Tài liệu Nothing But Net 2009 Internet Investment Guide 3 pdf
Tài liệu Nothing But Net 2009 Internet Investment Guide 3 pdf
... 32 6,900 441 ,31 5 582, 536 728,170 8 73, 804 1, 031 ,089 21.0%
RPS (per 1,000 searches) $19.07 $ 23. 19 $25.74 $ 23. 63 $24 .39 $24. 93 -1.1%
% Coverage 37 .2% 38 .3% 38 .5% 38 .5% 38 .5% 38 .6% 0.1%
% Clickthrough ...
$ Revenue / Click 0 .30 0 .33 0 .35 0 .31 0 .32 0 .32 -3. 5%
Int'l Search Forecast ($M) 6, 233 10, 235 14,9 93 17,208 21 ,31 5 25,701 19.7%
Y/Y Growth 90....
Tài liệu Nothing But Net 2009 Internet Investment Guide 5 pdf
...
Asia 31 ,972 43, 054 55,556 69,705 90,585 112,5 73 127,949 139 ,617 15.5%
ROW 9,440 13, 216 18,502 25,9 03 34,970 41,9 63 55,811 73, 1 13 27.9%
Total 182,622 235 ,811 299 ,39 7 37 0,749 438 ,655 4 63, 546 542,660 ... Spend 233 ,000.0 2 53, 000.0 267,000.0 282,000.0 290,460.0 275, 937 .0 289, 733 .9 30 4,220.5 1.5%
% online 38 .0% 41.0% 46.0% 51.0% 54.0% 58.0% 61.0% 63. 0% 5.2%
On...
Tài liệu Nothing But Net 2009 Internet Investment Guide 8 pdf
...
Yahoo 43, 565 41,842 -4.0% 21 ,32 7 21,256 -0 .3%
Windows Live Hotmail 33 ,758 37 ,970 12.5% 9,425 10, 633 12.8%
AOL Email 12,556 11,852 -5.6% 12,177 11,482 -5.7%
Google Gmail 6 ,35 1 7,814 23. 0% 1,6 73 ... -54.6%
Classmates -3. 1% 13. 7% 5.6% 20.0%
LinkedIn 127 .3% 121.8% 170.4% 286.4%
All Social Nets 23. 9% 32 .1% 9 .3% 9 .3%
All Internet 14 .3% 9.9% 5.6% 4.5%
Source: comSco...
Tài liệu Nothing But Net 2009 Internet Investment Guide 11 pdf
... and Penetration Rate
23
27
34
46
59
68
80
87
94
1 03
111
1 23
137
162
210
2 53
268
295
32 2
34 7
37 5
0
100
200
30 0
400
500
600
Dec-00
Jun-01
Dec-01
Jun-02
Dec-02
Jun- 03
Dec- 03
Jun-04
Dec-04
Jun-05
Dec-05
Jun-06
Dec-06
Jun-07
Dec-07
Jun-08
Dec-08E
Jun-09E
Dec-09E
Jun-10E
Dec-10E
0%
5%
10%
15%
20%
25%
30 %
Number ... most users to access the
Internet, with over two-thirds o...
Tài liệu Nothing But Net 2009 Internet Investment Guide 13 pdf
... 4,299 6, 234 9, 039
PPC Market (US$ M) 34 62 134 32 8 6 23 909 131 8
Growth rate (Rmb, %) 94% 80% 110% 133 % 74% 45% 45%
Total Search Market (Rmb M) 584 846 1,442 2,851 4,6 63 6,614 9, 438
Total ... 23% 25% 27% 29% 30 % 31 %
APRU per month (Rmb) 11.0 11.6 12.2 13. 5 14.5 15.6 16.7
Market size (RMB million) 708 1,044 1,5 63 2,227 2,996 3, 714 4, 435
Casual Market size (US$M) 85...
Tài liệu Nothing But Net 2009 Internet Investment Guide 18 pdf
... 9.8 9.9 9.9 7.9 8 .3 8.4 8.4 8 .3
Other Segments 2 .3 2.8 3. 3 2.8 2.7 2.9 2.6 2.2 2.4 2.5 2 .3 2.2
Proforma Total revenues: 31 .1 34 .9 38 .3 39.5 39 .6 40 .3 39.6 36 .0 36 .4 36 .9 36 .7 36 .6
Q/Q revenue ... 7.9 8 .3 8.4 8.4 8 .3
Other Segments 1.9 2.6 3. 2 2.8 2.7 2.9 2.6 2.2 2.4 2.5 2 .3 2.2
Total revenues: 30 .4 34 .4 38 .1 39 .5 39 .6 40 .3 39.6 36 ....
Tài liệu Nothing But Net 2009 Internet Investment Guide 19 pdf
... 559.0 6 23. 1
Product Development 137 .6 147.9 164.9 169 .3 176.8 186.8 190.8 192 .3 210.4 212.1 225.0 235 .3
General and Admin. 278.4 2 83. 5 287.4 30 6.7 35 5 .3 333 .7 33 1.7 299 .3 335 .2 32 2.8 33 1.6 36 2.0 ... (0.69) 0 .39 0 .34 0 .35 0 .38 0.27 0 .33 0 .34 0 .34 0 .38
EPS (pro forma) 0 .33 0 .34 0.41 0.44 0.42 0. 43 0.46 0 .38 0.41 0.42 0.44 0.48
Reported EPS Adj. for...
Tài liệu Nothing But Net 2009 Internet Investment Guide 22 pdf
... 1.6 1.9
EBITDA 3. 5 5 .3 6.6 7.9 7 .3 9.0 13. 0 10.5 9.5 11.1 13. 3 16.6
EBITDA Margins 21.6% 28.0% 28.8% 29.5% 25.2% 26.1% 32 .3% 30 .7% 29.1% 29 .3% 30 .7% 33 .2%
Y/Y Growth 182 .3% 172.8% 297.7% ... 26.4 31 .0 43. 6 56.8 52 .3 66.8 81.5 81.8 70.6 85.5 93. 7 99.0
Auction Revenues 14.2 16.1 18.1 21.1 23. 5 28 .3 31.7 25.6 25.4 28.7 33 .3 39.4
Payment Revenues 2 .3 2.9...
Tài liệu Nothing But Net 2009 Internet Investment Guide 24 pdf
... 2Q08 3Q08 4Q08E 1Q09E 2Q09E 3Q09E 4Q09E
Gross Bookings
Americas 2, 530 2,597 2,262 2,004 2 ,38 7 2,567 2 ,31 3 2,024 2,268 2, 439 2,244 1,9 63
International 34 5 33 9 36 3 35 2 488 476 421 35 6 439 428 ... 15.5% 18.9% 16.9% 20 .3%
EBITDA 1 73. 0 36 3.2 32 5.9 438 .6
Adjusted EBITDA 228.1 36 4.8 33 6.4 438 .6
19.7% 18 .3% 21.1%
Interest (Inc & Exp) 15.4 3. 4 - 4.0...
Tài liệu Nothing But Net 2009 Internet Investment Guide 29 pdf
... -1.22 -1 .33 -1.85 -2 .39 -2 .39 -3. 57 -3. 58 -3. 60 -3. 43 -3. 27 -3. 23 -3. 23
G&A expenses -0.87 -1.25 -1.16 -1. 83 -1.64 -2. 23 -1.88 -1.95 -1.86 -1.77 -1.75 -1.75
R&D expenses -0 .32 -0.42 ... 1Q'09E 2Q'09E 3Q'09E 4Q'09E
Revenue 4.00 5.72 7 .30 8.88 11.06 14.68 15. 23 15.01 14 .30 13. 63 13. 46 13. 44
Subscriptions 3. 39 4. 93 6 .38 7.99 9.85...
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