Trade Desk Inc (TTD)

Days of sales outstanding (DSO)

		Jun 30, 2025	Mar 31, 2025	Dec 31, 2024	Sep 30, 2024	Jun 30, 2024	Mar 31, 2024	Dec 31, 2023	Sep 30, 2023	Jun 30, 2023	Mar 31, 2023	Dec 31, 2022	Sep 30, 2022	Jun 30, 2022	Mar 31, 2022	Dec 31, 2021	Sep 30, 2021	Jun 30, 2021	Mar 31, 2021	Dec 31, 2020	Sep 30, 2020
Receivables turnover		0.82	0.84	0.73	0.77	0.75	0.78	0.68	0.75	0.74	0.79	0.67	0.73	0.73	0.73	0.59	0.69	0.68	0.65	0.53	0.64
DSO	days	443.45	433.51	497.20	472.43	487.62	465.32	538.33	485.20	494.25	462.85	542.99	498.99	499.95	497.50	616.45	529.13	538.32	558.06	691.60	568.32

June 30, 2025 calculation

DSO = 365 ÷ Receivables turnover
= 365 ÷ 0.82
= 443.45

The analysis of Trade Desk Inc.'s days of sales outstanding (DSO) over the specified period reveals significant fluctuations, indicative of varying collection efficiencies and changes in receivables management.

At the end of September 2020, the DSO was notably high at approximately 568.32 days, suggesting a prolonged collection cycle and potential issues with receivables collection or extended payment terms. This elevated level persisted through December 2020, reaching around 691.60 days, indicating that the company’s collection period remained excessively lengthy during this period.

Subsequently, a marked improvement was observed, with DSO decreasing to approximately 558.06 days in March 2021 and further reducing to 538.32 days by June 2021. The downward trend continued into September 2021, where the DSO fell to approximately 529.13 days, denoting some progress in collections.

However, an upward trend resumed, as reflected in December 2021 when DSO increased to around 616.45 days. The trend of fluctuation persisted with a decrease to about 497.50 days by March 2022, followed by stabilization around 499.95 days in June 2022 and a slight decline to 498.99 days in September 2022.

In 2023, there was a notable reduction, with DSO reaching a low of approximately 462.85 days in March 2023. Subsequently, the figure increased slightly to 494.25 days in June and then decreased again to 485.20 days by September 2023. By the end of December 2023, DSO rose to roughly 538.33 days.

Looking into the most recent data, there has been a modest decrease to 465.32 days in March 2024, followed by an increase to 487.62 days in June and slightly down to 472.43 days in September 2024. In the first quarter of 2025, DSO showed further reduction to approximately 433.51 days, with a slight increase to 443.45 days by the second quarter of 2025.

Overall, the DSO figures over the analyzed period exhibit considerable variability, oscillating between high levels exceeding 690 days and more moderate levels around 433 days. This suggests that the company’s receivables management has experienced periods of inefficiency, coupled with phases of improvement, but generally remains characterized by a lengthy collection period relative to typical industry standards.