skype financial model


.	Skype
.	Financial Model
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.			QUARTERS																		YEARS
.			Dec-05A*	Mar-06A	Jun-06A	Sep-06A	Dec-06A	Mar-07E	Jun-07E	Sep-07E	Dec-07E		2004A	2005A	2006A	2007E	2008E	2009E
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.	Revenue (000s)			$24,809	$35,200	$44,000	$50,000	$66,000	$81,900	$97,500	$119,700	$136,500		$6,225	$67,362	$195,200	$435,600	$827,640	$1,241,460
.		Seq. Change		42%	25%	14%	32%	24%	19%	23%	14%
.		Y/Y Change						133%	122%	139%	107%			982%	190%	123%	90%	50%
.		Absolute Change		$10,391	$8,800	$6,000	$16,000	$15,900	$15,600	$22,200	$16,800			$61,137	$127,838	$240,400	$392,040	$413,820
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.	Registered Users (000s)			74,700	94,600	113,000	136,000	171,000	210,000	250,000	285,000	325,000		NA	74,700	171,000	325,000	568,750	910,000
.		Seq. Change		27%	19%	20%	26%	23%	19%	14%	14%
.		Y/Y Change					129%	122%	121%	110%	90%				129%	90%	75%	60%
.		Absolute Change		19,900	18,400	23,000	35,000	39,000	40,000	35,000	40,000				96,300	154,000	243,750	341,250
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.	Monthly Revenue / User			$0.22	$0.12	$0.13	$0.12	$0.13	$0.13	$0.13	$0.14	$0.14				$0.13	$0.15	$0.15	$0.14


.		Seq. Change		-44%	5%	-6%	5%	1%	0%	8%	0%
.		Y/Y Change					-42%	5%	0%	14%	9%					11%	5%	-9%
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.	*Dec-05 quarter performance from October 14-December 31.
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.	Source: eBay, Inc., Internet Outsider
.	www.internetoutsider.com