The Trade Desk, Inc. (TTD) 10-Q 9 Nov 22 2022 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2022	Oct. 31, 2022
Document Information [Line Items]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Sep. 30, 2022
Document Fiscal Year Focus	2022
Document Fiscal Period Focus	Q3
Trading Symbol	TTD
Entity Registrant Name	TRADE DESK, INC.
Entity Central Index Key	0001671933
Current Fiscal Year End Date	--12-31
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Shell Company	false
Entity File Number	001-37879
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	27-1887399
Entity Address, Address Line One	42 N. Chestnut Street
Entity Address, City or Town	Ventura
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	93001
City Area Code	805
Local Phone Number	585-3434
Title of 12(b) Security	Class A Common Stock, par value $0.000001 per share
Security Exchange Name	NASDAQ
Document Quarterly Report	true
Document Transition Report	false
Class A common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		445,287,977
Class B common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		44,223,150

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Current assets:
Cash and cash equivalents	$ 994,656	$ 754,154
Short-term investments, net	326,745	204,625
Accounts receivable, net of allowance for credit losses of $10,244 and $7,374 as of September 30, 2022 and December 31, 2021, respectively	2,026,929	2,020,720
Prepaid expenses and other current assets	67,033	112,150
TOTAL CURRENT ASSETS	3,415,363	3,091,649
Property and equipment, net	166,078	135,856
Operating lease assets	230,917	234,091
Deferred income taxes	67,640	68,244
Other assets, non-current	43,956	47,500
TOTAL ASSETS	3,923,954	3,577,340
Current liabilities:
Accounts payable	1,651,447	1,655,684
Accrued expenses and other current liabilities	82,768	101,472
Operating lease liabilities	51,025	46,149
TOTAL CURRENT LIABILITIES	1,785,240	1,803,305
Operating lease liabilities, non-current	215,728	238,449
Other liabilities, non-current	8,698	8,280
TOTAL LIABILITIES	2,009,666	2,050,034
Commitments and contingencies (Note 10)
STOCKHOLDERS’ EQUITY
Preferred stock, par value $0.000001; 100,000 shares authorized, zero shares issued and outstanding as of September 30, 2022 and December 31, 2021	0	0
Common stock, par value $0.000001 Class A, 1,000,000 shares authorized; 445,219 and 439,206 shares issued and outstanding as of September 30, 2022 and December 31, 2021, respectively Class B, 95,000 shares authorized; 44,235 shares issued and outstanding as of September 30, 2022 and December 31, 2021, respectively	0	0
Additional paid-in capital	1,319,961	915,177
Retained earnings	594,327	612,129
TOTAL STOCKHOLDERS’ EQUITY	1,914,288	1,527,306
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 3,923,954	$ 3,577,340

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Accounts receivable, allowance for credit losses	$ 10,244	$ 7,374
Preferred stock
Preferred stock, par value (in dollars per share)	$ 0.000001	$ 0.000001
Preferred stock, authorized (in shares)	100,000,000	100,000,000
Preferred stock, issued (in shares)	0	0
Preferred stock, outstanding (in shares)	0	0
Common stock
Common stock, par value (in dollars per share)	$ 0.000001	$ 0.000001
Class A common stock
Common stock
Common stock, authorized (in shares)	1,000,000,000	1,000,000,000
Common stock, issued (in shares)	445,219,000	439,206,000
Common stock, outstanding (in shares)	445,219,000	439,206,000
Class B common stock
Common stock
Common stock, authorized (in shares)	95,000,000	95,000,000
Common stock, issued (in shares)	44,235,000	44,235,000
Common stock, outstanding (in shares)	44,235,000	44,235,000

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Statement [Abstract]
Revenue	$ 394,773	$ 301,091	$ 1,087,058	$ 800,869
Operating expenses:
Platform operations	70,124	53,400	201,504	154,709
Sales and marketing	85,038	59,278	245,146	176,797
Technology and development	79,915	55,847	235,397	163,301
General and administrative	130,892	52,120	391,517	155,884
Total operating expenses	365,969	220,645	1,073,564	650,691
Income from operations	28,804	80,446	13,494	150,178
Other expense (income):
Interest expense (income), net	(1,741)	317	(1,321)	556
Foreign currency exchange loss (gain), net	43	1,153	(435)	1,004
Total other expense (income), net	(1,698)	1,470	(1,756)	1,560
Income before income taxes	30,502	78,976	15,250	148,618
Provision for income taxes	14,633	19,592	33,052	18,895
Net income (loss)	$ 15,869	$ 59,384	$ (17,802)	$ 129,723
Earnings (loss) per share:
Basic (in dollars per share)	$ 0.03	$ 0.12	$ (0.04)	$ 0.27
Diluted (in dollars per share)	$ 0.03	$ 0.12	$ (0.04)	$ 0.26
Weighted-average shares outstanding:
Basic (in shares)	487,963	478,101	486,168	475,496
Diluted (in shares)	500,300	498,912	486,168	497,942

CONDENSED CONSOLIDATED STATEM_2

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) shares in Thousands, $ in Thousands	Total	Class A and B Common Stock	Additional Paid-In Capital	Retained Earnings
Balance at beginning of period (in shares) at Dec. 31, 2020		473,401
Balance at beginning of period at Dec. 31, 2020	$ 1,013,145		$ 538,778	$ 474,367
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of common stock options (in shares)		1,794
Exercise of common stock options	12,621		12,621
Issuance of restricted stock, net of forfeitures and shares withheld for taxes (in shares)		110
Issuance of restricted stock, net of forfeitures and shares withheld for taxes	(17,080)		(17,080)
Stock-based compensation	52,985		52,985
Net income (loss)	22,642			22,642
Balance at end of period (in shares) at Mar. 31, 2021		475,305
Balance at end of period at Mar. 31, 2021	1,084,313		587,304	497,009
Balance at beginning of period (in shares) at Dec. 31, 2020		473,401
Balance at beginning of period at Dec. 31, 2020	1,013,145		538,778	474,367
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	129,723
Balance at end of period (in shares) at Sep. 30, 2021		480,589
Balance at end of period at Sep. 30, 2021	1,302,814		698,724	604,090
Balance at beginning of period (in shares) at Mar. 31, 2021		475,305
Balance at beginning of period at Mar. 31, 2021	1,084,313		587,304	497,009
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of common stock options (in shares)		1,401
Exercise of common stock options	13,718		13,718
Issuance of restricted stock, net of forfeitures and shares withheld for taxes (in shares)		409
Issuance of restricted stock, net of forfeitures and shares withheld for taxes	(12,155)		(12,155)
Issuance of common stock under employee stock purchase plan (in shares)		1,334
Issuance of common stock under employee stock purchase plan	22,758		22,758
Stock-based compensation	46,015		46,015
Net income (loss)	47,697			47,697
Balance at end of period (in shares) at Jun. 30, 2021		478,449
Balance at end of period at Jun. 30, 2021	1,202,346		657,640	544,706
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of common stock options (in shares)		1,808
Exercise of common stock options	13,220		13,220
Issuance of restricted stock, net of forfeitures and shares withheld for taxes (in shares)		307
Issuance of restricted stock, net of forfeitures and shares withheld for taxes	(9,038)		(9,038)
Issuance of common stock related to acquisition (in shares)		25
Issuance of common stock related to acquisition	1,816		1,816
Stock-based compensation	35,086		35,086
Net income (loss)	59,384			59,384
Balance at end of period (in shares) at Sep. 30, 2021		480,589
Balance at end of period at Sep. 30, 2021	1,302,814		698,724	604,090
Balance at beginning of period (in shares) at Dec. 31, 2021		483,441
Balance at beginning of period at Dec. 31, 2021	1,527,306		915,177	612,129
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of common stock options (in shares)		2,395
Exercise of common stock options	24,408		24,408
Issuance of restricted stock, net of forfeitures and shares withheld for taxes (in shares)		190
Issuance of restricted stock, net of forfeitures and shares withheld for taxes	(13,428)		(13,428)
Stock-based compensation	125,415		125,415
Net income (loss)	(14,598)			(14,598)
Balance at end of period (in shares) at Mar. 31, 2022		486,026
Balance at end of period at Mar. 31, 2022	1,649,103		1,051,572	597,531
Balance at beginning of period (in shares) at Dec. 31, 2021		483,441
Balance at beginning of period at Dec. 31, 2021	1,527,306		915,177	612,129
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income (loss)	(17,802)
Balance at end of period (in shares) at Sep. 30, 2022		489,454
Balance at end of period at Sep. 30, 2022	1,914,288		1,319,961	594,327
Balance at beginning of period (in shares) at Mar. 31, 2022		486,026
Balance at beginning of period at Mar. 31, 2022	1,649,103		1,051,572	597,531
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of common stock options (in shares)		657
Exercise of common stock options	7,387		7,387
Issuance of restricted stock, net of forfeitures and shares withheld for taxes (in shares)		661
Issuance of restricted stock, net of forfeitures and shares withheld for taxes	(9,768)		(9,768)
Issuance of common stock under employee stock purchase plan (in shares)		946
Issuance of common stock under employee stock purchase plan	25,547		25,547
Stock-based compensation	126,635		126,635
Net income (loss)	(19,073)			(19,073)
Balance at end of period (in shares) at Jun. 30, 2022		488,290
Balance at end of period at Jun. 30, 2022	1,779,831		1,201,373	578,458
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of common stock options (in shares)		918
Exercise of common stock options	10,917		10,917
Issuance of restricted stock, net of forfeitures and shares withheld for taxes (in shares)		246
Issuance of restricted stock, net of forfeitures and shares withheld for taxes	(14,058)		(14,058)
Stock-based compensation	121,729		121,729
Net income (loss)	15,869			15,869
Balance at end of period (in shares) at Sep. 30, 2022		489,454
Balance at end of period at Sep. 30, 2022	$ 1,914,288		$ 1,319,961	$ 594,327

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021
OPERATING ACTIVITIES:
Net income (loss)	$ (17,802)	$ 129,723
Adjustments to reconcile net income (loss) to net cash provided by operating activities:
Depreciation and amortization	37,581	29,969
Stock-based compensation	371,111	132,010
Non-cash lease expense	32,554	29,914
Allowance for credit losses on accounts receivable	2,961	520
Deferred income taxes	604	5,044
Other	3,694	6,730
Changes in operating assets and liabilities:
Accounts receivable	24,905	(48,637)
Prepaid expenses and other current and non-current assets	42,913	20,627
Accounts payable	(68,758)	(44,105)
Accrued expenses and other current and non-current liabilities	(18,778)	(14,790)
Operating lease liabilities	(35,731)	(31,886)
Net cash provided by operating activities	375,254	215,119
INVESTING ACTIVITIES:
Purchases of investments	(379,206)	(233,427)
Sales of investments	1,977	4,539
Maturities of investments	252,699	192,077
Purchases of property and equipment	(36,394)	(43,920)
Capitalized software development costs	(4,833)	(3,684)
Payments to Acquire Businesses, Net of Cash Acquired	0	(13,261)
Net cash used in investing activities	(165,757)	(97,676)
FINANCING ACTIVITIES:
Payment of debt financing costs	0	(1,924)
Proceeds from exercise of stock options	42,712	39,559
Proceeds from employee stock purchase plan	25,547	22,758
Taxes paid related to net settlement of restricted stock awards	(37,254)	(38,273)
Net cash provided by financing activities	31,005	22,120
Increase in cash and cash equivalents	240,502	139,563
Cash and cash equivalents—Beginning of period	754,154	437,353
Cash and cash equivalents—End of period	994,656	576,916
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for operating lease liabilities	42,921	39,006
Operating lease assets obtained in exchange for operating lease liabilities	28,729	23,293
Capitalized assets financed by accounts payable	29,577	8,934
Tenant improvements paid by lessor	425	0
Asset retirement obligation	438	1,609
Stock-based compensation included in capitalized software development costs	$ 2,668	$ 2,076

Nature of Operations

Nature of Operations	9 Months Ended
	Sep. 30, 2022
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Nature of Operations	Note 1—Nature of Operations The Trade Desk, Inc. (the “Company”) is a global technology company that empowers buyers of advertising. Through the Company’s self-service, cloud-based platform, ad buyers can create, manage and optimize more expressive data-driven digital advertising campaigns across ad formats and channels, including display, video, audio, native and social, on a multitude of devices, such as computers, mobile devices and connected TV (“CTV”). The Company’s platform integrations with major inventory, publisher and data partners provides ad buyers reach and decisioning capabilities, and the Company’s enterprise application programming interfaces (“APIs”) enable its clients to develop on top of the platform. The Company is a Delaware corporation formed in November 2009 and headquartered in Ventura, California with offices in various cities in North America, Europe, Asia and Australia.

Basis of Presentation and Summa

Basis of Presentation and Summary of Significant Accounting Policies	9 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
Basis of Presentation and Summary of Significant Accounting Policies	Note 2—Basis of Presentation and Summary of Significant Accounting Policies The accompanying condensed consolidated financial statements were prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) for interim financial information and are unaudited. Certain information and disclosures normally included in consolidated financial statements prepared in accordance with GAAP have been condensed or omitted. The condensed consolidated balance sheet as of December 31, 2021 was derived from audited financial statements but does not include all disclosures required by GAAP. Accordingly, these condensed consolidated financial statements should be read in conjunction with the Company’s audited consolidated financial statements and related notes included in its Annual Report on Form 10-K for the year ended December 31, 2021. There have been no material changes to the Company’s accounting policies from those disclosed in its Annual Report on Form 10-K for the year ended December 31, 2021, and these unaudited interim condensed consolidated financial statements have been prepared on a basis consistent with that used to prepare the Company’s audited annual consolidated financial statements for the year ended December 31, 2021, and include, in the opinion of management, all adjustments, consisting of normal recurring items, necessary for the fair statement of the condensed consolidated financial statements. The results of operations for the three and nine months ended September 30, 2022 are not necessarily indicative of the results expected for the full year ending December 31, 2022. Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ materially from these estimates. Management regularly evaluates its estimates, primarily those related to: (1) revenue recognition criteria, including the determination of revenue reporting as net versus gross in the Company’s revenue arrangements, (2) allowances for credit losses, (3) operating lease assets and liabilities, including our incremental borrowing rate and terms and provisions of each lease (4) the useful lives of property and equipment and capitalized software development costs, (5) income taxes, (6) assumptions used in the option pricing models to determine the fair value of stock-based compensation and (7) the recognition and disclosure of contingent liabilities. These estimates are based on historical data and experience, as well as various other factors that management believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. As of September 30, 2022, the impacts to the Company’s business due to the coronavirus (“COVID-19”) pandemic, geopolitical developments and macroeconomic factors, such as rising interest rates, inflation, changes in foreign currency exchange rates and supply chain disruptions, continue to evolve. As a result, many of the Company’s estimates and assumptions, including the allowance for credit losses, consider macroeconomic factors in the market, which require increased judgment and carry a higher degree of variability and volatility. As events continue to evolve and additional information becomes available, the Company’s estimates may change materially in future periods. Business Combinations The results of a business combination are included in the Company's condensed consolidated financial statements from the date of the acquisition. Purchase accounting results in assets and liabilities of an acquired business are generally recorded at their estimated fair values on the acquisition date, which may require management to use significant judgment and estimates, including the selection of valuation methodologies, estimates of future revenue, costs and cash flows, discount rates and selection of comparable companies. The Company engages valuation specialists to assist in determining the fair values of these acquired assets and liabilities. Any excess consideration over the fair value of these acquired assets and liabilities assumed is recognized as goodwill. In July 2021, the Company acquired all of the equity interests of a technology company for a GAAP purchase price of $18 million, subject to purchase price adjustments. The purchase consideration was primarily attributable to non-deductible goodwill of $11 million, with the remainder allocated to acquired technology and other assets. In 2022, no additional acquisitions have occurred to date.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2022
Earnings Per Share [Abstract]
Earnings Per Share	Note 3—Earnings Per Share The Company has two classes of common stock, Class A and Class B. Basic and diluted earnings (loss) per share attributable to common stockholders for Class A and Class B common stock were the same because they were entitled to the same liquidation and dividend rights. The computation of basic and diluted earnings (loss) per share is as follows (in thousands, except per share amounts): Three Months Ended Nine Months Ended 2022 2021 2022 2021 Numerator: Net income (loss) $ 15,869 $ 59,384 $ (17,802) $ 129,723 Denominator: Weighted-average shares outstanding—basic 487,963 478,101 486,168 475,496 Effect of dilutive securities 12,337 20,811 — 22,446 Weighted-average shares outstanding—diluted 500,300 498,912 486,168 497,942 Basic earnings (loss) per share $ 0.03 $ 0.12 $ (0.04) $ 0.27 Diluted earnings (loss) per share $ 0.03 $ 0.12 $ (0.04) $ 0.26 Anti-dilutive equity awards under stock-based award plans excluded from the determination of diluted earnings (loss) per share* 7,823 1,439 — 1,439 _______________ * Diluted earnings (loss) per share attributable to the Company for the nine months ended September 30, 2022 excluded all potentially dilutive securities because there was a net loss for the period and the inclusion of these securities would have been anti-dilutive. Potentially dilutive securities excluded from the calculation of diluted earnings (loss) per share were 28 million shares under stock-based award plans for the nine months ended September 30, 2022.

Cash, Cash Equivalents and Shor

Cash, Cash Equivalents and Short-Term Investments, Net	9 Months Ended
	Sep. 30, 2022
Cash, Cash Equivalents, and Short-Term Investments [Abstract]
Cash, Cash Equivalents and Short-Term Investments, Net	Note 4—Cash, Cash Equivalents and Short-Term Investments, Net Cash, cash equivalents and short-term investments in marketable securities were as follows (in thousands): As of September 30, 2022 Cash and Short-Term Total Cash $ 244,058 $ — $ 244,058 Level 1: Money market funds 656,640 — 656,640 Level 2: Commercial paper 93,958 113,960 207,918 Corporate debt securities — 132,495 132,495 U.S. government and agency securities — 80,290 80,290 Total $ 994,656 $ 326,745 $ 1,321,401 As of December 31, 2021 Cash and Short-Term Total Cash $ 272,058 $ — $ 272,058 Level 1: Money market funds 431,299 — 431,299 Level 2: Commercial paper 47,544 70,804 118,348 Corporate debt securities 3,253 85,425 88,678 U.S. government and agency securities — 48,396 48,396 Total $ 754,154 $ 204,625 $ 958,779 The Company’s gross unrealized gains or losses from its short-term investments, recorded at fair value, for the three and nine months ended September 30, 2022 and 2021, were immaterial. The contractual maturities of the Company’s short-term investments are as follows (in thousands): September 30, 2022 Due in one year $ 294,093 Due in one to two years 32,652 Total $ 326,745

Leases

Leases	9 Months Ended
	Sep. 30, 2022
Leases [Abstract]
Leases	Note 5—Leases The components of lease expense recorded in the condensed consolidated statements of operations were as follows (in thousands): Three Months Ended Nine Months Ended 2022 2021 2022 2021 Operating lease cost $ 13,139 $ 12,402 $ 38,415 $ 38,288 Short-term lease cost 345 229 1,296 592 Variable lease cost 2,064 1,891 6,478 4,848 Sublease income (635) (751) (1,882) (2,114) Total lease cost $ 14,913 $ 13,771 $ 44,307 $ 41,614

Debt

Debt	9 Months Ended
	Sep. 30, 2022
Debt Disclosure [Abstract]
Debt	Note 6—Debt Credit Facility On June 15, 2021, the Company and a syndicate of banks, led by JPMorgan Chase Bank, N.A., as agent, entered into a Loan and Security Agreement (the “Credit Facility”). The Credit Facility replaced the Company’s prior credit facility, which was scheduled to terminate in May 2022. 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. Under certain circumstances, the Company has the right to increase the Credit Facility by an amount not to exceed $300 million. The Credit Facility is collateralized by substantially all of the Company’s assets, including a pledge of certain of its accounts receivable, deposit accounts, intellectual property, investment property and equipment. Loans under the Credit Facility bear interest through maturity at a variable rate based upon, at the Company’s option, an annual rate of either a Base Rate or an adjusted London Interbank Offered Rate (“LIBOR”), plus an applicable margin (“Base Rate Borrowings” and “LIBOR Rate Borrowings”). The Base Rate is defined as a rate per annum for any day equal to the greatest of (1) the rate of interest last quoted by The Wall Street Journal as the “Prime Rate” in the United States, (2) the New York Federal Reserve Bank Rate in effect on such day plus half of 1%, and (3) the adjusted LIBOR rate for a one-month interest period on such day plus 1%. The applicable margin is between 0.25% to 1.25% for Base Rate Borrowings and between 1.25% and 2.25% for LIBOR Rate Borrowings based on the Company maintaining certain leverage ratios. The fee for undrawn amounts under the Credit Facility ranges, based on the applicable leverage, from 0.200% to 0.350%. The Company is also required to pay customary letter of credit fees, as necessary. On December 17, 2021, the Company amended the Credit Facility to expand the process for issuing letters of credit and the related invoicing, particularly with respect to letters of credit not denominated in U.S. Dollars. As of September 30, 2022, the Company did not have an outstanding debt balance under the Credit Facility. Availability under the Credit Facility was $445 million as of September 30, 2022, which is net of outstanding letters of credit of $5 million. The Credit Facility matures, and all outstanding amounts become due and payable, on June 15, 2026. The Credit Facility contains customary conditions to borrowings, events of default and covenants, including covenants that restrict the Company’s ability to sell assets, make changes to the nature of the Company’s business, engage in mergers or acquisitions, incur, assume or permit to exist additional indebtedness and guarantees, create or permit to exist liens, pay dividends, issue equity instruments, make distributions or redeem or repurchase capital stock or make other investments, engage in transactions with affiliates and make payments in respect of subordinated debt. The Credit Facility also requires the Company to maintain compliance with a maximum ratio of consolidated funded debt to consolidated EBITDA of 3.50 to 1.00. As of September 30, 2022, the Company was in compliance with all covenants.

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Note 7—Stock-Based Compensation Stock-Based Compensation Expense Stock-based compensation expense recorded in the condensed consolidated statements of operations was as follows (in thousands): Three Months Ended Nine Months Ended 2022 2021 2022 2021 Platform operations $ 3,517 $ 2,518 $ 14,254 $ 11,624 Sales and marketing 14,861 9,099 48,718 37,362 Technology and development 22,641 11,269 67,258 41,337 General and administrative 79,984 11,573 240,881 41,687 Total $ 121,003 $ 34,459 $ 371,111 $ 132,010 Stock Options The following summarizes stock option activity: Shares Under Option (in thousands) Weighted- Average Exercise Price Outstanding as of December 31, 2021 18,984 $ 15.14 Granted 1,474 61.07 Exercised (3,970) 10.76 Expired/Forfeited (534) 44.22 Outstanding as of September 30, 2022 15,954 $ 19.50 Exercisable as of September 30, 2022 12,167 $ 11.43 At September 30, 2022, the Company had unrecognized stock-based compensation relating to stock options, excluding the CEO Performance Option (as defined below), of approximately $98 million, which is expected to be recognized over a weighted-average period of 2.2 years. CEO Performance Option In October 2021, the Company granted a market-based performance award to the Company’s Chief Executive Officer (the “CEO Performance Option”) under the Company’s 2016 Incentive Award Plan. The CEO Performance Option has an exercise price of $68.29 per share. At September 30, 2022, the CEO Performance Option had 2.4 million exercisable options and 19.2 million options outstanding. No options were granted, exercised, forfeited or expired during the three and nine months ended September 30, 2022. Stock-based compensation of $66 million and $197 million for the CEO Performance Option was recorded as a component of general and administrative expense during the three and nine months ended September 30, 2022, respectively. At September 30, 2022, the Company had unrecognized stock-based compensation relating to the CEO Performance Option of $465 million that is expected to be recognized over a weighted-average period of 2.4 years, assuming no acceleration of vesting. Restricted Stock The following summarizes restricted stock activity: RSU (in thousands) Weighted- Average Grant Date Fair Value Unvested as of December 31, 2021 5,597 $ 51.54 Granted 5,586 60.51 Vested (1,716) 46.18 Forfeited (827) 59.61 Unvested as of September 30, 2022 8,640 $ 57.63 At September 30, 2022, the Company had unrecognized stock-based compensation relating to restricted stock of approximately $461 million, which is expected to be recognized over a weighted-average period of 3.0 years. Employee Stock Purchase Plan (“ESPP”) Stock-based compensation expense related to the ESPP totaled $4 million for both the three months ended September 30, 2022 and 2021, and $46 million for both the nine months ended September 30, 2022 and 2021. At September 30, 2022, the Company had unrecognized stock-based compensation relating to ESPP awards of approximately $9 million, which is expected to be recognized over a weighted-average period of 0.9 years.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2022
Income Tax Disclosure [Abstract]
Income Taxes	Note 8—Income Taxes In determining the interim provision for income taxes, the Company utilized the discrete effective tax rate method, as allowed by Accounting Standards Codification (“ASC”) 740-270-30-18, “ Income Taxes – Interim Reporting .” The discrete method is applied when the application of the estimated annual effective tax rate is impractical because it is not possible to reliably estimate the annual effective tax rate. The discrete method treats the year-to-date period as if it were the annual period and determines the income tax expense or benefit on that basis. Due to our forecasted level of profitability and significant permanent differences primarily related to the CEO Performance Option, the Company is unable to utilize the annual effective tax rate method. For the three months ended September 30, 2022 and 2021, the provision for income taxes included benefits associated with stock-based awards of $11 million and $22 million, respectively. For the nine months ended September 30, 2022 and 2021, the provision for income taxes included benefits associated with stock-based awards of $42 million and $58 million, respectively. For the nine months ended September 30, 2022 and 2021, the Company’s effective tax rate differed from the United States federal statutory tax rate of 21% primarily due to nondeductible stock-based compensation, the impact of tax benefits associated with stock-based awards, state and foreign taxes and research and development tax credits. There were no material changes to the Company’s unrecognized tax benefits during the nine months ended September 30, 2022, and the Company does not expect to have any significant changes to unrecognized tax benefits through the end of the fiscal year. On August 16, 2022, the Inflation Reduction Act of 2022 (“IRA”) was signed into law. The IRA contains a number of revisions to the Internal Revenue Code, including a 15% corporate minimum income tax and a 1% excise tax on corporate stock repurchases in tax years beginning after December 31, 2022. The Company is in the process of evaluating the provisions of the IRA, but the Company does not currently believe the IRA will have a material impact on its financial results.

Segment and Geographic Informat

Segment and Geographic Information	9 Months Ended
	Sep. 30, 2022
Segments, Geographical Areas [Abstract]
Segment and Geographic Information	Note 9—Segment and Geographic Information The Company has one primary business activity and operates in one reportable and operating segment. The Company reports revenue net of amounts it pays suppliers for the cost of advertising inventory, third-party data and other add-on features (collectively, “Supplier Features”). The Company generally bills clients based on the gross amount of Supplier Features they purchase through its platform and the platform fees (“Gross Billings”), net of allowances. The Company’s accounts receivable are recorded at the amount of Gross Billings for the amounts it is responsible to collect, and accounts payable are recorded at the net amount payable to suppliers. Accordingly, both accounts receivable and accounts payable appear large in relation to revenue reported on a net basis. Gross Billings, based on the address of the clients or client affiliates, set forth as a percentage of total Gross Billings, were as follows: Three Months Ended Nine Months Ended 2022 2021 2022 2021 U.S. 89 % 87 % 88 % 86 % International 11 % 13 % 12 % 14 % Total 100 % 100 % 100 % 100 %

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2022
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 10— Commitments and Contingencies Guarantees and Indemnification In the ordinary course of business, the Company may provide indemnifications of varying scope and terms to clients, vendors, lessors, business partners and other parties with respect to certain matters, including, but not limited to, losses arising out of breach of such agreements, services to be provided by the Company or from intellectual property infringement claims made by third parties. In addition, the Company has entered into indemnification agreements with directors and certain officers and employees that will require the Company, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors, officers or employees. No demands have been made upon the Company to provide indemnification under such agreements, and thus, there are no claims that the Company is aware of that could have a material effect on the Company’s balance sheet, statement of operations or statement of cash flows. Accordingly, no amounts for any obligation have been recorded at September 30, 2022. Litigation From time to time, the Company is subject to various legal proceedings, litigation and claims, either asserted or unasserted, that arise in the ordinary course of business. Although the outcome of the various legal proceedings, litigation and claims cannot be predicted with certainty, management does not believe that any of these proceedings or other claims will have a material adverse effect on the Company’s business, financial condition, results of operations or cash flows. Regardless of the outcome, litigation can have an adverse impact on the Company because of defense and settlement costs, diversion of management resources and other factors. On June 28, 2021, a class action lawsuit captioned City Pension Fund for Firefighters and Police Officers in the City of Miami Beach v. The Trade Desk, Inc., et al. , No. 2021-0560 was filed against the Company, the members of the Company’s board of directors and one of the Company’s executive officers in the Court of Chancery of the State of Delaware. The complaint alleged generally that the defendants breached their fiduciary duties to the Company’s stockholders in connection with the negotiation and approval of the amendments to the Company’s certificate of incorporation and related matters voted on at the Special Meeting of Stockholders held on December 22, 2020. On February 1, 2022, the defendants moved to dismiss the complaint, and on July 29, 2022, the court dismissed the complaint in its entirety with prejudice. On May 27, 2022, a stockholder of the Company filed a derivative lawsuit captioned Huizenga v. Green, et al. , No. 2022-0461, asserting claims on behalf of the Company against certain members of the Company’s board of directors in the Court of Chancery of the State of Delaware. On June 27, 2022, a second derivative lawsuit captioned Pfeiffer v. Green, et al. , No. 2022-0560, was filed in the Court of Chancery of the State of Delaware alleging substantially similar claims. Those lawsuits were consolidated on August 18, 2022, and a lead plaintiff was appointed on October 7, 2022. The two complaints allege generally that the defendants breached their fiduciary duties to the Company and its stockholders in connection with the negotiation and approval of the CEO Performance Option. The plaintiffs seek a court order rescinding the CEO Performance Option and monetary damages. The defendants expect the lead plaintiff to file a consolidated complaint, and the defendants intend to move to dismiss the consolidated complaint. Litigation is inherently uncertain and there can be no assurance regarding the likelihood that the motions to dismiss or defense of the various actions will be successful. Employment Contracts The Company has entered into agreements with severance terms with certain employees and officers, all of whom are employed on an at-will basis, subject to certain severance obligations in the event of certain involuntary terminations. The Company may be required to accelerate the vesting of certain stock options in the event of changes in control, as defined, and involuntary terminations.

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2022
Accounting Policies [Abstract]
Use of Estimates	Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ materially from these estimates. Management regularly evaluates its estimates, primarily those related to: (1) revenue recognition criteria, including the determination of revenue reporting as net versus gross in the Company’s revenue arrangements, (2) allowances for credit losses, (3) operating lease assets and liabilities, including our incremental borrowing rate and terms and provisions of each lease (4) the useful lives of property and equipment and capitalized software development costs, (5) income taxes, (6) assumptions used in the option pricing models to determine the fair value of stock-based compensation and (7) the recognition and disclosure of contingent liabilities. These estimates are based on historical data and experience, as well as various other factors that management believes to be reasonable under the circumstances, the results of which form the basis for making judgments about the carrying value of assets and liabilities that are not readily apparent from other sources. As of September 30, 2022, the impacts to the Company’s business due to the coronavirus (“COVID-19”) pandemic, geopolitical developments and macroeconomic factors, such as rising interest rates, inflation, changes in foreign currency exchange rates and supply chain disruptions, continue to evolve. As a result, many of the Company’s estimates and assumptions, including the allowance for credit losses, consider macroeconomic factors in the market, which require increased judgment and carry a higher degree of variability and volatility. As events continue to evolve and additional information becomes available, the Company’s estimates may change materially in future periods.
Business Combinations	Business Combinations The results of a business combination are included in the Company's condensed consolidated financial statements from the date of the acquisition. Purchase accounting results in assets and liabilities of an acquired business are generally recorded at their estimated fair values on the acquisition date, which may require management to use significant judgment and estimates, including the selection of valuation methodologies, estimates of future revenue, costs and cash flows, discount rates and selection of comparable companies. The Company engages valuation specialists to assist in determining the fair values of these acquired assets and liabilities. Any excess consideration over the fair value of these acquired assets and liabilities assumed is recognized as goodwill.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2022
Earnings Per Share [Abstract]
Computation of Basic and Diluted EPS	The computation of basic and diluted earnings (loss) per share is as follows (in thousands, except per share amounts): Three Months Ended Nine Months Ended 2022 2021 2022 2021 Numerator: Net income (loss) $ 15,869 $ 59,384 $ (17,802) $ 129,723 Denominator: Weighted-average shares outstanding—basic 487,963 478,101 486,168 475,496 Effect of dilutive securities 12,337 20,811 — 22,446 Weighted-average shares outstanding—diluted 500,300 498,912 486,168 497,942 Basic earnings (loss) per share $ 0.03 $ 0.12 $ (0.04) $ 0.27 Diluted earnings (loss) per share $ 0.03 $ 0.12 $ (0.04) $ 0.26 Anti-dilutive equity awards under stock-based award plans excluded from the determination of diluted earnings (loss) per share* 7,823 1,439 — 1,439 _______________ * Diluted earnings (loss) per share attributable to the Company for the nine months ended September 30, 2022 excluded all potentially dilutive securities because there was a net loss for the period and the inclusion of these securities would have been anti-dilutive. Potentially dilutive securities excluded from the calculation of diluted earnings (loss) per share were 28 million shares under stock-based award plans for the nine months ended September 30, 2022.

Cash, Cash Equivalents and Sh_2

Cash, Cash Equivalents and Short-Term Investments, Net (Tables)	9 Months Ended
	Sep. 30, 2022
Cash, Cash Equivalents, and Short-Term Investments [Abstract]
Schedule of Cash, Cash Equivalents and Short-term Investments in Marketable Securities	Cash, cash equivalents and short-term investments in marketable securities were as follows (in thousands): As of September 30, 2022 Cash and Short-Term Total Cash $ 244,058 $ — $ 244,058 Level 1: Money market funds 656,640 — 656,640 Level 2: Commercial paper 93,958 113,960 207,918 Corporate debt securities — 132,495 132,495 U.S. government and agency securities — 80,290 80,290 Total $ 994,656 $ 326,745 $ 1,321,401 As of December 31, 2021 Cash and Short-Term Total Cash $ 272,058 $ — $ 272,058 Level 1: Money market funds 431,299 — 431,299 Level 2: Commercial paper 47,544 70,804 118,348 Corporate debt securities 3,253 85,425 88,678 U.S. government and agency securities — 48,396 48,396 Total $ 754,154 $ 204,625 $ 958,779
Schedule of Contractual Maturities of Short-Term Investments	The contractual maturities of the Company’s short-term investments are as follows (in thousands): September 30, 2022 Due in one year $ 294,093 Due in one to two years 32,652 Total $ 326,745

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2022
Leases [Abstract]
Summary of Components of Lease Expense	The components of lease expense recorded in the condensed consolidated statements of operations were as follows (in thousands): Three Months Ended Nine Months Ended 2022 2021 2022 2021 Operating lease cost $ 13,139 $ 12,402 $ 38,415 $ 38,288 Short-term lease cost 345 229 1,296 592 Variable lease cost 2,064 1,891 6,478 4,848 Sublease income (635) (751) (1,882) (2,114) Total lease cost $ 14,913 $ 13,771 $ 44,307 $ 41,614

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2022
Share-Based Payment Arrangement [Abstract]
Schedule of Stock-Based Compensation Expense	Stock-based compensation expense recorded in the condensed consolidated statements of operations was as follows (in thousands): Three Months Ended Nine Months Ended 2022 2021 2022 2021 Platform operations $ 3,517 $ 2,518 $ 14,254 $ 11,624 Sales and marketing 14,861 9,099 48,718 37,362 Technology and development 22,641 11,269 67,258 41,337 General and administrative 79,984 11,573 240,881 41,687 Total $ 121,003 $ 34,459 $ 371,111 $ 132,010
Summary of Stock Option Activity	The following summarizes stock option activity: Shares Under Option (in thousands) Weighted- Average Exercise Price Outstanding as of December 31, 2021 18,984 $ 15.14 Granted 1,474 61.07 Exercised (3,970) 10.76 Expired/Forfeited (534) 44.22 Outstanding as of September 30, 2022 15,954 $ 19.50 Exercisable as of September 30, 2022 12,167 $ 11.43
Summary of Restricted Stock Activity	The following summarizes restricted stock activity: RSU (in thousands) Weighted- Average Grant Date Fair Value Unvested as of December 31, 2021 5,597 $ 51.54 Granted 5,586 60.51 Vested (1,716) 46.18 Forfeited (827) 59.61 Unvested as of September 30, 2022 8,640 $ 57.63

Segment and Geographic Inform_2

Segment and Geographic Information (Tables)	9 Months Ended
	Sep. 30, 2022
Segments, Geographical Areas [Abstract]
Gross Billings Percentage, Based on Billing Address of Clients or Client Affiliates	Gross Billings, based on the address of the clients or client affiliates, set forth as a percentage of total Gross Billings, were as follows: Three Months Ended Nine Months Ended 2022 2021 2022 2021 U.S. 89 % 87 % 88 % 86 % International 11 % 13 % 12 % 14 % Total 100 % 100 % 100 % 100 %

Basis of Presentation and Sum_3

Basis of Presentation and Summary of Significant Accounting Policies (Details) $ in Millions	1 Months Ended	9 Months Ended
	Jul. 31, 2021 USD ($)	Sep. 30, 2022 business
Business Combination, Separately Recognized Transactions [Line Items]
Number of businesses acquired | business		0
Technology Company
Business Combination, Separately Recognized Transactions [Line Items]
Business combination, purchase price	$ 18
Non deductible goodwill	$ 11

Earnings Per Share - Additional

Earnings Per Share - Additional Information (Detail)	Sep. 30, 2022 Class
Earnings Per Share [Abstract]
Number of classes of common stock	2

Earnings Per Share - Computatio

Earnings Per Share - Computation of Basic and Diluted EPS (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2022	Jun. 30, 2022	Mar. 31, 2022	Sep. 30, 2021	Jun. 30, 2021	Mar. 31, 2021	Sep. 30, 2022	Sep. 30, 2021
Numerator:
Net income (loss)	$ 15,869	$ (19,073)	$ (14,598)	$ 59,384	$ 47,697	$ 22,642	$ (17,802)	$ 129,723
Denominator:
Weighted-average shares outstanding—basic (in shares)	487,963			478,101			486,168	475,496
Effect of dilutive securities (in shares)	12,337			20,811			0	22,446
Weighted-average shares outstanding—diluted (in shares)	500,300			498,912			486,168	497,942
Basic earnings (loss) per share	$ 0.03			$ 0.12			$ (0.04)	$ 0.27
Diluted earnings (loss) per share	$ 0.03			$ 0.12			$ (0.04)	$ 0.26
Antidilutive Securities Including Potentially Dilutive Securities Under Net Loss Position
Denominator:
Anti-dilutive equity awards under stock-based award plans excluded from the determination of diluted earnings (loss) per share*							28,000
Antidilutive Securities Not Under Net Loss Position
Denominator:
Anti-dilutive equity awards under stock-based award plans excluded from the determination of diluted earnings (loss) per share*	7,823			1,439			0	1,439

Cash, Cash Equivalents and Sh_3

Cash, Cash Equivalents and Short-Term Investments, Net - Schedule of Cash, Cash Equivalents and Short-term Investments in Marketable Securities (Detail) - USD ($) $ in Thousands	Sep. 30, 2022	Dec. 31, 2021
Schedule Of Available For Sale Securities [Line Items]
Cash and Cash Equivalents	$ 994,656	$ 754,154
Short-Term Investments	326,745	204,625
Total	1,321,401	958,779
Cash
Schedule Of Available For Sale Securities [Line Items]
Cash and Cash Equivalents	244,058	272,058
Total	244,058	272,058
Level 1 | Money Market Funds
Schedule Of Available For Sale Securities [Line Items]
Cash and Cash Equivalents	656,640	431,299
Total	656,640	431,299
Level 2 | Commercial Paper
Schedule Of Available For Sale Securities [Line Items]
Cash and Cash Equivalents	93,958	47,544
Short-Term Investments	113,960	70,804
Total	207,918	118,348
Level 2 | Corporate Debt Securities
Schedule Of Available For Sale Securities [Line Items]
Cash and Cash Equivalents	0	3,253
Short-Term Investments	132,495	85,425
Total	132,495	88,678
Level 2 | U.S. Government and Agency Securities
Schedule Of Available For Sale Securities [Line Items]
Cash and Cash Equivalents	0	0
Short-Term Investments	80,290	48,396
Total	$ 80,290	$ 48,396

Cash, Cash Equivalents and Sh_4

Cash, Cash Equivalents and Short-Term Investments, Net - Schedule of Contractual Maturities of Short-Term Investments (Detail) $ in Thousands	Sep. 30, 2022 USD ($)
Cash, Cash Equivalents, and Short-Term Investments [Abstract]
Due in one year	$ 294,093
Due in one to two years	32,652
Total	$ 326,745

Leases (Detail)

Leases (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Leases [Abstract]
Operating lease cost	$ 13,139	$ 12,402	$ 38,415	$ 38,288
Short-term lease cost	345	229	1,296	592
Variable lease cost	2,064	1,891	6,478	4,848
Sublease income	(635)	(751)	(1,882)	(2,114)
Total lease cost	$ 14,913	$ 13,771	$ 44,307	$ 41,614

Debt (Detail)

Debt (Detail) - USD ($)		9 Months Ended
	Jun. 15, 2021	Sep. 30, 2022
Loan and Security Agreement Revolving Loan Facility
Long-term debt:
Line of credit facility	$ 450,000,000
Loan and Security Agreement Revolving Loan Facility Swingline Borrowings
Long-term debt:
Line of credit facility	20,000,000
Loan and Security Agreement Revolving Loan Facility Letter of Credit
Long-term debt:
Line of credit facility	15,000,000
Outstanding letters of credit		$ 5,000,000
Loan and Security Agreement
Long-term debt:
Line of credit maximum amount right to increase	$ 300,000,000
Interest rate description		The Base Rate is defined as a rate per annum for any day equal to the greatest of (1) the rate of interest last quoted by The Wall Street Journal as the “Prime Rate” in the United States, (2) the New York Federal Reserve Bank Rate in effect on such day plus half of 1%, and (3) the adjusted LIBOR rate for a one-month interest period on such day plus 1%. The applicable margin is between 0.25% to 1.25% for Base Rate Borrowings and between 1.25% and 2.25% for LIBOR Rate Borrowings based on the Company maintaining certain leverage ratios.
Outstanding debt balance		$ 0
Availability under the credit facility		$ 445,000,000
Credit facility, maturity		Jun. 15, 2026
Maximum ratio of consolidated funded debt to consolidated EBITDA		350%
Loan and Security Agreement | Minimum
Long-term debt:
Fee percentage for undrawn amounts		0.20%
Loan and Security Agreement | Maximum
Long-term debt:
Fee percentage for undrawn amounts		0.35%
Loan and Security Agreement | LIBOR Rate
Long-term debt:
Description of variable rate basis		one-month interest period on such day plus 1%
Basis spread on variable rate		1%
Loan and Security Agreement | LIBOR Rate | Minimum
Long-term debt:
Basis spread on variable rate		1.25%
Loan and Security Agreement | LIBOR Rate | Maximum
Long-term debt:
Basis spread on variable rate		2.25%
Loan and Security Agreement | NYFRB Rate
Long-term debt:
Description of variable rate basis		day plus half of 1%
Basis spread on variable rate		1%
Loan and Security Agreement | Base Rate | Minimum
Long-term debt:
Basis spread on variable rate		0.25%
Loan and Security Agreement | Base Rate | Maximum
Long-term debt:
Basis spread on variable rate		1.25%

Stock-Based Compensation - Sche

Stock-Based Compensation - Schedule of Stock-Based Compensation Expense (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Stock-based compensation expense, by operating expense category
Stock-based compensation expense	$ 121,003	$ 34,459	$ 371,111	$ 132,010
Platform operations
Stock-based compensation expense, by operating expense category
Stock-based compensation expense	3,517	2,518	14,254	11,624
Sales and marketing
Stock-based compensation expense, by operating expense category
Stock-based compensation expense	14,861	9,099	48,718	37,362
Technology and development
Stock-based compensation expense, by operating expense category
Stock-based compensation expense	22,641	11,269	67,258	41,337
General and administrative
Stock-based compensation expense, by operating expense category
Stock-based compensation expense	$ 79,984	$ 11,573	$ 240,881	$ 41,687

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Stock Option Activity (Detail) - Stock Options - $ / shares shares in Thousands	9 Months Ended
	Sep. 30, 2022
Shares Under Option
Outstanding at the beginning of the period (in shares)	18,984
Granted (in shares)	1,474
Exercised (in shares)	(3,970)
Expired/Forfeited (in shares)	(534)
Outstanding at the end of the period (in shares)	15,954
Exercisable at the end of the period (in shares)	12,167
Weighted-Average Exercise Price
Outstanding at the beginning of the period (in dollars per share)	$ 15.14
Granted (in dollars per share)	61.07
Exercised (in dollars per share)	10.76
Expired/Forfeited (in dollars per share)	44.22
Outstanding at the end of the period (in dollars per share)	19.50
Exercisable at end of period (in dollars per share)	$ 11.43

Stock-Based Compensation - Narr

Stock-Based Compensation - Narrative (Details) - USD ($) $ / shares in Units, $ in Millions	3 Months Ended	9 Months Ended
	Sep. 30, 2022	Sep. 30, 2022	Dec. 31, 2021	Oct. 31, 2021
Stock Options
Stock-Based Compensation
Unrecognized stock-based compensation relating to options	$ 98	$ 98
Weighted-average period for recognition of stock based expense (in years)		2 years 2 months 12 days
Exercisable at the end of the period (in shares)	12,167,000	12,167,000
Options outstanding (in shares)	15,954,000	15,954,000	18,984,000
Options expired / forfeited (in shares)		534,000
Options granted (in shares)		1,474,000
Exercise of common stock options (in shares)		3,970,000
CEO Performance Option | 2016 Incentive Award Plan | Chief Executive Officer
Stock-Based Compensation
Unrecognized stock-based compensation relating to options	$ 465	$ 465
Weighted-average period for recognition of stock based expense (in years)		2 years 4 months 24 days
Exercise price (in dollars per share)				$ 68.29
Exercisable at the end of the period (in shares)	2,400,000	2,400,000
Options outstanding (in shares)	19,200,000	19,200,000
Options expired / forfeited (in shares)	0	0
Options granted (in shares)		0
Exercise of common stock options (in shares)	0	0
Stock-based compensation recorded	$ 66	$ 197
Restricted Stock
Stock-Based Compensation
Weighted-average period for recognition of stock based expense (in years)		3 years
Unrecognized stock-based compensation	461	$ 461
ESPP
Stock-Based Compensation
Weighted-average period for recognition of stock based expense (in years)		10 months 24 days
Unrecognized stock-based compensation	$ 9	$ 9

Stock-Based Compensation - Su_2

Stock-Based Compensation - Summary of Restricted Stock Activity (Detail) shares in Thousands	9 Months Ended
	Sep. 30, 2022 $ / shares shares
RSU
Unvested, RSU, beginning balance (in shares) | shares	5,597
Granted, RSU (in shares) | shares	5,586
Vested, RSU (in shares) | shares	(1,716)
Forfeited, RSU (in shares) | shares	(827)
Unvested, RSU, ending balance (in shares) | shares	8,640
Weighted- Average Grant Date Fair Value
Unvested, beginning balance (in dollars per share) | $ / shares	$ 51.54
Granted (in dollars per share) | $ / shares	60.51
Vested (in dollars per share) | $ / shares	46.18
Forfeited (in dollars per share) | $ / shares	59.61
Unvested, ending balance (in dollars per share) | $ / shares	$ 57.63

Stock-Based Compensation - ESPP

Stock-Based Compensation - ESPP - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Stock-Based Compensation
Stock-based compensation expense	$ 121,003	$ 34,459	$ 371,111	$ 132,010
ESPP
Stock-Based Compensation
Stock-based compensation expense	4,000	$ 4,000	46,000	$ 46,000
Unrecognized stock-based compensation	$ 9,000		$ 9,000
Weighted-average period for recognition of stock based expense (in years)			10 months 24 days

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022	Sep. 30, 2021
Income Tax Disclosure [Abstract]
Provision for (benefit from) income taxes, benefits associated with stock-based awards	$ 11	$ 22	$ 42	$ 58
Federal tax at statutory rate (as a percent)			21%	21%

Segment and Geographic Inform_3

Segment and Geographic Information (Detail)	3 Months Ended		9 Months Ended
	Sep. 30, 2022	Sep. 30, 2021	Sep. 30, 2022 segment businessActivity	Sep. 30, 2021
Revenues From External Customers And Long Lived Assets [Line Items]
Number of business activity | businessActivity			1
Number of reportable segments			1
Number of operating segments			1
Gross billings	100%	100%	100%	100%
U.S.
Revenues From External Customers And Long Lived Assets [Line Items]
Gross billings	89%	87%	88%	86%
International
Revenues From External Customers And Long Lived Assets [Line Items]
Gross billings	11%	13%	12%	14%

Commitments and Contingencies (

Commitments and Contingencies (Detail)	Sep. 30, 2022 USD ($)	Jun. 28, 2021 executiveOfficer
Guarantees and Indemnifications
Number of executive officers | executiveOfficer		1
Indemnifications
Guarantees and Indemnifications
Recorded obligation | $	$ 0