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Technology Stocks : AUTOHOME, Inc

ATHM 22.80

+2.9%

Jan 12 3:59 PM EST

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To: Marco Polo who wrote ()	1/19/2000 12:58:00 PM
From: gpowell	Read Replies (1) of 29970

Question: Based on 1.12 to 1.2 million subscribers I estimate subscriber revenue to be ~ 52 million. Assuming Ad/E-Commerce revenue from the excite site stays somewhat constant and the BB ad/e-commerce scales with subscribers then ATHM should end up with revenue around 135 million. Last quarter costs were 119 million and guidance by ATHM was to expect this to continue to climb. If the above is true then ATHM should "earn" close to nothing. Is anyone else concerned that the "earnings" are being bolstered by revenue generated by excite and possibly other recent acquisitions, yet the goodwill generated from these acquisitions is seemingly forgotten? Or perhaps "earnings" have benefited from investment income? (by my calculations the real earnings, after amortization of goodwill, should be a loss of ~$1.27)

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