What is the revenue and EPS growth rate for The Trade Desk year over year?

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What were the key takeaways from The Trade Desk’s earnings call?

What guidance did The Trade Desk's management provide for the next earnings period?

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What factors drove the changes in The Trade Desk's revenue and profit?

What is The Trade Desk's latest dividend and current dividend yield?

Did The Trade Desk beat or miss consensus estimates last quarter?

- **Revenue Surge**: Q3 revenue up 18% YoY to $739M, with CTV driving 50% of video spend. Ex-political growth 22%, outpacing peers.
- **AI-Driven Innovation**: Kokai platform delivers 26% better CPAs, 94% reach improvement. New products like Audience Unlimited and OpenPath enhance supply chain transparency.
- **Leadership Restructuring**: New execs drive operational rigor, JBP pipeline worth billions, and 43% EBITDA margin.
- **Q4 Outlook**: $840M revenue (18.5% YoY ex-political), $375M EBITDA, with focus on international and mid-market growth.
- **Competitive Edge**: TTD's open Internet focus captures 66% of consumer digital time vs. 10% of advertiser budgets, positioning for long-term share gain.

**【CEO Summary Section】**
- **Revenue Growth**: Q3 revenue grew 18% YoY to $739M, excluding political spend, growth was 22%. CTV remains the fastest-growing channel, contributing 50% of video revenue.
- **AI and Product Innovation**: Kokai AI platform delivered 26% better CPAs, 58% better CTR, and 94% better reach. New products like Audience Unlimited, OpenPath, and Deal Desk aim to enhance supply chain transparency and efficiency.
- **Leadership and Restructuring**: Hired new COO, CFO, and CRO to drive operational rigor. Streamlined go-to-market strategies, improving JBP (Joint Business Plan) execution and client retention.
- **Market Positioning**: Emphasized TTD's role as an objective DSP in a buyer's market, contrasting with walled gardens. Highlighted premium content consumption on the open Internet (66% of digital time) versus advertiser budgets (minority allocated to open Internet).

**【CFO Financial Commentary】**
- **Financial Highlights**: Adjusted EBITDA of $317M (43% margin), free cash flow of $155M, and $1.4B cash balance. Q4 revenue guidance of $840M (18.5% YoY ex-political), with $375M EBITDA.
- **Channel Growth**: CTV and audio channels growing faster than overall business. Mobile (30% share) and display (low double-digit) stable, while international growth outpaces North America (13% vs. 87% share).
- **Capital Allocation**: $310M share buybacks in Q3, with $500M new authorization. Focus on reducing dilution and returning capital to shareholders.

**【Q&A Key Highlights】**
- **Competition and Strategy**: Jeff clarified TTD's focus on open Internet vs. Amazon/Google's owned inventory. Discussed AI's minimal impact on inventory but emphasized long-term opportunities in search-like ads. Alex highlighted Q4 guidance confidence despite macro concerns, citing JBP pipeline and product adoption.
- **AI and Inventory Impact**: Jeff noted AI reduces ad density, benefiting premium publishers. Kokai adoption driving 43% CTR improvements. Alex saw no macro risks, attributing guidance to consistent trends.
- **Product Priorities**: Kokai, Audience Unlimited, and Deal Desk highlighted as key growth drivers. Kokai's 35% better deal performance vs. Solimar showcased AI's value in forward markets.


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