BofA Merrill Lynch 2017 Estimates vs. Street for Internet/E‑Commerce Stocks

Our 2017 estimates vs. street Of the 25 Internet stocks listed below in our coverage, we are above the Street on 2017 EPS on 16 stocks and below the street on 9. Table 4: 2017 BAML Estimates vs. The Street Large Cap Stocks (>$5bn Market Cap) Small Cap Stocks (<$5bn Market Cap} BofA ML vs. BofA ML vs. Ticker Metric BofA ML Street Street Ticker Metric BofA ML Street Street AMZN Revenue $164,532 $165,158 RATE Revenue $508 $505 EBITDA $18,246 $19,382 EBITDA $126 $126 EPS 10.90 12.60 Below EPS 0.68 0.70 Below EBAY Revenue 9,458 9 398 CRCM Revenue $172 $172 EBITDA 3,520 3,494 EBITDA $20 $19 EPS 2.03 2.01 Ahead EPS 0.43 0.36 Ahead EXPE Revenue 0,097 0,010 FIT Revenue $1,625 $1,580 EBITDA 1,857 1,835 EBITDA ($156) ($120) EPS 5.54 5.38 Ahead EPS ($0.37) ($0.36) Below FB Revenue 38 546 37,774 GRUB Revenue $650 $645 EBITDA 24 358 23,775 EBITDA $184 $181 EPS 5.67 5.43 Ahead EPS 1.13 1.10 Ahead GOOGL Revenue 88,636 87,691 GPRO Revenue $1,307 $1,266 EBITDA 43 457 43,264 EBITDA $66 $48 EPS 41.82 41.12 Ahead EPS 0.09 ($0.08) Ahead NFLX Revenue 1,627 1,221 TREE Revenue $525 $515 EBITDA 218 053 EBITDA $96 $96 EPS 144 1.41 Ahead EPS 3.91 4.00 Below PCLN Revenue 2,518 2,447 MTCH Revenue $1,285 $1,325 EBITDA 4,784 4747 EBITDA $462 $459 EPS 75.35 74.11 Ahead EPS 0.95 0.88 Ahead SNAP Revenue ,007 034 QUOT Revenue $312 $288 EBITDA 580) 617) EBITDA $44 $46 EPS ($0.59) ($0.57) Ahead EPS 0.18 0.09 Ahead TRIP Revenue 647 649 P Revenue $1,629 $1,621 EBITDA 346 339 EBITDA $17) $38) EPS 1.22 1.23 Below EPS ($0.21) ($0.49) Ahead TWTR Revenue 2,301 2,302 TRVG Revenue €1,105 €1,088 EBITDA 639 564 EBITDA €44 €40 EPS 0.33 0.27 Ahead EPS €0.05 €0.06 Below YHOO Revenue 3,369 3,574 WIxX Revenue $420 $416 EBITDA 848 891 EBITDA $74 $64 EPS 0.65 0.67 Below EPS $0.31 $0.36 Below ZG Revenue 1,062 1,048 Ww Revenue $4,169 $4,237 EBITDA 215 211 EBITDA ($48) ($59) EPS 0.48 0.44 Ahead EPS ($1.55) ($1.65) Ahead YELP Revenue $895 $889 EBITDA $166 $161 EPS $0.99 $1.04 Below Source: BofA Merrill Lynch Global Research, Bloomberg, as of 4/4/2017 ; ; BankofAmerica <2” 4 Internet/e-Commerce | 06 April 2017 Merrill Lynch HOUSE_OVERSIGHT_014890