TMTB: TTD PINS EXPE LYFT HUBS First takes

TTD +14%: Blowout beat. $616M vs street at $576M, biggest revenue beat in 4 year (7%). Guide in line, but looks conservative

Q1 EBITDA $208M vs street at $148M
Q2 Revs “at least” $682, where street is
Q2 EBITDA $259M vs. street $254M

Solid print all around after stock has been a favored short in the HF community all quarter. Top line crushed accel’ing 3 ppts on a 5 ppts tougher comp to 25%. Now comps get easier and guide only implies 17% y/y growth, which seems v conservative (accel narrative on the table now).

Always a risk to be involved for the q’s as TTD is one of the most consistent beat and raises in years past despite last quarters miss, which was their first since becoming public - it was the main reason why we said we covered our short in our weekly Sunday. This print is even better than we thought.

It will be interesting to see how CEO sounds on the call re: competitive dynamics — we’ll digest and see if short makes sense again but headline dynamics make me think shorts will scramble a bit to cover if CEO sounds fine as stock still has plenty of long only support. Frankly, the top line dynamics make me think this could be a long but we still think co is facing lots of structural issues. Will listen to call and digest…

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PINS +12%: Better than feared with +16% rev growth vs bogeys of 15.5% and better EBITDA. Q2 guided slightly above street

Lots of fears going in given CPG exposure but PINS delivered with a solid beat vs expects. While investors will still worry about ad headwinds, only a 2ppts decel on a 11ppts tougher comp in Q1 despite fx headwind. Fx now becomes a tailwind and comps get easier the next two quarters, which makes guide look pretty conservative and puts a potential accel on the table next quarter. Q2 EBITDA a bit below so will have to see if those headwinds continue going forward.

Will have to see how CEO sounds on macro environment, but he’s usually pretty bullish and good at crafting a good narrative/story.

Q2 Revs guided to $960M - $980M or +12-15% vs street at $963M
Q2 EBITDA $217 - $237M below street at $237M

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EXPE -5%: Revs and bookings slightly miss while EBITDA beats. RN +6%, 1% below street