2
Safe Harbor
This presentation contains forward-looking statements that involve risks and uncertainties, including, but not
limited to, ValueClick’s ability to successfully integrate its recently completed Fastclick and Webclients
mergers, trends in online advertising spending and estimates of future online performance-based advertising.
Actual results may differ materially from the results predicted, and reported results should not be considered
an indication of future performance.
Important factors that could cause actual results to differ materially from those expressed or implied in the
forward-looking statements are detailed under “Risk Factors” and elsewhere in filings with the Securities and
Exchange Commission made from time to time by ValueClick, including: its Annual Report on Form 10-K filed
on March 31, 2006 and amendment to its Annual Report on Form 10-K/A filed on April 21, 2006; its current
report on Form 8-K filed on February 27, 2006; recent quarterly reports on Form 10-Q and Form 10-Q/A,
other current reports on Form 8-K; its amended registration statement on Form S-4, filed on September 27,
2005; and its final prospectus on Form 424B3 filed on September 28, 2005. Other factors that could cause
actual results to differ materially from those expressed or implied in the forward-looking statements include,
but are not limited to, the risk that market demand for online advertising, and performance-based online
advertising in particular, will not grow as rapidly as predicted.
Any forward-looking statements speak only as of the date hereof and ValueClick undertakes no obligation to
release publicly any revisions to any forward-looking statements to reflect events or circumstances after the
date hereof or to reflect the occurrence of unanticipated events.
3
Agenda
Industry Opportunity
Review of ValueClick Businesses
Financial Overview & Outlook
ValueClick Overview
4
ValueClick Overview
Diversified, large-scale online marketing services provider
Solution set that generates targeted traffic, leads, sales & brand lift for advertisers & agencies
2006(E) revenue of $495-$505 million; organic growth of 22-24%
Leadership positions in key online advertising areas
Leading Media network with solutions across all pricing models (CPM, CPC, CPL, CPA)
Global leader in Affiliate Marketing to enable sales and customer acquisition programs
Leading European comparison shopping site:
Leading publisher network manager: quality, targeted traffic for advertiser offers
Technology for publisher inventory aggregation & optimization; campaign management
Can monetize all standard ad units; leading publisher tools for control/transparency
Trusted third-party monetization partner
5
Network-Driven Marketing Solutions
Network Tech & Expertise
• Aggregate Traffic/Inventory
• Optimize Inventory
• Track/Manage Campaigns
Leading Monetization Partner:
• Sales Force/6,000 Advertisers
• Breadth: All Ad Units
• Leading Optimization Tech
• Transparency & Control
Goals- Targeted reach to generate:
• Brand Lift & Consumer Traffic
• Qualified Customer Leads
• Sales & Customer AcquisitionGoal- Monetize Traffic/Inventory
50,000+ Publisher Partners 6,000+ Advertisers/Agency Clients
Content Sites*
Loyalty & Coupon Sites
Opt-In Email* & Newsletters
Promo./Vertical Sites*
Search Affiliates
*ValueClick-Owned Sites:
6
VCLK Media Reach
Source: comScore Media Metrix Inside the Ratings, Mar. 2006
123.8116.6 116.6 116.1
103.5
70.8
48.8 47.141.9
36.3 34.8
0
50
100
150
Yahoo
! Site
sTim
e Warn
er Netw
orkVCLK
Media
MSN-MSFT Site
sGoo
gle Site
s
eBay
Ask N
etwork
Amazon
Site
sMyS
pace
.com
NYTimes
Digi
tal
Verizo
n
Milli
ons
of U
niqu
e U
sers
per
Mo.
7
US Online Ad Spend
Positive Trends: 25% Growth in 2006(E); Market Doubles 2005-2009(E)
Source: eMarketer, March 2006
$7.3
$9.6
$12.5
$15.6
$18.6
$21.9
$25.5
$28.5
$0
$10
$20
$30
2003 2004 2005 2006E 2007E 2008E 2009E 2010E
US
Onl
ine
Ad
Spe
nd, $
Billi
ons
8
US Online Ad Spend
Industry Growth Fueled by Measured Online Advertising Share Gains
3.0%
3.6%
4.5%
5.2%
5.7%
6.1%
6.5%
2%
3%
4%
5%
6%
7%
2003 2004 2005E 2006E 2007E 2008E 2009E
US
Onl
ine
Ad S
pend
, % o
f Ttl
Ad S
pend
Source: eMarketer, Mar. 2006
9
Revenue by Products
2006(E) Revenue: $495-505 million*
$368 million
$105 million
$27 million
Media:CPM CampaignsCPC CampaignsCPL & CPA CampaignsComp.-Shopping
Affiliate MarketingCustomer AcquisitionOnline Sales
Technology:Ad ServingAgency Mgt.
* ValueClick guidance as of May 8, 2006.
10
Media
Direct Marketing: Advertisers & agencies pay for impressions, clicks and leads generated
by campaigns run ValueClick’s Media network, owned sites & opt-in email.
Comp.-Shopping: Merchants pay for traffic delivered from PriceRunner.com to their sites.
Brand Marketing: Advertisers & agencies pay for impressions for targeted brand ad
campaigns run on our Media network. Campaigns utilize market research to measure brand
lift of campaign.
How we
make money
* ValueClick guidance as of May 8, 2006.
$12.5 billionEst. Mkt. Size
Competition: Off-line Media Channels Peers: Yahoo, MSN, AOLCompetition
2003: $41mm 2004: $79mm 2005: $193mm 2006(E): $368mmProd. Revenue
11
Affiliate Marketing
ValueClick aggregates online publishers into an affiliate marketing network & manages the
network to develop, maintain & optimize the advertisers’ relationships with publishers.
Advertisers pay their affiliate publishers for traffic only when it converts to a sale or
customer acquisition. (Fully-commissioned online sales force for advertiser)
Advertisers pay ValueClick based on sales commission and customer acquisition bounty
payments to publishers. (Net rev. model; publisher payments not included in Aff. Mkt. rev.)
ASP Model: Tech-based services include affiliate recruitment, traffic and commission
tracking and reporting, affiliate payments, and program management
How we
make money
* Includes international revenue. ValueClick guidance as of May 8, 2006.
$500 millionEst. Mkt. Size
Linkshare, Performics; TradeDoublerCompetition
2003: $26mm 2004: $64mm 2005: $84mm 2006(E): $105mmProd. Revenue*
12
Technology
Online Ad/Email Platform: Advertisers, ad agencies & website publishers pay us for ad
serving, email tech. & reporting tools
ASP Model: Pricing is CPM-based, plus consulting & implementation fees
Agency Mgt. Platform: Ad agencies & advertisers pay us for web-based financial mgt.,
offline media planning & buying, and content mgt. systems
ASP Model: Fees are based on gross agency billings, plus consulting & implementation fees
How we make
money
Online Ad/Email: $250 million Agency Mgt: $200 millionEst. Mkt. Size
Online Ad/Email: Doubleclick, Atlas; 24/7 Agency Mgt.: Dononvan Data SystemsCompetition
2003: $26mm 2004: $26mm 2005: $27mm 2006(E): $27mmProd. Revenue*
* Includes international revenue. ValueClick guidance as of May 8, 2006.
13
Revenue Trend*
$63
$92
$495-$505
$169
$304
0
250
500
2002 2003 2004 2005 2006 (E)
$ M
illio
ns
* ValueClick 2006 guidance as of May 8, 2006.
14
Adjusted-EBITDA Trend*
($2)
$15
$47
$86
$128-$131
-25
0
25
50
75
100
125
150
2002 2003 2004** 2005 2006 (E)
$ M
illion
s
* EBITDA excluding stock-based compensation; ValueClick guidance as of May 8, 2006.
** Excludes 1Q 2004 $8.0 million non-recurring gain from the sale of interest in ValueClick Japan.
15
Net Cash & Investments
$233$220
$243 $241$260
$-
$100
$200
$300
Dec. 2002 Dec. 2003 Dec. 2004 Dec. 2005 M ar. 2006
Major Cash Initiatives:$76 million for share repurchase program$40 million for 2003 acquisitions$25 million for Aug. 2004 PriceRunner acquisition$137 million for June 2005 acquisitions
Current Stock Repurchase Authority:$119 million
16
Operating Model Targets(1)
(1) ValueClick guidance as of May 8, 2006.
(2) Excludes stock-based compensation.
26%25%28%Adjusted-EBITDA Margin (2)
47%48%49%Operating Exp., % of Rev. (2)
67%66%71%Gross Margin
$495-505mm$407mm$304mmRevenue
FY 2006(E)Pro-Forma
FY 2005FY 2005
17
Looking Ahead
Drive synergy opportunities within Media
Continue PriceRunner and Affiliate Marketing product expansion
Continue to look for strategic U.S. and international M&A opportunities:
Comparison Shopping
Affiliate Marketing
Media
Execute stock buy-back program
Investor Relations Overview
This presentation is available on the IR section of www.valueclick.com
Contact: Gary J. Fuges, [email protected]
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