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Zappos Consolidated Statement of Operations
Q1 2009 vs Q1 2008
                                                                                                        Deltas
                                                                      3/31/2009    3/31/2008    08 v 07 $    08 v 07 %
 Net revenues                                                            143,866      132,708       11,158         8.4%
 Cost of revenues                                                         94,537       84,248       10,289        12.2%

 Gross profit                                                             49,329       48,460         869         1.8%
 Operating expenses:
    Sales, marketing and fulfillment                                      34,818       32,930       1,888         5.7%
    General and administrative                                             5,202        6,127        -925       -15.1%
    Product development                                                    5,747        6,288        -541        -8.6%

 Total operating expenses                                                 45,767       45,345         422         0.9%

 Income from operations                                                    3,562        3,115          447       14.3%
 Interest and other income, net                                               72          192         -120      -62.5%
 Interest (expense) benefit associated with preferred stock warrant        -1281           26       -1,307    -5026.9%
 Other interest expense                                                     -950        -1747          797      -45.6%
 Other financing charges                                                    -123         -158           35      -22.2%

 Income before (provision) benefit for income taxes                        1,280        1,428         -148      -10.4%
 (Provision) benefit for income taxes                                      -1013           12       -1,025    -8541.7%

 Net income from continuing operations                                      267         1,440       -1,173      -81.5%

 Discontinued operations, net of tax                                         -46         -846         800       -94.6%

 Net income                                                                 221          594         -373       -62.8%

Key Ratios
Gross Margin                                                              34.3%        36.5%        -2.2%        -6.1%
Operating Profit Margin                                                    2.5%         2.3%         0.1%         5.5%
Net Income %                                                               0.2%         1.1%        -0.9%       -82.9%
Zappos Consolidated Statement of Operations
                                                                                         Deltas
                                                        12/31/2008 12/31/2007    08 v 07 $    08 v 07 %
 Net revenues                                              635,011    526,829      108,182         20.5%
 Cost of revenues                                          411,650    333,884       77,766         23.3%

 Gross profit                                              223,361    192,945       30,416         15.8%
 Operating expenses:
    Sales, marketing and fulfillment                       153,285    123,260       30,025         24.4%
    General and administrative                              23,041     18,962        4,079         21.5%
    Product development                                     25,262     18,224        7,038         38.6%

 Total operating expenses                                  201,588    160,446       41,142         25.6%

 Income from operations                                     21,773     32,499      (10,726)        -33.0%
 Interest and other income, net                                559        731         (172)        -23.5%
 Interest benefit (expense) associated with preferred
 stock warrant                                                9,670   (10,825)      20,495        -189.3%
 Other interest expense                                     (5,825)    (6,930)       1,105         -15.9%
 Other financing charges                                      (832)      (335)        (497)        148.4%

 Income before provision for income taxes                   25,345      15,140      10,205          67.4%
 Provision for income taxes                                 (5,208)   (10,288)       5,080         -49.4%

 Net income from continuing operations                      20,137      4,852       15,285        315.0%

 Discontinued operations, net of tax                        (9,365)    (3,084)      (6,281)       203.7%

 Net income                                                 10,772      1,768        9,004        509.3%

                                                                                         Deltas
Key Metrics                                             12/31/2008 12/31/2007    08 v 07 $    08 v 07 %
Gross Margin                                                 35.2%      36.6%         -1.4%         -4.0%
Operating Profit Margin                                       3.4%       6.2%         -2.7%       -44.4%

EBTIDA Calculation
Operating Profit                                           21,773      32,499      (10,726)        -33.0%

Add Backs
Depreciation & Amortization                                11,790       9,970        1,820          18.3%
Stock based Compensation                                    2,884       1,997          887          44.4%
Interest & Financing Charges                                6,657       7,265         (608)         -8.4%
Taxes                                                       5,208      10,288       (5,080)        -49.4%
Total Add Backs                                            26,539      29,520       (2,981)        -10.1%

Estimated EBITDA                                           48,312      62,019      (13,707)        -22.1%
EBITDA %                                                     7.6%       11.8%
Zappos Balance Sheet as of 12/31/08

                                                                                                               Deltas
                                                                         12/31/2008     12/31/2007     08 v 07 $    08 v 07 %

 Assets
     Current assets:
         Cash and cash equivalents                                             8,590          6,761        1,829        27.1%
         Restricted cash                                                       2,245          1,687          558        33.1%
         Accounts receivable, net                                              6,772          8,461       (1,689)      -20.0%
         Inventory, net                                                      168,131        161,988        6,143         3.8%
         Deferred income taxes                                                15,890         12,267        3,623        29.5%
         Prepaid expenses and other assets                                     3,253          2,596          657        25.3%

     Total current assets                                                    204,881        193,760       11,121         5.7%
     Property and equipment, net                                              48,962         44,286        4,676        10.6%
     Deferred income taxes                                                       708          3,098       (2,390)      -77.1%
     Intangible assets, net                                                    8,646          4,405        4,241        96.3%
     Other assets, net                                                         2,075            705        1,370       194.3%

 Total assets                                                                265,272        246,254       19,018         7.7%

 Liabilities and stockholders’ equity
     Current liabilities:
           Accounts payable                                                   69,792         76,055       (6,263)       -8.2%
           Accrued and other liabilities                                      51,409         28,467       22,942        80.6%
           Deferred income taxes                                                 559            527           32         6.1%
           Accrued sales returns                                              18,637         16,762        1,875        11.2%
           Current portion of loan obligations                                 4,863          2,747        2,116        77.0%
           Current portion of capital lease obligations                        1,490          1,051          439        41.8%
           Revolving line of credit                                           26,006         29,000       (2,994)      -10.3%

     Total current liabilities                                               172,756        154,609       18,147        11.7%
     Deferred rent                                                             1,514          1,883         (369)      -19.6%
     Deferred income taxes                                                     2,870          3,418         (548)      -16.0%
     Other long term liabilities                                              19,935         28,868       (8,933)      -30.9%
     Loan obligations, noncurrent                                             15,777         20,188       (4,411)      -21.8%
     Capital lease obligations, noncurrent                                     1,702          1,809         (107)       -5.9%

     Total liabilities                                                       214,554        210,775        3,779         1.8%

     Stockholders’ equity:
         Convertible preferred stock; $0.001 par value; 35,997
         authorized, 29,248, and 29,285 issued and outstanding
         (aggregate liquidation preference—$181,466 and $181,469)             61,465         61,465          -           0.0%
         Common stock; $0.001 par value; 60,000 authorized, 15,916 and
         14,260 issued and outstanding                                             16             14           2        14.3%
         Additional paid-in capital                                             6,557          2,092       4,465       213.4%
         Accumulated deficit                                                 (17,320)        -28,092      10,772       -38.3%

     Total stockholders’ equity                                               50,718         35,479       15,239        43.0%

 Total liabilities and stockholders’ equity                                  265,272        246,254       19,018         7.7%
Zappos Cash Flow Statement as of 12/31/08

                                                                                                            Deltas
                                                                      12/31/2008     12/31/2007     08 v 07 $    08 v 07 %
 Operating activities
    Net income                                                            10,772           1,768        9,004       509.3%
        Adjustments to reconcile net income to net cash provided by
        operating activities:
            Amortization of deferred financing costs                          309            288           21         7.3%
            Depreciation and amortization                                 11,481           9,682        1,799        18.6%
            Impairment of fixed assets                                        638          2,133       (1,495)      -70.1%
            Asset retirement obligation                                        59             62           (3)       -4.8%
            Reserves on returns                                             1,875          3,813       (1,938)      -50.8%
            Provision for bad and doubtful debt                               145             63           82       130.2%
            Provision for excess and obsolete inventory                     2,223          2,985         (762)      -25.5%
            Stock-based compensation                                        2,884          1,997          887        44.4%
            Deferred income taxes                                           (927)        (2,980)        2,053       -68.9%
            Cumulative effect of the adoption of FIN 48                         -          (500)          500      -100.0%
            Loss on disposal of property and equipment                          6            350         (344)      -98.3%
            Change in carrying value of preferred stock warrants          (9,670)        10,825       (20,495)     -189.3%
            Changes in operating assets and liabilities:
                 Credit card and other receivables                          1,545        (3,506)        5,051      -144.1%
                 Merchandise inventory                                    (8,366)       (20,681)       12,315       -59.5%
                 Prepaid expenses and other assets                        (2,354)        (1,083)       (1,271)      117.4%
                 Accounts payable                                         (7,443)         16,937      (24,380)     -143.9%
                 Accrued and other liabilities                            22,415          11,494       10,921        95.0%

 Net cash provided by operating activities                                25,592         33,647        (8,055)      -23.9%

 Investing activities
     Purchase of property and equipment                                  (13,471)       (11,108)       (2,363)       21.3%
     Purchase of intangible assets                                        (4,850)              -       (4,850)   #DIV/0!
     Purchase of 6pm.com intangible assets and inventory                        -        (4,000)        4,000      -100.0%
     Decrease in restricted cash                                              404          5,714       (5,310)      -92.9%

 Net cash used in investing activities                                   (17,917)        (9,394)       (8,523)       90.7%

 Financing activities
     Proceeds from exercise of employee stock options                          282            204          78        38.2%
     Repurchase and retirement of stock                                          -        (3,000)       3,000      -100.0%
     Excess tax benefit on stock awards                                      1,301            443         858       193.7%
     Increase in restricted cash                                             (962)          (404)        (558)      138.1%
     Borrowings under revolving line of credit                            666,333        549,184      117,149        21.3%
     Repayment of borrowings under revolving line of credit             (669,327)      (564,965)     (104,362)       18.5%
     Borrowings under loans                                                    271          3,501      (3,230)      -92.3%
     Repayment of loan and construction payables                           (2,566)        (2,595)          29        -1.1%
     Payment of capital leases                                             (1,178)        (1,152)         (26)        2.3%

 Net cash used in financing activities                                    (5,846)       (18,784)       12,938       -68.9%
 Change in cash and cash equivalents                                        1,829          5,469       (3,640)      -66.6%
 Cash and cash equivalents at beginning of year                             6,761          1,292        5,469       423.3%

 Cash and cash equivalents at end of year                                   8,590          6,761        1,829        27.1%

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Zappos Financials

  • 1. Zappos Consolidated Statement of Operations Q1 2009 vs Q1 2008 Deltas 3/31/2009 3/31/2008 08 v 07 $ 08 v 07 % Net revenues 143,866 132,708 11,158 8.4% Cost of revenues 94,537 84,248 10,289 12.2% Gross profit 49,329 48,460 869 1.8% Operating expenses: Sales, marketing and fulfillment 34,818 32,930 1,888 5.7% General and administrative 5,202 6,127 -925 -15.1% Product development 5,747 6,288 -541 -8.6% Total operating expenses 45,767 45,345 422 0.9% Income from operations 3,562 3,115 447 14.3% Interest and other income, net 72 192 -120 -62.5% Interest (expense) benefit associated with preferred stock warrant -1281 26 -1,307 -5026.9% Other interest expense -950 -1747 797 -45.6% Other financing charges -123 -158 35 -22.2% Income before (provision) benefit for income taxes 1,280 1,428 -148 -10.4% (Provision) benefit for income taxes -1013 12 -1,025 -8541.7% Net income from continuing operations 267 1,440 -1,173 -81.5% Discontinued operations, net of tax -46 -846 800 -94.6% Net income 221 594 -373 -62.8% Key Ratios Gross Margin 34.3% 36.5% -2.2% -6.1% Operating Profit Margin 2.5% 2.3% 0.1% 5.5% Net Income % 0.2% 1.1% -0.9% -82.9%
  • 2. Zappos Consolidated Statement of Operations Deltas 12/31/2008 12/31/2007 08 v 07 $ 08 v 07 % Net revenues 635,011 526,829 108,182 20.5% Cost of revenues 411,650 333,884 77,766 23.3% Gross profit 223,361 192,945 30,416 15.8% Operating expenses: Sales, marketing and fulfillment 153,285 123,260 30,025 24.4% General and administrative 23,041 18,962 4,079 21.5% Product development 25,262 18,224 7,038 38.6% Total operating expenses 201,588 160,446 41,142 25.6% Income from operations 21,773 32,499 (10,726) -33.0% Interest and other income, net 559 731 (172) -23.5% Interest benefit (expense) associated with preferred stock warrant 9,670 (10,825) 20,495 -189.3% Other interest expense (5,825) (6,930) 1,105 -15.9% Other financing charges (832) (335) (497) 148.4% Income before provision for income taxes 25,345 15,140 10,205 67.4% Provision for income taxes (5,208) (10,288) 5,080 -49.4% Net income from continuing operations 20,137 4,852 15,285 315.0% Discontinued operations, net of tax (9,365) (3,084) (6,281) 203.7% Net income 10,772 1,768 9,004 509.3% Deltas Key Metrics 12/31/2008 12/31/2007 08 v 07 $ 08 v 07 % Gross Margin 35.2% 36.6% -1.4% -4.0% Operating Profit Margin 3.4% 6.2% -2.7% -44.4% EBTIDA Calculation Operating Profit 21,773 32,499 (10,726) -33.0% Add Backs Depreciation & Amortization 11,790 9,970 1,820 18.3% Stock based Compensation 2,884 1,997 887 44.4% Interest & Financing Charges 6,657 7,265 (608) -8.4% Taxes 5,208 10,288 (5,080) -49.4% Total Add Backs 26,539 29,520 (2,981) -10.1% Estimated EBITDA 48,312 62,019 (13,707) -22.1% EBITDA % 7.6% 11.8%
  • 3. Zappos Balance Sheet as of 12/31/08 Deltas 12/31/2008 12/31/2007 08 v 07 $ 08 v 07 % Assets Current assets: Cash and cash equivalents 8,590 6,761 1,829 27.1% Restricted cash 2,245 1,687 558 33.1% Accounts receivable, net 6,772 8,461 (1,689) -20.0% Inventory, net 168,131 161,988 6,143 3.8% Deferred income taxes 15,890 12,267 3,623 29.5% Prepaid expenses and other assets 3,253 2,596 657 25.3% Total current assets 204,881 193,760 11,121 5.7% Property and equipment, net 48,962 44,286 4,676 10.6% Deferred income taxes 708 3,098 (2,390) -77.1% Intangible assets, net 8,646 4,405 4,241 96.3% Other assets, net 2,075 705 1,370 194.3% Total assets 265,272 246,254 19,018 7.7% Liabilities and stockholders’ equity Current liabilities: Accounts payable 69,792 76,055 (6,263) -8.2% Accrued and other liabilities 51,409 28,467 22,942 80.6% Deferred income taxes 559 527 32 6.1% Accrued sales returns 18,637 16,762 1,875 11.2% Current portion of loan obligations 4,863 2,747 2,116 77.0% Current portion of capital lease obligations 1,490 1,051 439 41.8% Revolving line of credit 26,006 29,000 (2,994) -10.3% Total current liabilities 172,756 154,609 18,147 11.7% Deferred rent 1,514 1,883 (369) -19.6% Deferred income taxes 2,870 3,418 (548) -16.0% Other long term liabilities 19,935 28,868 (8,933) -30.9% Loan obligations, noncurrent 15,777 20,188 (4,411) -21.8% Capital lease obligations, noncurrent 1,702 1,809 (107) -5.9% Total liabilities 214,554 210,775 3,779 1.8% Stockholders’ equity: Convertible preferred stock; $0.001 par value; 35,997 authorized, 29,248, and 29,285 issued and outstanding (aggregate liquidation preference—$181,466 and $181,469) 61,465 61,465 - 0.0% Common stock; $0.001 par value; 60,000 authorized, 15,916 and 14,260 issued and outstanding 16 14 2 14.3% Additional paid-in capital 6,557 2,092 4,465 213.4% Accumulated deficit (17,320) -28,092 10,772 -38.3% Total stockholders’ equity 50,718 35,479 15,239 43.0% Total liabilities and stockholders’ equity 265,272 246,254 19,018 7.7%
  • 4. Zappos Cash Flow Statement as of 12/31/08 Deltas 12/31/2008 12/31/2007 08 v 07 $ 08 v 07 % Operating activities Net income 10,772 1,768 9,004 509.3% Adjustments to reconcile net income to net cash provided by operating activities: Amortization of deferred financing costs 309 288 21 7.3% Depreciation and amortization 11,481 9,682 1,799 18.6% Impairment of fixed assets 638 2,133 (1,495) -70.1% Asset retirement obligation 59 62 (3) -4.8% Reserves on returns 1,875 3,813 (1,938) -50.8% Provision for bad and doubtful debt 145 63 82 130.2% Provision for excess and obsolete inventory 2,223 2,985 (762) -25.5% Stock-based compensation 2,884 1,997 887 44.4% Deferred income taxes (927) (2,980) 2,053 -68.9% Cumulative effect of the adoption of FIN 48 - (500) 500 -100.0% Loss on disposal of property and equipment 6 350 (344) -98.3% Change in carrying value of preferred stock warrants (9,670) 10,825 (20,495) -189.3% Changes in operating assets and liabilities: Credit card and other receivables 1,545 (3,506) 5,051 -144.1% Merchandise inventory (8,366) (20,681) 12,315 -59.5% Prepaid expenses and other assets (2,354) (1,083) (1,271) 117.4% Accounts payable (7,443) 16,937 (24,380) -143.9% Accrued and other liabilities 22,415 11,494 10,921 95.0% Net cash provided by operating activities 25,592 33,647 (8,055) -23.9% Investing activities Purchase of property and equipment (13,471) (11,108) (2,363) 21.3% Purchase of intangible assets (4,850) - (4,850) #DIV/0! Purchase of 6pm.com intangible assets and inventory - (4,000) 4,000 -100.0% Decrease in restricted cash 404 5,714 (5,310) -92.9% Net cash used in investing activities (17,917) (9,394) (8,523) 90.7% Financing activities Proceeds from exercise of employee stock options 282 204 78 38.2% Repurchase and retirement of stock - (3,000) 3,000 -100.0% Excess tax benefit on stock awards 1,301 443 858 193.7% Increase in restricted cash (962) (404) (558) 138.1% Borrowings under revolving line of credit 666,333 549,184 117,149 21.3% Repayment of borrowings under revolving line of credit (669,327) (564,965) (104,362) 18.5% Borrowings under loans 271 3,501 (3,230) -92.3% Repayment of loan and construction payables (2,566) (2,595) 29 -1.1% Payment of capital leases (1,178) (1,152) (26) 2.3% Net cash used in financing activities (5,846) (18,784) 12,938 -68.9% Change in cash and cash equivalents 1,829 5,469 (3,640) -66.6% Cash and cash equivalents at beginning of year 6,761 1,292 5,469 423.3% Cash and cash equivalents at end of year 8,590 6,761 1,829 27.1%