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Main

Price
Shares
Market Cap
Cash
Debt
EV

14.31
48.463415
693.5114687
136.567
0
556.9444687

RTB
Orders
Industry Mobile Growth
International
Mobile Growth
Buyer Revenue Growth

Page 1

2015
10.3
3.7
126%
35%
11%
42%

2019
2015
20.5 Shrunk Y/Y
34.1 Shrunk Y/Y

Main
only have cheap inventory?

Page 2

Model
Q114
Revenue
Cost of Revenue
GP
R&D
G&A
Marketing
Operating Expenses
Operating Income
Other income
Pretax income
Taxes
Net Income
Shares
EPS
Gross Margin
Operating Margin
Net Margin
Tax Rate

Q214

Q314

Q414

Q115

Q215

23.015
4.46
18.555
4.677
11.32
9.027
25.024
-6.469
-0.641
-7.11
0.05
-7.16
12.215
-0.59

28.283
4.852
23.431
4.598
15.653
10.296
30.547
-7.116
-2.208
-9.324
0.112
-9.436
32.266
-0.29

32.165
5.144
27.021
5.766
15.157
11.54
32.463
-5.442
0.803
-4.639
-0.017
-4.622
33.673
-0.14

41.832
6.298
35.534
7.677
15.268
12.34
35.285
0.249
1.207
1.456
0.027
1.429
28.217
0.05

37.178
6.561
30.617
8.414
14.279
15.049
37.742
-7.125
2.178
-4.947
0.084
-5.031
35.758
-0.14

53.046
14.009
39.037
10.39
17.984
22.161
50.535
-11.498
-0.858
-12.356
-0.413
-11.943
39.414
-0.30

80.62%
-28.11%
-31.11%
-0.70%

82.84%
-25.16%
-33.36%
-1.20%

84.01%
-16.92%
-14.37%
0.37%

84.94%
0.60%
3.42%
1.85%

82.35%
-19.16%
-13.53%
-1.70%

73.59%
-21.68%
-22.51%
3.34%

61.54%
65.01%
50.82%
29.73%
79.90%
26.14%
66.71%

87.55%
66.60%
65.43%
-26.57%
125.97%
14.89%
115.24%

Revenue Y/Y
GP Y/Y
Expenses Y/Y
Net Income Y/Y
R&D Y/Y
G&A Y/Y
Marketing Y/Y

Page 3

Model
Q315

Q415

Q116

64.253
16.556
47.697
11.822
18.225
22.817
52.864
-5.167
0.075
-5.092
-2.083
-3.009
41.308
-0.07

94.007
21.369
72.638
11.429
19.711
23.306
54.446
18.192
0.064
18.256
-2.149
20.405
44.495
0.46

74.23%
-8.04%
-4.68%
40.91%

77.27%
19.35%
21.71%
-11.77%

99.76%
76.52%
62.84%
34.90%
105.03%
20.24%
97.72%

124.73%
104.42%
54.30%
1327.92%
48.87%
29.10%
88.87%

Q216
Q316
Q416
69.232 101.827 123.340 180.455
16.783
20.861
25.268 36.969
52.449
80.966
98.072 143.486
12.443
18.861
21.461 20.747
20.605
22.828
23.134 25.046
21.278
40.330
42.395 41.754
54.326
82.019
86.990 87.547
-1.877
-1.053
11.082 55.939
-0.167
0.050
0.127
0.387
-2.044
-1.003
11.209 56.326
-4.328
-0.413
-2.083
-2.149
2.284
-0.590
13.292 58.475
44.663
47.879
50.938 53.912
0.05
-0.012
0.261
1.085

75.76%
-2.71%
3.30%
211.74%

79.51%
-1.03%
-0.58%
41.19%

79.51%
8.99%
10.78%
-18.58%

79.51%
31.00%
32.40%
-3.82%

86.22% 91.96% 91.96% 91.96%


71.31% 107.41% 105.61% 97.54%
43.94% 62.30% 64.55% 60.80%
145.40% 95.06% 541.75% 186.57%
47.88% 81.53% 81.53% 81.53%
44.30% 26.94% 26.94% 27.07%
41.39% 81.99% 85.80% 79.15%

Page 4

Model
2013
83.83
15.358
68.472
18.615
27.926
25.811
72.352
-3.88
-9.366
-13.246
0.247
-13.493
11.488
-1.17

2014
125.295
20.754
104.541
22.718
57.398
43.203
123.319
-18.778
-0.839
-19.617
0.172
-19.789
28.217
-0.70

2015
248.484
58.495
189.989
42.055
70.199
83.333
195.587
-5.598
1.459
-4.139
-4.561
0.422
39.663
0.01

2016
324.000
99.881
224.119
73.512
91.613
145.756
310.882
-86.762
0.397
-86.365
-8.973
-77.392
53.751
-1.44

2017
453.600
101.212
352.388
124.970
119.097
255.074
499.141
-146.754
-2.087
-148.841
68.040
-216.881
67.574
-3.21

2018
635.040
148.036
487.004
206.201
136.962
446.379
789.541
-302.538
-0.268
-302.805
95.256
-398.061
80.790
-4.93

2019
889.056
222.247
666.809
319.612
139.701
557.973
1017.286
-350.477
-0.125
-350.602
133.358
-483.961
94.510
-5.12

81.68%
-4.63%
-16.10%
-1.86%

83.44%
-14.99%
-15.79%
-0.88%

76.46%
-2.25%
0.17%
110.20%

69.17%
-26.78%
-23.89%
10.39%

77.69%
-32.35%
-47.81%
15.00%

76.69%
-47.64%
-62.68%
15.00%

75.00%
-39.42%
-54.44%
15.00%

49.46%
52.68%
70.44%
70.44%
22.04%
105.54%
67.38%

98.32%
81.74%
58.60%
58.60%
85.12%
22.30%
92.89%

30.39%
17.96%
58.95%
58.95%
74.80%
30.51%
74.91%

40.00%
57.23%
60.56%
60.56%
70.00%
30.00%
75.00%

40.00%
38.20%
58.18%
58.18%
65.00%
15.00%
75.00%

40.00%
36.92%
28.85%
28.85%
55.00%
2.00%
25.00%

Page 5

Model
2020
1155.773
293.133
862.640
463.437
142.495
697.467
1303.399
-440.758
-0.521
-441.279
173.366
-614.645
108.059
-5.69

2021
1502.505
360.545
1141.959
625.640
145.345
781.163
1552.147
-410.188
-0.750
-410.938
225.376
-636.314
121.577
-5.23

2022
1953.256
476.928
1476.328
782.050
148.252
874.902
1805.204
-328.875
-0.416
-329.291
292.988
-622.279
135.168
-4.60

2023
2539.233
627.025
1912.208
899.357
151.217
979.890
2030.464
-118.257
-0.453
-118.710
380.885
-499.594
148.718
-3.36

2024
2666.194
656.346
2009.849
944.325
154.241
1097.477
2196.043
-186.195
-0.535
-186.730
399.929
-586.659
162.274
-3.62

2025
2799.504
683.948
2115.556
991.541
157.326
1097.477
2246.345
-130.788
-0.538
-131.327
419.926
-551.252
175.838
-3.13

2026
2939.479
721.340
2218.139
1041.118
160.473
1097.477
2299.068
-80.929
-0.485
-81.414
440.922
-522.336
189.395
-2.76

74.64%
-38.14%
-53.18%
15.00%

76.00%
-27.30%
-42.35%
15.00%

75.58%
-16.84%
-31.86%
15.00%

75.31%
-4.66%
-19.68%
15.00%

75.38%
-6.98%
-22.00%
15.00%

75.57%
-4.67%
-19.69%
15.00%

75.46%
-2.75%
-17.77%
15.00%

30.00%
29.37%
28.13%
28.13%
45.00%
2.00%
25.00%

30.00%
32.38%
19.08%
19.08%
35.00%
2.00%
12.00%

30.00%
29.28%
16.30%
16.30%
25.00%
2.00%
12.00%

30.00%
29.52%
12.48%
12.48%
15.00%
2.00%
12.00%

5.00%
5.11%
8.15%
8.15%
5.00%
2.00%
12.00%

5.00%
5.26%
2.29%
2.29%
5.00%
2.00%
0.00%

5.00%
4.85%
2.35%
2.35%
5.00%
2.00%
0.00%

Page 6

Model
2027
3086.453
758.354
2328.099
1093.174
163.682
1097.477
2354.333
-26.234
-0.503
-26.737
462.968
-489.705
202.954
-2.41

2028
3240.776
795.274
2445.502
1147.833
166.956
1097.477
2412.266
33.236
-0.515
32.721
486.116
-453.396
216.514
-2.09

2029
3402.815
834.377
2568.438
1205.225
170.295
1097.477
2472.997
95.441
-0.510
94.931
510.422
-415.491
230.073
-1.81

2030
3572.956
876.892
2696.063
1265.486
173.701
1097.477
2536.664
159.400
-0.503
158.896
535.943
-377.047 -354.424297 -333.158839 -313.169308
243.632
-1.55

75.43%
-0.85%
-15.87%
15.00%

75.46%
1.03%
-13.99%
15.00%

75.48%
2.80%
-12.21%
15.00%

75.46%
4.46%
-10.55%
15.00%

5.00%
4.96%
2.40%
2.40%
5.00%
2.00%
0.00%

5.00%
5.04%
2.46%
2.46%
5.00%
2.00%
0.00%

5.00%
5.03%
2.52%
2.52%
5.00%
2.00%
0.00%

5.00%
4.97%
2.57%
2.57%
5.00%
2.00%
0.00%

Page 7

Maturity
Discount
NPV
Cash
Total
Shares
Model Price
Current Price

6.00%
35.00%
-$722.66
136.567
-$586.09
48.463415
-$12.09
14.31

Model

-294.37915 -276.716401 -260.113417 -244.506612 -229.836215 -216.046042

Page 8

-203.08328

Model

-190.898283 -179.444386 -168.677723 -158.557059 -149.043636 -140.101018 -131.694957

Page 9

Model

-123.793259 -116.365664 -109.383724

-102.8207 -96.6514584 -90.8523709 -85.4012287

Page 10

Model

-80.2771549 -75.4605256 -70.9328941 -66.6769205 -62.6763052 -58.9157269 -55.3807833

Page 11

Model

-52.0579363 -48.9344601 -45.9983925

-43.238489 -40.6441796 -38.2055289 -35.9131971

Page 12

Model

-33.7584053

-31.732901 -29.8289269 -28.0391913 -26.3568398 -24.7754294 -23.2889037

Page 13

Model

-21.8915694 -20.5780753 -19.3433908 -18.1827873 -17.0918201 -16.0663109 -15.1023322

Page 14

Model

-14.1961923 -13.3444208 -12.5437555 -11.7911302 -11.0836624 -10.4186426 -9.79352407

Page 15

Model

-9.20591262 -8.65355787 -8.13434439 -7.64628373 -7.18750671

Page 16

-6.7562563 -6.35088093

Model

-5.96982807 -5.61163839 -5.27494008 -4.95844368 -4.66093706 -4.38128083 -4.11840398

Page 17

Model

-3.87129974 -3.63902176 -3.42068045 -3.21543963 -3.02251325 -2.84116245 -2.67069271

Page 18

Model

-2.51045114 -2.35982408 -2.21823463 -2.08514055 -1.96003212 -1.84243019 -1.73188438

Page 19

Model

-1.62797132 -1.53029304 -1.43847546 -1.35216693 -1.27103691

Page 20

-1.1947747 -1.12308822

Model

-1.05570292 -0.99236075

-0.9328191 -0.87684996 -0.82423896 -0.77478462 -0.72829755

Page 21

Model

-0.68459969 -0.64352371 -0.60491229 -0.56861755

Page 22

-0.5345005 -0.50243047 -0.47228464

Model

-0.44394756 -0.41731071 -0.39227207 -0.36873574

Page 23

-0.3466116

-0.3258149 -0.30626601

Model

-0.28789005 -0.27061664 -0.25437965 -0.23911687 -0.22476985 -0.21128366 -0.19860664

Page 24

Model

-0.18669024 -0.17548883

-0.1649595 -0.15506193 -0.14575821 -0.13701272 -0.12879196

Page 25

Model

-0.12106444 -0.11380057 -0.10697254 -0.10055419 -0.09452094 -0.08884968

Page 26

-0.0835187

Model

-0.07850758 -0.07379712

-0.0693693 -0.06520714 -0.06129471 -0.05761703 -0.05416001

Page 27

Model

-0.0509104 -0.04785578 -0.04498443 -0.04228537 -0.03974825 -0.03736335 -0.03512155

Page 28

Model

-0.03301426

-0.0310334

-0.0291714 -0.02742111 -0.02577585

Page 29

-0.0242293 -0.02277554

Model

-0.02140901 -0.02012447

-0.018917 -0.01778198 -0.01671506 -0.01571216 -0.01476943

Page 30

Model

-0.01388326 -0.01305026 -0.01226725 -0.01153121 -0.01083934 -0.01018898 -0.00957764

Page 31

Model

-0.00900298

-0.0084628 -0.00795504 -0.00747773 -0.00702907 -0.00660733 -0.00621089

Page 32

Model

-0.00583823 -0.00548794 -0.00515866 -0.00484914 -0.00455819

Page 33

-0.0042847 -0.00402762

Model

-0.00378596 -0.00355881 -0.00334528 -0.00314456 -0.00295589 -0.00277853 -0.00261182

Page 34

Model

-0.00245511 -0.00230781 -0.00216934 -0.00203918 -0.00191683 -0.00180182 -0.00169371

Page 35

Model

-0.00159209 -0.00149656 -0.00140677 -0.00132236 -0.00124302 -0.00116844 -0.00109833

Page 36

Model

-0.00103243 -0.00097049 -0.00091226 -0.00085752 -0.00080607 -0.00075771 -0.00071224

Page 37

Model

-0.00066951 -0.00062934 -0.00059158 -0.00055608 -0.00052272 -0.00049136 -0.00046187

Page 38

Model

-0.00043416 -0.00040811 -0.00038363 -0.00036061 -0.00033897 -0.00031863 -0.00029951

Page 39

Model

-0.00028154 -0.00026465 -0.00024877 -0.00023385 -0.00021982 -0.00020663 -0.00019423

Page 40

Model

-0.00018257 -0.00017162 -0.00016132 -0.00015164 -0.00014255 -0.00013399 -0.00012595

Page 41

Model

-0.0001184 -0.00011129 -0.00010461 -9.8338E-005 -9.2437E-005 -8.6891E-005 -8.1678E-005

Page 42

Model

-7.6777E-005 -7.2170E-005 -6.7840E-005 -6.3770E-005 -5.9944E-005 -5.6347E-005 -5.2966E-005

Page 43

Model

-4.9788E-005 -4.6801E-005 -4.3993E-005 -4.1353E-005 -3.8872E-005 -3.6540E-005 -3.4347E-005

Page 44

Model

-3.2287E-005 -3.0349E-005 -2.8528E-005 -2.6817E-005 -2.5208E-005 -2.3695E-005 -2.2273E-005

Page 45

Model

-2.0937E-005 -1.9681E-005

-0.0000185 -0.00001739 -1.6347E-005 -1.5366E-005 -1.4444E-005

Page 46

Model

-1.3577E-005 -1.2763E-005 -1.1997E-005 -1.1277E-005 -1.0600E-005 -9.9644E-006 -9.3665E-006

Page 47

Model

-8.8045E-006 -8.2763E-006 -7.7797E-006 -7.3129E-006 -6.8741E-006 -6.4617E-006 -6.0740E-006

Page 48

Model

-5.7095E-006 -5.3670E-006 -5.0449E-006 -4.7423E-006 -4.4577E-006 -4.1903E-006 -3.9388E-006

Page 49

Model

-3.7025E-006 -3.4804E-006 -3.2715E-006 -3.0752E-006 -2.8907E-006 -2.7173E-006 -2.5542E-006

Page 50

Model

-2.4010E-006 -2.2569E-006 -2.1215E-006 -1.9942E-006 -1.8746E-006 -1.7621E-006 -1.6564E-006

Page 51

Model

-1.5570E-006 -1.4636E-006 -1.3758E-006 -1.2932E-006 -1.2156E-006 -1.1427E-006 -1.0741E-006

Page 52

Model

-1.0097E-006 -9.4909E-007 -8.9215E-007 -8.3862E-007 -7.8830E-007 -7.4100E-007 -6.9654E-007

Page 53

Model

-6.5475E-007 -6.1547E-007 -5.7854E-007 -5.4383E-007 -5.1120E-007 -4.8052E-007 -4.5169E-007

Page 54

Model

-4.2459E-007 -3.9912E-007 -3.7517E-007 -3.5266E-007 -3.3150E-007 -3.1161E-007 -2.9291E-007

Page 55

Model

-2.7534E-007 -2.5882E-007 -2.4329E-007 -2.2869E-007 -2.1497E-007 -2.0207E-007 -1.8995E-007

Page 56

Model

-1.7855E-007 -1.6784E-007 -1.5777E-007 -1.4830E-007 -1.3940E-007 -1.3104E-007 -1.2318E-007

Page 57

Model

-1.1579E-007 -1.0884E-007 -1.0231E-007 -9.6170E-008 -9.0400E-008 -8.4976E-008 -7.9877E-008

Page 58

Model

-7.5085E-008 -7.0580E-008 -6.6345E-008 -6.2364E-008 -5.8622E-008 -5.5105E-008 -5.1799E-008

Page 59

Model

-4.8691E-008 -4.5769E-008 -4.3023E-008 -4.0442E-008 -3.8015E-008 -3.5734E-008 -3.3590E-008

Page 60

Model

-3.1575E-008 -2.9680E-008 -2.7900E-008 -2.6226E-008 -2.4652E-008 -2.3173E-008 -2.1783E-008

Page 61

Model

-2.0476E-008 -1.9247E-008 -1.8092E-008 -1.7007E-008 -1.5986E-008 -1.5027E-008 -1.4125E-008

Page 62

Model

-1.3278E-008 -1.2481E-008 -1.1732E-008 -1.1028E-008 -1.0367E-008 -9.7447E-009 -9.1600E-009

Page 63

Model

-8.6104E-009 -8.0938E-009 -7.6082E-009 -7.1517E-009 -6.7226E-009 -6.3192E-009 -5.9401E-009

Page 64

Model

-5.5837E-009 -5.2487E-009 -4.9337E-009 -4.6377E-009 -4.3595E-009 -4.0979E-009 -3.8520E-009

Page 65

Model

-3.6209E-009 -3.4036E-009 -3.1994E-009 -3.0075E-009 -2.8270E-009 -2.6574E-009 -2.4979E-009

Page 66

Model

-2.3481E-009 -2.2072E-009 -2.0748E-009 -1.9503E-009 -1.8333E-009 -1.7233E-009 -1.6199E-009

Page 67

Model

-1.5227E-009 -1.4313E-009 -1.3454E-009 -1.2647E-009 -1.1888E-009 -1.1175E-009 -1.0504E-009

Page 68

Model

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Page 148

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Page 149

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