TAILIEUCHUNG - Nothing But Net 2009 Internet Investment Guide 21

Nothing But Net 2009 Internet Investment Guide 21. Leading . 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. | Morgan Imran Khan 1-212 622-6693 Global Equity Research 05 January 2009 Table 122 GOOG Annual Income Statement in millions 2007 2008E 2009E 2010E Gross Revenue 16 21 22 27 TAC 4 5 5 5 TAC Google websites 10 14 16 20 Google Network websites DoubleClick l Licensing and other Revenues Net Revenues 11 15 17 21 Y Y growth Q Q growth Cost of Revenues 1 2 3 4 Gross Profit 9 13 14 17 Gross Margins Contribution GM R D 1 2 2 2 Sales Marketing 1 1 1 2 General Administrative 1 1 1 2 Stock based compensation 1 1 1 Total Expenses 6 9 10 12 Operating Income 5 6 7 8 Pro Forma Operating Income 5 7 8 10 Operating Margins Pro Forma Operating Margins Interest Income Expense EBT 5 674 6 843 7 630 9 Less Taxes 1 470 1 623 1 745 2 Tax Rate 26 EBITDA 6 9 10 12 Margins EAT 4 5 5 7 Tax Benefit -- Stock Comp Foundation Pro forma EAT 4 6 6 8 GAAP EPS Pro forma EPS Diluted Sharecount Source Company reports and . Morgan estimates. 201 Morgan Imran Khan 1-212 622-6693 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 3 4 4 5 5 5 5 5 5 5

• Internet Marketing
• Imran Khan
• Ngành công nghiệp internet
• quảng cáo trực tuyến
• thương mại điện tử
• online advertising
• e commerce
• online travel
• social networking