Thanks. Great forum. Very interesting and helpful article on valuing web businesses. I don't know if you have time to answer questions, but I was wondering if:
1. You could clarify what you mean by "earnings" when you talk about "content sites" selling at a multiple 16-24 times monthly "earnings." Just wondering if that is top line revenue or sales? Or bottom line profit?
2. You have published the algorithm or formula you use to derive the valuations you report when people use the valuation calculator?
I am trying to value a web business. Your articles have been the most helpful I have found. But I am a little unclear on your definition of "earnings."