The Trade Desk, Inc. (TTD) 10-Q 7 Nov 24 2024 Q3 Quarterly report Financial data

Cover

Cover - shares	9 Months Ended
	Sep. 30, 2024	Oct. 31, 2024
Document Information [Line Items]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Sep. 30, 2024
Document Transition Report	false
Entity File Number	001-37879
Entity Registrant Name	TRADE DESK, INC.
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
Trading Symbol	TTD
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Central Index Key	0001671933
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Amendment Flag	false
Class A common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		449,655,013
Class B common stock
Document Information [Line Items]
Entity Common Stock, Shares Outstanding		43,918,900

CONDENSED CONSOLIDATED BALANCE

CONDENSED CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Current assets:
Cash and cash equivalents	$ 1,221,475	$ 895,129
Short-term investments, net	510,290	485,159
Accounts receivable, net of allowance for credit losses of $11,237 and $12,826 as of September 30, 2024 and December 31, 2023, respectively	2,989,387	2,870,313
Prepaid expenses and other current assets	117,221	63,353
TOTAL CURRENT ASSETS	4,838,373	4,313,954
Property and equipment, net	197,973	161,422
Operating lease assets	242,431	197,732
Deferred income taxes	154,849	154,849
Other assets, non-current	71,699	60,730
TOTAL ASSETS	5,505,325	4,888,687
Current liabilities:
Accounts payable	2,409,773	2,317,318
Accrued expenses and other current liabilities	142,459	137,996
Operating lease liabilities	62,858	55,524
TOTAL CURRENT LIABILITIES	2,615,090	2,510,838
Operating lease liabilities, non-current	230,355	180,369
Other liabilities, non-current	34,130	33,261
TOTAL LIABILITIES	2,879,575	2,724,468
Commitments and contingencies (Note 11)
STOCKHOLDERS’ EQUITY
Preferred stock, par value $0.000001; 100,000 shares authorized, zero shares issued and outstanding as of September 30, 2024 and December 31, 2023	0	0
Common stock, par value $0.000001 Class A, 1,000,000 shares authorized; 449,528 and 444,997 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively Class B, 95,000 shares authorized; 43,919 and 43,919 shares issued and outstanding as of September 30, 2024 and December 31, 2023, respectively	0	0
Additional paid-in capital	2,397,100	1,967,265
Retained earnings	228,650	196,954
TOTAL STOCKHOLDERS’ EQUITY	2,625,750	2,164,219
TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY	$ 5,505,325	$ 4,888,687

CONDENSED CONSOLIDATED BALANC_2

CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) shares in Thousands, $ in Thousands	Sep. 30, 2024	Dec. 31, 2023
Accounts receivable, allowance for credit losses	$ 11,237	$ 12,826
Preferred stock
Preferred stock, par value (in dollars per share)	$ 0.000001	$ 0.000001
Preferred stock, authorized (in shares)	100,000	100,000
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	1,000,000
Common stock, issued (in shares)	449,528	444,997
Common stock, outstanding (in shares)	449,528	444,997
Class B common stock
Common stock
Common stock, authorized (in shares)	95,000	95,000
Common stock, issued (in shares)	43,919	43,919
Common stock, outstanding (in shares)	43,919	43,919

CONDENSED CONSOLIDATED STATEMEN

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Statement [Abstract]
Revenue	$ 628,016	$ 493,266	$ 1,703,819	$ 1,340,323
Operating expenses:
Platform operations	122,656	93,382	336,745	264,903
Sales and marketing	140,296	112,466	395,888	321,177
Technology and development	117,705	117,772	335,426	309,790
General and administrative	138,878	131,969	403,902	388,411
Total operating expenses	519,535	455,589	1,471,961	1,284,281
Income from operations	108,481	37,677	231,858	56,042
Other expense (income):
Interest income, net	(19,408)	(17,626)	(53,886)	(49,556)
Foreign currency exchange loss (gain), net	711	(1,697)	41	(1,721)
Total other income, net	(18,697)	(19,323)	(53,845)	(51,277)
Income before income taxes	127,178	57,000	285,703	107,319
Provision for income taxes	33,020	17,648	74,856	25,702
Net income	$ 94,158	$ 39,352	$ 210,847	$ 81,617
Earnings per share:
Basic (in dollars per share)	$ 0.19	$ 0.08	$ 0.43	$ 0.17
Diluted (in dollars per share)	$ 0.19	$ 0.08	$ 0.42	$ 0.16
Weighted-average shares outstanding:
Basic (in shares)	491,614	489,447	489,845	489,195
Diluted (in shares)	502,563	501,880	500,273	500,348

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, 2022		490,468
Balance at beginning of period at Dec. 31, 2022	$ 2,115,339		$ 1,449,825	$ 665,514
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of common stock options (in shares)		2,451
Exercise of common stock options	10,365		10,365
Issuance of restricted stock, net of forfeitures and shares withheld for taxes (in shares)		414
Issuance of restricted stock, net of forfeitures and shares withheld for taxes	(15,595)		(15,595)
Repurchases of Class A common stock (in shares)		(5,139)
Repurchases of Class A common stock	(292,863)			(292,863)
Stock-based compensation	114,235		114,235
Net income	9,326			9,326
Balance at end of period (in shares) at Mar. 31, 2023		488,194
Balance at end of period at Mar. 31, 2023	1,940,807		1,558,830	381,977
Balance at beginning of period (in shares) at Dec. 31, 2022		490,468
Balance at beginning of period at Dec. 31, 2022	2,115,339		1,449,825	665,514
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	81,617
Balance at end of period (in shares) at Sep. 30, 2023		490,244
Balance at end of period at Sep. 30, 2023	2,155,526		1,835,107	320,419
Balance at beginning of period (in shares) at Mar. 31, 2023		488,194
Balance at beginning of period at Mar. 31, 2023	1,940,807		1,558,830	381,977
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of common stock options (in shares)		1,074
Exercise of common stock options	17,407		17,407
Issuance of restricted stock, net of forfeitures and shares withheld for taxes (in shares)		879
Issuance of restricted stock, net of forfeitures and shares withheld for taxes	(15,459)		(15,459)
Issuance of common stock under employee stock purchase plan (in shares)		497
Issuance of common stock under employee stock purchase plan	21,316		21,316
Repurchases of Class A common stock (in shares)		(595)
Repurchases of Class A common stock	(44,004)			(44,004)
Stock-based compensation	118,404		118,404
Net income	32,939			32,939
Balance at end of period (in shares) at Jun. 30, 2023		490,049
Balance at end of period at Jun. 30, 2023	2,071,410		1,700,498	370,912
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of common stock options (in shares)		889
Exercise of common stock options	17,591		17,591
Issuance of restricted stock, net of forfeitures and shares withheld for taxes (in shares)		500
Issuance of restricted stock, net of forfeitures and shares withheld for taxes	(24,343)		(24,343)
Repurchases of Class A common stock (in shares)		(1,194)
Repurchases of Class A common stock	(89,845)			(89,845)
Stock-based compensation	141,361		141,361
Net income	39,352			39,352
Balance at end of period (in shares) at Sep. 30, 2023		490,244
Balance at end of period at Sep. 30, 2023	2,155,526		1,835,107	320,419
Balance at beginning of period (in shares) at Dec. 31, 2023		488,916
Balance at beginning of period at Dec. 31, 2023	2,164,219		1,967,265	196,954
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of common stock options (in shares)		719
Exercise of common stock options	10,804		10,804
Issuance of restricted stock, net of forfeitures and shares withheld for taxes (in shares)		620
Issuance of restricted stock, net of forfeitures and shares withheld for taxes	(26,806)		(26,806)
Repurchases of Class A common stock (in shares)		(1,527)
Repurchases of Class A common stock	(125,370)			(125,370)
Stock-based compensation	112,048		112,048
Net income	31,660			31,660
Balance at end of period (in shares) at Mar. 31, 2024		488,728
Balance at end of period at Mar. 31, 2024	2,166,555		2,063,311	103,244
Balance at beginning of period (in shares) at Dec. 31, 2023		488,916
Balance at beginning of period at Dec. 31, 2023	2,164,219		1,967,265	196,954
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Net income	210,847
Balance at end of period (in shares) at Sep. 30, 2024		493,447
Balance at end of period at Sep. 30, 2024	2,625,750		2,397,100	228,650
Balance at beginning of period (in shares) at Mar. 31, 2024		488,728
Balance at beginning of period at Mar. 31, 2024	2,166,555		2,063,311	103,244
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of common stock options (in shares)		1,167
Exercise of common stock options	27,360		27,360
Issuance of restricted stock, net of forfeitures and shares withheld for taxes (in shares)		1,007
Issuance of restricted stock, net of forfeitures and shares withheld for taxes	(31,563)		(31,563)
Issuance of common stock under employee stock purchase plan (in shares)		698
Issuance of common stock under employee stock purchase plan	30,122		30,122
Repurchases of Class A common stock	90			90
Stock-based compensation	127,813		127,813
Net income	85,029			85,029
Balance at end of period (in shares) at Jun. 30, 2024		491,600
Balance at end of period at Jun. 30, 2024	2,405,406		2,217,043	188,363
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Exercise of common stock options (in shares)		1,810
Exercise of common stock options	89,526		89,526
Issuance of restricted stock, net of forfeitures and shares withheld for taxes (in shares)		554
Issuance of restricted stock, net of forfeitures and shares withheld for taxes	(39,394)		(39,394)
Repurchases of Class A common stock (in shares)		(517)
Repurchases of Class A common stock	(53,871)			(53,871)
Stock-based compensation	129,925		129,925
Net income	94,158			94,158
Balance at end of period (in shares) at Sep. 30, 2024		493,447
Balance at end of period at Sep. 30, 2024	$ 2,625,750		$ 2,397,100	$ 228,650

CONDENSED CONSOLIDATED STATEM_3

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023
OPERATING ACTIVITIES:
Net income	$ 210,847	$ 81,617
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization	63,378	59,889
Stock-based compensation	365,470	370,186
Noncash lease expense	41,522	36,672
Provision for expected credit losses on accounts receivable	837	1,811
Other	(11,901)	(8,312)
Changes in operating assets and liabilities:
Accounts receivable	(125,711)	(130,650)
Prepaid expenses and other current and non-current assets	(68,490)	(11,370)
Accounts payable	87,175	125,661
Accrued expenses and other current and non-current liabilities	8,846	18,439
Operating lease liabilities	(31,918)	(36,741)
Net cash provided by operating activities	540,055	507,202
INVESTING ACTIVITIES:
Purchases of investments	(486,596)	(448,251)
Maturities of investments	475,022	425,400
Purchases of property and equipment	(78,048)	(21,594)
Capitalized software development costs	(6,708)	(6,097)
Net cash used in investing activities	(96,330)	(50,542)
FINANCING ACTIVITIES:
Repurchases of Class A common stock	(177,428)	(426,684)
Proceeds from exercise of stock options	127,690	45,363
Proceeds from employee stock purchase plan	30,122	21,316
Taxes paid related to net settlement of restricted stock awards	(97,763)	(55,397)
Net cash used in financing activities	(117,379)	(415,402)
Increase in cash and cash equivalents	326,346	41,258
Cash and cash equivalents—Beginning of period	895,129	1,030,506
Cash and cash equivalents—End of period	1,221,475	1,071,764
SUPPLEMENTAL CASH FLOW INFORMATION:
Cash paid for operating lease liabilities	48,524	44,836
Operating lease assets obtained in exchange for operating lease liabilities	94,410	25,781
Capitalized assets financed by accounts payable	10,217	5,938
Stock-based compensation included in capitalized software development costs	4,316	3,814
Repurchases of Class A common stock in accrued expenses and other current liabilities	$ 1,723	$ 28

Nature of Operations

Nature of Operations	9 Months Ended
	Sep. 30, 2024
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 video (which includes connected television (“CTV”)), display, audio, digital-out-of-home, native and social, on a multitude of devices, such as computers, mobile devices, televisions and streaming devices. The Company’s platform integrations with major inventory, publisher and data partners provide ad buyers reach and decisioning capabilities, and the Company’s enterprise application programming interfaces (“APIs”) enable its clients to customize and expand platform functionality. 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, 2024
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, 2023 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, 2023. 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, 2023, 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, 2023, 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, 2024 are not necessarily indicative of the results expected for the full year ending December 31, 2024. 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 the Company’s 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, 2024, the impacts to the Company’s business due to geopolitical developments and macroeconomic factors such as changes in interest and foreign currency exchange rates, inflation 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. Recent Accounting Pronouncements In November 2023, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which adds requirements to report significant expenses, requirements for entities with a single reportable segment to provide all disclosures otherwise required under Topic 280 and requirements to report segment information on an interim basis, among other clarifications and requirements. This guidance will be effective on a retrospective basis for annual periods beginning with the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, and interim periods beginning with the Company’s Quarterly Report Form 10-Q for the fiscal quarter ended March 31, 2025. Early adoption is permitted. The Company will adopt the guidance beginning with its Annual Report on Form 10-K for the fiscal year ended December 31, 2024, and the Company expects the guidance to result in additional disclosures in the notes to the consolidated financial statements for its single reportable segment that were previously not applicable. The Company will continue to evaluate the disclosure requirements through the end of fiscal year 2024. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires greater disaggregation of information and consistent categories in the effective tax rate reconciliation and income taxes paid disaggregated by jurisdiction. It also includes certain other amendments to improve the effectiveness of income tax disclosures. This guidance will be effective on a prospective basis, with an option to apply it retrospectively, for annual periods beginning with the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025. Early adoption is permitted. The Company is currently evaluating the impact of the new guidance on its consolidated financial statements and notes.

Earnings Per Share

Earnings Per Share	9 Months Ended
	Sep. 30, 2024
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 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. Basic earnings per share is calculated by dividing net income by the weighted-average number of shares of common stock outstanding. Diluted earnings per share is calculated by dividing net income by the weighted-average number of shares of common stock outstanding adjusted for the potentially dilutive impact of stock options, restricted stock and the Employee Stock Purchase Plan (“ESPP”), using the two-class method required for participating securities. Restricted stock awards are considered to be participating securities due to their non-forfeitable dividend rights. The computation of basic and diluted earnings per share is as follows (in thousands, except per share amounts): Three Months Ended Nine Months Ended 2024 2023 2024 2023 Numerator: Net income $ 94,158 $ 39,352 $ 210,847 $ 81,617 Denominator: Weighted-average shares outstanding—basic 491,614 489,447 489,845 489,195 Effect of dilutive securities 10,949 12,433 10,428 11,153 Weighted-average shares outstanding—diluted 502,563 501,880 500,273 500,348 Basic earnings per share $ 0.19 $ 0.08 $ 0.43 $ 0.17 Diluted earnings per share $ 0.19 $ 0.08 $ 0.42 $ 0.16 Anti-dilutive equity awards under stock-based award plans excluded from the determination of diluted earnings per share 2,667 4,916 2,667 4,916

Cash, Cash Equivalents and Shor

Cash, Cash Equivalents and Short-Term Investments, Net	9 Months Ended
	Sep. 30, 2024
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, 2024 Cash and Short-Term Total Cash $ 245,126 $ — $ 245,126 Level 1: Money market funds 934,535 — 934,535 Level 2: Commercial paper 41,814 140,141 181,955 Corporate debt securities — 240,285 240,285 U.S. government and agency securities — 129,864 129,864 Total $ 1,221,475 $ 510,290 $ 1,731,765 As of December 31, 2023 Cash and Short-Term Total Cash $ 289,512 $ — $ 289,512 Level 1: Money market funds 560,673 — 560,673 Level 2: Commercial paper 36,013 168,224 204,237 Corporate debt securities — 185,465 185,465 U.S. government and agency securities 8,931 131,470 140,401 Total $ 895,129 $ 485,159 $ 1,380,288 The Company’s gross unrealized gains and losses from its short-term investments, recorded at fair value, for the three and nine months ended September 30, 2024 and 2023, were immaterial. The contractual maturities of the Company’s short-term investments are as follows (in thousands): September 30, 2024 Due in one year $ 471,030 Due in one to two years 39,260 Total $ 510,290

Leases

Leases	9 Months Ended
	Sep. 30, 2024
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 2024 2023 2024 2023 Operating lease cost $ 15,062 $ 12,532 $ 41,259 $ 36,588 Short-term lease cost 666 493 1,554 1,407 Variable lease cost 4,255 3,253 11,863 9,207 Sublease income — (619) (42) (1,769) Total lease cost $ 19,983 $ 15,659 $ 54,634 $ 45,433

Debt

Debt	9 Months Ended
	Sep. 30, 2024
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 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. 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. On February 9, 2023, the Company further amended its Credit Facility (as amended, the “Amended Credit Facility”) to transition from a variable interest rate based on the London Interbank Offered Rate to a variable interest rate based on the secured overnight financing rate (“SOFR”). Loans under the Amended Credit Facility bear interest at a rate equal to, at the Company’s option, an annual rate of either a Base Rate or an adjusted term SOFR rate (defined as SOFR for a specified term plus a credit spread adjustment of 10 basis points, subject to a 0% floor), plus an applicable margin (“Base Rate Borrowings” and “Term SOFR 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 term SOFR 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 Term SOFR Borrowings based on the Company maintaining certain leverage ratios. The fee for undrawn amounts under the Amended 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. As of September 30, 2024, the Company did not have an outstanding debt balance under the Amended Credit Facility. Availability under the Amended Credit Facility was $442 million as of September 30, 2024, which is net of outstanding letters of credit of $8 million. The Amended Credit Facility matures, and all outstanding amounts become due and payable, on June 15, 2026. The Amended 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 Amended 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, 2024, the Company was in compliance with all covenants.

Capitalization

Capitalization	9 Months Ended
	Sep. 30, 2024
Equity [Abstract]
Capitalization	Note 7—Capitalization Share Repurchase Program In February 2023, the Company’s board of directors approved a share repurchase program with authorization to purchase up to $700 million of its Class A common stock. As of December 31, 2023, $53 million remained available and authorized for repurchases. In February 2024, an additional $647 million was authorized under this program, bringing the total amount available for future repurchases back to $700 million. The share repurchase program, which has no expiration date, is designed to help offset the impact of future share dilution from employee stock issuances. Repurchases under the program may be made in the open market, in privately negotiated transactions or otherwise, with the amount and timing of repurchases to be determined at the Company’s discretion, depending on market conditions and corporate needs. Open market repurchases are structured to occur in accordance with applicable federal securities laws, including within the pricing and volume requirements of Rule 10b-18 under the Securities Exchange Act of 1934, as amended (the “Exchange Act”). The Company may also, from time to time, enter into Rule 10b5-1 plans to facilitate repurchases of its shares under this authorization. This program does not obligate the Company to acquire any particular amount of Class A common stock, and may be modified, suspended or terminated at any time at the discretion of the Company’s board of directors. During the three months ended September 30, 2024, the Company repurchased and subsequently retired 0.5 million shares of its Class A common stock for an aggregate repurchase amount of $54 million. During the nine months ended September 30, 2024, the Company repurchased and subsequently retired 2 million

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Stock-Based Compensation	Note 8—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 2024 2023 2024 2023 Platform operations $ 7,617 $ 5,729 $ 20,444 $ 14,642 Sales and marketing 25,294 21,116 70,654 54,039 Technology and development 36,958 43,727 97,441 91,283 General and administrative 58,641 69,061 176,931 210,222 Total $ 128,510 $ 139,633 $ 365,470 $ 370,186 On September 30, 2023, David R. Pickles stepped down as the Company’s Chief Technology Officer and from the Company’s board of directors. As a result, Mr. Pickles and the Company mutually agreed to cancel his unvested stock options and restricted stock without payment or replacement, resulting in the recognition of $14 million in incremental stock-based compensation expense, which is included in technology and development expense for the three and nine months ended September 30, 2023. No amount of stock-based compensation expense for these cancelled options and restricted stock remained unamortized. Stock Options The following summarizes stock option activity, excluding the CEO Performance Option (as defined below): Shares Under Options (in thousands) Weighted- Average Exercise Price Outstanding as of December 31, 2023 12,258 $ 31.05 Granted 2,419 82.23 Exercised (3,002) 26.57 Expired/Forfeited (455) 64.95 Outstanding as of September 30, 2024 11,220 $ 41.91 Exercisable as of September 30, 2024 7,274 $ 24.91 As of September 30, 2024, the Company had unrecognized stock-based compensation relating to stock options, excluding the CEO Performance Option, of approximately $155 million, which is expected to be recognized over a weighted-average period of 2.9 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. As of December 31, 2023, the CEO Performance Option had 19.2 million options outstanding. No options were granted, forfeited or expired during the three and nine months ended September 30, 2024. During the three and nine months ended September 30, 2024, 0.7 million options were exercised at an exercise price of $68.29. As of September 30, 2024, the CEO Performance Option had 1.7 million exercisable options and 18.5 million options outstanding. Stock-based compensation of $30 million and $48 million for the CEO Performance Option was recorded as a component of general and administrative expense during the three months ended September 30, 2024 and 2023, respectively. Stock-based compensation of $102 million and $156 million for the CEO Performance Option was recorded as a component of general and administrative expense during the nine months ended September 30, 2024 and 2023, respectively. As of September 30, 2024, the Company had unrecognized stock-based compensation relating to the CEO Performance Option of $99 million that is expected to be recognized over a weighted-average period of 1.1 years, assuming no acceleration of vesting. Restricted Stock The following summarizes restricted stock activity: Shares (in thousands) Weighted- Average Grant Date Fair Value Unvested as of December 31, 2023 10,546 $ 62.22 Granted 4,493 83.90 Vested (3,233) 61.41 Forfeited (840) 66.28 Unvested as of September 30, 2024 10,966 $ 71.03 As of September 30, 2024, the Company had unrecognized stock-based compensation relating to restricted stock of approximately $725 million, which is expected to be recognized over a weighted-average period of 2.8 years. Employee Stock Purchase Plan (“ESPP”) Stock-based compensation expense related to the ESPP was $7 million for each of the three months ended September 30, 2024 and 2023. Stock-based compensation expense related to the ESPP was $20 million and $15 million for the nine months ended September 30, 2024 and 2023, respectively. As of September 30, 2024, the Company had unrecognized stock-based compensation relating to ESPP awards of approximately $7 million, which is expected to be recognized over a weighted-average period of 0.5 years.

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2024
Income Tax Disclosure [Abstract]
Income Taxes	Note 9—Income Taxes In determining the interim provision for income taxes for each of the three and nine months ended September 30, 2024 and 2023, the Company utilized the annual estimated effective tax rate applied to the actual year-to-date income and added the tax effects of any discrete items in the reporting period in which they occur. For the three months ended September 30, 2024 and 2023, the provision for income taxes included benefits associated with stock-based awards of $14 million and $9 million, respectively. For the nine months ended September 30, 2024 and 2023, the provision for income taxes included benefits associated with stock-based awards of $43 million and $45 million, respectively. For the nine months ended September 30, 2024 and 2023, the Company’s effective tax rate differed from the United States federal statutory tax rate of 21% primarily due to nondeductible stock-based compensation and state and foreign taxes, partially offset by the impact of tax benefits associated with stock-based awards 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, 2024, and the Company does not expect to have any significant changes to unrecognized tax benefits through the end of the fiscal year.

Segment and Geographic Informat

Segment and Geographic Information	9 Months Ended
	Sep. 30, 2024
Segments, Geographical Areas [Abstract]
Segment and Geographic Information	Note 10—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 for platform fees, value-added services and platform features (“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 2024 2023 2024 2023 United States 88 % 87 % 88 % 88 % International 12 % 13 % 12 % 12 % Total 100 % 100 % 100 % 100 %

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2024
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Note 11— Commitments and Contingencies Guarantees, Indemnification and Other 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, 2024 and 2023. The Company is under audit by various domestic and foreign tax authorities. The Company believes that the amount of losses or any estimable range of possible losses with respect to these matters will not, either individually or in the aggregate, have a material adverse effect on its business and condensed consolidated financial statements. Due to the inherent complexity and uncertainty of these matters and judicial process in certain jurisdictions, the final outcome may be materially different from the Company’s expectations. 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 May 27, 2022, a stockholder 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. On November 10, 2022, the plaintiffs filed a consolidated complaint, and on January 12, 2023, the defendants moved to dismiss the consolidated complaint. On March 24, 2023, plaintiffs filed an opposition to defendants’ motions to dismiss. Defendants filed their replies in support of their motions to dismiss on May 19, 2023. The court heard oral argument on the motions on April 3, 2024. On October 4, 2024, a stockholder filed a class action complaint in the Court of Chancery in the State of Delaware alleging claims for breach of contract against the Company and breach of fiduciary duties against the Company’s directors, in connection with the Company’s proposed reincorporation from Delaware to Nevada. Gunderson v. The Trade Desk, Inc. , No. 2024-1029 (Del. Ch.). On October 24, 2024, the plaintiff filed an amended complaint. The complaint seeks, among other things, an order declaring that the Company’s proposed conversion requires approval by a supermajority of the Company’s stockholders and an order enjoining the November 14, 2024 stockholder vote on the proposed conversion. On October 28, 2024, the parties completed expedited briefing on cross motions for summary judgment regarding the causes of action asserted in the original complaint, and the Court heard oral argument on the motions on October 30, 2024. On November 6, 2024, the Court granted the defendants’ summary judgment motion and denied the plaintiff’s cross-motion, finding that the proposed conversion does not require supermajority approval of the Company’s stockholders, and that the defendants did not breach their fiduciary duties by disclosing that the proposed conversion required a vote of a simple majority of the Company’s stockholders. The decision is eligible for appeal. 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 and restricted stock in the event of changes in control, as defined, and involuntary terminations.

Pay vs Performance Disclosure

Pay vs Performance Disclosure - USD ($) $ in Thousands	3 Months Ended						9 Months Ended
	Sep. 30, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Pay vs Performance Disclosure
Net income	$ 94,158	$ 85,029	$ 31,660	$ 39,352	$ 32,939	$ 9,326	$ 210,847	$ 81,617

Insider Trading Arrangements

Insider Trading Arrangements	3 Months Ended	9 Months Ended
	Sep. 30, 2024 shares	Sep. 30, 2024 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Samantha Jacobson [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On August 22, 2024, our Chief Strategy Officer and Class II Director, Samantha Jacobson, adopted a trading plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) for the sale of up to 111,088 shares of our Class A common stock. The plan will terminate at the earlier of the execution of all trading orders in the plan or November 28, 2025.
Name	Samantha Jacobson
Title	Chief Strategy Officer and Class II Director
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	August 22, 2024
Expiration Date	November 28, 2025
Arrangement Duration	463 days
Aggregate Available	111,088	111,088
Jeff T. Green [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement		On September 12, 2024, our Chief Executive Officer and Class I Director, Jeff T. Green, through a personal trust over which he is a trustee and through a foundation for which he is the sole member and director, adopted a trading plan intended to satisfy the affirmative defense conditions of Rule 10b5-1(c) for the sale of up to 6,600,000 shares of our Class A common stock. The plan will terminate at the earlier of the execution of all trading orders in the plan or June 30, 2025.
Name	Jeff T. Green
Title	Chief Executive Officer and Class I Director
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	September 12, 2024
Expiration Date	June 30, 2025
Arrangement Duration	291 days
Aggregate Available	6,600,000	6,600,000

Basis of Presentation and Sum_2

Basis of Presentation and Summary of Significant Accounting Policies (Policies)	9 Months Ended
	Sep. 30, 2024
Accounting Policies [Abstract]
Basis of Presentation	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, 2023 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, 2023
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 the Company’s 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, 2024, the impacts to the Company’s business due to geopolitical developments and macroeconomic factors such as changes in interest and foreign currency exchange rates, inflation 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.
Recent Accounting Pronouncements	Recent Accounting Pronouncements In November 2023, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures, which adds requirements to report significant expenses, requirements for entities with a single reportable segment to provide all disclosures otherwise required under Topic 280 and requirements to report segment information on an interim basis, among other clarifications and requirements. This guidance will be effective on a retrospective basis for annual periods beginning with the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2024, and interim periods beginning with the Company’s Quarterly Report Form 10-Q for the fiscal quarter ended March 31, 2025. Early adoption is permitted. The Company will adopt the guidance beginning with its Annual Report on Form 10-K for the fiscal year ended December 31, 2024, and the Company expects the guidance to result in additional disclosures in the notes to the consolidated financial statements for its single reportable segment that were previously not applicable. The Company will continue to evaluate the disclosure requirements through the end of fiscal year 2024. In December 2023, the FASB issued ASU No. 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures, which requires greater disaggregation of information and consistent categories in the effective tax rate reconciliation and income taxes paid disaggregated by jurisdiction. It also includes certain other amendments to improve the effectiveness of income tax disclosures. This guidance will be effective on a prospective basis, with an option to apply it retrospectively, for annual periods beginning with the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2025. Early adoption is permitted. The Company is currently evaluating the impact of the new guidance on its consolidated financial statements and notes.

Earnings Per Share (Tables)

Earnings Per Share (Tables)	9 Months Ended
	Sep. 30, 2024
Earnings Per Share [Abstract]
Computation of Basic and Diluted EPS	The computation of basic and diluted earnings per share is as follows (in thousands, except per share amounts): Three Months Ended Nine Months Ended 2024 2023 2024 2023 Numerator: Net income $ 94,158 $ 39,352 $ 210,847 $ 81,617 Denominator: Weighted-average shares outstanding—basic 491,614 489,447 489,845 489,195 Effect of dilutive securities 10,949 12,433 10,428 11,153 Weighted-average shares outstanding—diluted 502,563 501,880 500,273 500,348 Basic earnings per share $ 0.19 $ 0.08 $ 0.43 $ 0.17 Diluted earnings per share $ 0.19 $ 0.08 $ 0.42 $ 0.16 Anti-dilutive equity awards under stock-based award plans excluded from the determination of diluted earnings per share 2,667 4,916 2,667 4,916

Cash, Cash Equivalents and Sh_2

Cash, Cash Equivalents and Short-Term Investments, Net (Tables)	9 Months Ended
	Sep. 30, 2024
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, 2024 Cash and Short-Term Total Cash $ 245,126 $ — $ 245,126 Level 1: Money market funds 934,535 — 934,535 Level 2: Commercial paper 41,814 140,141 181,955 Corporate debt securities — 240,285 240,285 U.S. government and agency securities — 129,864 129,864 Total $ 1,221,475 $ 510,290 $ 1,731,765 As of December 31, 2023 Cash and Short-Term Total Cash $ 289,512 $ — $ 289,512 Level 1: Money market funds 560,673 — 560,673 Level 2: Commercial paper 36,013 168,224 204,237 Corporate debt securities — 185,465 185,465 U.S. government and agency securities 8,931 131,470 140,401 Total $ 895,129 $ 485,159 $ 1,380,288
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, 2024 Due in one year $ 471,030 Due in one to two years 39,260 Total $ 510,290

Leases (Tables)

Leases (Tables)	9 Months Ended
	Sep. 30, 2024
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 2024 2023 2024 2023 Operating lease cost $ 15,062 $ 12,532 $ 41,259 $ 36,588 Short-term lease cost 666 493 1,554 1,407 Variable lease cost 4,255 3,253 11,863 9,207 Sublease income — (619) (42) (1,769) Total lease cost $ 19,983 $ 15,659 $ 54,634 $ 45,433

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2024
Share-Based Payment Arrangement [Abstract]
Summary 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 2024 2023 2024 2023 Platform operations $ 7,617 $ 5,729 $ 20,444 $ 14,642 Sales and marketing 25,294 21,116 70,654 54,039 Technology and development 36,958 43,727 97,441 91,283 General and administrative 58,641 69,061 176,931 210,222 Total $ 128,510 $ 139,633 $ 365,470 $ 370,186
Summary of Stock Option Activity	The following summarizes stock option activity, excluding the CEO Performance Option (as defined below): Shares Under Options (in thousands) Weighted- Average Exercise Price Outstanding as of December 31, 2023 12,258 $ 31.05 Granted 2,419 82.23 Exercised (3,002) 26.57 Expired/Forfeited (455) 64.95 Outstanding as of September 30, 2024 11,220 $ 41.91 Exercisable as of September 30, 2024 7,274 $ 24.91
Summary of Restricted Stock Activity	The following summarizes restricted stock activity: Shares (in thousands) Weighted- Average Grant Date Fair Value Unvested as of December 31, 2023 10,546 $ 62.22 Granted 4,493 83.90 Vested (3,233) 61.41 Forfeited (840) 66.28 Unvested as of September 30, 2024 10,966 $ 71.03

Segment and Geographic Inform_2

Segment and Geographic Information (Tables)	9 Months Ended
	Sep. 30, 2024
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 2024 2023 2024 2023 United States 88 % 87 % 88 % 88 % International 12 % 13 % 12 % 12 % Total 100 % 100 % 100 % 100 %

Earnings Per Share - Additional

Earnings Per Share - Additional Information (Detail)	Sep. 30, 2024 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, 2024	Jun. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Sep. 30, 2023
Numerator:
Net income	$ 94,158	$ 85,029	$ 31,660	$ 39,352	$ 32,939	$ 9,326	$ 210,847	$ 81,617
Denominator:
Weighted-average shares outstanding—basic (in shares)	491,614			489,447			489,845	489,195
Effect of dilutive securities (in shares)	10,949			12,433			10,428	11,153
Weighted-average shares outstanding—diluted (in shares)	502,563			501,880			500,273	500,348
Basic earnings per share (in dollars per share)	$ 0.19			$ 0.08			$ 0.43	$ 0.17
Diluted earnings per share (in dollars per share)	$ 0.19			$ 0.08			$ 0.42	$ 0.16
Anti-dilutive equity awards under stock-based award plans excluded from the determination of diluted earnings per share (in shares)	2,667			4,916			2,667	4,916

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, 2024	Dec. 31, 2023
Schedule of Available-for-Sale Securities [Line Items]
Cash and Cash Equivalents	$ 1,221,475	$ 895,129
Short-Term Investments, Net	510,290	485,159
Total	1,731,765	1,380,288
Cash
Schedule of Available-for-Sale Securities [Line Items]
Cash and Cash Equivalents	245,126	289,512
Total	245,126	289,512
Level 1 | Money market funds
Schedule of Available-for-Sale Securities [Line Items]
Cash and Cash Equivalents	934,535	560,673
Total	934,535	560,673
Level 2 | Commercial paper
Schedule of Available-for-Sale Securities [Line Items]
Cash and Cash Equivalents	41,814	36,013
Short-Term Investments, Net	140,141	168,224
Total	181,955	204,237
Level 2 | Corporate debt securities
Schedule of Available-for-Sale Securities [Line Items]
Cash and Cash Equivalents	0	0
Short-Term Investments, Net	240,285	185,465
Total	240,285	185,465
Level 2 | U.S. government and agency securities
Schedule of Available-for-Sale Securities [Line Items]
Cash and Cash Equivalents	0	8,931
Short-Term Investments, Net	129,864	131,470
Total	$ 129,864	$ 140,401

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, 2024 USD ($)
Cash, Cash Equivalents, and Short-Term Investments [Abstract]
Due in one year	$ 471,030
Due in one to two years	39,260
Total	$ 510,290

Leases (Detail)

Leases (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Leases [Abstract]
Operating lease cost	$ 15,062	$ 12,532	$ 41,259	$ 36,588
Short-term lease cost	666	493	1,554	1,407
Variable lease cost	4,255	3,253	11,863	9,207
Sublease income	0	(619)	(42)	(1,769)
Total lease cost	$ 19,983	$ 15,659	$ 54,634	$ 45,433

Debt (Detail)

Debt (Detail) - USD ($)	Feb. 09, 2023	Jun. 15, 2021	Sep. 30, 2024
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
Loan and Security Agreement
Long-term debt:
Line of credit maximum amount right to increase		$ 300,000,000
Amended Credit Facility
Long-term debt:
Outstanding debt balance			$ 0
Availability under the credit facility			$ 442,000,000
Maximum ratio of consolidated funded debt to consolidated EBITDA			350%
Amended Credit Facility | Minimum
Long-term debt:
Fee percentage for undrawn amounts	0.20%
Amended Credit Facility | Maximum
Long-term debt:
Fee percentage for undrawn amounts	0.35%
Amended Credit Facility | NYFRB Rate
Long-term debt:
Basis spread on variable rate	0.50%
Amended Credit Facility | Base Rate | Minimum
Long-term debt:
Basis spread on variable rate	0.25%
Amended Credit Facility | Base Rate | Maximum
Long-term debt:
Basis spread on variable rate	1.25%
Amended Credit Facility | Secured Overnight Financing Rate (SOFR)
Long-term debt:
Basis spread on variable rate	0.10%
Floor interest rate	0%
Amended Credit Facility | Secured Overnight Financing Rate (SOFR) | Minimum
Long-term debt:
Basis spread on variable rate	1.25%
Amended Credit Facility | Secured Overnight Financing Rate (SOFR) | Maximum
Long-term debt:
Basis spread on variable rate	2.25%
Amended Credit Facility | Adjusted Secured Overnight Financing Rate (SOFR)
Long-term debt:
Basis spread on variable rate	1%
Amended Credit Facility, Letter of Credit
Long-term debt:
Outstanding letters of credit			$ 8,000,000

Capitalization (Detail)

Capitalization (Detail) - USD ($) $ in Thousands, shares in Millions	3 Months Ended					9 Months Ended
	Sep. 30, 2024	Mar. 31, 2024	Sep. 30, 2023	Jun. 30, 2023	Mar. 31, 2023	Sep. 30, 2024	Feb. 15, 2024	Dec. 31, 2023	Feb. 28, 2023
Class of Stock [Line Items]
Aggregate repurchases of Class A common stock	$ 53,871	$ 125,370	$ 89,845	$ 44,004	$ 292,863
Class A common stock | 2023 Stock Repurchase Program
Class of Stock [Line Items]
Stock repurchase program, authorized amount									$ 700,000
Stock repurchase program, remaining amount authorized	$ 521,000					$ 521,000	$ 700,000	$ 53,000
Additional amount authorized for share repurchase							$ 647,000
Repurchases of Class A common stock (in shares)	0.5					2
Aggregate repurchases of Class A common stock	$ 54,000					$ 179,000

Stock-Based Compensation - Summ

Stock-Based Compensation - Summary of Stock-Based Compensation Expense (Detail) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Stock-based compensation expense, by operating expense category
Total	$ 128,510	$ 139,633	$ 365,470	$ 370,186
Platform operations
Stock-based compensation expense, by operating expense category
Total	7,617	5,729	20,444	14,642
Sales and marketing
Stock-based compensation expense, by operating expense category
Total	25,294	21,116	70,654	54,039
Technology and development
Stock-based compensation expense, by operating expense category
Total	36,958	43,727	97,441	91,283
General and administrative
Stock-based compensation expense, by operating expense category
Total	$ 58,641	$ 69,061	$ 176,931	$ 210,222

Stock-Based Compensation - Addi

Stock-Based Compensation - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023	Dec. 31, 2023	Oct. 31, 2021
Stock-Based Compensation
Stock based compensation expense	$ 128,510	$ 139,633	$ 365,470	$ 370,186
Technology and development
Stock-Based Compensation
Stock based compensation expense	36,958	43,727	97,441	91,283
Chief Technology Officer | Technology and development
Stock-Based Compensation
Incremental stock-based compensation expense		14,000		14,000
Stock Options
Stock-Based Compensation
Unrecognized stock-based compensation relating to options	$ 155,000		$ 155,000
Weighted-average period for recognition of stock based expense (in years)			2 years 10 months 24 days
Options outstanding (in shares)	11,220,000		11,220,000		12,258,000
Options expired / forfeited (in shares)			455,000
Exercise of common stock options (in shares)			3,002,000
Exercised (in dollars per share)			$ 26.57
Exercisable at the end of the period (in shares)	7,274,000		7,274,000
CEO performance option | 2016 Incentive Award Plan | Chief Executive Officer
Stock-Based Compensation
Unrecognized stock-based compensation relating to options	$ 99,000		$ 99,000
Weighted-average period for recognition of stock based expense (in years)			1 year 1 month 6 days
Exercise price (in dollars per share)						$ 68.29
Options outstanding (in shares)	18,500,000		18,500,000		19,200,000
Options granted (in shares)	0		0
Options expired / forfeited (in shares)	0		0
Exercise of common stock options (in shares)	700,000		700,000
Exercised (in dollars per share)	$ 68.29		$ 68.29
Exercisable at the end of the period (in shares)	1,700,000		1,700,000
Stock-based compensation recorded	$ 30,000	48,000	$ 102,000	156,000
Restricted Stock
Stock-Based Compensation
Weighted-average period for recognition of stock based expense (in years)			2 years 9 months 18 days
Unrecognized stock-based compensation	725,000		$ 725,000
ESPP
Stock-Based Compensation
Weighted-average period for recognition of stock based expense (in years)			6 months
Unrecognized stock-based compensation	7,000		$ 7,000
Stock based compensation expense	$ 7,000	$ 7,000	$ 20,000	$ 15,000

Stock-Based Compensation - Su_2

Stock-Based Compensation - Summary of Stock Option Activity (Detail) - Stock Options - $ / shares shares in Thousands	9 Months Ended
	Sep. 30, 2024
Shares Under Options
Outstanding at the beginning of the period (in shares)	12,258
Granted (in shares)	2,419
Exercised (in shares)	(3,002)
Expired/Forfeited (in shares)	(455)
Outstanding at the end of the period (in shares)	11,220
Exercisable at the end of the period (in shares)	7,274
Weighted- Average Exercise Price
Outstanding at the beginning of the period (in dollars per share)	$ 31.05
Granted (in dollars per share)	82.23
Exercised (in dollars per share)	26.57
Expired/Forfeited (in dollars per share)	64.95
Outstanding at the end of the period (in dollars per share)	41.91
Exercisable at end of period (in dollars per share)	$ 24.91

Stock-Based Compensation - Su_3

Stock-Based Compensation - Summary of Restricted Stock Activity (Detail) shares in Thousands	9 Months Ended
	Sep. 30, 2024 $ / shares shares
RSU
Unvested, beginning balance (in shares) | shares	10,546
Granted (in shares) | shares	4,493
Vested (in shares) | shares	(3,233)
Forfeited (in shares) | shares	(840)
Unvested, ending balance (in shares) | shares	10,966
Weighted- Average Grant Date Fair Value
Unvested, beginning balance (in dollars per share) | $ / shares	$ 62.22
Granted (in dollars per share) | $ / shares	83.90
Vested (in dollars per share) | $ / shares	61.41
Forfeited (in dollars per share) | $ / shares	66.28
Unvested, ending balance (in dollars per share) | $ / shares	$ 71.03

Income Taxes - Additional Infor

Income Taxes - Additional Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2024	Sep. 30, 2023	Sep. 30, 2024	Sep. 30, 2023
Income Tax Disclosure [Abstract]
Provision for (benefit from) income taxes, benefits associated with stock-based awards	$ 14	$ 9	$ 43	$ 45
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, 2024	Sep. 30, 2023	Sep. 30, 2024 segment businessActivity	Sep. 30, 2023
Revenues From External Customers and Long Lived Assets [Line Items]
Number of business activities | businessActivity			1
Number of reportable segments			1
Number of operating segments			1
Total	100%	100%	100%	100%
United States
Revenues From External Customers and Long Lived Assets [Line Items]
Total	88%	87%	88%	88%
International
Revenues From External Customers and Long Lived Assets [Line Items]
Total	12%	13%	12%	12%

Commitments and Contingencies (

Commitments and Contingencies (Detail) - USD ($)	Sep. 30, 2024	Sep. 30, 2023
Indemnifications
Guarantees and Indemnifications
Recorded obligation	$ 0	$ 0