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Nothing But Net 2009 Internet Investment Guide 27. 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 178 VCLK Quarterly Income Statement in millions 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08E 1Q09E 2Q09E 3Q09E 4Q09E Revenue Media 108.4 100.9 85.6 91.8 79.4 79.3 78.7 72.0 64.3 66.2 68.5 67.0 change 36.6 7.9 -13.0 -17.8 -26.8 -21.4 -8.0 -21.5 -19.0 -16.5 -13.0 -7.0 Comparison Shopping Search 13.2 13.4 35.7 50.4 57.1 45.4 36.6 30.2 31.4 34.1 32.0 27.2 change 69.4 52.6 269.3 272.7 331.7 239.5 2.5 -40.0 -45.0 -25.0 -12.5 -10.0 Affiliate Marketing 28.2 27.0 27.8 32.9 31.2 29.8 29.3 29.0 26.5 26.2 27.8 29.0 change 14.6 21.1 18.0 17.4 10.7 10.3 5.3 -11.8 -15.0 -12.0 -5.0 0.0 Technology 7.5 7.8 8.2 9.1 9.3 10.1 9.0 7.4 6.0 6.5 6.7 7.1 change 29.4 35.6 25.9 18.2 24.2 29.6 9.5 -18.0 -35.0 -35.0 -25.0 -5.0 Total Revenue 156.9 148.7 156.9 183.1 176.0 163.8 152.9 138.1 127.7 132.6 134.6 129.8 change 33.8 14.3 13.8 14.1 12.2 10.2 -2.5 -24.6 -27.4 -19.1 -12.0 -6.0 Cost of revenue 47.0 49.1 50.5 58.0 55.1 51.7 53.7 47.1 43.0 44.9 48.1 44.8 Gross profit 109.9 99.6 106.4 125.1 120.9 112.1 99.2 91.0 84.7 87.7 86.5 85.1 of revenue 70.0 67.0 67.8 68.3 68.7 68.4 64.9 65.9 66.3 66.1 64.2 65.5 Sales and marketing 48.5 42.2 46.4 53.6 51.7 46.1 40.1 37.6 37.3 37.0 35.3 35.4 General and administrative 17.5 17.2 18.3 22.3 21.7 20.2 19.7 16.8 15.8 16.2 17.0 16.2 Technology 8.9 8.7 8.7 9.6 10.0 10.2 9.4 7.5 7.7 8.0 8.2 7.5 Total operating expenses 74.9 68.1 73.4 85.5 83.3 76.5 69.2 61.9 60.8 61.1 60.4 59.2 of revenue 47.7 45.8 46.8 46.7 47.3 46.7 45.2 44.9 47.6 46.1 44.9 45.6 change 33.2 15.1 6.5 19.8 11.2 12.3 -5.7 -27.6 -27.0 -20.1 -12.6 -4.4 EBITA 35.0 31.5 33.1 39.5 37.6 35.6 30.0 29.1 23.9 26.5 26.0 25.9 of revenue 22.3 21.2 21.1 21.6 21.4 21.8 19.6 21.1 18.7 20.0 19.3 19.9 Amortization of intangible assets 5.8 5.5 6.7 8.0 7.8 7.8 7.1 6.7 6.7 6.7 6.5 6.5 Operating income 29.2 26.0 26.3 31.6 29.8 27.9 22.9 22.4 17.2 19.8 19.5 19.4 of revenue 18.6 17.5 16.8 17.2 17.0 17.0 15.0 16.2 13.5
