Tài liệu Nothing But Net 2009 Internet Investment Guide 19 pdf
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...
Tài liệu Nothing But Net 2009 Internet Investment Guide 3 pdf
...
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...
Tài liệu Nothing But Net 2009 Internet Investment Guide 5 pdf
... 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...
Tài liệu Nothing But Net 2009 Internet Investment Guide 8 pdf
... 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...
Tài liệu Nothing But Net 2009 Internet Investment Guide 11 pdf
... 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...
Tài liệu Nothing But Net 2009 Internet Investment Guide 13 pdf
... 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...
Tài liệu Nothing But Net 2009 Internet Investment Guide 18 pdf
... 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...
Tài liệu Nothing But Net 2009 Internet Investment Guide 22 pdf
... (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...
Tài liệu Nothing But Net 2009 Internet Investment Guide 24 pdf
... 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...
Tài liệu Nothing But Net 2009 Internet Investment Guide 29 pdf
... 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...
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