Tài liệu Nothing But Net 2009 Internet Investment Guide 19 pdf

... FLOWS - Capital Expenditures (454.0) (536.7) (560.0) (595.0) Net Investment 618.1 (65.7) - - ST Investment Purch. - - - - ST Investments Mat. - - - - Acquisitions (863.6) (1,369.1) - - Purchase ... 652.6 733.0 - - - - Net Income (reported) 348.3 1,757.5 1,758.8 1,964.6 Net Income (pro forma) 2,100.4 2,216.5 2,247.9 2,524.7 FASB Adjustment net of Taxes Reported Net Incom...

Ngày tải lên: 21/01/2014, 23:20

... 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 Rate 17.2% 18.4% 19. 1% 19. 8% 19. 8% 20.5% 2.4% $ Revenue ... will be driven by an increase of 2.5% in Internet users and an increase of 3.9% in usage per Internet user. We are modeling RPMs to be roughly flat in 2009, driven by a 2% dec...

Ngày tải lên: 15/12/2013, 10:15

... Bookings 58% penetration 37% penetration 13% penetration 17% penetration 20% penetration 23% penetration 40% penetration Source: PhoCusWright reports and J.P. Morgan estimates But Eastern Europe ... eCommerce growth than slower forms of Internet access. Other factors include: (1) continued rises in online shopping penetration in Western Europe, (2) continued investments by online re...

Ngày tải lên: 24/12/2013, 17:15

... 286.4% All Social Nets 23.9% 32.1% 9.3% 9.3% All Internet 14.3% 9.9% 5.6% 4.5% Source: comScore Networks, J.P. Morgan estimates Key Sites Some of the notable social networking sites worldwide ... 15.2% Play games 14.2% Career networking 10.9% Source: J.P. Morgan Internet Team 2008 Consumer Survey When it comes to filling this user need, we believe social networks have two key...

Ngày tải lên: 24/12/2013, 17:15

... most users to access the Internet, with over two-thirds of all Internet users accessing the Internet from home. Access from an Internet café lost share to the home, but still grew almost 61% ... expect Internet users to grow by around 20% Y/Y in 2009 to reach ~320M, or the penetration rate to reach ~24% of the population by the end of 2009. Figure 57: China Internet Users a...

Ngày tải lên: 24/12/2013, 17:15

... customers of 194 K), and (3) large- brand advertisers continue to increase spending on search. Further, growth in search advertising should also be supported by: (1) still-low Internet penetration, ... lower-tier cities. (3) Increasing broadband penetration, with 214M broadband Internet users as of Jun- 08, or 85% of total Internet users; CAGR of ~100% over the last 5 years. (4) Ef...

Ngày tải lên: 24/12/2013, 17:15

... Cash Flows, $ in millions FY FY FY FY 2007 2008E 2009E 2010E Net income 14.6 23.2 18.9 19. 7 Depreciation 3.0 3.8 5.0 5.4 Amortization 19. 1 16.8 16.4 17.0 Deferred income taxes 7.3 1.4 - ... - Other, net Net cash provided by financing activities of continuing operations (1.1) (24.7) (1.2) (1.2) Net cash provided by operating activities of discontinued operations Net cash...

Ngày tải lên: 21/01/2014, 23:20

... (0.3) - - - Net income (loss) available to common 9.5 16.0 24.2 33.7 Pro Forma Net Income to common 11.4 16.0 24.2 33.7 Net Attributable to preferred 1.9 - - - Net income ex. attributable to ... Property, plant and equipment, net $334.3 $343.9 $329.5 $323.8 Goodwill $1,823.8 $1,910.9 $1,910.9 $1,910.9 Intangible assets, net $401.9 $410.7 $410.7 $410.7 Long-term investments an...

Ngày tải lên: 21/01/2014, 23:20

... 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/Y revenue growth 17.0% 11.1% 23.7% 14.5% 6.8% 3.4% 9.6% 4.3% -4.6% -1.5% ... International Revenue 165 196 168 195 Total Revenue 844 895 865 922 Y/Y revenue growth 16.4% 6.1% -3.4% 6.5% Revenue Margins 7.8% 8.1% 8.3% 8.4% Cost of Goods Sold 152 173 172 191...

Ngày tải lên: 21/01/2014, 23:20

... 60.9% for 2009, down from 63.1% for 2008 (due to expected higher SG&A and R&D expenses in 2009) , and adjusted net margin of 55.8% for 2009, up from 48.4% for 2008 (due to net forex ... - net (1) 0 18 22 Payment of Cash Dividends - - - - Other Financing Charges, Net - - - (0) Net Cash from Financing Activities (1) (0) 18 22 Net Change in Cash & Cash Equivalents...

Ngày tải lên: 26/01/2014, 18:20