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WPACOMInitiationOverview
- 2. • Founded in 1983
• 620 Employees
• Provo, UT
• Market cap: $720M
• Operating Margin: 15.23%
• 1.06M Subscribers (+17% Y/Y)
• 2009 Revenues: $224.9M (+13.8% Y/Y)
• 2010 Revenue Est: $254.24M
• 2009 EPS: $0.51
• 2010 EPS Est: $0.49
Ancestry.com, Inc. – ACOM
Copyright © Wedge Partners Corporation 2002 - 20102
- 6. • Ancestry.com Web Site
– Historical records
– Family Tree making and sharing
– Collaboration
– Expert Services
• Mundia.com
– Free service
– Family Trees only
– Connecting with existing/long-lost family members
– Mainly targeted at Emerging Markets
• DNA Testing
– Partnership with 23andMe
– Genetic genealogy
– Healthcare
• Legacy Business
– Book Publishing – recently divested
– FamilyTree Maker Software
Service Offerings
Copyright © Wedge Partners Corporation 2002 - 20106
- 7. Growth Story
Copyright © Wedge Partners Corporation 2002 - 20107
• US Population is Aging
– Over the Age of 45 to Grow 1.3% Annually
– Over the Age of 65 to grow 3% Annually
– More Disposable Income and Time
– Natural Imperative to Cement and Transfer
Legacy
• Who Do You Think You Are?
– Friday Nights on NBC
– Based on Popular BBC Program
– Expected to Increase Awareness and Growth
- 8. Near Term Concerns
Copyright © Wedge Partners Corporation 2002 - 20108
• Revenue Recognition Practices Eliminate
Expected 1Q Uplift from WDYTYA
– Show aired March 5
– Revenues Deferred 14 Days
– Revenues Booked after 16th Day are Booked in
Subsequent Quarter
• IPO Lock Up Expires in Early May
– Execs Not Selling
– Long Term Employees will Exercise Options
- 9. SWOT Analysis – 03/23/10
• Content, content, content
• Usability
• Operating Experience
• Relationships with National
Archive and Mormon Church
Copyright © Wedge Partners Corporation 2002 - 20109
Strengths
• Research Ceiling
• Seasonality
• Discretionary Budget Category
Weaknesses
• Aging = Target Demo Growth
• WDYTYA
• Product Evolution
Opportunities
• FamilySearch.org
• Facebook
• Startups
Threats
