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Internet/e-Commerce
1Q Internet Sector Preview
Earnings Preview Equity | 06 April 2017
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1Q Preview; Expectations building on a strong 2H
Our early sector preview highlights our estimates vs. Street, early 1Q data points, and
some opportunities for 1Q results for 30 stocks in our coverage group (more detailed
company previews to follow). For large-caps, Street 2017 EPS estimates are down 8%
YTD while the average stock price is up 9% YTD; suggesting macro and 2H optimism is
driving stocks, which could continue throughout earnings season. 1Q was not without
potential pressures, including ramping competition in several sectors and delayed tax
refunds. A key theme for the group, in our view, is advertising & listing ranking revenue
initiatives at eCommerce sites (AMZN, EBAY, EXPE), and we are constructive on all three
stocks. Per our Internet sentiment ranking screen (page 7), FB, WIX, TREE have best
sentiment while TWTR and TRIP have weakest.
A few early checks positive, mixed eCommerce data
Our early ad checks suggest robust overall demand, aided by somewhat easy comps vs
1Q’16, with Instagram momentum a standout. eCommerce is more mixed, with some
concerns on consumer spending due to delayed tax refunds, but optimism that spending
will rebound in March/April. In travel, there are modest concerns on pressure on US
inbound travel, a bigger negative for Expedia than Priceline. FX spot rates for both the
Euro and the Pound have depreciated 1% vs. the US$ since end of Jan.
Many key upcoming events for stocks in 2Q
Top events in 2Q include Facebook’s F8 developer conference on April 18-19, Google’s
Marketing Next keynote on 5/23, an AWS event in San Francisco on April 18-19,
expected closing Verizon’s acquisition of Yahoo, Netflix’s release of several key
franchise including House of Cards, Orange is the New Black, Sense8, Glow, and
Unbreakable Kimmy Schmidt, consumer wide release of Pandora Premium, Expedia’s
new HomeAway disclosures and, possibly, Amazon’s new revenue disclosures.
We expect meet/beat EPS for several companies
We are above the Street on 2017 EPS for 16 of the 25 stocks discussed within and, of those,
we are most confident in Facebook & Priceline for 1Q upside potential. We expect Facebook
to benefit from robust traffic, Instagram momentum, and greater adoption of audience
targeting tools. We also think Priceline can beat 1Q given strong booking trends into the
quarter and a modest recovery in European travel. We are below the Street on 2017 EPS for
AMZN, TRIP, and YHOO. Expedia is a top eComm/travel idea for 2Q/3Q on potential for
accelerating room nights, HomeAway optimism, and less uncertainty on near-term estimates.
GOOG, AMZN & ZG interesting 1Q sentiment stocks
For large cap’s, we believe GOOGL has had high recent interest given controversy
around Youtube ad placements. We are not sure if Google will provide clarity on the
issue on their call, but we do expect advertisers to return by 3Q and any overhang to be
resolved. For Amazon, the company had new revenue disclosures in its 10-K filing, and
there is growing optimism on advertising being a positive bottom-line driver. In SMID
Internet, Zillow has more controversy going into 1Q as investors are once more
concerned about potential regulation by the CFPB limiting the ability of agents and
mortgage brokers to co-market on the platform. We remain positive on the stock due to
its dominant position in online real estate and our belief that the high ROI of the ad unit
(our survey suggested >6x return) will ensure that agents buy Zillow placements
regardless of mortgage broker incentives. Additionally, we see earnings upside potential.
BofA Merrill Lynch does and seeks to do business with issuers covered in its research reports. As a
result, investors should be aware that the firm may have a conflict of interest that could affect the
objectivity of this report. Investors should consider this report as only a single factor in making
their investment decision.
Refer to important disclosures on page 62 to 64. Analyst Certification on page 59. Price Objective
Basis/Risk on page 53. 11729935
Timestamp: 06 April 2017 04:12AM EDT
Americas
Internet/e-Commerce
Justin Post
Research Analyst
MLPF&S
+1 415 676 3547
justin.post@baml.com
Nat Schindler
Research Analyst
MLPF&S
+1 415 676 3574
nathaniel.schindler@baml.com
Ryan Goodman, CFA
Research Analyst
MLPF&S
+1 415 676 3560
ryan.c.goodman@baml.com
Jason Mitchell
Research Analyst
MLPF&S
+1 415 676 3534
jason.s.mitchell@baml.com
Akshay Bhatia
Research Analyst
MLPF&S
+1 415 676 3548
akshay.bhatia@baml.com
Table 1: Key 1Q metrics for Large Cap Internet (>$5bn Market Cap)
Company Ticker Key 1Q Metric BofAML Estimate
Alphabet GOOGL Website revenue (ex-FX) growth vs 22.3% in 4Q 21.6%
Amazon AMZN AWS revenue growth vs. 47% in 4Q 43% y/y
eBay EBAY US GMV growth trends 3.5% y/y
Expedia EXPE Room night growth vs. 15% in 4Q 16%
Facebook FB Ad revenue growth (ex-FX) vs. 54% reported in 4Q 52%
Netflix NFLX 1Q Intl sub guidance 3.9mn
Priceline PCLN 1Q room night growth vs. 31% in $Q 26% y/y
Snap SNAP Global DAU's vs. 158mn in 4Q 166mn
TripAdvisor TRIP Update on ad spend targets, 2017 guidance 18% S&M y/y growth
Twitter TWTR MAUs and y/y trend vs 319mn (+4% y/y) in 4Q 322mn MAUs (+4% y/y)
Yahoo YHOO Any update on acquisition timing and ongoing breach investigations N/A
Zillow ZG Mortgage Revenue $18.1mn
Source: BofA Merrill Lynch Global Research estimates
Table 2: Key 1Q metrics for Small Cap Internet (<$5bn Market Cap)
Company Ticker Key 1Q Metric BofAML Estimate
BankRate RATE 1Q revenue $117mn
Quotient QUOT 1Q transactions 731mn
Care.com CRCM US paying families 266,607 (4% y/y)
Fitbit FIT 1Q unit sales and gross margin 3mn/39%
GoPro GPRO 1Q unit sales and gross margin 800K/35%
GrubHub GRUB Gross food sales growth 26%
Match.com MTCH Paid Member Growth 17%
OnDeck Capital ONDK 1Q origination growth and marketplace take rate 12% / 3%
Pandora P Ad revenue per listening hour growth 10%
LendingTree TREE Variable marketing margin growth 29% y/y
Trivago TRVG Qualified referral growth 56% y/y
Wayfair W 2Q revenue growth guidance 25% y/y
Wix WIX Premium subscribers growth 36%
Yelp YELP 1Q Local advertising account adds 4k (17% y/y)
Zynga ZNGA Online Games DAUs 17.9
Source: BofA Merrill Lynch Global Research estimates
2 Internet/e-Commerce | 06 April 2017
1Q Internet Summary Previews
We are publishing updates on 1Q industry data points and write ups on our early outlook
and top 1Q earnings focus items for select stocks in our Internet coverage group (more
detailed previews with various channel checks for large cap stocks to follow.) Our
commentary is designed to highlight 1Q data points, stock trading opportunities and
potential issues for 1Q results, and our estimates vs. consensus.
For 1Q EPS estimates, we are above the street for well over 50% of our companies
under coverage, and only below on QUOT, P, RATE, and TRIP. For large caps, we have
highest confidence in EPS upside for Facebook and Priceline.
Table 3: 1Q17 BofAML Estimates vs. The Street
Large Cap Stocks (>$5bn Market Cap)
Ticker 1Q17 Metric BofA ML Street
Small Cap Stocks (<$5bn Market Cap)
BofA ML vs.
Street Ticker 1Q17 Metric BofA ML Street
BofA ML vs.
Street
AMZN Revenue $35,335 $35,255 RATE Revenue $117 $116
EPS $2.34 $2.28 Ahead EPS $0.14 $0.15 Below
EBAY Revenue $2,210 $2,206 CRCM Revenue $43 $43
EPS $0.49 $0.48 Ahead EPS $0.04 $0.02 Ahead
EXPE Revenue $2,134 $2,140 FIT Revenue $282 $278
EPS $0.07 $0.06 Ahead EPS ($0.19) ($0.19) In-line
FB Revenue $7,905 $7,798 GRUB Revenue $153 $153
EPS $1.14 $1.11 Ahead EPS $0.25 $0.24 Ahead
GOOGL Revenue $20,219 $19,891 GPRO Revenue $205 $207
EPS $9.53 $9.45 Ahead EPS ($0.39) ($0.44) Ahead
NFLX Revenue $2,710 $2,644 TREE Revenue $127 $125
EPS $0.45 $0.45 In-line EPS $0.93 $0.91 Ahead
PCLN Revenue $2,415 $2,441 MTCH Revenue $293 $308
EPS $9.08 $8.75 Ahead EPS $0.14 $0.13 Ahead
SNAP Revenue $163 $158 QUOT Revenue $72 $72
EPS ($0.18) ($0.21) Ahead EPS $0.01 $0.03 Below
TRIP Revenue $379 $377 P Revenue $319 $318
EPS $0.23 $0.27 Below EPS ($0.49) ($0.35) Below
TWTR Revenue $535 $510 TRVG Revenue €241 €241
EPS $0.03 $0.01 Ahead EPS €0.02 €0.02 In-line
YHOO Revenue $821 $815 WIX Revenue $91 $90
EPS $0.14 $0.14 In-line EPS ($0.05) ($0.13) Ahead
ZG Revenue $239 $236 W Revenue $944 $933
EPS $0.06 $0.05 Ahead EPS ($0.49) ($0.60) Ahead
YELP Revenue $201 $198
EPS $0.18 $0.16 Ahead
Source: BofA Merrill Lynch Global Research, Bloomberg, as of 4/4/2017
Internet/e-Commerce | 06 April 2017 3
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)
Ticker Metric BofA ML Street
Small Cap Stocks (<$5bn Market Cap)
BofA ML vs.
Street Ticker Metric BofA ML Street
BofA ML vs.
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 $10,097 $10,010 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 $11,627 $11,221 TREE Revenue $525 $515
EBITDA $1,218 $1,053 EBITDA $96 $96
EPS $1.44 $1.41 Ahead EPS $3.91 $4.00 Below
PCLN Revenue $12,518 $12,447 MTCH Revenue $1,285 $1,325
EBITDA $4,784 $4,747 EBITDA $462 $459
EPS $75.35 $74.11 Ahead EPS $0.95 $0.88 Ahead
SNAP Revenue $1,007 $1,034 QUOT Revenue $312 $288
EBITDA ($580) ($617) EBITDA $44 $46
EPS ($0.59) ($0.57) Ahead EPS $0.18 $0.09 Ahead
TRIP Revenue $1,647 $1,649 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 $2,352 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 WIX 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 W 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
4 Internet/e-Commerce | 06 April 2017
Stock price performance above estimate revisions
Internet sector stocks are up 6% YTD, on average, while EPS estimates for profitable
companies in our coverage cluster are down 5% YTD. For large-caps over $5bn in
market cap., street 2017 EPS estimates are down 8% YTD while the average stock price
is up 9% YTD; suggesting macro expectations and stock rotation are having a larger
impact on stock movement than earnings estimates. eCommerce leads the group, up
8% YTD with Travel up 6% and Media behind at 5%. Small Caps are lagging Large caps
YTD at 4% vs. 9%.
Chart 1: YTD Stock Price Performance vs. YTD 2017 Estimate Revisions By Sector
10%
8%
6%
4%
2%
0%
-2%
-4%
-6%
-8%
-10%
Internet
Group
Media eCommerce Travel Large-Cap Small-Cap SP 500
2017 % Change in Stock Price YTD % Change in Street 2017 Est
Source: Excludes companies with negative earnings, Bloomberg, as of 4/4/2017
Nine of the twelve large caps in our group are up YTD and four of these companies have
had positive stock returns despite negative EPS estimate revision (AMZN, EXPE, EBAY &
IAC). TRIP is the worst performing large cap YTD, down 12%. Only FB and NFLX have
had positive 2017 EPS estimate revisions, with GOOGL, YHOO and PCLN holding flat.
Chart 2: YTD Stock Price Performance vs. YTD 2017 EPS Revisions For Larger-Cap Internet Stocks ($5bn+)
30%
20%
10%
0%
-10%
-20%
-30%
-40%
AMZN EBAY EXPE FB GOOGL NFLX PCLN TRIP TWTR YHOO IAC ZG SPX Avg
2017 % Change in Stock Price YTD % Change in Street 2017 Est
Source: Bloomberg consensus estimates, as of 4/4/2017
Internet/e-Commerce | 06 April 2017 5
Sector Valuations
Internet sector trading multiples for EV/EBITDA and P/E are tracking up slightly YTD,
(excluding NFLX). On a y/y basis, the group P/E is at 24x vs. 22x last year, while the
group EV/EBITDA is at 14x vs. 13x a year ago.
Chart 3: Internet Sector Historical 2-Yr Forward Avg. EV/EBITDA
25x
20x
15x
10x
5x
0x
Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17
Source: BofA Merrill Lynch Global Research, Bloomberg, as of 4/4/2017
Chart 4: Internet Sector Historical 2-Yr Forward Avg. P/E
40x
35x
30x
25x
20x
15x
10x
5x
0x
Mar-12 Mar-13 Mar-14 Mar-15 Mar-16 Mar-17
Source: BofA Merrill Lynch Global Research, Bloomberg, as of 4/4/2017
Large cap receiving a premium; Small caps at the low-end of historical range
Excluding NFLX and YHOO, large cap stocks in the Internet group are trading at 26x
2018 EPS below the small cap group at 28x 2018 EPS, with both Large and Small caps
trading slightly above their average for the past 5 years (see chart below). The media
sector is trading at a steep discount to travel and eCommerce.
• The eCommerce sector is currently trading slightly above the midpoint of its
five year range at 32x 2018 EPS. AMZN and WIX are well above at 49.5x and
74x respectively while EBAY is trading below at 15x.
• The Media sector is trading well below the midpoint of its recent range
(excluding NFLX), at 25x 2018 EPS. GOOG (18x), FB (21x), and YELP (23x) are
below the sector average while TWTR (40x) is above.
• The Online Travel sector is currently trading slightly above the mid-point of its
five year range at 23x but below the internet sector average. TRIP (29x) is
trading above the average while EXPE (18x) and PCLN (21x) are below.
Chart 5: Historical 2-Year Forward P/E Multiple By Sector (ex NFLX)
70x
60x
50x
40x
30x
20x
10x
0x
Chart 6: Historical 2-Year Forward P/E Multiple (select stocks)
90.0x
80.0x
70.0x
60.0x
50.0x
40.0x
30.0x
20.0x
10.0x
0.0x
Source: BofA Merrill Lynch Global Research, Bloomberg, as of 4/4/2017
Source: BofA Merrill Lynch Global Research, Bloomberg, as of 4/4/2017
6 Internet/e-Commerce | 06 April 2017
Currency still a slight headwind for 1Q results but improving
We expect FX to remain a y/y headwind for 1Q results; the Euro is down about 6% y/y
but up 1% from where it was when most Large-cap internet companies reported 4Q
results in late January (~$1.06). The GBP at $1.22 is down slightly (1.4%) over the same
period. Our currency strategist is forecasting the Euro to end 2017 at $1.05 and the
GBP to end at $1.19. FX pressure will ease after 1Q if rates hold, unless a company has
high exposure to Japan.
Table 5: Percent change y/y
Euro GBP Yen Other*
4Q15
1Q16
-12.3%
-2.0%
-4.5%
-5.4%
-8.1%
1.1%
-14.4%
-11.0%
2Q16 2.0% -4.9% 9.4% -6.3%
3Q16
4Q16
0.3%
-1.5%
-13.9%
-17.4%
19.3%
15.1%
-2.9%
0.0%
1Q17 -3.5% -14.5% 2.5% 3.3%
2Q17E
3Q17E
-5.6%
-4.5%
-15.4%
-9.2%
-3.9%
-9.9%
-0.3%
-0.9%
4Q17E -1.2% -3.5% -8.1% 0.2%
Source: BofA Merrill Lynch Global Research, Bloomberg, as of 4/4/2017
International revenues a percent of total revenues is highest at PCLN (87% of gross
profit), GOOG (53%), FB (53%), TRIP (43%), EBAY (57%), and EXPE (42%). Higher
operating margins in UK/Europe than US and lower Intl. taxes can increase this
exposure.
Chart 7: Spot Rate % Change Y/Y (USD vs. FX Spot Rate)
30%
20%
10%
0%
-10%
-20%
-30%
Mar-16 Apr-16 May-16 Jun-16 Jul-16 Aug-16 Sep-16 Oct-16 Nov-16Dec-16 Jan-17 Feb-17Mar-17
Euro GBP Yen Other
Source: Bloomberg; Other Includes the following *Asian (KRW, AUD, HKD), Europe (RUB, SEK, CHF), Americas (BRL, MXN, CAD) , as of
4/4/2017
Internet/e-Commerce | 06 April 2017 7
Sentiment Ranking Update
We are updating our sentiment ranking index on 25 stocks in our Internet coverage
universe (as of 4/4/17). We have aggregated six different indicators we think are
relevant to gauge sentiment and have generated an overall “sentiment” score for each
company. This sentiment analysis is intended to be informative and should not be used
to form an investment opinion; for example our model does not factor in valuation or
management quality. Of our company coverage universe, we have excluded four game
publisher companies as well as two recent IPO’s from this analysis as data may not be
comparable.
Table 6: 1Q16 change in sentiment ranking
Ticker Rank Pre 4Q Δ Score Pre4Q Δ
FB 1 +3 4 +4
WIX 2 -1 4 +2
TREE 3 -1 8 -1
AMZN 4 +5 8 +4
NFLX 5 -2 9 -1
GOOGL 6 NA 9 +1
PCLN 7 +1 9 +2
CRCM 8 +9 11 +3
EXPE 9 +5 12 +2
IAC 10 +5 12 +2
RATE 11 -4 13 -2
EBAY 12 +4 13 +1
ONDK 13 +5 14 +1
ZG 14 -9 14 -5
YHOO 15 +6 14 +3
GPRO 16 +8 14 +5
YELP 17 -7 16 -4
W 18 -5 16 -3
P 19 NA 16 NA
GRUB 20 -9 16 -4
MTCH 21 +1 17 +1
QUOT 22 -10 17 -4
FIT 23 +2 19 +1
TRIP 24 -1 20 -2
TWTR 25 -5 21 -5
Source: BofA Merrill Lynch Global Research, Bloomberg, as of 4/4/2017
Investor sentiment categories
We assembled data that measures investor sentiment across six categories. These
metrics include latest short interest (as a % of float), change in short interest as a % of
float over the last 90 days, current stock performance over the last 90 days, current
average sell side ratings, forward year EPS estimate revisions over last 90 days, and
expected FY17 revenue growth. While there are no perfect indicators of average
investor sentiment, we believe these metrics provide a helpful framework of investor
sentiment in our sector. In our analysis, Facebook, WIX, and LendingTree had the highest
sentiment in 1Q, while Fitbit, Trip and Twitter had the lowest sentiment. Care.com had
the most improved ranking, moving up 9 points to 8 th , while Quotient had the biggest
decline moving down 10 spots in our ranking to 22 nd .
Methodology
Our methodology consisted of: 1) gathering financial data across six categories that we
believe are relevant to measuring investor sentiment, 2) ranking companies on each
attribute using a scale of 1 to 29, with 1 highest and 29 the lowest, and 3) ranking the
companies based on the avg. score of the six metrics.
8 Internet/e-Commerce | 06 April 2017
Highest sentiment: FB, WIX, and TREE; Lowest: FIT, TRIP, and TWTR
Based on our sentiment ranking index, Facebook, Wix, and LendingTree have top
investor sentiment pre 1Q earnings. Facebook moved into first place from fourth due to
the lowest short interest as % of float, second highest FY17 revenue growth, sixth
highest sell side FY16 EPS estimate revisions, and third best stock performance in the
last 90 days. Wix came in second place with top stock performance in the last 90 days,
top expected FY17 revenue growth and second best sell-side FY16 EPS estimate
revision, despite ranking ninth for current sell side ranking and seventh for short interest
ratio. LendingTree placed third with best current sell side ranking and best change in
short interest ratio.
Fitbit had third worst investor sentiment with the worst stock performance in the last
90 days, the worst expected FY17 revenue growth and the second largest change in
short interest in the period. TripAdvisor, had the second lowest sentiment with the third
worst sell side ranking and fifth worst sell side EPS estimate revision. Twitter, our
lowest sentiment stock pre 1Q earnings, had second to worst sell side ranking and
expected FY17 revenue growth, along with third to worst sell side estimate revisions
and was below average in all of our categories.
Score Ranking vs. Investment Rating
Our sentiment analysis is independent of our investment rating system, and our
investment rating may or may not factor in positive or negative sentiment. This
scorecard analysis includes only data currently up to the last 90 days, and our
investment rating opinion takes into consideration potential stock price fluctuations,
attractiveness for investment relative to other stocks within our Coverage Cluster,
business model quality, and valuation. Please see our Fundamental Equity Rating
Opinion Key at the end of the report for more details.
Table 7: Combined Metric List
Company
Short Interest %
float
Δ short
interest % of
float
Performance
90 days
Sell Side
Ranking
EPS
Estimate
Revisions
Expected
FY17 Rev.
Growth
FB 1% 0% 21% 4.7 4% 37%
WIX 2% -1% 67% 4.4 62% 43%
TREE 23% -20% 21% 5.0 -6% 34%
AMZN 1% 0% 20% 4.8 -10% 21%
NFLX 6% -1% 14% 4.1 15% 27%
GOOGL 1% 0% 6% 4.7 0% 19%
PCLN 3% 0% 20% 4.6 0% 16%
CRCM 3% 0% 42% 3.5 28% 6%
EXPE 8% -2% 11% 4.6 -12% 14%
IAC 1% 0% 12% 4.4 -5% -1%
RATE 2% 0% -13% 4.2 2% 16%
EBAY 2% 0% 14% 3.6 -3% 5%
ONDK 12% 3% 1% 3.3 34% 30%
ZG 11% -2% -9% 3.9 -26% 24%
YHOO 6% 1% 19% 3.8 0% 2%
GPRO 36% -3% -4% 2.3 74% 7%
YELP 10% 0% -14% 3.7 -2% 25%
W 38% 2% 17% 3.9 -22% 25%
P 30% 2% -7% 3.9 2% 17%
GRUB 18% 7% -11% 4.1 -5% 31%
MTCH 27% 5% -4% 4.2 1% 8%
QUOT 8% 0% -13% 4.8 -56% 5%
FIT 26% -4% -29% 3.1 NA -27%
TRIP 16% 5% -12% 2.9 -21% 11%
TWTR 11% 3% -11% 2.5 -55% -7%
Source: BofA Merrill Lynch Global Research, Bloomberg, as of 4/4/2017