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Technology Stocks : America On-Line: will it survive ...?
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To: Pancho Villa who wrote (7993)2/21/1998 12:44:00 PM
From: Todd Daniels  Read Replies (2) of 13594
 
Pancho....

1) AOL's Q298 earnings press release provides 3 month rather than
just 6 month statements as in the 10Q. May be useful.

2) The apparent small growth in receivables and especially
deferred revenue reflects that prior to Q4, AOL had taken
into revenue big hunks of up-front payments made for ad deals.
In announcing Q497 in August, AOL announced that upon 'advice'
from the SEC it was now recognizing ad rev far more ratably;
and re-stating Q2-3 97. In addition, as the Q298 10Q notes, of
the $108 million 'Other Revenue', $23 million wasn't ad/comrce,
but ANS etc. Of the remaining $66 million, $33 million was
direct sale of merchandise from wholly owned online 'AOL Stores'.
That doesn't impact AR/DR. Ad-commerce revenue from third
parties was $52 million versus $44 million in the prior Q --
an 18% increase. Total of AR/DR increased 14% Q198-Q298.

3) Similarly the SEC "requested that we reclassify amortization of
product development costs into the Cost of Revenues line item."
What's shown on the balance sheet is "net" of amort.
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