付費限定文章

【財報分析】盤後跌28%！簡評The Trade Desk(TTD)最新的2023Q3業績

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• 關於我對The Trade Desk(TTD)的基本看法，可在索引檔案找到。

The Trade Desk(TTD)發布最新的2023Q3財報後暴跌28%，滿誇張的，但財報看來看去並不差。

營收年增25%，較2023Q1、Q2進一步加速。

毛利率81%，維持在高位。

營業利益年增31%，營業利潤率7.6%，都較去年Q3改善。

Adjusted EBITDA margin 40%，比2023Q1、Q2改善。

Non-GAAP Diluted EPS 0.33，年增27%。

客戶保留繼續超過95%，表現穩定。

營業現金流流入191.5M，是今年最強勁的一季。

營業現金流利潤率39%，比去年Q3高（35%）。

帳上現金（Cash and cash equivalents + Short-term investments）繼續創高。

長線基本面沒什麼特別大的變化。TTD的表現繼續跑贏廣告同業，據估計，今年美國廣告業整體成長5%，數位廣告預計成長10%，TTD持續獲得更高的市佔率。

From a global view, our industry is nearing the $1 trillion TAM we predicted when we launched as a public company 7 years ago. Inflation, a global pandemic, the streaming wars, and retail media have all accelerated the expansion of that global TAM, but it's especially accelerated the speed of the pace setter, the U.S. market. Magna Global estimates that the overall U.S. advertising industry is growing at 5% this year, and digital spend or the digital ad market pie is expected to grow by 10%. Clearly, we are significantly outperforming the rest of the advertising market. This builds on our market share gains from last year when we grew 20%-plus each quarter, and our competitors were posting negative to low single-digit growth.

幾個長線故事也還在繼續當中，包括UID2.0、CTV、零售媒體，管理層預計這些在過去一兩年支撐他們業務跑贏同業的關鍵因素，在2024年也會持續下去。

Third, Connected TV continues to be the fastest-growing channel of our business and a key driver of overall omnichannel growth, and it's not just here in the U.S. CTV continues to grow rapidly, both in EMEA and across Asia. The industry is evolving fast as providers shift inventory into biddable marketplaces to maximize ad revenue and as advertisers look to bring more precision and addressability to their TV campaigns. Fourth, retail media has become one of the fastest-growing areas of our business and we expect this to continue in 2024. Retail media is revolutionizing the way many advertisers in the CPG space think about measurement and attribution, and our innovation is at the center of this. Fifth, global expansion. We have made significant investments outside the U.S. over the last several years in our go-to-market strategy in CTV and in retail media. We believe we are in a position to continue to accelerate our international growth in many of the markets we serve.

看起來，本季從財報釋放的訊號，其實和之前沒有太大差別，為何大跌？

。。。