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Nothing But Net 2009 Internet Investment Guide 17

Nothing But Net 2009 Internet Investment Guide 17. Leading J.P. 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. | J.p Morgan Imran Khan 1-212 622-6693 imran.t.khan@jpmorgan.com Global Equity Research 05 January 2009 Table 87 Amazon Annual Income Statement in millions FY 2007 FY 2008E FY 2009E FY 2010E Net sales 14 835 18 711 21 694 26 165 Cost of sales 11 482 14 564 17 044 20 568 Gross profit 3 354 4 147 4 650 5 597 Gross Margins 22.6 22.2 21.4 21.4 Fulfillment 1 253 1 572 1 817 2 188 Marketing 336 447 513 613 Technology and content 715 859 984 1 151 General and administrative 200 234 271 322 Other operating expense income 9 28 16 16 Stock-based compensation 1 185 282 345 383 Amortization of other intangibles - - - - Restructuring-related and other - - - - Total operating expenses 2 697 3 367 3 946 4 672 Total recurring operating expenses 2 512 3 130 3 601 4 289 0 - - Operating Profit Reported 655 780 704 925 Operating Profit Pro Forma 840 1 017 1 049 1 308 Operating Margin Reported 4.4 4.2 3.2 3.5 Operating Margin Pro Forma 5.7 5.4 4.8 5.0 EBITDA 1 089 1 398 1 419 1 734 Income loss from continuing operations 840 1 017 1 049 1 308 Interest Income 91 87 80 80 Interest Expense 78 75 47 57 Other Income net 1 21 - - Total non-operating expenses net 12 33 33 23 Income loss before equity in losses of equity-method investees 852 1 050 1 082 1 331 Income loss before change in accounting principle reported 852 1 050 1 082 1 331 Cumulative effect of change in accounting principle - GAAP Income before taxes 661 811 737 948 Tax Rate 27.9 28.4 29.0 29.0 Provision benefit for taxes 184 231 214 275 Pro Forma Net income loss 668 819 868 1 056 Remeasurement of 6.875 PEACS and other 7 2 - - Other gains losses net - 4 - - Total Extraordinary Items 7 11 - - GAAP Net income loss 477 571 523 673 GAAP EPS 1.12 1.32 1.20 1.54 Shares Outstanding 424 432 437 439 Of Revenue Fulfillment 8.4 8.4 8.4 8.4 Marketing 2.3 2.4 2.4 2.3 Technology and content 4.8 4.6 4.5 4.4 General and administrative 1.3 1.3 1.2 1.2 Y Y Change Revenue 39 26 16 21 Fulfillment 37 25 16 20 Marketing 30 33 15 19 Technology and .