25.9
Net Cash Provided by Financing Activities

Free Cash Flow	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24
Free Cash Flow	158.4	119.8	232.3	179.2	224.6	59.1
NOPAT	103.8	79	36.4	160.6	80.3	71.6
Levered Free Cash Flow	56.4	251.5	-183.8	455.5	164.5	211.7
Unlevered Free Cash Flow	118.8	166.1	-198.1	433.9	150.7	198.3
Net Change in Cash	-243.3	-222.2	-250.9	148	212.1	91.2