The Trade Desk, Inc.

“We are a global leader in advertising technology. We empower ad buyers to create, manage and optimize digital advertising campaigns across ad formats, channels and devices.”

“Our client base consists primarily of advertising agencies and advertisers.”

“Our clients include some of the largest advertising agencies and advertisers in the world, and we believe there is significant room for us to expand further within these clients, including room to expand the aperture of customers we support across the mid-market.”

“We do not typically have exclusive relationships with our clients and there is limited cost and difficulty to moving their media spend to our competitors.”

“We enable the purchase of advertising inventory in a wide variety of ad formats and channels, including CTV and other video, display, audio, and native, on a multitude of devices, such televisions, streaming devices, mobile devices, computers and digital-out-of-home devices.”

“Historically, our clients have predominantly used our platform to purchase CTV and other video, mobile and display advertising inventory.”

“we launched our OpenPath offering in order to give clients a simplified, direct connection to publishers.”

“any increase in the value of the U.S. Dollar against these foreign currencies could cause our revenue to decline relative to our costs. Although we currently have a program to hedge exposure to foreign currency fluctuations, the use of hedging instruments may not be available for all currencies”

“A significant portion of our business relies upon hardware and services that are hosted, managed and controlled by third-party co-location providers for our data centers”

“Google is one of our largest advertising inventory suppliers in addition to being one of our competitors.”

“We depend on various technology, software, products and services from third parties or available as open source, including data centers and API technology, payment processing, payroll and other technology and professional services”

“our success in recruiting, hiring, training, integrating and retaining sufficient numbers of sales personnel to support our growth in the United States and internationally.”

“Capital expenditures to support our hosting capabilities are also subject to rising prices for data center components, the timing, extent and duration of which cannot be predicted.”

“Our platform delivers valuable insights and results to clients without the conflict of interest and lack of objectivity that come with also selling owned advertising inventory.”

“We believe that growth of the programmatic advertising market is important for our ability to grow our business.”

“We believe the markets outside of the United States, and in particular across Europe and Asia in markets such as the U.K., Germany, France, China, Japan, India and Australia, offer opportunities for growth.”

“expand our platform’s reach in new and growing channels such as CTV, including expanding the supply of CTV inventory”

“In particular, the CTV market is quickly evolving and the demand for CTV inventory on our platform has been a significant driver of growth.”

“We believe that our key opportunities include (i) our ongoing global expansion, (ii) continuing development of our omnichannel ad inventory (including in channels such as CTV and other video, mobile, audio and others)”

“we have expanded our CTV, audio and other advertising offerings through our integrations with supply-side partners and publishers.”

“Our cash flows from operating activities are primarily influenced by growth in our operations, increases or decreases in collections from our clients and related payments to our suppliers for Supplier Components.”

“due to high demand for hosting infrastructure components, their prices have become increasingly inelastic and the cost for such components has been rising.”

“improve our technology, including investing in internal technology development and acquiring outside technologies and investing in hosting infrastructure in an environment where a shortage of hosting capacity and hardware components is causing costs to increase”

“The Credit Facility consists of a $450 million revolving loan facility, with a $20 million sublimit for swingline borrowings and a $15 million sublimit for the issuance of letters of credit.”

“As of December 31, 2025, we did not have an outstanding debt balance under the Amended Credit Facility. Availability under the Amended Credit Facility was $445 million as of December 31, 2025, which is net of outstanding letters of credit of $5 million.”

“During the year ended December 31, 2025, we repurchased and subsequently retired 26.2 million shares of our Class A common stock for an aggregate repurchase amount of $1.4 billion.”

“We anticipate that our operating expenses will continue to increase in the foreseeable future as we invest in platform operations for our hosting capabilities as well as technology and development to enhance our platform and related offerings, including our continued focus on the development and incorporation of AI.”

“we are subject to Nevada’s statute on combinations with interested stockholders. These provisions may prohibit large stockholders, in particular those owning 10% or more of the voting power of our outstanding voting stock, from merging or combining with us for a period of time.”

“tax laws, including the impact of the One Big Beautiful Bill Act (“OBBBA”), tax expenses, tax payments”

“Privacy and data protection laws to which we and our clients, inventory partners, and third-party data providers are subject may cause us to incur additional or unexpected costs, subject us to litigation, investigations or enforcement actions for alleged compliance failures, result in less demand for our offerings, or cause us to change our platform, related offerings or business model”

“we are contractually required to pay advertising inventory and data suppliers within a negotiated period of time, regardless of whether our clients pay us on time, or at all.”

“Changes in interest rates, foreign currency exchange rates, trade policies and practices, inflation and other geopolitical developments have resulted, and may continue to result, in a global slowdown of economic activity”

“over time, our existing clients may spend less on our platform and the growth rate of revenue may change. Any such change could have a significant negative impact on revenue and operating results.”

“We are closely monitoring the effect that current macroeconomic factors may have on our working capital requirements.”

“Our sales cycle for our platform and related offerings, from initial contact to contract execution and implementation, can take significant time.”

“Our future success depends on the continuing efforts of our key employees, including Jeff T. Green”

“including from advertising agencies that do not pay us until they receive payment from their advertisers and from clients that dispute or do not pay their invoices.”

“If unauthorized access is obtained to user, client or inventory and third-party provider data, or our platform or related offerings are compromised, our services may be disrupted or perceived as insecure”

“While our platform includes several checks and balances, it is possible for human error to result in significant overspending.”

“We explore, on an ongoing basis, potential acquisitions of companies or technologies, strategic investments, or alliances to strengthen our business; however, we have limited experience in acquiring and integrating businesses, products and technologies.”

“Our platform system applications are complex, multi-faceted and include applications that are highly customized in order to serve and support our clients, advertising inventory and data suppliers, as well as support our financial reporting obligations.”

“While our board of directors authorized a share repurchase program that does not have an expiration date, the program does not obligate us to acquire any particular amount of Class A common stock and it may be terminated at any time.”