The Trade Desk, Inc.

Trade Desk, Inc. is a global leader in advertising technology, enabling ad buyers to create, manage, and optimize digital advertising campaigns across various ad formats, channels, and devices. The company's self-service platform utilizes artificial intelligence (AI) capabilities and integrates with a rich ecosystem of inventory, publisher, and data partners to provide clients with superior reach and decision-making tools. Additionally, enterprise application programming interfaces (APIs) allow clients to customize and expand the platform's functionality. Trade Desk's clients include advertising agencies, advertisers, and other service providers for agencies or advertisers, with whom they establish ongoing master services agreements (MSAs). Revenue is generated primarily through a platform fee, generally calculated as a percentage of clients' total platform spend, and from providing value-added services and data to support advertising campaigns. The company operates within the digital advertising industry, which is reported to be the largest and fastest-growing segment of the global advertising industry, with an estimated annual spend of over $700 billion, representing more than 70% of the total market spend. The digital advertising ecosystem is structured into buyers, sellers, and marketplaces. Trade Desk believes that participants on the buy or sell side should advocate for their respective clients, while marketplace businesses should act as impartial referees or have market-driven incentives to maintain marketplace integrity. The company observes a generational shift from linear television to connected television (CTV) due to the convergence of Internet and television programming, which is accelerating consumer demand for streaming content and driving new opportunities for content owners and advertisers, including through ad-supported subscription models, further propelling the shift towards data-driven advertising.