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Nothing But Net 2009 Internet Investment Guide 33

Nothing But Net 2009 Internet Investment Guide 33. 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 225 NCTY Quarterly Income Statement in millions 1Q 07 2Q 07 3Q 07 4Q 07 1Q 08 2Q 08 3Q 08 4Q 08E 1Q 09E 2Q 09E 3Q 09E 4Q 09E Revenue 270.0 270.0 316.0 423.7 439.4 455.1 408.4 446.6 467.2 479.3 570.2 583.8 Online games services 266.8 262.3 310.9 427.4 438.0 454.0 406.8 445.2 465.8 477.9 568.7 582.3 Game operation support 2.5 7.0 2.0 -3.4 0.2 0.1 0.1 0.1 0.0 0.0 0.0 0.0 SMS services 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Other revenue 0.7 0.7 9.0 -0.4 1.3 0.9 1.5 1.3 1.4 1.4 1.4 1.4 COGS -139.7 -155.4 -183.8 -221.1 -231.4 -241.0 -227.6 -251.0 -265.3 -270.2 -334.8 -344.7 Gross Profit 130.3 114.6 132.2 202.5 208.0 214.0 180.9 195.6 202.0 209.1 235.4 239.1 Operating Expenses -58.1 -74.5 -88.5 -122.6 -94.0 -100.3 -103.0 -116.1 -116.8 -119.8 -142.5 -145.9 Sales Mktg. expenses -16.1 -22.5 -31.9 -32.8 -22.4 -26.8 -24.8 -35.7 -37.4 -38.3 -45.6 -46.7 G A expenses -32.4 -40.6 -48.6 -58.7 -59.1 -58.0 -56.9 -58.1 -60.7 -62.3 -74.1 -75.9 R D expenses -9.6 -11.4 -8.0 -12.4 -12.5 -15.6 -21.2 -22.3 -18.7 -19.2 -22.8 -23.4 Other expenses 0.0 0.0 0.0 - 18.7 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 Share-based compensation -6.2 -9.2 -17.2 -15.4 -12.0 -12.1 -12.2 -17.0 -17.0 -17.0 -17.0 -17.0 EBIT 72.1 40.1 43.7 79.9 114.1 113.7 77.9 79.5 85.2 89.3 92.8 93.2 Adj. EBIT ex-share-based comps. 78.3 49.3 60.9 95.4 126.1 125.8 90.1 96.5 102.1 106.3 109.8 110.1 EBITDA 121.9 106.2 116.8 151.0 182.9 184.8 149.6 190.8 210.7 219.6 218.2 225.3 Equity earnings in affiliates -1.5 -2.1 -0.7 -1.4 -0.4 -0.6 -0.3 -0.9 -0.9 -0.9 -0.9 -0.9 Net Other Income 3.5 13.7 2.0 1.4 -11.6 9.8 26.6 -2.2 -4.4 -4.6 -7.3 -7.0 Pre Tax Profit 74.2 51.7 45.0 79.9 102.0 122.9 104.3 76.4 79.8 83.8 84.6 85.3 Tax Expense Credit 8.1 1.1 6.8 -6.7 10.5 7.0 6.4 7.6 8.0 8.4 8.5 8.5 Net Profit after MI 66.1 50.6 38.2 86.0 89.7 115.9 98.4 68.8 71.9 75.4 76.2 76.8 Net Profit excl 123R option exp. 72.3 59.8 55.4 101.4 101.7 128.0