RUBI - the Rubicon Project: Upside Remains Despite Lighter Estimates

Investment Thesis

the Rubicon Project (RUBI) provides a technology solution to automate the purchase and sale of digital advertising inventory. Sellers (which include websites or mobile apps) provide digital advertising inventory to RUBI’s platform in the form of advertising requests. These ad requests from sellers are sent to buyers, who can then place bids on them.

Q3:19 Highlights

• Q3:19 revenues were $37.6 million, up 27% from Q3:18 on account of solid growth in both take rate and ad spend as well as strength in audio and video.
• Mobile revenues grew 26% YOY to