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Nothing But Net 2009 Internet Investment Guide 18

Nothing But Net 2009 Internet Investment Guide 18. 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 94 NILE Quarterly Income Statement cont. Q1-07 Q2-07 Q3-07 Q4-07 Q1-08 Q2-08 Q3-08 Q4-08E Q1-09E Q2-09E Q3-09E Q4-09E Pro Forma Net Income 4.0 4.7 3.9 8.7 3.7 4.4 3.4 7.5 2.3 3.4 3.5 7.2 Reported EPS 0.19 0.23 0.18 0.45 0.16 0.20 0.15 0.42 0.07 0.14 0.15 0.40 Pro Forma EPS 0.24 0.28 0.23 0.51 0.23 0.28 0.22 0.51 0.16 0.23 0.24 0.49 Diluted Shares 16.5 16.6 16.9 16.9 16.3 16.0 15.2 14.7 14.7 14.7 14.7 14.7 of Total Revenue Cost of Revenue 80.5 79.3 80.2 78.9 80.2 79.5 79.7 78.5 80.2 79.5 79.7 78.5 Gross Profit 19.5 20.7 19.8 21.1 19.8 20.5 20.3 21.5 19.8 20.5 20.3 21.5 SG A 14.1 13.7 14.5 12.1 15.5 14.6 15.3 12.9 18.8 17.0 16.1 13.8 Q Q change Total Revenue -25.2 6.2 -6.6 66.1 -37.0 4.6 -11.3 54.3 -41.0 9.4 -2.6 65.5 Cost of Revenue -24.1 4.6 -5.5 63.4 -35.9 3.6 -11.0 52.0 -39.7 8.4 -2.3 63.0 SG A -9.6 3.6 -1.7 39.3 -19.7 -1.3 -7.2 30.4 -14.0 -1.1 -7.7 41.8 Y Y Change Total Revenue 34.0 26.7 26.5 23.3 3.8 2.2 -2.9 -9.8 -15.5 -11.7 -3.0 4.0 Cost of Revenue 35.6 25.4 26.1 22.5 3.4 2.5 -3.5 -10.3 -15.6 -11.7 -3.0 4.0 SG A 24.1 27.9 17.8 28.4 13.9 8.6 2.4 -4.1 2.7 2.9 2.3 11.3 Source Company reports and J.P. Morgan estimates. 171 J.p Morgan Imran Khan 1-212 622-6693 imran.t.khan@jpmorgan.com Global Equity Research 05 January 2009 Table 95 NILE Annual Balance Sheet in millions 2007 2008E 2009E 2010E Assets Cash and cash equivalents 122.8 61.6 74.1 100.6 Restricted cash - - - - Marketable securities - - - - Accounts receivable 3.6 3.4 3.6 3.9 Inventories 20.9 23.0 25.7 28.7 Deferred income taxes 0.8 0.5 0.5 0.5 Prepaids and other current assets 1.1 2.0 2.8 3.8 Total Current Assets 149.1 90.5 106.8 137.6 Property and equipment net 7.6 7.4 5.7 8.6 Intangible assets net 0.3 0.3 0.3 0.3 Deferred income taxes net 3.5 4.7 2.0 2.0 Other assets 0.1 0.1 0.1 0.1 Total Long Term Assets 11.4 12.5 8.1 10.9 Total Assets 160.6 103.0 114.9 148.5 Liabilities Accounts payable 85.9 .