TAILIEUCHUNG - Nothing But Net 2009 Internet Investment Guide 24

Nothing But Net 2009 Internet Investment Guide 24. 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 152 OWW Annual Income Statement in millions FY 2007 FY 2008E FY 2009E FY 2010E Gross Bookings Americas 9 393 9 291 8 913 9 181 International 1 399 1 741 1 551 1 813 Total gross bookings 10 792 11 032 10 464 10 993 Q Q gross bookings growth Y Ygross bookings growth Americas Revenue 680 699 697 727 International Revenue 165 196 168 195 Total Revenue 844 895 865 922 Y Yrevenue growth Revenue Margins Cost of Goods Sold 152 173 172 191 Total Gross Profit 692 722 693 731 Operating Expenses SG A 297 288 275 288 Marketing 296 312 303 325 Depreciation Amortization 57 66 72 76 Impairment of Intangible Assets 0 297 0 0 Total Operating Expenses 650 962 650 689 Adjusted EBITDA 146 145 136 143 EBITDA Margin Reported EBIT Operating Margin Interest Expense 83 64 64 64 Pretax Income 39 304 21 22 Taxes 43 1 2 3 Tax rate Minority Interest Net Income 8 3 303 2 3 2 5 EPS Proforma EPS NA NA NA Weighted shares outstanding diluted Source Company reports and . Morgan estimates. 231 Morgan Imran Khan 1-212 622-6693 Global Equity Research 05 January 2009 Table 153 OWW Quarterly Income Statement in millions 1Q07 2Q07 3Q07 4Q07 1Q08 2Q08 3Q08 4Q08E 1Q09E 2Q09E 3Q09E 4Q09E Gross Bookings Americas 2 530 2 597 2 262 2 004 2 387 2 567 2 313 2 024 2 268 2 439 2 244 1 963 International 345 339 363 352 488 476 421 356 439 428 370 313 Total gross bookings 2 875 2 936 2 625 2 356 2 875 3 043 2 734 2 380 2 707 2 867 2 614 2 276 Y Ygross bookings growth 00 10 Americas Revenue 166 186 175 153 168 178 187 166 163 180 188 165 International Revenue 39 38 44 44 51 53 53 39 46 47 41 34 Total Revenue 205 223 219 197 219 231 240 205 209 228 229 199 Y Yrevenue growth 170

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