STORE Capital Corp
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Real Estate : Equity Real Estate Investment Trusts (REITs) | Mid Cap Blend
Company profile

STORE Capital Corporation is an internally managed net-lease real estate investment trust. The Company is engaged in the acquisition, investment and management of single tenant operational real estate (STORE) properties. As of December 31, 2016, the Company owned a portfolio that consisted of investments in 1,660 property locations operated by 360 customers across 48 states. Its customers operate across a range of industries within the service, retail and manufacturing sectors of the United States economy, with restaurants, early childhood education centers, movie theaters, health clubs and furniture stores. The Company's portfolio includes investments in approximately 1,330 property locations operated by over 300 customers across approximately 50 states. The Company provides real estate financing solutions principally to businesses that own STORE properties and operate within the broad-based service, retail and industrial sectors of the United States economy.

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$30.86
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The Trade Desk Reports Third Quarter Financial Results

1:01 pm ET November 5, 2020 (BusinessWire) Print

The Trade Desk, Inc. (NASDAQ: TTD), a global technology company that empowers buyers of advertising, today announced financial results for its third quarter ended September 30, 2020.

"So far in 2020 we've seen several years of advertising disruption and innovation compressed into a few months. As a result, advertisers have become more deliberate and data-driven with every advertising dollar. That helped us deliver record quarterly revenue of $216 million and adjusted EBITDA of $77 million." said Co-Founder and CEO of The Trade Desk, Jeff Green. "This is the result of our long-term strategic investments to build a compelling Open Internet alternative for advertisers. As advertisers come under pressure to prove the ROI of their campaigns, to take advantage of the mass consumer shift to streaming TV, and to consider alternatives to user-generated content, our investments in these areas are paying off. Whether it's our focus on measurement capabilities, CTV inventory or the future of identity, advertisers can count on us as the industry's most innovative and complete demand side platform."

Third Quarter 2020 Financial Highlights:

The following table summarizes our consolidated financial results for the quarters ended September 30, 2020 and 2019 ($ in millions, except per share amounts):

                                                                                   Three Months Ended                                                                                                                 Nine Months Ended                                                       
                                                                                      September 30,                                                                                                                     September 30,                                                         
                                                                   ------------------------------------------------------------------------------------------------------------------------                                                ------------------------------------------------------------------------------------------------------------------------
                                                2020                                          2019                                          2020                                          2019                    
                                                                   ----------------------------------------                                            ----------------------------------------                                            ----------------------------------------                                            ----------------------------------------
GAAP Results                                                                 
Revenue                                         $                                   216.1     $                                   164.2     $                                   516.1     $                                   445.1  
Increase (decrease) in revenue year over year                       32 %                                          38 %                                          16 %                                          40 %
Net Income                                      $                                    41.2     $                                    19.4     $                                    90.4     $                                    57.4  
Diluted EPS                                     $                                    0.84     $                                    0.40     $                                    1.86     $                                    1.20  
                                                          
Non-GAAP Results                                                             
Adjusted EBITDA                                 $                                    77.2     $                                    47.8     $                                   130.7     $                                   130.4  
Adjusted EBITDA Margin                                              36 %                                          29 %                                          25 %                                          29 %
Non-GAAP Net Income                             $                                    62.7     $                                    36.1     $                                   150.8     $                                   104.8  
Non-GAAP Diluted EPS                            $                                    1.27     $                                    0.75     $                                    3.10     $                                    2.19  

Third Quarter and Recent Business Highlights Include:

Continued Omnichannel Spend Growth: Omnichannel solutions remain a strategic focus for The Trade Desk as the industry continues shifting toward transparency and programmatic buying. Channel highlights from Q3 include: Connected TV grew over 100% from Q3 2019 to Q3 2020 Mobile Video spend grew about 70% from Q3 2019 to Q3 2020 Audio spend grew about 70% from Q3 2019 to Q3 2020 Strong Customer Retention: Customer retention remained over 95% during the quarter, as it has for the previous 5 years. Building Industry-Wide Collaboration and Support for Unified ID 2.0: The Trade Desk is building support for Unified ID 2.0, a new industry-wide approach to identity that preserves the value of relevant advertising, while putting user control and privacy at the forefront. The ID is an upgrade and alternative to third-party cookies. Recent partnerships include: Nielsen Holdings, a global measurement and data analytics company Criteo S.A., a global technology company that powers world marketers LiveRamp Holdings, the leading data connectivity platform

Industry Awards: The Trade Desk was named a 2020 Best Medium Workplace(TM) in the U.K. and a 2020 Best Workplace in Hong Kong(TM) by Great Places to Work(R). The Trade Desk recently won for the Best Overall Technology for Programmatic Trading at The Drum Digital Advertising Awards (US) and was a Gartner Peer Insights 2020 Customers' Choice for Ad Tech. The Trade Desk was also named a Best Workplace in New York(TM) by Great Place to Work(TM) and Fortune for the third year in a row.

Impact of COVID-19 on our Outlook:

Our business has been impacted by the COVID-19 pandemic that has significantly impacted advertiser demand. Like many companies that are ad-funded, we are facing a period of higher uncertainty in our business outlook. We expect our business performance could be impacted by issues beyond our control, such as changing economic conditions or shelter-in-place orders that may or may not occur. Assuming that the economy continues to recover and we do not have any major COVID-19 related setbacks that may cause economic conditions to deteriorate, we estimate Q4 revenue to range between $287 million and $291 million. Under this assumption, we estimate adjusted EBITDA to be at least $115 million in Q4.

Fourth Quarter 2020 outlook summary:

Revenue range between $287 million and $291 million Adjusted EBITDA of at least $115 million

Use of Non-GAAP Financial Information

Included within this press release are the non-GAAP financial measures of Adjusted EBITDA, Non-GAAP net income and Non-GAAP diluted EPS that supplement the Consolidated Statements of Income of The Trade Desk, Inc. (the Company) prepared under generally accepted accounting principles (GAAP). Adjusted EBITDA is earnings before depreciation and amortization, stock-based compensation, interest expense (income), net and provision for (benefit from) income taxes. Non-GAAP net income excludes charges and the related income tax effects for stock-based compensation. Tax rates on the tax-deductible portions of the stock-based compensation expense approximating 30% have been used in the computation of non-GAAP net income and non-GAAP diluted EPS. Reconciliations of GAAP to non-GAAP amounts for the periods presented herein are provided in schedules accompanying this release and should be considered together with the Consolidated Statements of Income. These non-GAAP measures are not meant as a substitute for GAAP, but are included solely for informational and comparative purposes. The Company's management believes that this information can assist investors in evaluating the Company's operational trends, financial performance, and cash generating capacity. Management believes these non-GAAP measures allow investors to evaluate the Company's financial performance using some of the same measures as management. However, the non-GAAP financial measures should not be regarded as a replacement for or superior to corresponding, similarly captioned, GAAP measures and may be different from non-GAAP financial measures used by other companies.

Third Quarter Financial Results Webcast and Conference Call Details

When: November 5, 2020 at 2:00 P.M. Pacific Time (5:00 P.M. Eastern Time). Webcast: A live webcast of the call can be accessed from the Investor Relations section of The Trade Desk's website at http://investors.thetradedesk.com/. Following the call, a replay will be available on the company's website. Dial-in with passcode: To access the call via telephone in the United States, please dial 800-459-5346. For callers outside the United States, please dial 1-203-518-9544. Participants should reference "The Trade Desk Call" after dialing in. Audio replay: An audio replay of the call will be available beginning about two hours after the call. To listen to the replay in the United States, please dial 877-481-4010 (replay code: 38371). Outside the United States, please dial 1-919-882-2331 (replay code: 38371). The audio replay will be available via telephone until November 12, 2020.

The Trade Desk, Inc. uses its Investor Relations website (http://investors.thetradedesk.com/investor-overview), its Twitter feed (@TheTradeDesk), LinkedIn page (https://www.linkedin.com/company/the-trade-desk/), and Facebook page (https://www.facebook.com/TheTradeDesk/), and Jeff Green's Twitter feed (@jefftgreen) and LinkedIn profile (https://www.linkedin.com/in/jefftgreen/) as a means of disclosing information about the company and for complying with its disclosure obligations under Regulation FD. The information that is posted through these channels may be deemed material. Accordingly, investors should monitor these channels in addition to The Trade Desk's press releases, SEC filings, public conference calls and webcasts.

About The Trade Desk

The Trade Desk is a technology company that empowers buyers of advertising. Through its self-service, cloud-based platform, ad buyers can create, manage, and optimize digital advertising campaigns across ad formats and devices. Integrations with major data, inventory, and publisher partners ensure maximum reach and decisioning capabilities, and enterprise APIs enable custom development on top of the platform. Headquartered in Ventura, CA, The Trade Desk has offices across North America, Europe, and Asia Pacific. To learn more, visit thetradedesk.com or follow us on Facebook, Twitter, LinkedIn and YouTube.

Forward-Looking Statements

This document contains "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These statements relate to expectations concerning matters that (a) are not historical facts, (b) predict or forecast future events or results, or (c) embody assumptions that may prove to have been inaccurate, including statements relating to the industry and market trends, and the Company's financial targets, such as revenue and Adjusted EBITDA. When words such as "believe," "expect," "anticipate," "will", "outlook" or similar expressions are used, the Company is making forward-looking statements. Although the Company believes that the expectations reflected in such forward-looking statements are reasonable, it cannot give readers any assurance that such expectations will prove correct. These forward-looking statements involve risks, uncertainties and assumptions, including those related to the Company's relatively limited operating history and the impact of COVID-19 on the Company and its customers and partners, which makes it difficult to evaluate the Company's business and prospects, the market for programmatic advertising developing slower or differently than the Company's expectations, the demands and expectations of clients and the ability to attract and retain clients. The actual results may differ materially from those anticipated in the forward-looking statements as a result of numerous factors, many of which are beyond the control of the Company. These are disclosed in the Company's reports filed from time to time with the Securities and Exchange Commission, including its most recent Form 10-K and any subsequent filings on Forms 10-Q or 8-K, available at www.sec.gov. Readers are urged not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company does not intend to update any forward-looking statement contained in this press release to reflect events or circumstances arising after the date hereof.

                                                      
                                                                                                                                                                        THE TRADE DESK, INC.                                                                                                                                                                          
                                                                                                                                                                  CONSOLIDATED STATEMENTS OF INCOME                                                                                                                                                                   
                                                                                                                                                          (Amounts in thousands, except per share amounts)                                                                                                                                                            
                                                                                                                                                                             (Unaudited)                                                                                                                                                                              
                                                      
                                                                               Three Months Ended                                                                                                                 Nine Months Ended                                                       
                                                                                  September 30,                                                                                                                     September 30,                                                         
                                                               ------------------------------------------------------------------------------------------------------------------------                                                ------------------------------------------------------------------------------------------------------------------------
                                            2020                                          2019                                          2020                                          2019                    
                                                               ----------------------------------------                                            ----------------------------------------                                            ----------------------------------------                                            ----------------------------------------
Revenue                                     $                                 216,113     $                                 164,203     $                                 516,128     $                                 445,114  
Operating expenses (1):                                                  
                                                            44,826                     39,932                    127,167                    108,913  
   Platform operations
                                                            44,637                     36,142                    116,002                     89,951  
   Sales and marketing
                                                            41,079                     29,185                    117,931                     83,949  
   Technology and development
                                                            42,789                     37,017                    117,252                    102,755  
   General and administrative
                                                               -------------------- --------------------                                           -------------------- --------------------                                           -------------------- --------------------                                           -------------------- --------------------
Total operating expenses                                   173,331                    142,276                    478,352                    385,568  
                                                               -------------------- --------------------                                           -------------------- --------------------                                           -------------------- --------------------                                           -------------------- --------------------
Income from operations                                      42,782                     21,927                     37,776                     59,546  
Total other expense (income), net                              223                     (1,892 )                                         834                     (2,979 )
                                                               -------------------- --------------------                                           -------------------- --------------------                                           -------------------- --------------------                                           -------------------- --------------------
Income before income taxes                                  42,559                     23,819                     36,942                     62,525  
Provision for (benefit from) income taxes                    1,312                      4,397                    (53,473 )                                       5,152  
                                                               -------------------- --------------------                                           -------------------- --------------------                                           -------------------- --------------------                                           -------------------- --------------------
Net income                                  $                                  41,247     $                                  19,422     $                                  90,415     $                                  57,373  
                                                               ==================== ====================                                           ==================== ====================                                           ==================== ====================                                           ==================== ====================
Earnings per share:                                                      
                                            $                                    0.89     $                                    0.43     $                                    1.96     $                                    1.29  
   Basic
                                                               ==================== ====================                                           ==================== ====================                                           ==================== ====================                                           ==================== ====================
                                            $                                    0.84     $                                    0.40     $                                    1.86     $                                    1.20  
   Diluted
                                                               ==================== ====================                                           ==================== ====================                                           ==================== ====================                                           ==================== ====================
Weighted average shares outstanding:                                     
                                                            46,582                     44,771                     46,075                     44,363  
   Basic
                                                               ==================== ====================                                           ==================== ====================                                           ==================== ====================                                           ==================== ====================
                                                            49,220                     48,037                     48,731                     47,728  
   Diluted
                                                               ==================== ====================                                           ==================== ====================                                           ==================== ====================                                           ==================== ====================
_______________________                                                                                                           
(1) Includes stock-based compensation expense as follows:                                                                                                                                                                                                                                      
                                                      
                                                                                                                                                                  STOCK-BASED COMPENSATION EXPENSE                                                                                                                                                                    
                                                                                                                                                                       (Amounts in thousands)                                                                                                                                                                         
                                                                                                                                                                             (Unaudited)                                                                                                                                                                              
                                                      
                                                                               Three Months Ended                                                                                                                 Nine Months Ended                                                       
                                                                                  September 30,                                                                                                                     September 30,                                                         
                                                               ------------------------------------------------------------------------------------------------------------------------                                                ------------------------------------------------------------------------------------------------------------------------
                                            2020                                          2019                                          2020                                          2019                    
                                                               ----------------------------------------                                            ----------------------------------------                                            ----------------------------------------                                            ----------------------------------------
Platform operations                         $                                   1,639     $                                   1,507     $                                   5,459     $                                   3,894  
Sales and marketing                                          6,916                      5,036                     18,549                     13,094  
Technology and development                                   7,911                      7,146                     24,345                     18,579  
General and administrative                                  10,386                      5,753                     25,398                     20,801  
                                                               -------------------- --------------------                                           -------------------- --------------------                                           -------------------- --------------------                                           -------------------- --------------------
Total                                       $                                  26,852     $                                  19,442     $                                  73,751     $                                  56,368  
                                                               ==================== ====================                                           ==================== ====================                                           ==================== ====================                                           ==================== ====================
                                                                                               THE TRADE DESK, INC.                                                                                                 
                                                                                            CONSOLIDATED BALANCE SHEETS                                                                                             
                                                                                              (Amounts in thousands)                                                                                                
                                                                                                    (Unaudited)                                                                                                     
                                                            
                                                                  As of                                         As of                   
                                                              September 30,                                 December 31,                
                                                                                                        2020                                                                                2019
                                                                                     ----------------------------------------                                            ----------------------------------------
                             ASSETS                                            
Current assets:                                                                
                                                                  $                                 434,371     $                                 130,876  
   Cash and cash equivalents
                                                                                 122,909                    124,112  
   Short-term investments, net
                                                                               1,139,860                  1,166,376  
   Accounts receivable, net
                                                                                  58,847                     27,857  
   Prepaid expenses and other current assets
                                                                                     -------------------- --------------------                                           -------------------- --------------------
                                                                               1,755,987                  1,449,221  
      Total current assets
Property and equipment, net                                                      111,862                     64,012  
Operating lease assets                                                           202,172                    173,449  
Deferred income taxes                                                             39,928                     18,950  
Other assets, non-current                                                         28,479                     23,129  
                                                                                     -------------------- --------------------                                           -------------------- --------------------
Total assets                                                      $                               2,138,428     $                               1,728,761  
                                                                                     ==================== ====================                                           ==================== ====================
                                                            
 LIABILITIES AND STOCKHOLDERS' EQUITY               
Current liabilities:                                                           
                                                                  $                                 919,694     $                                 868,618  
   Accounts payable
                                                                                  57,724                     47,178  
   Accrued expenses and other current liabilities
                                                                                  34,735                     14,577  
   Operating lease liabilities
                                                                                     -------------------- --------------------                                           -------------------- --------------------
                                                                               1,012,153                    930,373  
      Total current liabilities
Operating lease liabilities, non-current                                         205,408                    174,873  
Debt, net                                                                         72,000             --  
Other liabilities, non-current                                                    16,240                     10,998  
                                                                                     -------------------- --------------------                                           -------------------- --------------------
Total liabilities                                                              1,305,801                  1,116,244  
                                                                                     -------------------- --------------------                                           -------------------- --------------------
                                                            
Stockholders' equity:                                                          
Preferred stock                                                           --             --  
Common stock                                                              --             --  
Additional paid-in capital                                                       510,017                    380,079  
Accumulated other comprehensive income                                               145             --  
Retained earnings                                                                322,465                    232,438  
                                                                                     -------------------- --------------------                                           -------------------- --------------------
Total stockholders' equity                                                       832,627                    612,517  
                                                                                     -------------------- --------------------                                           -------------------- --------------------
Total liabilities and stockholders' equity                        $                               2,138,428     $                               1,728,761  
                                                                                     ==================== ====================                                           ==================== ====================
                                                                                 
                                                                                                          THE TRADE DESK, INC.                                                                                                           
                                                                                                  CONSOLIDATED STATEMENTS OF CASH FLOWS                                                                                                  
                                                                                                         (Amounts in thousands)                                                                                                          
                                                                                                               (Unaudited)                                                                                                               
                                                                                 
                                                                                                                    Nine Months Ended September 30,                                                
                                                                                                          ------------------------------------------------------------------------------------------------------------------------
                                                                                       2020                                          2019                    
                                                                                                          ----------------------------------------                                            ----------------------------------------
OPERATING ACTIVITIES:                                                                               
                                                                                       $                                  90,415     $                                  57,373  
   Net income
                                                                                                    
   Adjustments to reconcile net income to net cash provided by operating activities:
                                                                                                       20,777                     15,246  
      Depreciation and amortization
                                                                                                       73,751                     56,368  
      Stock-based compensation
                                                                                                        2,722                      1,647  
      Allowance for credit losses on accounts receivable
                                                                                                       24,052                     15,394  
      Noncash lease expense
                                                                                                      (20,978 )                              --  
      Deferred income taxes
                                                                                                        1,242                     (2,945 )
      Other
                                                                                                    
   Changes in operating assets and liabilities:
                                                                                                       21,063                     (2,739 )
      Accounts receivable
                                                                                                      (23,919 )                                     (19,024 )
      Prepaid expenses and other assets
                                                                                                       47,728                    (21,401 )
      Accounts payable
                                                                                                       11,006                     (3,178 )
      Accrued expenses and other liabilities
                                                                                                      (10,388 )                                      (8,468 )
      Operating lease liabilities
                                                                                                          -------------------- --------------------                                           -------------------- --------------------
                                                                                                      237,471                     88,273  
         Net cash provided by operating activities
                                                                                                          -------------------- --------------------                                           -------------------- --------------------
INVESTING ACTIVITIES:                                                                               
                                                                                                     (127,117 )                                    (178,179 )
      Purchases of investments
                                                                                                      128,315                     55,819  
      Maturities of investments
                                                                                                      (57,721 )                                     (21,659 )
      Purchases of property and equipment
                                                                                                       (4,246 )                                      (3,849 )
      Capitalized software development costs
                                                                                                          -------------------- --------------------                                           -------------------- --------------------
                                                                                                      (60,769 )                                    (147,868 )
         Net cash used in investing activities
                                                                                                          -------------------- --------------------                                           -------------------- --------------------
FINANCING ACTIVITIES:                                                                               
                                                                                                      143,000             --  
      Proceeds from line of credit
                                                                                                      (71,000 )                              --  
      Repayment on line of credit
                                                                                               --                         (6 )
      Payment of debt financing costs
                                                                                                       53,942                     21,911  
      Proceeds from exercise of stock options
                                                                                                       15,035                      8,648  
      Proceeds from employee stock purchase plan
                                                                                                      (14,184 )                                      (4,744 )
      Taxes paid related to net settlement of restricted stock awards
                                                                                                          -------------------- --------------------                                           -------------------- --------------------
                                                                                                      126,793                     25,809  
         Net cash provided by financing activities
                                                                                                          -------------------- --------------------                                           -------------------- --------------------
Increase (decrease) in cash and cash equivalents                                                      303,495                    (33,786 )
Cash and cash equivalents--Beginning of period                                            130,876                    207,232  
                                                                                                          -------------------- --------------------                                           -------------------- --------------------
Cash and cash equivalents--End of period                                   $                                 434,371     $                                 173,446  
                                                                                                          ==================== ====================                                           ==================== ====================

Non-GAAP Financial Metrics (Amounts in thousands, except per share amounts)

The following tables show the Company's non-GAAP financial metrics reconciled to the comparable GAAP financial metrics included in this release.

                                                                                              Three Months Ended                                                                                                                 Nine Months Ended                                                       
                                                                                                 September 30,                                                                                                                     September 30,                                                         
                                                                              ------------------------------------------------------------------------------------------------------------------------                                                ------------------------------------------------------------------------------------------------------------------------
                                                           2020                                          2019                                          2020                                          2019                    
                                                                              ----------------------------------------                                            ----------------------------------------                                            ----------------------------------------                                            ----------------------------------------
                                                                                                                                                                                                                                                                                                                            
Net income                                                 $                                  41,247     $                                  19,422     $                                  90,415     $                                  57,373  
Add back:                                                                               
                                                                            7,517                      5,969                     20,777                     15,246  
   Depreciation and amortization
                                                                           26,852                     19,442                     73,751                     56,368  
   Stock-based compensation
                                                                              235                     (1,480 )                                        (740 )                                      (3,763 )
   Interest expense (income), net
                                                                            1,312                      4,397                    (53,473 )                                       5,152  
   Provision for (benefit from) income taxes
                                                                              -------------------- --------------------                                           -------------------- --------------------                                           -------------------- --------------------                                           -------------------- --------------------
Adjusted EBITDA                                            $                                  77,163     $                                  47,750     $                                 130,730     $                                 130,376  
                                                                              ==================== ====================                                           ==================== ====================                                           ==================== ====================                                           ==================== ====================
                                                                     
                                                                                              Three Months Ended                                                                                                                 Nine Months Ended                                                       
                                                                                                 September 30,                                                                                                                     September 30,                                                         
                                                                              ------------------------------------------------------------------------------------------------------------------------                                                ------------------------------------------------------------------------------------------------------------------------
                                                           2020                                          2019                                          2020                                          2019                    
                                                                              ----------------------------------------                                            ----------------------------------------                                            ----------------------------------------                                            ----------------------------------------
GAAP net income                                            $                                  41,247     $                                  19,422     $                                  90,415     $                                  57,373  
Add back (deduct):                                                                      
                                                                           26,852                     19,442                     73,751                     56,368  
   Stock-based compensation expense
                                                                           (5,440 )                                      (2,777 )                                     (13,341 )                                      (8,985 )
   Adjustment for income taxes
                                                                              -------------------- --------------------                                           -------------------- --------------------                                           -------------------- --------------------                                           -------------------- --------------------
Non-GAAP net income                                        $                                  62,659     $                                  36,087     $                                 150,825     $                                 104,756  
                                                                              ==================== ====================                                           ==================== ====================                                           ==================== ====================                                           ==================== ====================
                                                                     
GAAP diluted EPS                                           $                                    0.84     $                                    0.40     $                                    1.86     $                                    1.20  
                                                                              ==================== ====================                                           ==================== ====================                                           ==================== ====================                                           ==================== ====================
Non-GAAP diluted EPS                                       $                                    1.27     $                                    0.75     $                                    3.10     $                                    2.19  
                                                                              ==================== ====================                                           ==================== ====================                                           ==================== ====================                                           ==================== ====================
                                                                     
Weighted average shares outstanding--diluted                   49,220                     48,037                     48,731                     47,728  
                                                                              ==================== ====================                                           ==================== ====================                                           ==================== ====================                                           ==================== ====================

View source version on businesswire.com: https://www.businesswire.com/news/home/20201105006090/en/

SOURCE: The Trade Desk, Inc.

Investors
Chris Toth
Vice President Investor Relations, The Trade Desk
ir@thetradedesk.com 
310-334-9183

Media
Ian Colley
Vice President Public Relations, The Trade Desk
ian.colley@thetradedesk.com 
914-434-3043
comtex tracking

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