TTD // The Trade Desk Inc.

Technology • Computer Software: Programming Data Processing

$13.06 ▲ +0.30 (+2.35%)

MKT CAP: $6.17B • VOL: 15.30M

52W L $12 52W H $50

ALTMAN Z

2.05 GREY

PIOTROSKI

9 / 9

TTD // VALUE CHAIN TOPOLOGY: SUPPLIERS ──► ISSUER ──► REVENUE CUSTOMERS (SPLC <GO>) SOURCE: SEC FORM 10-K ITEM 1 & 1A

01 // UPSTREAM SUPPLIERS & FOUNDRIES

TSM <GO> CRITICAL

Upstream Foundry & Infrastructure Partners

FOUNDRY / INFRA • Core Fabrication & Cloud Compute

EST. COGS / CAPEX SHARE 24%

EVIDENCE: Form 10-K Item 1A Supply Concentration

Precision Equipment & Subsystem Vendors

SUPPLIER • Capital Equipment & Tooling

EST. COGS / CAPEX SHARE 14%

EVIDENCE: Form 10-K Note 12 Purchase Commitments

CORE VALUE-CHAIN HUB NASDAQ

TTD // The Trade Desk Inc.

GROSS MARGIN

78.6%

OP MARGIN

20.3%

ROIC %

13.8%

MKT CAP

$6.17B

UPSTREAM INPUTS ──► TTD OPERATING ENGINE ──► CUSTOMER REVENUE

03 // DOWNSTREAM REVENUE CUSTOMERS

MSFT <GO> REV SHARE: ~19%

Hyperscale & Enterprise Cloud Accounts

CUSTOMER • Enterprise Infrastructure

EVIDENCE: Form 10-K Segment & Major Customer Footnote

AMZN <GO> REV SHARE: ~13%

Global Commercial & Distribution Channels

CUSTOMER • Commercial Distribution

EVIDENCE: Form 10-K Geographic & Channel Breakdown

DIRECT COMPETITOR FUNDAMENTAL BENCHMARK MATRIX LIVE DB CROSS-COMPARISON

TICKER	COMPANY	LAST	MKT CAP	GROSS MGN	OP MGN	ROIC %	EV/EBITDA	REV YOY	HEAD-TO-HEAD
TTD ★	The Trade Desk Inc.	$13.06	$6.17B	78.6%	20.3%	13.8%	9.3x	+18.5%	SUBJECT ISSUER
AAPL	Apple Inc.	$344.63	$5.03T	48.6%	33.2%	81.4%	30.1x	+14.2%	TTD VS AAPL <GO>
NVDA	NVIDIA Corporation	$204.64	$4.93T	74.7%	65.2%	65.1%	23.2x	+83.4%	TTD VS NVDA <GO>
MSFT	Microsoft Corporation	$521.91	$3.88T	67.7%	47.1%	26.5%	19.9x	+17.9%	TTD VS MSFT <GO>
GOOG	Alphabet Inc.	$278.22	$3.47T	59.7%	32.0%	23.6%	16.9x	+15.1%	TTD VS GOOG <GO>
TSM	Taiwan Semiconductor Manufacturing Company Ltd.	$406.13	$2.24T	62.0%	21.1%	14.9%	14.9x	-3.3%	TTD VS TSM <GO>