10-Q 1 ttd-10q_20210930.htm 10-Q ttd-10q_20210930.htm
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended September 30, 2021

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from                      to                     

Commission File Number: 001-37879

 

THE TRADE DESK, INC.

(Exact name of registrant as specified in its charter)

 

Delaware

 

 

 

27-1887399

(State or other jurisdiction of

incorporation or organization)

 

 

 

(I.R.S. Employer

Identification No.)

42 N. Chestnut Street

Ventura, California 93001

(Address of principal executive offices, including zip code)

Registrant’s telephone number, including area code: (805) 585-3434

 

Securities registered pursuant to Section 12(b) of the Act:

 

Title of each class

 

Trading Symbol

 

Name of each exchange on which registered

Class A Common Stock, par value $0.000001 per share

 

TTD

 

The Nasdaq Stock Market LLC

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days.    Yes      No  

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files).    Yes      No  

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

 

  

Accelerated filer

 

 

 

 

 

Non-accelerated filer

 

  

  

Smaller reporting company

 

 

 

 

 

 

 

 

  

Emerging growth company

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.  

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).    Yes      No  

As of October 31, 2021, the registrant had 436,076,902 shares of Class A common stock and 44,556,450 shares of Class B common stock outstanding.

 

 


 

THE TRADE DESK, INC.

QUARTERLY REPORT ON FORM 10-Q

INDEX

 

 

  

 

Page

Part I.

  

FINANCIAL INFORMATION

 

3

Item 1.

  

Condensed Consolidated Financial Statements (Unaudited)

 

3

 

  

Condensed Consolidated Balance Sheets as of September 30, 2021 and December 31, 2020

 

3

 

  

Condensed Consolidated Statements of Income for the Three and Nine Months Ended September 30, 2021 and 2020

 

4

 

 

Condensed Consolidated Statements of Stockholders’ Equity for the Three and Nine Months Ended September 30, 2021 and 2020

 

5

 

 

Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 30, 2021 and 2020

 

6

 

  

Notes to Condensed Consolidated Financial Statements

 

7

Item 2.

  

Management’s Discussion and Analysis of Financial Condition and Results of Operations

 

13

Item 3.

  

Quantitative and Qualitative Disclosures About Market Risk

 

21

Item 4.

  

Controls and Procedures

 

21

Part II.

  

OTHER INFORMATION

 

22

Item 1.

  

Legal Proceedings

 

22

Item 1A.

  

Risk Factors

 

22

Item 2.

  

Unregistered Sales of Equity Securities and Use of Proceeds

 

44

Item 6.

  

Exhibits

 

45

Signatures

 

46

 


 

PART I. FINANCIAL INFORMATION

Item 1. Condensed Consolidated Financial Statements

THE TRADE DESK, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(In thousands, except par values)

(Unaudited)

 

 

 

As of

 

 

As of

 

 

 

September 30,

2021

 

 

December 31,

2020

 

ASSETS

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

 

 

Cash and cash equivalents

 

$

576,916

 

 

$

437,353

 

Short-term investments, net

 

 

221,685

 

 

 

186,685

 

Accounts receivable, net of allowance for credit losses

   of $7,245 and $7,253 as of September 30, 2021 and December 31, 2020, respectively

 

 

1,624,759

 

 

 

1,584,109

 

Prepaid expenses and other current assets

 

 

92,557

 

 

 

102,170

 

TOTAL CURRENT ASSETS

 

 

2,515,917

 

 

 

2,310,317

 

Property and equipment, net

 

 

137,416

 

 

 

115,863

 

Operating lease assets

 

 

242,436

 

 

 

248,143

 

Deferred income taxes

 

 

46,405

 

 

 

50,168

 

Other assets, non-current

 

 

46,581

 

 

 

29,154

 

TOTAL ASSETS

 

$

2,988,755

 

 

$

2,753,645

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

LIABILITIES

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

 

 

Accounts payable

 

$

1,304,971

 

 

$

1,348,480

 

Accrued expenses and other current liabilities

 

 

77,323

 

 

 

88,335

 

Operating lease liabilities

 

 

45,603

 

 

 

37,868

 

TOTAL CURRENT LIABILITIES

 

 

1,427,897

 

 

 

1,474,683

 

Operating lease liabilities, non-current

 

 

247,923

 

 

 

254,562

 

Other liabilities, non-current

 

 

10,121

 

 

 

11,255

 

TOTAL LIABILITIES

 

 

1,685,941

 

 

 

1,740,500

 

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, 2021 and December 31, 2020

 

 

 

 

 

 

Common stock, par value $0.000001

   Class A, 1,000,000 shares authorized; 436,033 and 423,383 shares

     issued and outstanding as of September 30, 2021 and December 31, 2020, respectively

   Class B, 95,000 shares authorized; 44,556 and 50,018 shares

     issued and outstanding as of September 30, 2021 and December 31, 2020, respectively

 

 

 

 

 

 

Additional paid-in capital

 

 

698,724

 

 

 

538,778

 

Retained earnings

 

 

604,090

 

 

 

474,367

 

TOTAL STOCKHOLDERS’ EQUITY

 

 

1,302,814

 

 

 

1,013,145

 

TOTAL LIABILITIES AND STOCKHOLDERS’ EQUITY

 

$

2,988,755

 

 

$

2,753,645

 

 

 

 

 

 

 

 

 

 

 

 

The accompanying Notes to Condensed Consolidated Financial Statements are an integral part of these statements.

3


THE TRADE DESK, INC.

CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(In thousands, except per share amounts)

(Unaudited)

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Revenue

 

$

301,091

 

 

$

216,113

 

 

$

800,869

 

 

$

516,128

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Platform operations

 

 

53,400

 

 

 

44,826

 

 

 

154,709

 

 

 

127,167

 

Sales and marketing

 

 

59,278

 

 

 

44,637

 

 

 

176,797

 

 

 

116,002

 

Technology and development

 

 

55,847

 

 

 

41,079

 

 

 

163,301

 

 

 

117,931

 

General and administrative

 

 

52,120

 

 

 

42,789

 

 

 

155,884

 

 

 

117,252

 

Total operating expenses

 

 

220,645

 

 

 

173,331

 

 

 

650,691

 

 

 

478,352

 

Income from operations

 

 

80,446

 

 

 

42,782

 

 

 

150,178

 

 

 

37,776

 

Other expense (income):

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest expense (income), net

 

 

317

 

 

 

235

 

 

 

556

 

 

 

(740

)

Foreign currency exchange loss (gain), net

 

 

1,153

 

 

 

(12

)

 

 

1,004

 

 

 

1,574

 

Total other expense, net

 

 

1,470

 

 

 

223

 

 

 

1,560

 

 

 

834

 

Income before income taxes

 

 

78,976

 

 

 

42,559

 

 

 

148,618

 

 

 

36,942

 

Provision for (benefit from) income taxes

 

 

19,592

 

 

 

1,312

 

 

 

18,895

 

 

 

(53,473

)

Net income

 

$

59,384

 

 

$

41,247

 

 

$

129,723

 

 

$

90,415

 

Earnings per share:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

$

0.12

 

 

$

0.09

 

 

$

0.27

 

 

$

0.20

 

Diluted

 

$

0.12

 

 

$

0.08

 

 

$

0.26

 

 

$

0.19

 

Weighted average shares outstanding:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Basic

 

 

478,101

 

 

 

465,819

 

 

 

475,496

 

 

 

460,747

 

Diluted

 

 

498,912

 

 

 

492,207

 

 

 

497,942

 

 

 

487,309

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The accompanying Notes to Condensed Consolidated Financial Statements are an integral part of these statements.

4


THE TRADE DESK, INC.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(In thousands)

(Unaudited)

 

 

 

Class A and B

 

 

Additional

 

 

 

 

 

 

Total

 

 

 

Common Stock

 

 

Paid-In

 

 

Retained

 

 

Stockholders’

 

 

 

Shares

 

 

Amount

 

 

Capital

 

 

Earnings

 

 

Equity

 

Balance as of December 31, 2019

 

 

454,755

 

 

$

 

 

$

380,079

 

 

$

232,438

 

 

$

612,517

 

Impact upon adoption of ASC 326

 

 

 

 

 

 

 

 

 

 

 

(388

)

 

 

(388

)

Exercise of common stock options

 

 

5,393

 

 

 

 

 

 

19,478

 

 

 

 

 

 

19,478

 

Issuance of restricted stock, net of forfeitures

    and shares withheld for taxes

 

 

197

 

 

 

 

 

 

(4,893

)

 

 

 

 

 

(4,893

)

Stock-based compensation

 

 

 

 

 

 

 

 

23,263

 

 

 

 

 

 

23,263

 

Net income

 

 

 

 

 

 

 

 

 

 

 

24,057

 

 

 

24,057

 

Balance as of March 31, 2020

 

 

460,346

 

 

 

 

 

 

417,927

 

 

 

256,107

 

 

 

674,034

 

Exercise of common stock options

 

 

4,306

 

 

 

 

 

 

22,491

 

 

 

 

 

 

22,491

 

Issuance of restricted stock, net of forfeitures

    and shares withheld for taxes

 

 

613

 

 

 

 

 

 

(2,836

)

 

 

 

 

 

(2,836

)

Stock-based compensation

 

 

 

 

 

 

 

 

24,516

 

 

 

 

 

 

24,516

 

Issuance of common stock under employee

    stock purchase plan

 

 

2,026

 

 

 

 

 

 

15,035

 

 

 

 

 

 

15,035

 

Net income

 

 

 

 

 

 

 

 

 

 

 

25,111

 

 

 

25,111

 

Balance as of June 30, 2020

 

 

467,291

 

 

 

 

 

 

477,133

 

 

 

281,218

 

 

 

758,351

 

Exercise of common stock options

 

 

2,245

 

 

 

 

 

 

12,118

 

 

 

 

 

 

12,118

 

Issuance of restricted stock, net of forfeitures

    and shares withheld for taxes

 

 

(84

)

 

 

 

 

 

(6,455

)

 

 

 

 

 

(6,455

)

Stock-based compensation

 

 

 

 

 

 

 

 

27,366

 

 

 

 

 

 

27,366

 

Net income

 

 

 

 

 

 

 

 

 

 

 

41,247

 

 

 

41,247

 

Balance as of September 30, 2020

 

 

469,452

 

 

$

 

 

$

510,162

 

 

$

322,465

 

 

$

832,627

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Balance as of December 31, 2020

 

 

473,401

 

 

$

 

 

$

538,778

 

 

$

474,367

 

 

$

1,013,145

 

Exercise of common stock options

 

 

1,794

 

 

 

 

 

 

12,621

 

 

 

 

 

 

12,621

 

Issuance of restricted stock, net of forfeitures

    and shares withheld for taxes

 

 

110

 

 

 

 

 

 

(17,080

)

 

 

 

 

 

(17,080

)

Stock-based compensation

 

 

 

 

 

 

 

 

52,985

 

 

 

 

 

 

52,985

 

Net income

 

 

 

 

 

 

 

 

 

 

 

22,642

 

 

 

22,642

 

Balance as of March 31, 2021

 

 

475,305

 

 

 

 

 

 

587,304

 

 

 

497,009

 

 

 

1,084,313

 

Exercise of common stock options

 

 

1,401

 

 

 

 

 

 

13,718

 

 

 

 

 

 

13,718

 

Issuance of restricted stock, net of forfeitures

    and shares withheld for taxes

 

 

409

 

 

 

 

 

 

(12,155

)

 

 

 

 

 

(12,155

)

Stock-based compensation

 

 

 

 

 

 

 

 

46,015

 

 

 

 

 

 

46,015

 

Issuance of common stock under employee

    stock purchase plan

 

 

1,334

 

 

 

 

 

 

22,758

 

 

 

 

 

 

22,758

 

Net income

 

 

 

 

 

 

 

 

 

 

 

47,697

 

 

 

47,697

 

Balance as of June 30, 2021

 

 

478,449

 

 

 

 

 

 

657,640

 

 

 

544,706

 

 

 

1,202,346

 

Exercise of common stock options

 

 

1,808

 

 

 

 

 

 

13,220

 

 

 

 

 

 

13,220

 

Issuance of restricted stock, net of forfeitures

    and shares withheld for taxes

 

 

307

 

 

 

 

 

 

(9,038

)

 

 

 

 

 

(9,038

)

Stock-based compensation

 

 

 

 

 

 

 

 

35,086

 

 

 

 

 

 

35,086

 

Issuance of common stock related to acquisition

 

 

25

 

 

 

 

 

 

1,816

 

 

 

 

 

 

1,816

 

Net income

 

 

 

 

 

 

 

 

 

 

 

59,384

 

 

 

59,384

 

Balance as of September 30, 2021

 

 

480,589

 

 

$

 

 

$

698,724

 

 

$

604,090

 

 

$

1,302,814

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

The accompanying Notes to Condensed Consolidated Financial Statements are an integral part of these statements.

5


THE TRADE DESK, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(In thousands)

(Unaudited)

 

 

 

Nine Months Ended September 30,

 

 

 

2021

 

 

2020

 

OPERATING ACTIVITIES:

 

 

 

 

 

 

 

 

Net income

 

$

129,723

 

 

$

90,415

 

Adjustments to reconcile net income to net cash provided by operating activities:

 

 

 

 

 

 

 

 

Depreciation and amortization

 

 

29,969

 

 

 

20,777

 

Stock-based compensation

 

 

132,010

 

 

 

73,751

 

Allowance for credit losses on accounts receivable

 

 

520

 

 

 

2,722

 

Noncash lease expense

 

 

29,914

 

 

 

24,052

 

Deferred income taxes

 

 

5,044

 

 

 

(20,978

)

Other

 

 

6,730

 

 

 

1,242

 

Changes in operating assets and liabilities:

 

 

 

 

 

 

 

 

Accounts receivable

 

 

(48,637

)

 

 

21,063

 

Prepaid expenses and other assets

 

 

20,627

 

 

 

(23,919

)

Accounts payable

 

 

(44,105

)

 

 

47,728

 

Accrued expenses and other liabilities

 

 

(14,790

)

 

 

11,047

 

Operating lease liabilities

 

 

(31,886

)

 

 

(10,388

)

Net cash provided by operating activities

 

 

215,119

 

 

 

237,512

 

INVESTING ACTIVITIES:

 

 

 

 

 

 

 

 

Purchases of investments

 

 

(233,427

)

 

 

(127,254

)

Sales of investments

 

 

4,539

 

 

 

 

Maturities of investments

 

 

192,077

 

 

 

128,315

 

Purchases of property and equipment

 

 

(43,920

)

 

 

(57,721

)

Capitalized software development costs

 

 

(3,684

)

 

 

(4,246

)

Business acquisition

 

 

(13,261

)

 

 

 

Net cash used in investing activities

 

 

(97,676

)

 

 

(60,906

)

FINANCING ACTIVITIES:

 

 

 

 

 

 

 

 

Proceeds from line of credit

 

 

 

 

 

143,000

 

Repayment on line of credit

 

 

 

 

 

(71,000

)

Payment of debt financing costs

 

 

(1,924

)

 

 

 

Proceeds from exercise of stock options

 

 

39,559

 

 

 

54,038

 

Proceeds from employee stock purchase plan

 

 

22,758

 

 

 

15,035

 

Taxes paid related to net settlement of restricted stock awards

 

 

(38,273

)

 

 

(14,184

)

Net cash provided by financing activities

 

 

22,120

 

 

 

126,889

 

Increase in cash and cash equivalents

 

 

139,563

 

 

 

303,495

 

Cash and cash equivalents—Beginning of period

 

 

437,353

 

 

 

130,876

 

Cash and cash equivalents—End of period

 

$

576,916

 

 

$

434,371

 

SUPPLEMENTAL CASH FLOW INFORMATION:

 

 

 

 

 

 

 

 

Capitalized assets financed by accounts payable

 

$

8,934

 

 

$

12,842

 

Cash paid for amounts included in the measurement of lease liabilities included in

   operating cash flows

 

$

39,006

 

 

$

17,702

 

Right-of-use assets obtained in exchange for operating lease liabilities

 

$

23,293

 

 

$

52,238

 

Asset retirement obligation

 

$

1,609

 

 

$

1,601

 

Stock-based compensation included in capitalized software development costs

 

$

2,076

 

 

$

1,394

 

 

The accompanying Notes to Condensed Consolidated Financial Statements are an integral part of these statements.

6


THE TRADE DESK, INC.

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

Note 1—Nature of Operations

The Trade Desk, Inc. (the “Company”) was formed in November 2009 as a Delaware corporation. The Company is headquartered in Ventura, California and has offices in various cities in North America, Europe, Asia and Australia. The Company is a technology company that empowers buyers of advertising by providing a self-service cloud-based platform on which ad buyers can create, manage, and optimize more expressive data-driven digital advertising campaigns across ad formats, including display, video, audio, native and social, on a multitude of devices, such as computers, mobile devices, and connected TV.

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, 2020 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, 2020.

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, 2020, 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, 2020, 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, 2021 are not necessarily indicative of the results expected for the full year ending December 31, 2021.

On June 16, 2021, the Company effected a ten-for-one stock split (the “Stock Split”) of the Company’s common stock in the form of a stock dividend. Each stockholder of record on June 9, 2021, received nine additional shares of common stock for each then-held share. Trading began on a stock split-adjusted basis on June 17, 2021. The number of shares subject to outstanding equity awards and the exercise prices of the outstanding stock option awards were also adjusted to reflect the effect of the Stock Split. All share and per share amounts presented herein have been retroactively adjusted to reflect the impact of the Stock Split.

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.

As of September 30, 2021, the impact of the Coronavirus pandemic (“COVID-19”) on the Company’s business continued to evolve. As a result, many of the Company’s estimates and assumptions, including the allowance for credit losses, consider macro-economic 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.

For the three and nine months ended September 30, 2021, the Company’s assessment of credit losses considered business and market disruptions caused by COVID-19 and estimates of defaults by industry. The Company reviews the allowance for credit losses and financial implications of COVID-19 on expected credit losses on a quarterly basis. Account balances are charged off against the allowance when the Company believes it is probable the receivable will not be recovered.

7


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 $17.8 million, subject to purchase price adjustments. The purchase consideration was primarily attributable to non-deductible goodwill of $11.4 million, with the remainder allocated to acquired technology and other assets.

Recent Accounting Pronouncements 

In March 2020, the FASB issued ASU No. 2020-04, Reference Rate Reform (Topic 848) (“ASU 2020-04”), which provides optional expedients and exceptions for applying GAAP to contracts, hedging relationships, and other transactions affected by the discontinuation of the London Interbank Offered Rate or by another reference rate expected to be discontinued. The amendments are effective for all entities through December 31, 2022 and can be adopted as of any date from the beginning of an interim period that includes or is subsequent to March 12, 2020. The adoption of the amendment did not have a material impact on the Company’s condensed consolidated financial statements.

Note 3—Earnings Per Share

The Company has two classes of common stock, Class A and Class B. Basic and diluted earnings per share (“EPS”) 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 EPS after giving retroactive effect to the Stock Split is as follows (in thousands, except per share amounts):

 

 

 

Three Months Ended

 

 

Nine Months Ended

 

 

 

September 30,

 

 

September 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

Numerator:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income

 

$

59,384

 

 

$

41,247

 

 

$

129,723