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Nothing But Net 2009 Internet Investment Guide 21

Nothing But Net 2009 Internet Investment Guide 21. Leading J.P. Morgan Internet industry analyst Imran Khan provides a comprehensive look at key Internet industry characteristics, drivers, and trends in his seminal industry outlook, Nothing But Net. Geared toward Internet investing novices and experienced professionals, this book provides a detailed look at data points and trends that should be considered when investing in the Internet space. With almost 8 years of technology banking and investing experience, Khan provides a detailed analysis of multiple Internet sectors including online advertising, e-commerce, online travel, and social networking. This book is a must have for. | J.p Morgan Imran Khan 1-212 622-6693 imran.t.khan@jpmorgan.com Global Equity Research 05 January 2009 Table 122 GOOG Annual Income Statement in millions 2007 2008E 2009E 2010E Gross Revenue 16 594.0 21 405.2 22 616.7 27 090.5 TAC 4 935.8 5 716.3 5 020.2 5 328.3 TAC 85.3 88.9 89.6 90.0 Google websites 10 624.7 14 310.3 16 182.0 20 297.6 Google Network websites 852.1 714.3 580.8 592.0 DoubleClick l 284.2 428.8 467.6 Licensing and other Revenues 181.3 664.4 833.8 872.6 Net Revenues 11 658.1 15 688.9 17 596.5 21 762.2 Y Y growth Q Q growth 59.8 34.6 12.2 23.7 Cost of Revenues 1 690.9 2 684.2 3 287.9 4 245.9 Gross Profit 9 967.2 13 004.7 14 308.6 17 516.3 Gross Margins Contribution GM 85.5 82.9 81.3 80.5 R D 1 550.2 2 052.1 2 269.8 2 872.6 Sales Marketing 1 329.6 1 736.0 1 939.8 2 426.2 General Administrative 1 134.4 1 576.5 1 649.4 2 039.7 Stock based compensation 868.6 1 118.6 1 165.0 1 260.0 Total Expenses 6 573.7 9 167.4 10 311.8 12 844.4 Operating Income 5 084.4 6 521.4 7 284.7 8 917.8 Pro Forma Operating Income 5 953.0 7 640.0 8 449.7 10 177.8 Operating Margins 43.6 41.6 41.4 41.0 Pro Forma Operating Margins 51.1 48.7 48.0 46.8 Interest Income Expense 589.6 321.5 345.0 415.0 EBT 5 674 6 843 7 630 9 332.8 Less Taxes 1 470 1 623 1 745 2 134.1 Tax Rate 26 23.7 22.9 22.9 EBITDA 6 920.7 9 142.4 10 209.7 12 277.8 Margins 59.4 58.3 58.0 56.4 EAT 4 203.7 5 220.3 5 885.1 7 198.7 Tax Benefit -- Stock Comp Foundation 143.0 229.1 266.5 288.2 Pro forma EAT 4 929.3 6 109.8 6 783.7 8 170.6 GAAP EPS 13.29 16.43 18.36 22.25 Pro forma EPS 15.59 19.23 21.16 25.26 Diluted Sharecount 316.2 317.8 320.5 323.5 Source Company reports and J.P. Morgan estimates. 201 J.p Morgan Imran Khan 1-212 622-6693 imran.t.khan@jpmorgan.com Global Equity Research 05 January 2009 Table 123 GOOG Quarterly Income Statement in millions Q1-07 Q2-07 Q3-07 Q4-07 Q1 -08 Q2-08 Q3-08 Q4-08E Q1 -09E Q2-09E Q3-09E Q4-09E Gross Revenue 3 664.0 3 872.0 4 231.4 4 826.7 5 186.0 5 367.2 5 541.4 5 310.6 5 454.4 5 552.8 5