Weekly Internet / Digital Media / SaaS Sector Summary Week of January 19th, 2015 Industry Stock Market Valuation Internet / Digital Media / SaaS Last 12 Months Last 3 Months 125 130 16.8% 13.3% 115 110 9.7% 7.5% 13.1% 9.6% (2.0%) 8.2% (2.4%) 7.8% 7.4% 5.2% 90 (10.7%) 105 (11.7%) 3.1% (12.2%) 2.7% 1.6% 70 95 1/20/14 3/13/14 5/4/14 6/25/14 8/16/14 10/7/14 11/28/14 1/19/15 10/20/14 11/2/14 11/15/14 11/28/14 12/11/14 12/24/14 1/6/15 1/19/15 (1) (2) (3) (4) Search / Online Advertising Internet Commerce Internet Content Publishers (5) (6) (7) (8) NASDAQ Diversified Marketing Media Conglomerates Gaming SaaS Notes: 1) Search/Online Advertising Composite includes: BCOR, BLNX-GB, CRTO, GOOG, FUEL, MCHX, MM, MRIN, MSFT, QNST, RLOC, RUBI, TRMR, TUBE, TWTR, YHOO, YNDX, YUME. 2) Internet Commerce Composite includes: AMZN, AWAY, BABA, CMPR, COUP, CPRT, DRIV, EBAY, EXPE, FLWS, LINTA, NFLX, NILE, OPEN, OSTK, PCLN, PRSS, SSTK, STMP, TZOO, ZU. 3) Internet Content Composite includes: AOL, CRCM, DHX, DMD, EHTH, IACI, MWW, RATE, RENN, RNWK, SCOR, SFLY, TRLA, TST, TTGT, UNTD, WBMD, WWWW, XOXO, Z. 4) Publishers Composite includes: GCI, MMB-FR, NWSA, NYT, PSON-GB, SSP, TRI, UBM-GB, WPO. 5) Diversified Marketing Composite includes: ACXM, EFX, EXPN-GB, HAV-FR, HHS, IPG, MDCA, NLSN, VCI, WPP-GB. 6) Media Conglomerates Composite includes: CBS, CMCSA, DIS, DISCA, LGF, SNE, TWX, VIA.B. 1 7) Gaming Composite includes: 2432-JP, 3632-JP, 3765-JP, 700-HK, ATVI, CYOU, EA, GA, GAME, GLUU, NTES, PWRD, UBI-FR, ZNGA. 8) SaaS Composite includes: BCOV, BV, CRM, CSOD, CTCT, CVT, DWRE, ECOM, HUBS, JIVE, LPSN, MRIN, MKTG, MKTO, N, NOW, RNG, RP, ULTI, WDAY, ZEN. Public Company Valuations Internet / Digital Media / SaaS: Financial Metrics $MM, Except Per Share Data Stock LTM EPS Price Price Range Equity Net Aggregate AV / Revenue AV / EBITDA Price / EPS Long Term Revenue Growth 1/19/15 Low High Value Debt Value LTM CY 14E CY 15E LTM CY 14E CY 15E LTM CY 14E CY 15E Growth PEG 15E/14E Y/Y MRQ Search / Online Advertising Microsoft Corporation $46.24 $35.52 $50.05 $381,150 ($64,623) $316,527 3.5x 3.4x 3.1x 9.5x 9.8x 8.9x 18.1x 17.7x 15.5x 8.2% 1.9 7.9% 25.2% Google Inc. 510.46 490.91 614.44 346,275 (51,417) 294,858 4.3 4.4 3.8 14.8 11.3 9.6 27.2 19.9 17.1 17.2% 1.0 16.9% 20.1% Yahoo! Inc. 46.47 32.15 52.62 44,023 (10,003) 34,062 7.4 7.7 7.6 47.3 26.2 26.2 6.2 29.4 41.6 5.2% 8.0 2.3% 0.8% Yandex N.V. 17.97 15.03 44.24 5,720 40 5,760 4.7 5.8 4.4 12.3 13.4 10.6 18.2 20.4 16.7 20.9% 0.8 30.2% 4.7% Criteo SA 39.91 25.16 60.95 2,395 (309) 2,087 2.6 5.8 4.5 34.4 23.5 15.9 99.6 49.7 35.6 62.8% 0.6 28.9% 59.3% Rocket Fuel Inc. 13.33 13.20 71.89 550 (42) 509 1.4 1.2 0.8 NM NM 47.6 NM NM NM 45.0% NM 52.1% 63.5% Blucora, Inc. 13.24 12.61 27.86 543 (33) 510 0.8 0.9 1.0 4.7 5.2 6.5 18.6 7.0 9.3 18.5% 0.5 (12.2%) (7.5%) TubeMogul, Inc. 16.25 8.15 23.83 469 (53) 416 4.2 3.8 2.7 NM NM NM NM NM NM 22.5% NM 40.1% 111.7% The Rubicon Project, Inc. 15.40 8.76 23.20 399 (102) 296 2.7 2.4 1.9 NM 29.2 25.9 NM NM NM 87.0% NM 29.0% 60.3% Marin Software Incorporated 7.17 7.02 12.65 251 (72) 179 1.9 1.8 1.5 NM NM NM NM NM NM 20.0% NM 19.1% 27.7% QuinStreet, Inc. 5.59 3.78 8.87 248 (43) 205 0.7 0.7 0.7 81.2 16.2 10.8 NM NM NM NA NA 4.7% (10.1%) Millennial Media Inc. 1.42 1.36 8.44 198 (76) 121 0.4 0.4 0.4 NM NM NM NM NM NM 15.0% NM 16.0% 24.5% Sizmek Inc. 6.03 4.85 13.25 183 (91) 92 1.8 0.5 0.5 6.7 4.1 3.6 NM NM NM NA NA 5.1% 3.4% Marchex, Inc. 4.19 3.15 12.84 180 (81) 99 0.5 0.6 0.7 9.9 5.9 7.7 NM 29.8 30.0 NM NM (23.3%) 21.3% YuMe, Inc. 5.20 4.20 8.80 172 (57) 114 0.7 0.6 0.6 NM 81.1 16.5 NM NM NM NA NA 17.0% 18.9% Blinkx plc 0.40 0.35 2.86 161 (115) 47 0.2 0.2 0.2 3.7 NA 2.7 NM 27.3 61.8 NM NM 1.1% (5.0%) Tremor Video, Inc. 2.40 2.03 5.20 123 (78) 45 0.3 0.3 0.2 NM NM NM NM NM NM NA NA 20.8% 10.7% ReachLocal, Inc. 3.35 3.00 14.27 98 (52) 46 0.1 0.1 0.1 NM NM NM NM NM NM 67.5% NM (3.9%) (11.4%) Mean 2.1 x 2.3 x 1.9 x 22.4 x 20.5 x 14.8 x 31.3 x 25.1 x 28.4 x 32.5% 2.1 14.0% 23.2% Median 1.6 1.1 0.9 11.1 13.4 10.6 18.4 23.9 23.6 20.5% 0.9 16.5% 19.5% Internet Content IAC/InterActiveCorp $61.60 $56.50 $80.64 $5,162 $29 $5,227 1.7x 1.7x 1.6x 11.1x 9.8x 8.9x 21.9x 24.4x 17.9x 16.3% 1.1 6.8% 3.4% Zillow, Inc. 96.33 76.00 164.90 3,902 (366) 3,535 12.1 10.9 8.0 NM 69.8 39.9 NM NM NM 67.8% NM 36.9% 66.3% AOL Inc. 46.65 32.31 52.22 3,633 (19) 3,625 1.5 1.4 1.3 8.4 7.2 6.7 38.0 22.5 19.2 14.0% 1.4 7.5% 11.7% Shutterfly, Inc. 43.01 36.30 55.09 1,667 6 1,673 2.0 1.8 1.6 22.8 9.9 8.0 NM NM 72.7 31.2% 2.3 14.7% 15.8% WebMD Health Corp. 40.61 34.48 53.30 1,468 252 1,721 3.1 3.0 2.7 16.0 11.0 9.4 47.5 33.3 25.3 12.5% 2.0 9.7% 9.6% comScore, Inc. 40.25 25.98 48.16 1,377 (14) 1,363 4.3 4.2 3.6 50.3 18.7 15.7 NM 27.9 23.8 24.4% 1.0 15.5% 14.7% Bankrate, Inc. 13.14 9.39 21.49 1,372 121 1,493 2.8 2.7 2.4 12.5 10.8 9.3 NM 19.5 16.5 18.0% 0.9 11.8% 16.9% Renren Inc. 2.59 2.45 4.79 930 (812) 118 1.3 1.3 1.2 NM NM NM NM 47.7 NM 20.0% NM 13.1% (47.4%) Web.com Group, Inc. 17.42 14.71 37.72 915 505 1,420 2.6 2.5 2.5 12.7 8.7 8.7 NM 7.2 7.1 12.0% 0.6 0.8% 9.8% Dice Holdings, Inc. 9.69 6.50 11.49 515 86 601 2.4 2.3 2.1 8.4 7.1 6.7 35.7 18.7 16.3 15.6% 1.0 6.9% 28.5% XO Group Inc. 17.55 8.82 18.60 472 (86) 386 2.8 2.7 2.7 27.2 18.6 12.8 NM 83.6 40.3 NA NA 0.1% 5.6% Everyday Health, Inc. 14.22 10.86 19.89 438 (44) 394 2.3 2.1 1.7 25.6 11.8 8.8 NM 29.8 18.4 43.3% 0.4 23.6% 20.7% Monster Worldwide, Inc. 4.29 3.41 8.50 381 120 557 0.7 0.7 0.7 7.6 5.6 5.2 NM 15.7 13.6 12.0% 1.1 0.8% (2.8%) TechTarget, Inc. 10.76 6.14 11.53 348 (35) 313 3.2 3.0 2.6 30.6 16.1 11.7 NM 41.1 27.2 33.5% 0.8 15.5% 19.5% RealNetworks Inc. 6.71 6.00 8.38 242 (178) 64 0.4 0.4 0.4 NM NM NM NM NM NM NA NA 5.1% (30.2%) United Online, Inc.