AOL: Key Metrics

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AOL: Key Metrics


.	Published By:
.	Silicon Alley Insider
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.		Mar-05	Jun-05	Sep-05	Dec-05	Mar-06	Jun-06	Sep-06	Dec-06	Mar-07	Jun-07	Sep-07	Dec-07	Mar-08	Jun-08	Sep-08	Dec-08	Mar-09	Jun-09	Sep-09
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.	SUBSCRIPTION REVENUE	$1,774	$1,734	$1,665	$1,582	$1,538	$1,546	$1,455	$1,245	$873	$691	$635	$589	$539	$491	$470
.	Y/Y Change					-13%	-11%	-13%	-21%	-43%	-55%	-56%	-53%	-38%	-29%	-26%
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.	Subscribers	21,695	20,778	20,100	19,475	18,640	17,664	15,198	13,183	11,999	10,928	10,000	9,300	8,700	8,100	7,452
.	Y/Y Change					-14%	-15%	-24%	-32%	-36%	-38%	-34%	-29%	-27%	-26%	-25%
.	Absolute Change (Seq.)		(917)	(678)	(625)	(835)	(976)	(2,466)	(2,015)	(1,184)	(1,071)	(928)	(700)	(600)	(600)	(648)
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.	Avg. Monthly Uniques					107,000	113,000	112,000	109,000	111,000	114,000	113,000	109,000	110,000	111,000	110,000	109,000	106,000	107,000	102,000
.	Y/Y Change									4%	1%	1%	0%	-1%	-3%	-3%	0%	-4%	-4%	-7%
.	Seq. Change						6%	-1%	-3%	2%	3%	-1%	-4%	1%	1%	-1%	-1%	-3%	1%	-5%
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.	Total Pageviews				53,527	52,634	51,665	48,692	44,383	43,959	52,080	48,000	49,000	52,000	56,000	54,000	54,000	58,000	51,000	44,000
.	Y/Y Change								-17%	-16%	1%	-1%	10%	18%	8%	13%	10%	12%	-9%	-19%
.	Seq. Change						-2%	-6%	-9%	-1%	18%	-8%	2%	6%	8%	-4%	0%	7%	-12%	-14%
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.	Avg. Monthly Pageviews/Visitor				164	164	152	145	133	132	152	142	150	159	167	165	165	181	159	144
.	Y/Y Change								-19%	-20%	0%	-2%	13%	20%	10%	17%	10%	14%	-5%	-13%
.	Seq. Change						-7%	-5%	-8%	-1%	15%	-7%	6%	6%	5%	-1%	0%	10%	-12%	-9%
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.	ADVERTISING REVENUE	$311	$320	$328	$379	$392	$449	$479	$566	$549	$522	$540	$620	$552	$530	$507	$2,120	3.77	$6,360
.	Y/Y Change					26%	40%	46%	49%	40%	16%	13%	10%	1%	2%	-6%
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.	AOL SITES (TOTAL)										377				363	0
.	Y/Y Change														-4%	#DIV/0!
.	Seq. Change
.	Display										221				191	0
.	Y/Y Change														-14%	#DIV/0!
.	Seq. Change
.	Search										156				172	0
.	Y/Y Change														10%	#DIV/0!
.	Seq. Change
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.	PLATFORM A										145				167	0
.	Y/Y Change														15%	#DIV/0!


.	Seq. Change
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.	U.S. Ad Revs (Ex. TAC)				259	275	295	304	361	345	329	330	357	292	278	269
.	Y/Y Change									25%	12%	9%	-1%	-15%	-16%	-18%
.	Seq. Change						7%	3%	19%	-4%	-5%	0%	8%	-18%	-5%	-3%
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.	U.S. Ad Revs / Unique (ex. TAC)					$2.57	$2.61	$2.71	$2.38	$3.11	$2.89	$2.89	$3.28	$2.65	$2.50	$2.45
.	Y/Y Change									21%	11%	7%	38%	-15%	-13%	-15%
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.	PROFITABILITY
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.	TOTAL Revenue	$2,112	$2,079	$2,022	$1,989	$1,957	$2,027	$1,964	$1,838	$1,458	$1,253	$1,219	$1,251	$1,100	$1,100	$1,012
.	Y/Y Change					-7%	-3%	-3%	-8%	-25%	-38%	-38%	-32%	-25%	-12%	-17%
.	Seq. Change						4%	-3%	-6%	-21%	-14%	-3%	3%	-12%	0%	-8%
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.	Adj. EBITDA	$513	$516	$453	$323	$427	$494	$554	$295	$542	$485	$428	$381	$405	$405	$398
.	Y/Y Change					-17%	-4%	22%	-9%	27%	-2%	-23%	29%	-25%	-16%	-7%
.	Seq. Change						16%	12%	-47%	84%	-11%	-12%	-11%	6%	0%	-2%


.	Margin	24%	25%	22%	16%	22%	24%	28%	16%	37%	39%	35%	30%	37%	37%	39%
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.	Est. Advertising Op Margin	35%	35%	35%	35%	35%	35%	35%	35%	35%	35%
.	Est. Advertising Adj. EBITDA	$109	$112	$115	$133	$137	$157	$168	$198	$192	$183
.	Est. Subscription Adj. EBITDA	$404	$404	$338	$190	$290	$337	$386	$97	$350	$302
.	Implied Subscription Margin	23%	23%	20%	12%	19%	22%	27%	8%	40%	44%
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.	Est. % of Adj EBITDA from Subs	79%	78%	75%	59%	68%	68%	70%	33%	65%	62%
.	Est % of Adj. EBITDA from Ads	21%	22%	25%	41%	32%	32%	30%	67%	35%	38%
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.	Published By:
.	Silicon Alley Insider
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.		3/5/2007	6/5/2007	9/5/2007	12/5/2007	3/6/2007	6/6/2007	9/6/2007	12/6/2007	3/7/2007	6/7/2007


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.	Subscribers	21,695	20,778	20,100	19,475	18,640	17,664	15,198	13,183	11,999	10,928
.	Avg. Monthly Uniques					10,700	11,300	11,200	10,900	11,100	11,400
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