30863072 barclays-internet-data-book-apr-2010

EQUITY RESEARCH

AMERICAS

Barclays Capital
INTERNET & MEDIA Internet Data Book
Internet

SECTOR VIEW
Monthly U.S. Internet Research Product

Rating: 1 - POSITIVE
The Barclays Capital Internet Data Book provides up-to-date statistics on the
Internet industry overall, and more specifically on the 13 companies in our
coverage universe. The Data Book contains more than 150 figures and charts,
Douglas Anmuth
1.212.526.0879 with an emphasis on financial metrics and valuation, Internet usage, online
douglas.anmuth@barcap.com advertising, mobile, e-commerce, online travel, and company-specific information
BCI, New York
and models.
Ronald V. Josey
1.202.452.4736
ronald.josey@barcap.com ! Our Internet sector rating is 1-Positive and the ratings within our coverage
BCI, New York universe are:
Sujay Shah
1.212.526.7827 1-Overweight: Yahoo!, Google, Amazon, Priceline, Netflix, Blue Nile
sujay.shah@barcap.com
BCI, New York
2-Equal Weight: eBay, IAC/InterActive Corp, Expedia, AOL, Liberty Media
Holding–Interactive, Orbitz Worldwide, TechTarget

! We highlight the following charts on pages:

13 Cross-Media and Cross-Retail Valuation Comps
18–19 Historical Average Multiples (P/E, P/FCF, EV/EBITDA)
25 ROIC and ROE Metrics for Internet Coverage Universe
38 Barclays Capital Online Advertising Forecasts
44 U.S. Media Advertising by Category and Medium
49–50 U.S. and Global Search Market Share and Growth
51 Select Internet Advertising & Usage Statistics in the U.S. and U.K.
Analyst Certification 54 U.S. Mobile Phone Subs & Mobile Internet Users
We, Douglas Anmuth and Ronald V.
58 U.S. E-Commerce by Category, 2009–2014E
Josey, hereby certify (1) that the
views expressed in this research 63 Priceline, Expedia, & Orbitz Gross Bookings Analysis, 2006–2014E
report accurately reflect our personal
views about any or all of the subject
securities or issuers referred to in this
research report and (2) no part of
our compensation was, is or will be
directly or indirectly related to the
specific recommendations or views
expressed in this research report.
Barclays Capital does and seeks to do business with companies covered in its research reports. As a result, investors
should be aware that the firm may have a conflict of interest that could affect the objectivity of this report.
Investors should consider this report as only a single factor in making their investment decision.

April 01, 2010 PLEASE SEE IMPORTANT DISCLOSURES BEGINNING ON PAGE 131

Barclays Capital Internet Data Book

Table of Contents

Introduction to the Barclays Capital Internet Data Book 6
Introduction.................................................................................................... 9
Broadband and Internet Usage........................................................................ 29
Online Advertising ........................................................................................ 37
Mobile ....................................................................................................... 53
e-Commerce ................................................................................................ 57
Online Travel ............................................................................................... 61
Company Information and Models ................................................................... 67

Table of Figures

Figure 1: Seven Key Quality Characteristics for the Internet Sector ............................. 7
Figure 2: Coverage Universe Comparative Valuation – Part I ................................. 10
Figure 3: Coverage Universe Comparative Valuation – Part II................................. 11
Figure 4: Overall Internet Industry Comparative Valuation ...................................... 12
Figure 5: Cross-Media Comparative Valuation .................................................... 13
Figure 6: Retail and Internet Retail Comparative Valuation ..................................... 13
Figure 7: Barclays Capital & Consensus Estimates................................................ 14
Figure 8: Historical Annual Stock Performance,.................................................... 15
Figure 9: Stock Performance Seasonality – Part I .................................................. 16
Figure 10: Stock Performance Seasonality – Part II ............................................... 17
Figure 11: Historical Average Multiples – Forward Year P/E, P/FCF, EV/EBITDA ..... 18
Figure 12: Historical Average Multiples – Forward Year P/E, P/FCF, EV/EBITDA ..... 19
Figure 13: Short Interest by Company................................................................ 20
Figure 14: Annual Revenue and Growth ............................................................ 21
Figure 15: Quarterly Revenue and Sequential Growth .......................................... 21
Figure 16: Annual EBITDA and Growth.............................................................. 22
Figure 17: Annual EBITDA Margins ................................................................... 22
Figure 18: Free Cash Flow and Growth............................................................. 23
Figure 19: Free Cash Flow Conversion of EBITDA................................................ 23
Figure 20: Capital Expenditures and Growth ...................................................... 24
Figure 21: Capital Expenditures as a Percentage of Revenue ................................. 24
Figure 22: Return on Invested Capital (ROIC) ...................................................... 25
Figure 23: Return on Equity (ROE) ..................................................................... 25
Figure 24: Share Repurchases.......................................................................... 26
Figure 25: Select Recent Internet M&A ............................................................... 27
Figure 26: Global Internet Penetration—Top 20 Countries with Most Internet Users .... 30
Figure 27: International Broadband Penetration – Top 20 Countries ........................ 30
Figure 28: U.S. Household Technology Adoption Forecast .................................... 31
Figure 29: Media Consumption Time Breakdown ................................................ 31
Figure 30: Global Internet Browser Share........................................................... 32

2 April 01, 2010


Figure 31: Top 50 U.S. Web Properties by Unique Visitors ................................... 33
Figure 32: Top 50 U.S. Web Properties by Page Views ....................................... 34
Figure 33: Top 50 Global Properties by Unique Visitors ........................................ 35
Figure 34: Top 50 Global Properties by Page Views............................................ 36
Figure 35: Barclays Capital U.S. Online Advertising Forecast ............................... 38
Figure 36: Barclays Capital Online Video Advertising Forecast .............................. 38
Figure 37: Total U.S. Advertising Spending by Medium ........................................ 39
Figure 38: Share of Total U.S. Advertising Spending by Medium,........................... 40
Figure 39: Total U.S. Advertising Growth by MediumE ......................................... 40
Figure 40: U.S. Online Advertising Revenue by Quarter ....................................... 41
Figure 41: U.S. Online Advertising Revenue by Format ......................................... 41
Figure 42: U.S. Online Advertising Revenue by Pricing Model ............................... 42
Figure 43: Internet Advertising Revenue by Major Industry Category ........................ 42
Figure 44: Top 50 Ad Focus Properties by Total Internet Reach .............................. 43
Figure 45: Total U.S. Measured Media Advertising by Category and Medium.......... 44
Figure 46: Total U.S. Measured Media Advertising by Category and % Mix ............ 44
Figure 47: Top U.S. Advertisers (1–50) – With Total Spend and Internet Spend ........ 45
Figure 48: Top U.S. Advertisers (51–100) – With Total Spend and Internet Spend .... 46
Figure 49: Domestic Search Share Comparison by Data Source............................. 46
Figure 50: Domestic Search Share, February 2010 ............................................. 47
Figure 51: Global Search Share, February 2010 ................................................ 47
Figure 52: Domestic Search Share – Google and Yahoo! ..................................... 48
Figure 53: Domestic Search Share – Microsoft, Ask.com, and AOL......................... 48
Figure 54: U.S. Search Market Share and Growth............................................... 49
Figure 55: Global Search Market Share and Growth ........................................... 50
Figure 56: China Search Share Comparison....................................................... 50
Figure 57: Internet Advertising Statistics in the U.S. and U.K. Markets ...................... 51
Figure 58: U.S. Mobile Phone Subscribers & Internet Users.................................... 54
Figure 59: U.S. Mobile Subscribers & Market Share of Select National Carriers........ 54
Figure 60: U.S. Mobile Advertising Forecast ....................................................... 54
Figure 61: U.S. Mobile Advertising Spending Share by Format, 2008–2013E ........ 54
Figure 62: Global Smartphone Shipments & as a Percentage of Total Handsets ........ 55
Figure 63: Top 20 Domestic Mobile Internet Domains, Traffic, & Page Views............ 55
Figure 64: Top 10 Paid Apple iPhone Apps ....................................................... 56
Figure 65: Top 10 Free Apple iPhone Apps ....................................................... 56
Figure 66: U.S. E-Commerce by Category, 2009–2014E Forecast ........................ 58
Figure 67: U.S. E-Commerce Growth Rates by Category ...................................... 58
Figure 68: E-Commerce Penetration................................................................... 59
Figure 69: U.S. Department of Commerce E-Commerce Data ................................ 59
Figure 70: U.S. E-Commerce as a Percentage of Total U.S. Retail........................... 59
Figure 71: Top 50 Internet Retailers................................................................... 60
Figure 72: Global Travel Market Size................................................................ 62

April 01, 2010 3


Figure 73: Online Travel Mix, Suppliers vs. Distributor Share.................................. 62
Figure 74: Total Gross Bookings Across Expedia, Orbitz, & Priceline....................... 63
Figure 75: Domestic Gross Bookings Across Expedia, Orbitz, & Priceline ................. 63
Figure 76: International Gross Bookings Across Expedia, Orbitz, & Priceline............. 63
Figure 77: Share of Global Gross Bookings Across Expedia, Orbitz, & Priceline.com. 64
Figure 78: Domestic Hotel Occupancy & ADR Trends........................................... 64
Figure 79: Top U.S. OTAs by Unique Visitors...................................................... 65
Figure 80: Top Global OTAs by Unique Visitors .................................................. 65
Figure 81: Yahoo! Bull vs. Bear Analysis ............................................................ 68
Figure 82: Yahoo! Income Statement................................................................. 69
Figure 83: Yahoo! Revenue Analysis ................................................................. 70
Figure 84: Yahoo! Cash Flow Statement ............................................................ 71
Figure 85: Yahoo Discounted Cash Flow Analysis ............................................... 72
Figure 86: Yahoo!’s Valuation.......................................................................... 73
Figure 87: Google Bull vs. Bear Analysis ........................................................... 74
Figure 88: Google Income Statement ................................................................ 75
Figure 89: Google Revenue Analysis................................................................. 76
Figure 90: Google Revenue Analysis (Continued)................................................. 77
Figure 91: Google Cash Flow Statement............................................................ 78
Figure 92: eBay Bull vs. Bear Analysis ............................................................... 79
Figure 93: eBay Income Statement.................................................................... 80
Figure 94: eBay Segment Breakdown................................................................ 81
Figure 95: eBay Marketplace Segment .............................................................. 82
Figure 96: eBay Payments Segment .................................................................. 83
Figure 97: eBay Cash Flow Statement ............................................................... 84
Figure 98: eBay Sum-of-the-Parts Analysis ........................................................... 85
Figure 99: eBay 2011 Guidance..................................................................... 85
Figure 100: eBay Fees Update – Auction-Style and Fixed Price, U.S. Only ............... 86
Figure 101: PayPal and Bill Me Later Penetration of Top 50 U.S. Internet Retailers ..... 87
Figure 102: Amazon Bull vs. Bear Analysis......................................................... 88
Figure 103: Amazon Income Statement ............................................................. 89
Figure 104: Amazon Metrics ........................................................................... 90
Figure 105: Amazon Segment Analysis.............................................................. 91
Figure 106: Amazon Cash Flow Statement......................................................... 92
Figure 107: Amazon Discounted Cash Flow Analysis ........................................... 93
Figure 108: Amazon’s Category Launch Dates.................................................... 93
Figure 109: IACI Bull vs. Bear Analysis .............................................................. 94
Figure 110: IAC/InterActiveCorp Income Statement ............................................. 95
Figure 111: IAC Segment Breakdown, Growth Rates and Margins ......................... 96
Figure 112: IAC Drivers .................................................................................. 97
Figure 113: IAC Drivers .................................................................................. 98
Figure 114: IAC Cash Flow Statement............................................................... 99

4 April 01, 2010


Figure 115: IAC Sum-of-the-Parts Analysis ......................................................... 100
Figure 116: Liberty Interactive Bull vs. Bear Analysis ........................................... 100
Figure 117: Liberty Interactive Income Statement ................................................ 101
Figure 118: Liberty Interactive, QVC Summary .................................................. 102
Figure 119: Liberty Interactive, QVC Drivers ..................................................... 103
Figure 120: Priceline Bull vs. Bear Analysis....................................................... 104
Figure 121: Priceline Income Statement............................................................ 105
Figure 122: Priceline Segment Breakdown ....................................................... 106
Figure 123: Priceline Segment Breakdown, Business Mix: Bookings ...................... 107
Figure 124: Priceline Segment Breakdown, Business Mix: Revenue & Other Metrics . 108
Figure 125: Priceline Cash Flow..................................................................... 109
Figure 126: Expedia Bull vs. Bear Analysis....................................................... 109
Figure 127: Expedia Income Statement............................................................ 110
Figure 128: Expedia Segment Breakdown ....................................................... 111
Figure 129: Expedia Segment Breakdown ....................................................... 112
Figure 130: Expedia Cash Flow Statement ....................................................... 113
Figure 131: Orbitz Bull vs. Bear Analysis ......................................................... 113
Figure 132: Orbitz Income Statement .............................................................. 114
Figure 133: Orbitz Segment Breakdown.......................................................... 115
Figure 134: Orbitz Base Financials ................................................................. 116
Figure 135: AOL Bull .................................................................................. 117
Figure 137: AOL Segment Analysis................................................................. 118
Figure 138: AOL Cash Flow Statement ............................................................ 119
Figure 139: AOL EBITDA Waterfall Scenario Analysis ........................................ 120
Figure 140: Netflix Bull vs. Bear Analysis ......................................................... 121
Figure 141: Netflix Income Statement .............................................................. 122
Figure 142: Netflix Subscriber and Revenue Analysis ......................................... 123
Figure 143: Netflix Cash Flow Statement ......................................................... 124
Figure 144: Domestic Video Market Share ....................................................... 125
Figure 145: Share of Video Rental Turns, 1H09 ................................................ 125
Figure 146: Total U.S. Game Console Install Base, as of February 2010 .............. 125
Figure 147: Blue Nile Bull vs. Bear Analysis ..................................................... 125
Figure 148: Blue Nile Income Statement .......................................................... 126
Figure 149: Blue Nile Cash Flow Statement ..................................................... 127
Figure 150: TechTarget Bull vs. Bear Analysis ................................................... 127
Figure 151: TechTarget Income Statement ........................................................ 128
Figure 152: TechTarget Segment Breakdown.................................................... 129
Figure 153: TechTarget Cash Flow Statement ................................................... 130

April 01, 2010 5


Introduction to the Barclays Capital Internet Data Book

The Barclays Capital Internet Data Book provides up-to-date statistics on the Internet
industry overall, and more specifically on the 13 companies in our coverage universe. The
Data Book contains more than 150 figures and charts that are broken down into seven key
areas:

1. Introduction includes Internet and cross-industry comparative valuation charts in addition
to key financial metrics for our covered companies, among other things;

2. Internet Usage features U.S. and global data on broadband penetration, and relevant
unique visitor and page view information for leading sites;

3. Online Advertising includes our projections for domestic online ad spending through
2012, data on overall U.S. advertising spending, and a closer look at search industry
statistics, among other metrics;

4. Mobile features industry data on mobile Internet usage, global smartphone penetration
estimates, and the top 20 mobile Internet domains;

5. e-Commerce features overall online retail projections by category;

6. Online Travel includes global industry projections by geography, gross bookings
estimates across Priceline, Expedia, and Orbitz, domestic hotel occupancy rates and ADRs,
and unique visitors across the major OTAs;

7. Company Information and Models includes key company-specific data for our
coverage universe.

The Data Book is intended to be a primary resource for investors looking at the Internet
space. Each month, we update the Data Book as appropriate and add charts that we
believe are increasingly relevant. We highlight the following charts on pages:

13 Cross-Media and Cross-Retail Valuation Comps
18–19 Historical Average Multiples (P/E, P/FCF, EV/EBITDA)
25 ROIC and ROE Metrics for Internet Coverage Universe
38 Barclays Capital Online Advertising Forecasts
44 U.S. Media Advertising by Category and Medium
49–50 U.S. and Global Search Market Share and Growth
51 Select Internet Advertising & Usage Statistics in the U.S. and U.K.
54 U.S. Mobile Phone Subs & Mobile Internet Users
58 U.S. E-Commerce by Category, 2009–2014E
63 Priceline, Expedia, & Orbitz Gross Bookings analysis, 2006–2014E

Please let us know if there is particular information you would like us to include in future
editions of the Data Book.

6 April 01, 2010


Our Internet sector rating is 1-Positive and the ratings within our coverage universe
are:

1-Overweight: Yahoo!, Google, Amazon, Priceline, Netflix, Blue Nile
2-Equal Weight: eBay, IAC/InterActive Corp, Expedia, AOL, Liberty Media
Holding–Interactive, Orbitz Worldwide, TechTarget

Figure 1: Seven Key Quality Characteristics for the Internet Sector
Barclays Capital Industry / Strong FCF Strong Organic
Coverage Universe Structurally Solid Share Gainer ROIC Execution
Rating Franchise Leader Generation Growth

Google 1-OW
" " " " " " "
Priceline 1-OW
" " " " " " "
Netflix 1-OW
" " " " " " "
Amazon 1-OW
" " " " " " "
Blue Nile 1-OW
" " " " " " "
Yahoo! 1-OW
" "
Expedia 2-EW
" " " "
eBay 2-EW
" " "
Liberty Interactive 2-EW
" " " "
AOL 2-EW
"
IAC 2-EW
"
Tech Target 2-EW
"
Orbitz 2-EW

Source: Barclays Capital estimates

April 01, 2010 7


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8 April 01, 2010


Introduction

April 01, 2010 9


Figure 2: Coverage Universe Comparative Valuation – Part I

(US$, millions except per share)
Company Google Yahoo! eBay Amazon Large Cap Priceline.com Expedia
Symbol GOOG YHOO EBAY AMZN Average PCLN EXPE
Barclays Capital Rating 1-Overweight 1-Overweight 2-Equal Weight 1-Overweight 1-Overweight 2-Equal Weight

Price as of 3/31/2010 $567.12 $16.53 $26.97 $135.77 $255.00 $24.95
Shares Outstanding 2009 322 1,416 1,323 442 51.1 301
Shares Outstanding 2010E 325 1,429 1,324 465 52.3 303
Shares Outstanding 2011E 330 1,441 1,333 468 53.0 306

Market Capitalization $182,705 $23,408 $35,670 $60,010 $301,793 $13,024 $7,510
Net Debt 2009 (24,485) (4,518) (4,944) (6,257) (604) 193
Net Debt 2010E (33,839) (5,627) (7,434) (9,534) (1,152) (400)
Net Debt 2011E (44,797) (6,503) (10,264) (13,393) (1,849) (1,035)
Less: Non-Consolidated Assets & Investments 145 7,713 1,155
Plus: Minority Interest & Other 288

Total Enterprise Value 2009 158,075 11,177 29,571 53,753 12,419 7,990
Total Enterprise Value 2010E 150,422 10,408 27,114 53,531 12,178 7,460
Total Enterprise Value 2011E 142,445 9,738 24,520 50,079 11,659 6,311

EARNINGS PER SHARE (EPS) (1)
EPS 2009 $23.22 $0.61 $1.58 $2.36 $8.55 $1.38
EPS 2010E $28.06 $0.70 $1.68 $3.07 $11.08 $1.55
EPS 2011E $32.51 $0.80 $1.82 $3.77 $14.45 $1.73
2009 - 2012 EPS CAGR 18% 14% 7% 24% 16% 28% 12%

P/E 2009 24.4x 27.0x 17.0x 57.6x 31.5x 29.8x 18.1x
P/E 2010E 20.2x 23.6x 16.1x 44.2x 26.0x 23.0x 16.1x
P/E-to-Growth 1.2x 1.7x 2.4x 1.8x 0.8x 1.3x
P/E 2011E 17.4x 20.7x 14.9x 36.0x 17.6x 14.4x

FREE CASH FLOW (FCF)
FCF 2009 8,506 1,101 2,341 2,919 495 584
FCF 2010E 9,463 1,199 2,499 3,227 548 673
FCF 2011E 10,852 1,427 2,838 3,809 698 715
2009-2012 FCF CAGR 13% 14% 9% 15% 13% 20% 9%

FCF/Share 2009 $26.40 $0.78 $1.77 $6.60 $9.68 $1.94
FCF/Share 2010E $29.10 $0.84 $1.89 $6.95 $10.47 $2.22
FCF/Share 2011E $32.87 $0.99 $2.13 $8.15 $13.17 $2.34

Price/FCF 2009 21.5x 21.3x 15.2x 20.6x 19.6x 26.3x 12.9x
Price/FCF 2010E 19.5x 19.7x 14.3x 19.5x 18.3x 24.3x 11.3x
P/FCF-to-Growth 1.5x 1.4x 1.7x 1.3x 1.2x 1.3x
Price/FCF 2011E 17.3x 16.7x 12.7x 16.7x 19.4x 10.7x

FCF Yield 2009 4.7% 4.7% 6.6% 4.9% 5.2% 3.8% 7.8%
FCF Yield 2010E 5.1% 5.1% 7.0% 5.1% 5.6% 4.1% 8.9%
FCF Yield 2011E 5.8% 6.0% 7.9% 6.0% 5.2% 9.4%

EBITDA
EBITDA 2009 11,001 1,730 3,049 1,952 548 864
EBITDA 2010E 13,048 1,778 3,168 2,529 768 938
EBITDA 2011E 15,036 2,063 3,343 3,056 976 1,018
2009-2012 EBITDA CAGR 17% 10% 5% 22% 14% 31% 9%

EV/EBITDA 2009 14.4x 6.5x 9.7x 27.5x 14.5x 22.7x 9.2x
EV/EBITDA 2010E 11.5x 5.9x 8.6x 21.2x 11.8x 15.9x 8.0x
EV/EBITDA-to-Growth 0.7x 0.6x 1.8x 0.9x 0.9x 0.5x 0.9x
EV/EBITDA 2011E 9.5x 4.7x 7.3x 16.4x 11.9x 6.2x

REVENUE
Revenue 2009 17,481 4,682 8,727 24,508 2,338 2,955
Revenue 2010E 21,340 4,869 9,136 32,501 2,947 3,358
Revenue 2011E 25,533 4,966 9,697 39,525 3,591 3,802
2009-2012 Revenue CAGR 20% 3% 6% 24% 13% 23% 13%

Market Cap/Revenue 2009 10.5x 5.0x 4.1x 2.4x 5.5x 5.6x 2.5x
Market Cap/Revenue 2010E 8.6x 4.8x 3.9x 1.9x 4.5x 2.3x
Market Cap/Revenue 2011E 7.3x 4.8x 3.7x 1.6x 4.4x 3.8x 2.0x

Notes:
1) All EPS shown are Pro Forma, to exclude the impact of stock based compensation.
2) P/E and P/FCF for Yahoo! does not adjust for Yahoo! Japan

Source: Company reports and Barclays Capital estimates

Sector rating 1-Positive

10 April 01, 2010


Figure 3: Coverage Universe Comparative Valuation – Part II
(US$, millions except per share) Liberty
Company Orbitz Netflix AOL IAC Interactive (3) Blue Nile TechTarget
Symbol OWW NFLX AOL IACI LINTA NILE TTGT
Barclays Capital Rating 2-Equal Weight 1-Overweight 2-Equal Weight 2-Equal Weight 2-Equal Weight 1-Overweight 2-Equal Weight

Price as of 3/31/2010 $7.11 $73.74 $25.28 $22.78 $15.30 $55.02 $5.23
Shares Outstanding 2009 84 55 106 133 597 15 43
Shares Outstanding 2010E 102 53 109 123 600 15 44
Shares Outstanding 2011E 103 53 111 123 603 15 46

Market Capitalization $600 $4,091 $2,675 $3,023 $9,130 $838 $226
Net Debt 2009 472 (82) (73) (1,614) 4,835 (92) (71)
Net Debt 2010E 387 (54) (533) (1,588) 4,914 (115) (87)
Net Debt 2011E 308 (200) (962) (1,808) 4,259 (159) (105)
Less: Non-Consolidated Assets & Investments 178 1,672
Plus: Minority Interest & Other 715

Total Enterprise Value 2009 1,072 4,009 2,602 1,230 13,007 745 155
Total Enterprise Value 2010E 1,111 3,856 2,220 1,047 13,133 731 143
Total Enterprise Value 2011E 1,039 3,738 1,841 1,005 12,572 688 137

EARNINGS PER SHARE (EPS) (1)
EPS 2009 $0.36 $2.11 $4.58 $0.36 $0.91 $1.15 $0.17
EPS 2010E $0.47 $2.65 $3.39 $0.88 $1.22 $1.34 $0.25
EPS 2011E $0.61 $3.23 $2.92 $1.10 $1.52 $1.65 $0.30
2009 - 2012 EPS CAGR 26% 22% -17% 53% 24% 26% 23%

P/E 2009 19.7x 34.9x 5.5x 62.4x 16.9x 48.0x 30.0x
P/E 2010E 15.2x 27.9x 7.5x 25.8x 12.6x 40.9x 21.2x
P/E-to-Growth 0.6x 1.3x NA 0.5x 0.5x 1.6x 0.9x
P/E 2011E 11.6x 22.8x 8.7x 20.8x 10.0x 33.3x 17.7x

FREE CASH FLOW (FCF)
FCF 2009 62 105 741 197 879 37 18
FCF 2010E 72 118 451 192 552 38 16
FCF 2011E 79 131 421 221 655 44 18
2009-2012 FCF CAGR NA 11% -21% 7% NM 11% 6%

FCF/Share 2009 $0.73 $1.89 $7.01 $1.48 $1.47 $2.41 $0.41
FCF/Share 2010E $0.71 $2.22 $4.14 $1.55 $0.92 $2.45 $0.36
FCF/Share 2011E $0.77 $2.45 $3.80 $1.79 $1.09 $2.88 $0.39

Price/FCF 2009 NA 39.0x 3.6x 15.4x 9.0x 22.8x 12.8x
P/FCF-to-Growth NM 2.9x NA 2.1x NM 2.0x 2.5x

FCF Yield 2009 10.3% 2.6% 27.7% 6.5% 11.1% 4.4% 7.8%
FCF Yield 2010E 9.9% 3.0% 16.4% 6.8% 7.0% 4.5% 6.8%
FCF Yield 2011E 10.8% 3.3% 15.0% 7.8% 8.2% 5.2% 7.5%

EBITDA
EBITDA 2009 144 244 1,095 167 1,654 29 14
EBITDA 2010E 145 282 844 217 1,785 34 17
EBITDA 2011E 162 332 736 246 1,984 41 20
2009-2012 EBITDA CAGR 7% 16% -16% 17% 10% 21% 19%

EV/EBITDA 2009 7.4x 16.4x 2.4x 7.4x 7.9x 25.6x 11.1x
EV/EBITDA-to-Growth 1.1x 0.8x NA 0.3x 0.8x 1.1x 0.5x

REVENUE
Revenue 2009 738 1,670 3,257 1,376 8,305 302 86
Revenue 2010E 759 2,099 2,589 1,485 8,986 349 91
Revenue 2011E 842 2,562 2,377 1,606 9,778 400 98
2009-2012 Revenue CAGR 7% 22% -12% 8% 8% 15% 7%

Market Cap/Revenue 2009 0.8x 2.4x 0.8x 2.2x 1.1x 2.8x 2.6x

Notes:
1) All EPS shown are Pro Forma, to exclude the impact of stock based compensation.
2) P/E and P/FCF for Yahoo! does not adjust for Yahoo! Japan
3) LINTA Price-to-FCF multiples and FCF Yield are calculated by subtracting the estimated value per share of LINTA's non-consolidated assets from the LINTA price per share.

Sector rating 1-Positive

April 01, 2010 11


Figure 4: Overall Internet Industry Comparative Valuation
Barclays Capital Price Market 2010E 2011E 2010E 2011E 2010E 2011E
Company Ticker Rating 3/31/2010 Shares Out Cap ($M) EV/EBITDA EV/EBITDA P/E P/E P/FCF P/FCF
Online Media & Search
Yahoo! YHOO 1-OW $16.53 1428.6 23,615 5.9x 4.7x 23.6x 20.7x 19.7x 16.7x
Google GOOG 1-OW $567.12 325.2 184,406 11.5x 9.5x 20.2x 17.4x 19.5x 17.3x
AOL AOL 2-EW $25.28 108.9 2,753 2.6x 2.5x 7.5x 8.7x 6.1x 6.7x
TechTarget TTGT 2-EW $5.23 44.1 230 8.4x 6.7x 21.2x 17.7x 14.7x 13.4x
Dice Holdings DHX -- $7.60 62.4 474 11.2x 8.9x 35.3x 23.2x 21.1x 13.3x
Baidu BIDU -- $597.00 26.3 15,701 45.7x 31.0x 60.7x 41.5x 48.7x 33.1x
Monster Worldwide MWW -- $16.61 125.6 2,086 19.6x 10.9x -- 45.0x 14.8x 10.0x
The Knot KNOT -- $7.82 33.8 264 10.3x 8.2x 124.7x 76.7x -- --
RealNetworks RNWK -- $4.83 135.1 653 10.1x 11.0x -- -- -- --
Travelzoo TZOO -- $15.01 16.4 247 -- -- 42.9x 27.3x -- --
WebMD WBMD -- $46.38 59.7 2,771 15.2x 12.9x 66.0x 40.4x -- --
Marchex MCHX -- $5.11 24.5 125 11.6x 9.7x 37.5x 30.7x -- --
Miva MIVA -- $0.43 34.1 15 1.9x 1.3x -- 2.5x -- --
TheStreet.com TSCM -- $3.70 31.5 117 -- -- 61.7x 46.3x -- --
Looksmart LOOK -- $1.03 17.1 18 -- -- -- -- -- --

E-Commerce
eBay EBAY 2-EW $26.97 1323.9 35,703 8.6x 7.3x 16.1x 14.9x 14.3x 12.7x
Amazon.com AMZN 1-OW $135.77 464.5 63,065 21.2x 16.4x 44.2x 36.0x 19.5x 16.7x
IAC/InterActiveCorp IACI 2-EW $22.78 123.5 2,813 4.8x 4.1x 25.8x 20.8x 14.7x 12.8x
Blue Nile NILE 1-OW $55.02 15.4 846 21.6x 16.6x 40.9x 33.3x 22.4x 19.1x
Netflix NFLX 1-OW $73.74 53.0 3,910 13.7x 11.3x 27.9x 22.8x 33.2x 30.1x
MercadoLibre MELI -- $48.21 44.1 2,127 24.1x 17.8x 45.7x 33.8x 35.3x 25.8x
Overstock.com OSTK -- $16.23 22.8 371 -- -- 53.7x 22.2x -- 42.7x
1-800-FLOWERS.COM FLWS -- $2.51 26.7 67 5.1x 4.7x 18.9x 12.7x -- --
GSI Commerce GSIC -- $27.72 60.4 1,674 11.9x 9.9x 1164.7x 79.2x 9.7x 8.6x
Bluefly BFLY -- $2.73 18.6 51 -- -- -- -- -- --
Drugstore.com DSCM -- $3.59 105.8 380 17.2x 12.7x 89.8x -- -- --

Travel
Expedia EXPE 2-EW $24.95 303.5 7,572 8.0x 6.2x 16.1x 14.4x 24.3x 19.4x
Orbitz OWW 2-EW $7.11 101.8 724 7.7x 6.4x 15.2x 11.6x 10.1x 9.3x
Priceline PCLN 1-OW $255.00 52.3 13,330 15.9x 11.9x 23.0x 17.6x 24.3x 19.4x

Advertising Services
Valueclick VCLK -- $10.13 81.3 824 6.1x 5.7x 16.6x 15.1x 8.7x 9.0x

Internet Services
Harris Interactive HPOL -- $1.21 54.4 66 -- -- -- -- -- --
Alloy ALOY -- $8.20 12.9 106 -- -- -- -- -- --
Autobytel ABTL -- $1.05 45.2 47 -- -- -- -- -- --
Earthlink ELNK -- $8.54 107.9 921 2.4x 3.1x 7.9x 12.2x -- --
United Online UNTD -- $7.48 85.0 636 3.9x 3.9x 6.4x 6.3x -- --
Verisign VRSN 2-EW $26.02 183.4 4,773 7.7x 6.8x 20.0x 15.1x 12.1x 10.1x
Akamai AKAM -- $31.42 172.1 5,407 11.4x 10.2x 19.2x 21.8x 14.2x 13.5x
Digital River DRIV -- $30.30 38.7 1,171 11.4x 8.0x 17.6x 23.2x 17.8x 14.1x
Infospace INSP -- $11.05 35.6 393 5.6x 5.3x 36.1x 28.9x -- --
Jupiter Media JUPM -- $0.99 36.9 37 -- -- -- -- -- --
Market Leader LEDR -- $1.97 24.6 48 -- -- -- -- -- --
Vista Print VPRT -- $57.37 43.4 2,491 16.3x 13.0x 34.8x 23.1x -- --
Shutterfly SFLY -- $24.09 25.9 624 8.2x 7.1x 6339.5x 42.3x -- --
comScore SCOR -- $16.69 30.9 516 11.9x 9.5x 136.6x 43.3x 15.6x 12.8x

Sources: FactSet, company reports, and Barclays Capital estimates 1-OW: 1-Overweight; 2-EW: 2-Equal Weight; 3-UW: 3-Underweight
Note: Rating for VRSN (2-Equal Weight/1-Positive) is from Barclays Capital software analyst Israel Hernandez.
FactSet consensus estimates are used for all companies not in our Internet coverage universe.

12 April 01, 2010


Figure 5: Cross-Media Comparative Valuation
Barclays Capital Barclays Capital Price Market EV/EBITDA Multiple P/E Multiple FCF Multiple
Internet Ticker Stock Rating Sector Rating 3/31/10 Cap ($M) 2010E 2011E 2010E 2011E 2010E 2011E
Yahoo! YHOO 1-OW 1-Postive $16.53 $23,408 5.9x 4.7x 23.6x 20.7x 19.7x 16.7x
Google GOOG 1-OW 1-Postive $567.12 $182,705 11.5x 9.5x 20.2x 17.4x 19.5x 17.3x
Internet Average 8.7x 7.1x 21.9x 19.1x 19.6x 17.0x

Entertainment*
Time Warner TWX* 2-EW 2-Neutral $31.27 $36,218 7.8x 7.1x 14.7x 13.1x 12.2x 11.1x
Disney DIS* 1-OW 2-Neutral $34.91 $65,569 9.1x 8.0x 16.8x 14.8x 18.7x 17.5x
News Corp NWS* 2-EW 2-Neutral $14.41 $37,765 6.8x 6.2x 13.9x 12.0x 15.0x 16.3x
Viacom VIA* 1-OW 2-Neutral $34.38 $19,027 6.7x 5.7x 13.2x 11.8x 9.8x 8.5x
Entertainment Average 7.6x 6.7x 14.6x 12.9x 13.9x 13.4x

Cable**
Comcast CMCSA** 2-EW 2-Neutral $18.83 $52,862 5.0x 4.6x 14.1x 12.2x 9.7x 10.4x
Cable Average 5.0x 4.6x 14.1x 12.2x 9.7x 10.4x

Broadcasting***
CBS Corp CBS*** 2-EW 2-Neutral $13.94 $9,623 6.9x 5.9x 14.6x 11.6x 9.8x 8.7x
Clear Channel CCU 2-EW 3-Negative $10.61 $3,771 8.9x 7.6x NM NM 12.4x 11.7x
Broadcasting Average 7.9x 6.7x 14.6x 11.6x 11.1x 10.2x

*Covered by Barclays Capital Entertainment analyst Anthony DiClemente.
**Covered by Barclays Capital Cable and Satellite Communications analyst James Ratcliff.
***Covered by Barclays Capital Broadcasting analyst Anthony DiClemente.

Figure 6: Retail and Internet Retail Comparative Valuation
Barclays Capital Barclays Capital Price Market EV/EBITDA Multiple GAAP P/E Multiple FCF Multiple
Company Ticker Stock Rating Sector Rating 3/31/2010 Cap ($M) 2010E 2011E 2010E 2011E 2010E 2011E
Bed Bath & Beyond BBBY 2-EW 2-Neutral $43.76 $11,465 9.6x 8.6x 20.1x 17.7x 17.3x 14.1x
Williams-Sonoma WSM 3-UW 2-Neutral $26.29 $2,791 6.3x 5.9x -- 17.7x 10.0x 9.6x
Best Buy BBY 1-OW 2-Neutral $42.54 $17,783 5.2x 4.7x 12.2x 11.0x 7.7x 7.0x
Tiffany TIF 1-OW 2-Neutral $47.49 $5,910 8.6x 7.6x 18.7x 16.4x 12.9x 11.9x
Specialty Retailing Average 7.4x 6.7x 12.7x 12.5x 12.0x 10.7x

Wal-Mart WMT 1-OW 2-Neutral $55.60 $211,846 7.4x 6.9x 13.9x 12.7x 9.1x 8.2x
Target TGT 1-OW 2-Neutral $52.60 $38,888 7.6x 7.1x 14.3x 12.5x 8.6x 9.2x
Costco COST 2-EW 2-Neutral $59.71 $26,303 8.5x 7.9x 20.6x 18.7x 13.0x 12.3x
Broadlines Average 7.8x 7.3x 16.3x 14.6x 10.2x 9.9x

Amazon.com AMZN 1-OW 1-Positive $135.77 $63,065 21.2x 16.4x 46.5x 36.6x 19.5x 16.7x
eBay EBAY 2-EW 1-Positive $26.97 $35,703 8.6x 7.3x 20.8x 20.0x 14.3x 12.7x
Blue Nile NILE 1-OW 1-Positive $55.02 $846 21.6x 16.6x 53.8x 41.9x 22.4x 19.1x
Internet Average 17.1x 13.4x 40.4x 32.8x 18.8x 16.1x

Note: All retail estimates are from FactSet. Barclays Capital ratings for Bed Bath & Beyond, Williams-Sonoma, and Best Buy are from Retail Hardlines analyst Michael Lasser.
Barclays Capital ratings for Tiffany, Wal-Mart, Target, and Costco are from Department Stores/Broadlines analyst Robert Drbul.
Source: FactSet, company reports, and Barclays Capital estimates

April 01, 2010 13


Figure 7: Barclays Capital & Consensus Estimates for 1Q10, 2Q10, and 2010E
($ in millions, except per share data)
1Q10 Revenue EPS EBITDA
Barclays Barclays Barclays
Capital 3/29/2010 Capital 3/29/2010 Capital 3/29/2010
Period Ending Estimate Low Mean High Estimate Low Mean High Estimate Low Mean High
Yahoo! Mar-10 $1,153 $1,126 $1,166 $1,224 $0.10 $0.07 $0.09 $0.12 $379 $283 $378 $439

eBay Mar-10 $2,257 $2,057 $2,180 $2,257 $0.41 $0.39 $0.41 $0.42 $777 $747 $806 $930

Google Mar-10 $5,018 $4,740 $4,926 $5,117 $6.70 $6.05 $6.56 $6.91 $3,121 $2,827 $3,104 $3,320

Amazon.com Mar-10 $6,892 $6,459 $6,843 $7,210 $0.63 $0.53 $0.60 $0.68 $559 $449 $551 $614

IAC/InterActiveCorp Mar-10 $353 $342 $350 $362 $0.14 $0.00 $0.07 $0.14 $39 $23 $32 $44

Liberty Interactive Mar-10 $2,049 $1,930 $2,037 $2,087 $0.34 ($0.00) $0.14 $0.34 $392 $374 $392 $401

Priceline Mar-10 $595 $578 $596 $655 $1.72 $1.58 $1.67 $1.79 $108 $105 $108 $113

Expedia Mar-10 $701 $665 $723 $813 $0.21 $0.16 $0.23 $0.28 $151 $121 $154 $190

AOL Mar-10 $668 $655 $693 $735 $0.88 $0.32 $0.69 $0.93 $216 $32 $177 $224

Orbitz Mar-10 $181 $180 $186 $205 ($0.05) ($0.11) ($0.07) ($0.04) $27 $21 $25 $27

Blue Nile Mar-10 $74 $72 $73 $74 $0.16 $0.15 $0.16 $0.17 $6 $4 $6 $7

Netflix Mar-10 $494 $491 $494 $496 $0.53 $0.48 $0.54 $0.60 $63 $54 $65 $71

TechTarget Mar-10 $20 $20 $20 $20 $0.03 $0.01 $0.02 $0.04 $2 $2 $2 $3

2Q10 Revenue EPS EBITDA
Period Ending Estimate Low Mean High Estimate Low Mean High Estimate Low Mean High
Yahoo! Jun-10 $1,189 $1,110 $1,183 $1,221 $0.13 $0.08 $0.11 $0.13 $450 $344 $424 $482

eBay June-10 $2,246 $2,113 $2,207 $2,299 $0.40 $0.37 $0.40 $0.42 $758 $758 $802 $884

Google June-10 $5,015 $4,740 $4,940 $5,242 $6.62 $5.93 $6.46 $6.94 $3,091 $2,805 $3,065 $3,210

Amazon.com June-10 $6,488 $6,006 $6,402 $6,691 $0.57 $0.40 $0.54 $0.64 $530 $419 $522 $600

IAC/InterActiveCorp June-10 $366 $346 $360 $375 $0.24 $0.09 $0.19 $0.28 $56 $43 $54 $66

Liberty Interactive June-10 $2,120 $2,022 $2,077 $2,120 $0.19 $0.15 $0.17 $0.21 $459 $420 $443 $459

Priceline June-10 $783 $717 $755 $839 $2.82 $2.45 $2.83 $3.11 $194 $162 $186 $205

Expedia June-10 $849 $803 $859 $914 $0.40 $0.36 $0.43 $0.48 $240 $229 $253 $269

AOL June-10 $636 $625 $658 $703 $0.84 $0.42 $0.67 $0.87 $208 $172 $195 $234

Orbitz June-10 $191 $191 $206 $224 $0.02 $0.02 $0.10 $0.15 $37 $33 $44 $51

Blue Nile June-10 $82 $79 $81 $83 $0.25 $0.21 $0.23 $0.25 $8 $6 $8 $8

Netflix June-10 $516 $500 $516 $526 $0.66 $0.58 $0.68 $0.75 $74 $70 $78 $86

TechTarget June-10 $23 $23 $23 $23 $0.06 $0.03 $0.06 $0.08 $4 $4 $5 $5

2010 Revenue EPS EBITDA
Year Ending Estimate Low Mean High Estimate Low Mean High Estimate Low Mean High
Yahoo! 2010 $4,869 $4,651 $4,886 $5,103 $0.52 $0.34 $0.48 $0.68 $1,778 $1,389 $1,746 $1,942

eBay 2010 $9,136 $8,919 $9,123 $9,356 $1.68 $1.32 $1.65 $1.71 $3,168 $3,168 $3,329 $3,665

Google 2010 $21,340 $19,708 $20,789 $21,820 $28.06 $25.84 $27.42 $28.87 $13,048 $11,544 $12,913 $13,797

Amazon.com 2010 $32,501 $29,004 $32,202 $34,893 $2.92 $2.49 $2.89 $3.30 $2,529 $2,037 $2,500 $2,769

IAC/InterActiveCorp 2010 $1,485 $1,417 $1,466 $1,527 $0.88 $0.41 $0.76 $1.09 $217 $183 $212 $250

Liberty Interactive 2010 $8,986 $8,433 $8,818 $8,994 $0.98 $0.53 $0.69 $0.98 $1,785 $1,613 $1,737 $1,787

Priceline 2010 $2,947 $2,754 $2,879 $3,002 $11.08 $10.66 $11.25 $11.96 $768 $671 $732 $794

Expedia 2010 $3,358 $3,083 $3,305 $3,460 $1.55 $1.44 $1.58 $1.67 $938 $874 $940 $1,000

AOL 2010 $2,589 $2,564 $2,648 $2,773 $3.39 $1.60 $2.56 $3.51 $844 $553 $760 $969

Orbitz 2010 $759 $740 $785 $867 $0.08 $0.04 $0.17 $0.29 $145 $129 $149 $165

Blue Nile 2010 $349 $346 $349 $353 $1.02 $1.00 $1.04 $1.31 $34 $27 $33 $36

Netflix 2010 $2,099 $2,069 $2,104 $2,138 $2.49 $2.31 $2.50 $2.75 $282 $233 $298 $524

TechTarget 2010 $91 $91 $92 $93 $0.25 $0.11 $0.22 $0.29 $17 $17 $18 $20

Source: Reuters, Thomson One, company reports, and Barclays Capital estimates

14 April 01, 2010


Figure 8: Historical Annual Stock Performance, 2001–2010 YTD
Price as of Marketcap YTD QTD
Company Ticker 3/31/2010 ($ mil.) Returns Returns 2009 2008 2007 2006 2005 2004 2003 2002 2001
Yahoo! YHOO $16.53 $21,822 -1% -1% 38% -48% -9% -35% 4% 67% 175% -8% -41%
Google GOOG $567.12 $174,387 -9% -9% 102% -56% 50% 11% 115% - - - -
eBay EBAY $26.97 $29,787 15% 15% 69% -58% 10% -30% -26% 80% 91% 1% 103%
Amazon.com AMZN $135.77 $51,948 1% 1% 162% -45% 135% -16% 6% -16% 179% 75% -30%
Large Cap Average 1% 1% 92% -51% 47% -18% 25% 44% 148% 23% 10%

InterActiveCorp IACI $22.78 $2,866 11% 11% 30% -33% -28% 31% -8% -19% 48% -16% 41%
Liberty Interactive LINTA $15.30 $6,578 41% 41% 247% -84% -12% - - - - - -
Expedia EXPE $24.95 $6,676 -3% -3% 212% -74% 51% -12% - - - - -
Priceline PCLN $255.00 $10,717 17% 17% 197% -36% 163% 95% -5% 32% 86% -73% 343%
AOL AOL $25.36 $2,682 9% 9% -7% - - - - - - - -
Netflix NFLX $73.74 $3,598 34% 34% 84% 12% 3% -4% 119% -55% 397% - -
Blue Nile NILE $55.02 $748 -13% -13% 159% -64% 84% -8% 46% - - - -
Orbitz OWW $7.11 $595 -3% -3% 89% -54% - - - - - - -
TechTarget TTGT $5.23 $233 -7% -7% 30% -71% - - - - - - -

Total Universe Average 7% 7% 109% -51% 45% 3% 32% 15% 163% -4% 83%

Nasdaq COMP $2,397.96 6% 6% 44% -14% 10% 10% 1% 9% 50% -32% -21%
S&P 500 SPX $1,169.43 5% 5% 23% -24% 4% 14% 3% 9% 26% -23% -13%
Source: FactSet

April 01, 2010 15


Figure 9: Stock Performance Seasonality – Part I
Yahoo! Average
YHOO 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 Return
1Q -2% 5% 24% 23% -18% -10% 8% 47% 4% -48% -21% 42% 33% 65% N/A 12%
2Q NA 22% -29% -13% 2% 2% 50% 36% -20% 27% -28% 2% 70% 26% -36% 8%
3Q NA 14% -16% -1% -23% -2% -7% 8% -35% -56% -27% 4% 65% 113% 1% 3%
4Q NA -6% -29% -13% 1% 16% 11% 27% 71% 101% -67% 141% 83% 38% -20% 25%
Full Year NA 38% -48% -9% -35% 4% 67% 175% -8% -41% -86% 265% 584% 510% -49% 98%

Google Average
GOOG 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 Return
1Q -9% 13% -36% -1% -6% -6% N/A N/A N/A N/A N/A N/A N/A N/A N/A -7%
2Q NA 21% 20% 14% 8% 63% N/A N/A N/A N/A N/A N/A N/A N/A N/A 25%
3Q NA 18% -24% 9% -4% 8% 29% N/A N/A N/A N/A N/A N/A N/A N/A 6%
4Q NA 25% -23% 22% 15% 31% 49% N/A N/A N/A N/A N/A N/A N/A N/A 20%
Full Year NA 102% -56% 50% 11% 115% 92% N/A N/A N/A N/A N/A N/A N/A N/A 52%

eBay Average
ebay 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 Return
1Q 15% -10% -10% 10% -9% -36% 7% 26% -15% 10% 41% 71% N/A N/A N/A 8%
2Q NA 36% -8% -3% -25% -11% 33% 22% 9% 89% -38% 10% N/A N/A N/A 10%
3Q NA 38% -18% 21% -3% 25% 0% 3% -14% -33% 26% -7% -5% N/A N/A 3%
4Q NA 0% -38% -15% 6% 5% 27% 20% 28% 46% -52% -11% 435% N/A N/A 38%
Full Year NA 69% -58% 10% -30% -26% 80% 91% 1% 103% -47% 56% 410% N/A N/A 55%

Amazon.com Average
AMZN 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 Return
1Q 1% 43% -23% 1% -23% -23% -18% 38% 32% -34% -12% 61% 42% N/A N/A 7%
2Q NA 14% 3% 72% 6% -3% 26% 40% 14% 38% -46% -27% 133% -11% N/A 20%
3Q NA 12% -1% 36% -17% 37% -25% 33% -2% -58% 6% 28% 12% 182% N/A 19%
4Q NA 4% -30% -1% 23% 4% 8% 9% 19% 81% -60% -5% 188% 16% N/A 20%
Full Year NA 162% -45% 135% -16% 6% -16% 179% 75% -30% -80% 42% 967% 190% N/A 121%

IAC/InterActiveCorp Average
IACI 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 Return
1Q 11% -3% -23% 1% 4% -34% 12% -32% 8% -19% -19% 25% -27% 7% -11% -8%
2Q NA 5% -7% -8% -10% 4% -34% 12% -32% 8% -19% -19% 25% 23% -3% -4%
3Q NA 26% -10% -14% 9% -10% 4% -34% 12% -32% 8% -19% -19% 30% -22% -5%
4Q NA 1% -9% -9% 29% 9% -10% 4% -34% 12% -32% 8% -19% 27% 1% -2%
Full Year NA 30% -42% -28% 31% -34% -19% 48% -16% 40% -30% 67% 29% 117% -32% 12%

Liberty Interactive Average
LINTA 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 Return
1Q 41% -7% -15% 10% N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A -4%
2Q NA 73% -9% -6% N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 19%
3Q NA 119% -13% -14% 18% N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 28%
4Q NA -1% -76% -1% 6% N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A -18%
Full Year NA 247% -84% -12% N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 51%

Large-Cap Average Return (YHOO, GOOG, EBAY, AMZN) Average
2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 Return
1Q 1% 13% -11% 8% -14% -19% -1% 37% 7% -24% 3% 58% 38% 65% N/A 12%
2Q NA 23% -4% 17% -2% 13% 36% 33% 1% 51% -37% -5% 102% 26% N/A 19%
3Q NA 20% -15% 16% -12% 17% -11% 15% -17% -49% 2% 8% 38% 147% 1% 12%
4Q NA 6% NA -2% 11% 14% 24% 19% 39% 76% -59% 42% 235% 27% -20% 32%
Full Year NA 92% -10% 47% -18% 25% 44% 148% 23% 10% -71% 121% 775% 510% N/A 131%

S&P 500 Average
SPX 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 Return
1Q 5% -12% -10% 0% 4% -3% 1% -4% 0% -12% 2% 5% 14% 2% 5% -1%
2Q NA 15% -3% 6% -2% 1% 1% 15% -14% 6% -3% 7% 3% 17% -36% 1%
3Q NA 15% -9% 2% 5% 3% -2% 2% -18% -15% -1% -7% -10% 7% 2% -2%
4Q NA 6% -23% -4% 6% 2% 9% 12% 8% 10% -8% 15% 21% 2% 8% 4%
Full Year NA 24% -38% 4% 14% 3% 9% 26% -23% -13% -10% 20% 27% 31% -49% 2%

NASDAQ Average
COMP 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 Return
1Q 6% -3% -14% 0% 6% -8% 0% 0% -5% -26% 12% 12% 17% -5% 5% -1%
2Q NA 20% 1% 7% -7% 3% 3% 21% -21% 17% -13% 9% 3% 18% -36% 2%
3Q NA 16% -9% 4% 4% 5% -7% 10% -20% -31% -7% 2% -11% 17% 4% -2%
4Q NA 7% -25% -2% 7% 2% 15% 12% 14% 30% -33% 48% 29% -7% 5% 7%
Full Year NA 44% -41% 10% 10% 1% 9% 50% -32% -21% -39% 86% 40% 22% -49% 6%
Source: FactSet

16 April 01, 2010


Figure 10: Stock Performance Seasonality – Part II
Expedia Average
2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 Return
1Q -3% 10% -31% 10% -15% N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A -6%
2Q NA 66% -16% 26% -26% N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 13%
3Q NA 59% -18% 9% 5% -18% N/A N/A N/A N/A N/A N/A N/A N/A N/A 7%
4Q NA 7% -45% -1% 34% 21% N/A N/A N/A N/A N/A N/A N/A N/A N/A 3%
Full Year NA 212% -74% 51% -12% 0% N/A N/A N/A N/A N/A N/A N/A N/A N/A -9%

Priceline Average
PCLN 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 Return
1Q 17% 7% 5% 22% 11% 7% 51% 3% -10% 93% 69% N/A N/A N/A N/A 26%
2Q NA 42% -5% 29% 20% -7% 0% 126% -47% 258% -53% 39% N/A N/A N/A 36%
3Q NA 49% -41% 29% 23% -17% -18% 30% -48% -58% -69% -44% N/A N/A N/A -15%
4Q NA 32% 8% 29% 19% 16% 6% -38% 10% 54% -89% -27% N/A N/A N/A 2%
Full Year NA 197% -36% 163% 95% -5% 32% 87% -73% 343% -97% N/A N/A N/A N/A 57%

Orbitz Average
OWW 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 Return
1Q -3% -67% -19% N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A -43%
2Q NA 47% -27% N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 10%
3Q NA 225% 17% N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 121%
4Q NA 19% -34% -25% N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A -13%
Full Year NA 89% -54% NA N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A

Netflix Average
NFLX 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 Return
1Q 34% 44% 30% -10% 7% -12% 25% 85% N/A N/A N/A N/A N/A N/A N/A 24%
2Q NA -4% -23% -16% -6% 51% 6% 25% -9% N/A N/A N/A N/A N/A N/A 3%
3Q NA 12% 16% 7% -16% 58% -57% 31% -31% N/A N/A N/A N/A N/A N/A 3%
4Q NA 19% -3% 28% 14% 4% -20% 63% 14% N/A N/A N/A N/A N/A N/A 15%
Full Year NA 84% 12% 3% -4% 119% -55% 396% -29% N/A N/A N/A N/A N/A N/A 63%

AOL Average
AOL 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 Return
1Q 9% N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
2Q NA N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
3Q NA N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A
4Q NA -7% N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A -7%
Full Year NA -7% N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A

Blue Nile Average
NILE 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 Return
1Q -13% 23% -20% 10% -13% 0% N/A N/A N/A N/A N/A N/A N/A N/A N/A 0%
2Q NA 43% -21% 49% -9% 18% 32% N/A N/A N/A N/A N/A N/A N/A N/A 19%
3Q NA -12% 1% 56% 13% -3% -10% N/A N/A N/A N/A N/A N/A N/A N/A 7%
4Q NA 2% -43% -28% 1% 27% -18% N/A N/A N/A N/A N/A N/A N/A N/A -10%
Full Year NA 159% -64% 84% -8% 46% -3% N/A N/A N/A N/A N/A N/A N/A N/A 11%

TechTarget Average
TTGT 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 Return
1Q -7% -44% -4% N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A -24%
2Q NA 67% -25% N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 21%
3Q NA 43% -34% 32% N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A 13%
4Q NA -1% -38% -13% N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A -17%
Full Year NA 30% -71% NA N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A N/A

S&P 500 Average
SPX 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 Return
1Q 5% -12% -10% 0% 4% -3% 1% -4% 0% -12% 2% 5% 14% 2% 5% -1%
2Q NA 15% -3% 6% -2% 1% 1% 15% -14% 6% -3% 7% 3% 17% -36% 1%
3Q NA 15% -9% 2% 5% 3% -2% 2% -18% -15% -1% -7% -10% 7% 2% -2%
4Q NA 6% -23% -4% 6% 2% 9% 12% 8% 10% -8% 15% 21% 2% 8% 4%
Full Year NA 24% -38% 4% 14% 3% 9% 26% -23% -13% -10% 20% 27% 31% -49% 2%

NASDAQ Average
COMP 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 Return
1Q 6% -3% -14% 0% 6% -8% 0% 0% -5% -26% 12% 12% 17% -5% 5% -1%
2Q NA 20% 1% 7% -7% 3% 3% 21% -21% 17% -13% 9% 3% 18% -36% 2%
3Q NA 16% -9% 4% 4% 5% -7% 10% -20% -31% -7% 2% -11% 17% 4% -2%
4Q NA 7% -25% -2% 7% 2% 15% 12% 14% 30% -33% 48% 29% -7% 5% 7%
Full Year NA 44% -41% 10% 10% 1% 9% 50% -32% -21% -39% 86% 40% 22% -49% 6%

Source: FactSet

April 01, 2010 17

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