What The Trade Desk, Inc. told the SEC could break it.

Revenue is largely a platform fee charged as a percentage of clients' total ad spend, so it fluctuates with seasonal and macroeconomic swings in the advertising industry.

“We expect our revenue to continue to fluctuate based on seasonal factors that affect the advertising industry as a whole.”

The Trade Desk's marketplace depends on third-party hosting facilities; even a few-minutes disruption can cause revenue loss, and the facilities are exposed to natural disasters, power/telecom failures and cyberattacks.

“Even a disruption as brief as a few minutes could have a negative impact on marketplace activities and could result in a loss of revenue. These facilities may be located in areas prone to natural disasters and may experience catastrophic events such as earthquakes, fires, floods, power loss, telecommunications failures, public health crises and similar events.”

As a US company, The Trade Desk must comply with the Export Administration Regulations and OFAC sanctions programs; circumvention of its controls could subject it to liability and impair international competitiveness.

“As a U.S. company, we are subject to U.S. export control and economic sanctions laws and regulations, and we are required to export our technology and services in compliance with those laws and regulations, including the U.S. Export Administration Regulations and economic embargo and trade sanctions programs administered by the Treasury Department's Office of Foreign Assets Control.”