3. Using the data provided in Table 1, prepare common size income statements using revenues and cost-of-goods-sold in the original S-1 and amended S-1. Analyze trends of expenses as a percentage of revenue for 2009 and 2010. Compare and contrast the following ratios: a. Gross Margin Percentage; b. Asset Turnover Ratio.

Net TABLE 1 Abridged Income Statements for Groupon 2009 2010 Income Statement Account Gross Gross Net Revenue $30.4 M $14.5 M $713.4 M $312.9 M Cost of Sales 19.5 M 4.4 M 433.4 M 32.5 M Gross Margin 10.9 M 10.1 M 280.0 M 280.4 M Marketing Expense 4.6 M 4.9 M 263.2 M 284.3 M General and Admin. Expense 7.5 M 6.4 M 233.9 M 213.3 M Other Expenses 203.2 M 203.2 M Net Loss 1.34 M 1.09 M 413.4 M 420.1 M Net Loss to common shareholders 6.92 M 6.92 M 456.3 M 456.3 M EPS (Basic) (0.04) (0.04) (2.66) (2.66) This information was obtained from Groupon's S-1 filing with the SEC on June 2, 2011, and the amended filing (Amendment No. 4) on October 7, 2011