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Is the trade desk an opportunity or a trap? Let’s start with a quick look at the numbers first. The Numbers Revenue: $739M, +17.7% YoY growth. Non-GAAP EPS: $0.45 per diluted share, beating the consensus by $0.01 Adjusted EBITDA: $317M, which means an EBITDA margin of 43%. Guidance (Q4 2025) Revenue “at least” $840M, or about 18.5% better than the consensus of $830.9M. Now, I saw quite a few reactions of Multis (and other people) who were disappointed by the lackluster 17.7% growth. I understand that. It could even be the reason for the big recent drop, next to the Amazon competition (more about that later). It doesn’t look great. Last year in Q3, there was 27.32% growth. Now just 17.74%. But political spending plays an important role. If you look at the numbers ex-political spend, yo