Financial Model Projections for an Internet Company

ASSUMPTIONS* Application funding/start date Application launch date Opex Assumptions General & Administrative Salary Rent (temporary space) Rent (permanent space) Telecom Insurance Maintenance Supplies Travel, entertainment, etc Legal retainer/mo Assumptions Sales & Marketing Salary Marketing budget % of monthly marketing allocated to Direct % of monthly marketing allocated to Organic/SEO Content and Production (Start Nov. 2007) Salary Content Creation Budget Production Budget Research and Development Salary Polychrome expenses until launch Interim Design/UI/Branding (Feb-June 2008) Ongoing Design/UI/Branding costs Outsourced Development with Core Objects Operations Salary Revenue Assumptions Traffic Assumptions 1 New user acquisition cost - Direct Marketing costs 2 New user acquisition cost - Organic/SEO 3 Viral additions per new user 4 Period over which friends join (in months) 5 Churn per month Advertising-based Revenue 7 Avg. # of visits per month 8 Avg. Page views per visit 9 Avg. CPM rate across site Ad Network Revenue 10 start date for Ad Network 11 # of new publishers added per month 12 average uniques per Publisher 13 avg. page views/unique 14 Avg. CPM to Publisher Site 15 KP's % of CPM Lead Generation/E-Commerce/Affiliate marketing Start date for Marketplace 12 % of monthly uniques that visit marketplace 13 % that generate a lead with affiliate partners 14 Avg. revenue per lead generated 2007 2008 2009 OPERATING EXPENSES Dept Category General & Administrative Salary Rent Telecom Insurance Maintenance Supplies Travel, entertainment, related Legal G&A Total Sales & Marketing Salary Marketing budget S&M Total Content and Production Salary Content Creation Budget Production Budget C&P Total Oct-07 $0 $0 $0 $0 $0 $0 $0 $0 $0 Nov-07 $0 $0 $0 $0 $0 $0 $0 $0 $0 Dec-07 $0 $0 $0 $0 $0 $0 $0 $0 $0 Jan-08 $0 $0 $0 $0 $0 $0 $0 $0 $0 Feb-08 $0 $0 $0 $0 $0 $0 $0 $0 $0 Mar-08 $0 $0 $0 $0 $0 $0 $0 $0 $0 Apr-08 $0 $0 $0 $0 $0 $0 $0 $0 $0 May-08 $0 $0 $0 $0 $0 $0 $0 $0 $0 Jun-08 $0 $0 $0 $0 $0 $0 $0 $0 $0 Jul-08 $0 $0 $0 $0 $0 $0 $0 $0 $0 Aug-08 $0 $0 $0 $0 $0 $0 $0 $0 $0 Sep-08 $0 $0 $0 $0 $0 $0 $0 $0 $0 Oct-08 $0 $0 $0 $0 $0 $0 $0 $0 $0 Nov-08 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $ $ $0 $0 $ $ $0 $0 $ $ $0 $0 $ $ $0 $0 $ $ $0 $0 $ $ $0 $0 $ $ $0 $0 $ $ $0 $0 $ $ $0 $0 $ $ $0 $0 $ $ $0 $0 $ $ $0 $0 $ $ $0 $0 $ $ $0 $0 Research and Development Salary Ongoing Design/UI/Branding costs Outsourced Development with Core Objects R&D Total Operations Salary Ops Total Total Opex Excluding Depreciation $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 *Includes legal, accounting, HR, etc. Dec-08 $0 $0 $0 $0 $0 $0 $0 $0 $0 Jan-09 $0 $0 $0 $0 $0 $0 $0 $0 $0 Feb-09 $0 $0 $0 $0 $0 $0 $0 $0 $0 Mar-09 $0 $0 $0 $0 $0 $0 $0 $0 $0 Apr-09 $0 $0 $0 $0 $0 $0 $0 $0 $0 May-09 $0 $0 $0 $0 $0 $0 $0 $0 $0 Jun-09 $0 $0 $0 $0 $0 $0 $0 $0 $0 Jul-09 $0 $0 $0 $0 $0 $0 $0 $0 $0 Aug-09 $0 $0 $0 $0 $0 $0 $0 $0 $0 Sep-09 $0 $0 $0 $0 $0 $0 $0 $0 $0 Oct-09 $0 $0 $0 $0 $0 $0 $0 $0 $0 Nov-09 $0 $0 $0 $0 $0 $0 $0 $0 $0 Dec-09 $0 $0 $0 $0 $0 $0 $0 $0 $0 Q4, 2007 $0 $0 $0 $0 $0 $0 $0 $0 $0 Q1, 2008 $0 $0 $0 $0 $0 $0 $0 $0 $0 Q2, 2008 $0 $0 $0 $0 $0 $0 $0 $0 $0 Q3, 2008 $0 $0 $0 $0 $0 $0 $0 $0 $0 Q4, 2008 $0 $0 $0 $0 $0 $0 $0 $0 $0 Q1, 2009 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $ $ $0 $0 $ $ $0 $0 $ $ $0 $0 $ $ $0 $0 $ $ $0 $0 $ $ $0 $0 $ $ $0 $0 $ $ $0 $0 $ $ $0 $0 $ $ $0 $0 $ $ $0 $0 $ $ $0 $0 $ $ $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Q2, 2009 $0 $0 $0 $0 $0 $0 $0 $0 $0 Q3, 2009 $0 $0 $0 $0 $0 $0 $0 $0 $0 Q4, 2009 $0 $0 $0 $0 $0 $0 $0 $0 $0 2007 $0 $0 $0 $0 $0 $0 $0 $0 $0 2008 $0 $0 $0 $0 $0 $0 $0 $0 $0 2009 $0 $0 $0 $0 $0 $0 $0 $0 $0 Dept Category General & Administrative Salary Rent Telecom Insurance Maintenance Supplies Travel, entertainment, related Legal G&A Total Sales & Marketing Salary Marketing budget S&M Total Content and Production Salary Content Creation Budget Production Budget C&P Total Research and Development Salary 2007 $0 $0 $0 $0 $0 $0 $0 $0 $0 2008 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 R&D Total Operations $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 Salary Ops Total Total Opex Excluding Depreciation $0 $0 $0 $0 $0 $0 HEADCOUNT Wage growth 5% year Department/ Position General and Administrative (G&A) CEO COO GM of Website VP Finance Finance/Accounting HR/office manager HR/office coordinator Administrative support G&A Headcount G&A Base Salary G&A Benefits G&A Total Salary Sales & Marketing (S&M) Director biz development Business development manager VP/Director marketing Marketing coordinator S&M Headcount S&M Base Salary S&M Benefits S&M Total Salary Content and Production Site Editor Channel Editors Web Producer Product Management/Webmaster Director of Content Development Production Head Associate Producer C&P Headcount C&P Base Salary C&P Benefits C&P Total Salary Research and Development VP Engineering Project Manager Senior content engineer Content engineer Senior community engineer Community engineer Senior commerce engineer Commerce engineer Base Salary Q4, 2007 Q1, 2008 Q2, 2008 Senior core engineer Core engineer Senior client UI engineer Web UI engineer QA engineer QA tester R&D Headcount R&D Base Salary R&D Benefits R&D Total Salary Operations Project manager System engineer Database engineer Release engineer Network engineer Customer support Ops Headcount Ops Base Salary Ops Benefits Ops Total Salary Total Team Total Headcount Total Base Salary Total Benefits Total Salary Q3, 2008 Q4, 2008 Q1, 2009 Q2, 2009 Q3, 2009 Q4, 2009 2007 2008 2009 Department/ Position General and Administrative (G&A) CEO COO GM of Website VP Finance Finance/Accounting HR/office manager HR/office coordinator Administrative support G&A Headcount G&A Base Salary G&A Benefits G&A Total Salary Sales & Marketing (S&M) Director biz development Business development manager VP/Director marketing Marketing coordinator S&M Headcount S&M Base Salary S&M Benefits S&M Total Salary Department/ Position Content and Production Channel Editors Web Producer Product Management/Webmaster Associate Editor Production Head Associate Producer C&P Headcount C&P Base Salary C&P Benefits C&P Total Salary Department/ Position Research and Development VP Engineering Project Manager Senior content engineer Content engineer Senior community engineer Community engineer Senior commerce engineer Commerce engineer Senior core engineer Core engineer Senior client UI engineer Web UI engineer QA engineer QA tester R&D Headcount R&D Base Salary R&D Benefits R&D Total Salary Department/ Position Operations Project manager System engineer Database engineer Release engineer Network engineer Customer support Ops Headcount Ops Base Salary Ops Benefits Ops Total Salary Total Team Total Headcount Total Base Salary Total Benefits Total Salary 2007 0 0 0 0 0 0 0 0 $0 $0 $0 2008 0 0 0 0 0 0 0 0 $0 $0 $0 2009 0 0 0 0 0 0 0 0 $0 $0 $0 0 0 0 0 0 $0 $0 $0 2007 0 0 0 0 0 $0 $0 $0 2008 0 0 0 0 0 $0 $0 $0 2009 $0 $0 $0 2007 0 0 0 0 0 0 0 0 $0 $0 $0 2008 0 0 0 0 0 0 0 0 $0 $0 $0 2009 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 $0 $0 $0 2007 0 0 0 0 0 0 0 $0 $0 $0 0 0 0 0 0 0 0 $0 $0 $0 2008 0 0 0 0 0 0 0 $0 $0 $0 0 0 0 0 0 0 0 $0 $0 $0 2009 0 0 0 0 0 0 0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 $0 REVENUE AND COST OF GOODS SOLD Model Revenue App Development Started Application launched Marketing launched Marketing budget allocation Marketing spend New customers - paid for New customers - organic New customers' friends join Churn Average Users Total Users Site Advertising Monthly uniques Total page views Advertising gross revenues Ad Network Ad Network launched Total publishers on network Total monthly uniques on network Total page views on network Gross Ad network Revenue Net Ad Network Revenue to KP Lead Gen/Marketplace Revenue Marketplace launched unique Visits to marketplace click-thrus for various products/services revenue for qualified leads delivered Total Gross Revenue Total Net Revenue Jul-07 1 1 1 17% $0 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Aug-07 1 1 1 17% $0 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Sep-07 1 1 1 17% $0 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! 1 $0 $0 - 1 $0 $0 1 $0 $0 1 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! 1 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! 1 Oct-07 1 1 1 17% $0 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Nov-07 1 1 1 17% $0 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Dec-07 1 1 1 17% $0 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Jan-08 1 1 1 8% $0 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Feb-08 1 1 1 8% $0 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Mar-08 1 1 1 8% $0 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! 1 $0 $0 - 1 $0 $0 1 $0 $0 1 $0 $0 1 $0 $0 1 $0 $0 1 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! 1 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! 1 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! 1 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! 1 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! 1 Apr-08 1 1 1 8% $0 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! May-08 1 1 1 8% $0 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Jun-08 1 1 1 8% $0 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Jul-08 1 1 1 8% $0 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Aug-08 1 1 1 8% $0 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Sep-08 1 1 1 8% $0 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! 1 $0 $0 - 1 $0 $0 1 $0 $0 1 $0 $0 1 $0 $0 1 $0 $0 1 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! 1 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! 1 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! 1 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! 1 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! 1 Oct-08 1 1 1 8% $0 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Nov-08 1 1 1 8% $0 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Dec-08 1 1 1 8% $0 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Jan-09 1 1 1 8% $0 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Feb-09 1 1 1 8% $0 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Mar-09 1 1 1 8% $0 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Apr-09 1 1 1 8% $0 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! 1 $0 $0 - 1 $0 $0 1 $0 $0 1 $0 $0 1 $0 $0 1 $0 $0 1 $0 $0 1 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! 1 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! 1 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! 1 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! 1 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! 1 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! 1 May-09 1 1 1 8% $0 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Jun-09 1 1 1 8% $0 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Jul-09 1 1 1 8% $0 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Aug-09 1 1 1 8% $0 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Sep-09 1 1 1 8% $0 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Oct-09 1 1 1 8% $0 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Nov-09 1 1 1 8% $0 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! 1 $0 $0 - 1 $0 $0 1 $0 $0 1 $0 $0 1 $0 $0 1 $0 $0 1 $0 $0 1 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! 1 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! 1 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! 1 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! 1 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! 1 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! 1 Dec-09 1 1 1 8% $0 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Q3, 2007 3 1 1 50% $0 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Q4, 2007 3 1 1 50% $0 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Q1, 2008 3 1 1 25% $0 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Q2, 2008 3 1 1 25% $0 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Q3, 2008 3 1 1 25% $0 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! 1 $0 $0 1 $0 $0 1 $0 $0 1 $0 $0 1 $0 $0 1 $0 $0 1 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! 1 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! 1 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! 1 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! 1 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! 1 Q4, 2008 3 1 1 25% $0 $ #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Q1, 2009 3 1 1 25% $ #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Q2, 2009 3 1 1 25% $ #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Q3, 2009 3 1 1 25% $ #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! Q4, 2009 3 1 1 25% #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! 2007 1 1 100% $0 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! 1 $0 $ $0 $ 1 - 1 - 1 - 1 $ $ $ $ $ $ 1 $0 $0 1 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! 1 1 1 1 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! $ 173,277 $ 179,160 $ 179,895 $ 179,987 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! 1 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! 2008 2009 1 1 100% $0 $ #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! 1 1 100% #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! 1 $0 $0 1 - $ $ 1 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! 1 #DIV/0! #DIV/0! $ 712,319 #DIV/0! #DIV/0! Revenue New customers - paid for New customers' friends join Churn Average Users Total Users Total page views Advertising gross revenues Total Gross Revenue 2007 2008 2009 #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #REF! #REF! #REF! #REF! #REF! #DIV/0! #DIV/0! #DIV/0! #DIV/0! #REF! #REF! #DIV/0! #DIV/0! #DIV/0! #REF!