Most importantly, the 18% price-per-ad growth in North America, despite easy comps with virtually no Newsfeed revenue a year ago, suggests we will need to see a pricing-power inflection for the multiple to expand, or even for it to remain stable, in early 2014 and onwards when comps become harder.

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Edelman has filed multiple complaints with the Department of Transportation regarding the pricing practices of American Airlines, British Airways, and Cathy Pacific.

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He writes that the update reflects the fact that the multiple compression story has played out, the company has changed its approach to pricing its platform and today is the last major lock-up expiration.

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