Weekly Internet / Digital Media / SaaS Sector Summary Week of July 14th, 2014 Industry Stock Market Valuation Internet / Digital Media / SaaS Last 12 Months Last 3 Months 180 120 14.6% 160 11.9% 60.8% 10.4% 10.4% 110 7.9% 140 22.3% 7.7% 21.0% 6.6% 20.4% 5.9% 120 20.0% 5.1% 16.3% 100 13.9% 100 13.0% 10.8% 80 90 7/12/13 9/23/13 12/5/13 2/16/14 4/30/14 7/12/14 4/11/14 5/4/14 5/27/14 6/19/14 7/12/14 (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, CNVR, CRTO, GOOG, FUEL, MCHX, MM, MRIN, MSFT, QNST, RLOC, RUBI, TRMR, TWTR, YHOO, YNDX, YUME. 2) Internet Commerce Composite includes: AMZN, AWAY, COUP, CPRT, DRIV, EBAY, EXPE, FLWS, LINTA, NFLX, NILE, OPEN, OSTK, PCLN, PRSS, SSTK, STMP, TZOO, VPRT, ZU. 3) Internet Content Composite includes: AOL, CRCM, DHX, DMD, EHTH, IACI, MOVE, 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. 7) Gaming Composite includes: 2432-JP, 3632-JP, 3765-JP, 700-HK, ATVI, CYOU, EA, GA, GAME, GLUU, NTES, PWRD, UBI-FR, ZNGA. 1 8) SaaS Composite includes: BCOV, BV, CNQR, CRM, CSOD, CTCT, CVT, DWRE, ECOM, 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 7/14/14 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 Google Inc. $594.26 $418.00 $614.44 $400,825 ($48,880) $351,945 5.6x 5.4x 4.6x 18.9x 13.5x 11.3x 32.9x 22.4x 19.0x 17.2% 1.1 16.3% 19.1% Microsoft Corporation 42.14 30.84 42.45 348,094 (64,192) 283,902 3.4 3.0 2.8 8.8 8.8 8.0 15.8 15.5 14.6 8.4% 1.7 5.2% (0.4%) Yahoo! Inc. 35.70 26.73 41.72 35,943 (1,773) 34,228 7.3 7.6 7.4 38.6 25.1 23.2 29.8 22.2 19.8 10.3% 1.9 3.0% (0.7%) Yandex N.V. 32.49 21.70 45.42 10,442 (141) 10,301 8.5 7.1 5.8 21.9 17.1 13.5 27.3 26.0 20.8 27.7% 0.7 23.6% 20.1% Criteo SA 32.04 25.16 60.95 1,849 (273) 1,577 2.3 1.7 1.3 36.9 24.0 13.1 NM 76.8 36.8 63.8% 0.6 35.5% 72.9% Conversant, Inc. 24.53 18.62 28.79 1,643 (30) 1,613 2.8 2.6 2.4 7.9 7.6 6.8 20.3 14.1 12.6 14.3% 0.9 8.1% 8.5% Rocket Fuel Inc. 25.20 19.31 71.89 886 (189) 697 2.5 1.6 1.1 NM NM 18.7 NM NM 98.0 45.0% 2.2 55.9% 94.7% Blucora, Inc. 17.44 16.65 30.12 717 (77) 640 1.0 1.0 0.9 5.7 5.6 5.1 28.6 8.3 7.3 17.3% 0.4 8.7% 30.8% Marchex, Inc. 12.39 5.43 12.84 524 (39) 486 2.9 2.6 2.4 60.1 33.4 27.2 NM 71.1 55.4 NA NA 9.8% 45.4% Millennial Media Inc. 3.69 2.90 10.48 395 (98) 297 1.1 0.9 0.8 NM NM 13.3 NM NM NM 36.8% NM 16.3% 46.9% Marin Software Incorporated 10.40 8.41 14.37 351 (91) 260 3.1 2.7 2.2 NM NM NM NM NM NM 20.0% NM 19.8% 33.0% Sizmek Inc. 9.77 8.40 13.25 297 (83) 214 1.8 1.2 1.0 6.7 9.1 6.5 NM NM NM NA NA 13.1% NA The Rubicon Project, Inc. 10.97 10.93 23.20 284 (99) 186 2.1 1.6 1.3 NM NM 34.1 NM NM NM 45.0% NM 31.1% 18.4% QuinStreet, Inc. 5.42 5.10 9.71 237 (39) 199 0.7 0.7 0.7 9.4 7.6 6.8 NM NM NM 15.0% NM 3.8% (9.0%) Blinkx plc 0.59 0.46 4.01 234 (127) 107 0.4 0.4 0.4 3.5 NA 3.9 18.4 13.4 9.4 33.6% 0.3 16.1% 17.0% ReachLocal, Inc. 7.13 5.87 14.45 206 (74) 132 0.3 0.3 0.2 28.4 47.4 5.4 NM NM NM 27.5% NM 7.9% 2.6% Tremor Video, Inc. 4.05 3.59 11.09 204 (87) 117 0.8 0.7 0.6 NM NM NM NM NM NM NA NA 24.7% 40.8% YuMe, Inc. 6.15 4.72 12.08 199 (50) 149 0.9 0.8 0.6 56.7 59.7 14.3 NM NM NM NA NA 26.6% 40.1% Mean 2.6 x 2.3 x 2.0 x 23.3 x 21.6 x 13.2 x 24.7 x 30.0 x 29.4 x 27.3% 1.1 18.1% 28.2% Median 2.2 1.6 1.2 18.9 15.3 12.2 27.3 22.2 19.4 23.8% 0.9 16.2% 20.1% Internet Content IAC/InterActiveCorp $66.61 $48.65 $80.64 $5,531 $37 $5,596 1.9x 1.7x 1.6x 10.6x 9.3x 7.7x 21.7x 18.5x 14.8x 10.4% 1.4 9.1% (0.3%) Zillow, Inc. 131.43 63.72 145.49 5,192 (309) 4,882 21.7 15.7 11.6 NM 97.3 55.5 NM NM NM 63.2% NM 35.4% 70.0% AOL Inc. 41.10 32.19 53.28 3,285 24 3,319 1.4 1.3 1.2 7.6 6.6 6.0 44.8 19.3 16.0 14.7% 1.1 7.6% 8.4% WebMD Health Corp. 51.50 28.03 53.30 1,944 174 2,118 3.9 3.7 3.3 24.4 13.6 11.3 NM 40.8 33.1 12.5% 2.6 11.4% 18.7% Bankrate, Inc. 17.75 14.44 23.14 1,859 53 1,912 3.9 3.5 3.1 16.7 12.9 11.1 NM 26.0 21.5 20.7% 1.0 11.6% 25.8% Shutterfly, Inc. 47.48 36.30 59.93 1,829 (91) 1,738 2.2 1.9 1.6 22.1 10.2 8.2 NM NM 67.5 26.3% 2.6 15.5% 17.5% Trulia, Inc. 41.23 26.35 52.71 1,522 9 1,532 8.8 6.1 4.6 NM 73.1 29.8 NM NM NM 26.1% NM 31.5% 127.0% Web.com Group, Inc. 27.09 25.21 37.72 1,398 544 1,942 3.8 3.3 2.9 19.8 11.2 9.9 NM 10.7 9.1 14.7% 0.6 11.1% 15.8% comScore, Inc. 37.15 24.69 38.98 1,295 (29) 1,266 4.3 3.9 3.4 50.1 19.6 15.7 NM 30.1 23.6 25.6% 0.9 15.5% 11.7% Renren Inc. 3.21 2.76 4.79 1,153 (985) 168 1.2 1.7 1.0 NM NM NM NM NM NM 20.0% NM 66.9% (39.9%) eHealth, Inc. 34.67 23.12 63.32 660 (98) 561 3.0 2.7 2.2 NM 32.7 19.5 NM 77.8 42.6 30.3% 1.4 19.6% 17.9% Move, Inc. 14.96 9.47 18.36 592 (32) 560 2.4 2.2 1.9 49.6 18.7 13.8 NM 48.0 28.6 14.0% 2.0 13.6% 7.0% Monster Worldwide, Inc. 6.42 4.03 8.50 584 114 750 0.9 0.9 0.9 7.5 6.3 5.7 NM 16.2 12.9 12.0% 1.1 2.3% (6.5%) Everyday Health, Inc. 17.99 11.84 19.89 541 (12) 530 3.3 2.9 2.6 38.4 15.5 11.8 NM 40.6 22.8 37.1% 0.6 15.3% NA Dice Holdings, Inc. 7.66 6.50 9.86 416 103 519 2.3 2.1 2.0 8.3 6.9 6.5 33.8 23.6 18.4 17.5% 1.1 4.8% 20.3% Demand Media, Inc.