YHOO » Topics » Overview

This excerpt taken from the YHOO 10-Q filed May 8, 2009.

Overview

Yahoo! Inc., together with its consolidated subsidiaries (“our,” “we,” or “us”), is a leading global Internet brand and one of the most trafficked Internet destinations worldwide. We are focused on powering our communities of users, advertisers, publishers, and developers by creating indispensable experiences built on trust. Together with our owned and operated online properties and services (“Yahoo! Properties” or “Owned and Operated sites”), we also provide our advertising offerings and access to Internet users beyond Yahoo! through our distribution network of third-party entities (“Affiliates”), who have integrated our advertising offerings into their Websites, referred to as Affiliate sites, or their other offerings. We generate revenues by providing marketing services to advertisers across a majority of Yahoo! Properties and Affiliate sites. Additionally, although many of the services we provide to our users are free, we do charge fees for a range of premium services.

We provide a range of marketing services that make it easier and more effective for advertisers and marketers to reach and connect with users who visit Yahoo! Properties and our Affiliate sites. We believe that our marketing services enable advertisers to deliver highly relevant marketing messages to their target audiences.

Our offerings to users on Yahoo! Properties currently fall into six categories: Front Doors, Communities, Search, Communications, Audience, and Connected Life. The majority of our offerings are available in more than 30 languages. We manage and measure our business geographically. Our principal geographies are the United States (“U.S.”) and International.

As used below, “Page Views” is defined as our internal estimate of the total number of Web pages viewed by users on Owned and Operated sites. “Search” is defined as an online search query that may yield Internet search results ranked and sorted based on relevance to the user’s search query. “Sponsored search results” are a subset of the overall search results and provide links to paying advertisers’ Web pages. A “click-through” occurs when a user clicks on an advertisers’ language.

 

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This excerpt taken from the YHOO DEF 14A filed Apr 29, 2009.

Overview

In order to increase the performance of our business and create stockholder value, the Company must be able to respond rapidly to new technological developments and changing trends in the multiple worldwide businesses in which we compete. The broad scope and complexity of our business require specialized experience and talents in our executives. We also operate in a highly competitive executive labor market and face competitors of similar size and scale to the Company as well as new competitors and start-ups seeking to hire our executives to facilitate and speed their entry into, or expansion of, competing businesses.

These excerpts taken from the YHOO 10-K filed Feb 27, 2009.

OVERVIEW

Yahoo! Inc., together with its consolidated subsidiaries (“Yahoo!,” the “Company,” “our,” “we,” or “us”), is a leading global Internet brand and one of the most trafficked Internet destinations worldwide. Yahoo! is focused on powering its communities of users, advertisers, publishers, and developers by creating indispensable experiences built on trust. Together with our owned and operated online properties and services (“Yahoo! Properties” or “Owned and Operated sites”), we also provide our advertising offerings and access to Internet users beyond Yahoo! through our distribution network of third-party entities (“Affiliates”), who have integrated our advertising offerings into their Websites, referred to as Affiliate sites, or their other offerings. We generate revenues by providing marketing services to advertisers across a majority of Yahoo! Properties and Affiliate sites. Additionally, although many of the services we provide to our users are free, we do charge fees for a range of premium services.

The core of our strategy and operations is to become the starting point for Internet users; to provide must buy marketing solutions for the world’s largest advertisers; and to deliver industry-leading open platforms that attract developers and publishers.

We provide several key starting points where Internet users start their daily online activity, through such services as the Yahoo! Home Page; Search; and Mail; and through our mobile solutions, such as Yahoo! Go. We are focused on expanding our communities of users and deepening their engagement on Yahoo! Properties by offering compelling Internet services and effectively integrating search, community, personalization, and content to create a powerful user experience. We believe that expanding our communities of users will enhance the value of our users to advertisers and lead to increased spending by advertisers on our Owned and Operated sites and Affiliate sites.

We provide a range of marketing services that make it easier and more effective for advertisers and marketers to reach and connect with users who visit Yahoo! Properties and our Affiliate sites. We believe that our marketing services enable advertisers to deliver highly relevant marketing messages to their target audiences.

We attract developers and publishers with an array of innovative and easily accessible Web services, technical resources, tools, and channels enabling them to easily create innovative applications and consumer experiences through the Yahoo! Open Strategy (“Y!OS”).

Yahoo! was developed and first made available in 1994 by our founders, David Filo and Jerry Yang, while they were graduate students at Stanford University. We were incorporated in 1995 and are a Delaware corporation. We are headquartered in Sunnyvale, California, and have offices in more than 25 countries, provinces, or territories in which Yahoo! conducts business by offering products or services to local audiences.

OVERVIEW

STYLE="margin-top:6px;margin-bottom:0px">Yahoo! Inc., together with its consolidated subsidiaries (“Yahoo!,” the “Company,” “our,” “we,” or “us”), is a leading
global Internet brand and one of the most trafficked Internet destinations worldwide. Yahoo! is focused on powering its communities of users, advertisers, publishers, and developers by creating indispensable experiences built on trust. Together with
our owned and operated online properties and services (“Yahoo! Properties” or “Owned and Operated sites”), we also provide our advertising offerings and access to Internet users beyond Yahoo! through our distribution network of
third-party entities (“Affiliates”), who have integrated our advertising offerings into their Websites, referred to as Affiliate sites, or their other offerings. We generate revenues by providing marketing services to advertisers across a
majority of Yahoo! Properties and Affiliate sites. Additionally, although many of the services we provide to our users are free, we do charge fees for a range of premium services.

FACE="Times New Roman" SIZE="2">The core of our strategy and operations is to become the starting point for Internet users; to provide must buy marketing solutions for the world’s largest advertisers; and to deliver industry-leading open
platforms that attract developers and publishers.

We provide several key starting points where Internet users start their daily online activity, through
such services as the Yahoo! Home Page; Search; and Mail; and through our mobile solutions, such as Yahoo! Go. We are focused on expanding our communities of users and deepening their engagement on Yahoo! Properties by offering compelling Internet
services and effectively integrating search, community, personalization, and content to create a powerful user experience. We believe that expanding our communities of users will enhance the value of our users to advertisers and lead to increased
spending by advertisers on our Owned and Operated sites and Affiliate sites.

We provide a range of marketing services that make it easier and more
effective for advertisers and marketers to reach and connect with users who visit Yahoo! Properties and our Affiliate sites. We believe that our marketing services enable advertisers to deliver highly relevant marketing messages to their target
audiences.

We attract developers and publishers with an array of innovative and easily accessible Web services, technical resources, tools, and channels
enabling them to easily create innovative applications and consumer experiences through the Yahoo! Open Strategy (“Y!OS”).

Yahoo! was developed
and first made available in 1994 by our founders, David Filo and Jerry Yang, while they were graduate students at Stanford University. We were incorporated in 1995 and are a Delaware corporation. We are headquartered in Sunnyvale, California, and
have offices in more than 25 countries, provinces, or territories in which Yahoo! conducts business by offering products or services to local audiences.

SIZE="2">Management and Board of Directors Changes

Following our annual meeting and election of directors on August 1, 2008, Robert Kotick
resigned from our Board of Directors (our “Board”) and Carl Icahn was appointed to our Board to fill the vacancy. In addition, on August 14, 2008, our Board was expanded from 9 to 11 directors and Frank Biondi, Jr. and John Chapple
were appointed as directors.

On January 13, 2009, we announced that Jerry Yang had stepped down as our Chief Executive Officer (“CEO”) and
returned to his former role as Chief Yahoo and that Carol Bartz had been appointed as our new CEO. Mr. Yang continues to serve on our Board, and on January 13, 2009, our Board was expanded from 11 to 12 directors and Ms. Bartz was
appointed as a director. On January 13, 2009, we announced that Sue Decker indicated she would resign after a transition period. Ms. Decker’s date of resignation will be April 1, 2009. On February 26, 2009, we announced that
Blake Jorgensen, Chief Financial Officer of the Company, will be leaving

 


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the Company. The Company has initiated a search for a new Chief Financial Officer. Mr. Jorgensen will remain with the Company as its Chief Financial Officer
through a transition period.

Overview

Yahoo! Inc., together with its consolidated subsidiaries (“Yahoo!,” the “Company,” “our,” “we,” or “us”), is a leading global Internet brand and one of the most trafficked Internet destinations worldwide. We are focused on powering our communities of users, advertisers, publishers, and developers by creating indispensable experiences built on trust. Together with our owned and operated online properties and services (“Yahoo! Properties” or “Owned and Operated sites”), we also provide our advertising offerings and access to Internet users beyond Yahoo! through our distribution network of third-party entities (“Affiliates”), who have integrated our advertising offerings into their Websites, referred to as Affiliate sites, or their other offerings. We generate revenues by providing marketing services to advertisers across a majority of Yahoo! Properties and Affiliate sites. Additionally, although many of the services we provide to our users are free, we do charge fees for a range of premium services.

We provide a range of marketing services that make it easier and more effective for advertisers and marketers to reach and connect with users who visit Yahoo! Properties and our Affiliate sites. We believe that our marketing services enable advertisers to deliver highly relevant marketing messages to their target audiences.

Our offerings to users on Yahoo! Properties currently fall into six categories: Front Doors, Communities, Search, Communications, Audience, and Connected Life. See Part I, Item 1. “Business”—“User Offerings” for additional information. The majority of our offerings are available in more than 30 languages. We manage and measure our business geographically. Our principal geographies are the United States (“U.S.”) and International.

 

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This excerpt taken from the YHOO 10-Q filed May 8, 2008.
Overview
 
We are a leading global Internet brand and one of the most trafficked Internet destinations worldwide. We are focused on powering our communities of users, advertisers, publishers, and developers by creating indispensable experiences built on trust. We seek to provide Internet services that are essential and relevant to these communities of users, advertisers, publishers, and developers. Publishers, such as eBay Inc., WebMD, Cars.com, Forbes.com, and the Newspaper Consortium (our strategic partnership with a consortium of more than 20 leading United States (“U.S.”) newspaper publishing companies), are a subset of our Affiliates and are primarily Websites and search engines that attract users by providing content of interest, presented on Web pages that have space for advertisements.
 
To users, we provide owned and operated online properties and services (“Yahoo! Properties” or “Offerings” or “Owned and Operated sites”). We also extend our marketing platform and access to Internet users beyond Yahoo! Properties through our distribution network of third-party entities (referred to as “Affiliates”) who have integrated our advertising offerings into their Websites (referred to as “Affiliate sites”) or their other offerings.
 
We focus on expanding our communities of users and deepening their engagement on Yahoo! Properties to enhance the value of our users to advertisers and publishers and thereby increase the spending of advertisers and publishers with us. We believe that we can expand our communities of users by offering compelling Internet services and effectively integrating search, community, personalization, and content to create a powerful user experience. We leverage our user relationships and the social community the users create to enhance our online advertising potential, as well as our fee-based services.


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To advertisers and publishers, we provide a range of marketing solutions and tools that enable businesses to reach users who visit Yahoo! Properties and our Affiliate sites.
 
To developers, we provide an innovative and easily accessible array of Web Services and Application Programming Interfaces (“APIs”), technical resources, tools, and channels to market.
 
We generate revenues by providing marketing services to advertisers across a majority of Yahoo! Properties and Affiliate sites. Additionally, although many of our user services are free, we do charge for a range of premium services that we offer. We classify these revenues as either marketing services or fees revenues. The majority of our offerings are available globally in more than 20 languages. We manage and measure our business geographically. Our principal geographies are the United States and International.
 
As used below, “Page Views” is defined as our internal estimate of the total number of Web pages viewed by users on Owned and Operated sites. “Searches” is defined as online search queries that may yield Internet search results ranked and sorted based on relevance to the user’s search query. “Sponsored search results” are a subset of the overall search results and provide links to paying advertisers’ Web pages. A “click-through” occurs when a user clicks on an advertisers’ language.
 
First Quarter Highlights
 
                         
    Three Months Ended
   
    March 31,   2007-2008
Operating Highlights
  2007   2008   Change
    (In thousands)
 
Revenues
  $ 1,671,850     $ 1,817,602     $ 145,752  
Income from operations
  $ 169,027     $ 120,617     $ (48,410 )
                         
                         
    Three Months Ended
   
    March 31,   2007-2008
Cash Flow Highlights
  2007   2008   Change
        (In thousands)    
 
Net cash provided by operating activities
  $ 434,700     $ 786,305     $ 351,605  
Net cash provided by investing activities
  $ 21,541     $ 18,410     $ (3,131 )
Net cash used in financing activities
  $ (721,015 )   $ (5,159 )   $ 715,856  
 
Our revenue growth for the three months ended March 31, 2008, compared to the prior year, can be attributed to growth in our marketing services business. Marketing services and fees revenues experienced 7 percent and 21 percent year over year growth, respectively.
 
Our revenues for the three months ended March 31, 2008 increased 9 percent year over year to approximately $1.8 billion, with fee paying users up 5 percent year over year, and Page Views up 19 percent year over year. Operating income for the three months ended March 31, 2008 declined by $48 million. The decline reflects year over year increases in operating expenses of $153 million offset by the impact of additional margin related to year over year revenue growth.
 
We believe the searches, Page Views, click-throughs, and the related marketing services and fees revenues that we generate correlate to the number and activity level of users across our offerings on Yahoo! Properties and the activity level on our Affiliate sites. By providing a platform for our users that brings together our search technology, content, and community while allowing for personalization and integration across devices, we seek to become more essential to, increase our share of, and deepen the engagement of, our users with our products and services. We believe this deeper engagement of new and existing users and our enhanced algorithmic search technology, coupled with the growth of the Internet as an advertising medium may enable us to increase our revenues during 2008.
 
During the three months ended March 31, 2008, we implemented a strategic workforce realignment to more appropriately allocate resources to our key strategic initiatives. As of March 31, 2008, we incurred a net estimated total strategic workforce realignment pre-tax expense of $17 million.


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Net cash provided by operating activities includes a $350 million one-time payment related to a commercial arrangement entered into with AT&T Inc.
 
These excerpts taken from the YHOO 10-K filed Apr 29, 2008.
Overview
 
In order to increase the size of our business and create continued stockholder value, the Company must be able to respond rapidly to new technological developments and changing trends in the multiple worldwide businesses in which we compete. The broad scope and complexity of our business require unique experience and talents in our executives, making it critical to retain on a long-term basis those executives who have developed and grown our business to date, as well as to attract new talent. We also operate in a highly competitive executive labor market and face competitors of similar size and scale to the Company as well as new competitors and start-ups seeking to hire our executives to facilitate and speed their entry into, or expansion of, competing businesses.
 
Overview


 



In order to increase the size of our business and create
continued stockholder value, the Company must be able to respond
rapidly to new technological developments and changing trends in
the multiple worldwide businesses in which we compete. The broad
scope and complexity of our business require unique experience
and talents in our executives, making it critical to retain on a
long-term basis those executives who have developed and grown
our business to date, as well as to attract new talent. We also
operate in a highly competitive executive labor market and face
competitors of similar size and scale to the Company as well as
new competitors and
start-ups
seeking to hire our executives to facilitate and speed their
entry into, or expansion of, competing businesses.


 




These excerpts taken from the YHOO 10-K filed Feb 27, 2008.
Overview
 
We are a leading global Internet brand and one of the most trafficked Internet destinations worldwide. We are focused on powering our communities of users, advertisers, publishers, and developers by creating indispensable experiences built on trust. We seek to provide Internet services that are essential and relevant to these communities of users, advertisers, publishers, and developers. Publishers, such as eBay Inc., WebMD, Cars.com, Forbes.com, and the Newspaper Consortium (our strategic partnership with a consortium of over 20 leading United States (“U.S.”) newspaper publishing companies), are a subset of our Affiliates and are primarily Websites and search engines that attract users by providing content of interest, presented on Web pages that have space for advertisements.
 
To users, we provide owned and operated online properties and services (“Yahoo! Properties” or “Offerings” or “Owned and Operated sites”). We also extend our marketing platform and access to Internet users beyond Yahoo! Properties through our distribution network of third-party entities (referred to as “Affiliates”) who have integrated our advertising offerings into their Websites (referred to as “Affiliate sites”) or their other offerings.
 
We focus on expanding our communities of users and deepening their engagement on Yahoo! Properties to enhance the value of our users to advertisers and publishers and thereby increase the spending of advertisers and publishers with us. We believe that we can expand our communities of users by offering compelling Internet services and effectively integrating search, community, personalization, and content to create a powerful user experience. We leverage our user relationships and the social community the users create to enhance our online advertising potential, as well as our fee-based services.
 
To advertisers and publishers, we provide a range of marketing solutions and tools that enable businesses to reach users who visit Yahoo! Properties and our Affiliate sites.


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To developers, we provide an innovative and easily accessible array of Web Services and Application Programming Interfaces (“APIs”), technical resources, tools, and channels to market.
 
We generate revenues by providing marketing services to advertisers across a majority of Yahoo! Properties and Affiliate sites. Additionally, although many of our user services are free, we do charge for a range of premium services that we offer. We classify these revenues as either marketing services or fees revenues. See Part I Business — “How We Generate Revenues” for additional information.
 
Our offerings to users currently fall into five categories — Front Doors; Search; Communications and Communities; Media; and Connected Life. See Part I Business — “What We Offer Our Users” for additional information. The majority of our offerings are available in more than 20 languages. We manage and measure our business geographically. Our principal geographies are the United States and International.
 
Overview


 



We are a leading global Internet brand and one of the most
trafficked Internet destinations worldwide. We are focused on
powering our communities of users, advertisers, publishers, and
developers by creating indispensable experiences built on trust.
We seek to provide Internet services that are essential and
relevant to these communities of users, advertisers, publishers,
and developers. Publishers, such as eBay Inc., WebMD, Cars.com,
Forbes.com, and the Newspaper Consortium (our strategic
partnership with a consortium of over 20 leading United
States (“U.S.”) newspaper publishing companies), are a
subset of our Affiliates and are primarily Websites and search
engines that attract users by providing content of interest,
presented on Web pages that have space for advertisements.


 



To users, we provide owned and operated online properties and
services (“Yahoo! Properties” or “Offerings”
or “Owned and Operated sites”). We also extend our
marketing platform and access to Internet users beyond Yahoo!
Properties through our distribution network of third-party
entities (referred to as “Affiliates”) who have
integrated our advertising offerings into their Websites
(referred to as “Affiliate sites”) or their other
offerings.


 



We focus on expanding our communities of users and deepening
their engagement on Yahoo! Properties to enhance the value of
our users to advertisers and publishers and thereby increase the
spending of advertisers and publishers with us. We believe that
we can expand our communities of users by offering compelling
Internet services and effectively integrating search, community,
personalization, and content to create a powerful user
experience. We leverage our user relationships and the social
community the users create to enhance our online advertising
potential, as well as our fee-based services.


 



To advertisers and publishers, we provide a range of marketing
solutions and tools that enable businesses to reach users who
visit Yahoo! Properties and our Affiliate sites.





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To developers, we provide an innovative and easily accessible
array of Web Services and Application Programming Interfaces
(“APIs”), technical resources, tools, and channels to
market.


 



We generate revenues by providing marketing services to
advertisers across a majority of Yahoo! Properties and Affiliate
sites. Additionally, although many of our user services are
free, we do charge for a range of premium services that we
offer. We classify these revenues as either marketing services
or fees revenues. See Part I Business —
“How We Generate Revenues” for additional information.


 



Our offerings to users currently fall into five
categories — Front Doors; Search; Communications and
Communities; Media; and Connected Life. See Part I
Business — “What We Offer Our Users” for
additional information. The majority of our offerings are
available in more than 20 languages. We manage and measure
our business geographically. Our principal geographies are the
United States and International.


 




This excerpt taken from the YHOO 10-Q filed Aug 8, 2007.
Overview
 
We are a leading global Internet brand and one of the most trafficked Internet destinations worldwide. Our mission is to connect people to their passions, their communities, and the world’s knowledge. We seek to provide Internet services that are essential and relevant to our global audience of users and advertisers. To our users, we provide our owned and operated online properties and services (the “Yahoo! Properties”). To our advertisers, we provide a range of tools and marketing solutions designed to enable them to reach our community of users through the Yahoo! Properties and our distribution network of third-party entities (referred to as “affiliates”) who have integrated our search and/or display advertising offerings into their websites.
 
We offer a broad range of innovative and high-quality Internet products and services that are designed to provide our users with the power to connect, communicate, create, access, and share information online. We seek to provide efficient and effective marketing services for advertisers to reach our global audience of users. Our focus is on engaging more deeply with users and increasing the user base on the Yahoo! Properties, thereby enhancing value for our advertisers. We believe that we can increase our existing and potential user base and our users’ engagement on the Yahoo! Properties not only by offering compelling Internet services, but also by effectively integrating search, community, personalization and content to create a more powerful user experience.
 
Many of our services are free to users. We generate revenues by providing marketing services to advertisers across a majority of Yahoo! Properties and on the websites of our affiliates and by charging our users for premium services. We classify these revenues as either marketing services or fees. The majority of our offerings are available globally in more than 20 languages. We manage and measure our business geographically. Our principal geographies are the United States and International.


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Second Quarter Highlights
 
Revenues Our revenues for the second quarter of 2007 increased 8 percent year over year to $1.7 billion, with unique users up 12 percent year over year, fee paying users up 18 percent year over year, and page views up 19 percent year over year.
 
Income from Operations Our operating income for the second quarter of 2007 declined primarily due to the year over year increase in operating expenses of $129 million, compared to the same period in 2006.
 
Stock Repurchases We repurchased 14.6 million shares of our common stock in the second quarter of 2007 at an average price of $28.67 per share.
 
                                                 
    Three Months Ended June 30,     2006-2007
    Six Months Ended June 30,     2006-2007
 
Operating Highlights
  2006     2007     Change     2006     2007     Change  
    (In thousands)  
 
Revenues
  $ 1,575,854     $ 1,697,920     $ 122,066     $ 3,142,909     $ 3,369,770     $ 226,861  
Income from operations
  $ 229,587     $ 184,957     $ (44,630 )   $ 430,799     $ 353,984     $ (76,815 )
 
                         
    Six Months Ended June 30,     2006-2007
 
Cash Flow Highlights
  2006     2007     Change  
    (In thousands)        
 
Net cash provided by operating activities
  $ 814,565     $ 840,303     $ 25,738  
Net cash (used in) provided by investing activities
  $ (175,457 )   $ 33,093     $ 208,550  
Net cash used in financing activities
  $ (512,145 )   $ (928,673 )   $ (416,528 )
 
We believe the search queries, page views, click-throughs and the related marketing services and fees revenues that we generate correlate to the number and activity level of users across our offerings on the Yahoo! Properties and the activity level on our affiliate network. In the fourth quarter of 2006, we launched a new search marketing system, referred to as Project Panama, and we are progressing with our migration plan for our active advertisers worldwide on to the new system. We believe the new search marketing system, including the new ranking model which was launched in the United States in the first quarter of 2007, will enable us to provide a more relevant search experience to our users, more valuable customer leads to advertisers, and additional opportunities to our affiliate and distribution partners. By providing a platform for our users that brings together our search technology, content, and community while allowing for personalization and integration across devices, we seek to become more essential to, increase our share of, and deepen the engagement of, our users with our products and services. We believe this deeper engagement of new and existing users and our new search marketing system, coupled with the growth of the Internet as an advertising medium will increase our revenues for the remainder of 2007 over 2006.


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This excerpt taken from the YHOO 10-Q filed May 10, 2007.
Overview
 
We are a leading global Internet brand and one of the most trafficked Internet destinations worldwide. Our mission is to connect people to their passions, their communities, and the world’s knowledge. We seek to provide Internet services that are essential and relevant to our global audience of users and advertisers. To our global audience of users, we provide our owned and operated online properties and services (the “Yahoo! Properties”). To our advertisers, we provide a range of tools and marketing solutions designed to enable them to reach our community of users through the Yahoo! Properties and our distribution network of third-party entities (referred to as “affiliates”) who have integrated our search and/or display advertising offerings into their websites.
 
We offer a broad range of innovative and high-quality Internet products and services that are designed to provide our users with the power to connect, communicate, create, access, and share information online. We seek to provide efficient and effective marketing services for advertisers to reach our global audience of users. Our focus is on engaging more deeply with users and increasing the user base on the Yahoo! Properties, thereby enhancing value for our advertisers. We believe that we can increase our existing and potential user base and our users’ engagement on the Yahoo! Properties not only by offering compelling Internet services, but also by effectively integrating search, community, personalization and content to create a more powerful user experience.
 
Many of our services are free to users. We generate revenues by providing marketing services to advertisers across a majority of our properties and by charging our users for premium services. We classify these revenues as either marketing services or fees. The majority of our offerings are available globally in more than 20 languages. We manage and measure our business geographically. Our principal geographies are the United States and International.
 
As we announced in December 2006, we are reorganizing our structure and management to align our operations with our key customer groups. Under the new structure, we have two customer-focused groups: the


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Audience Group and the Advertiser & Publisher Group. Each of these groups is supported by the Technology Group. We believe having a more customer-focused organization, supported by robust technology, will speed the development of leading-edge offerings for our most valuable audience segments and the provision of marketing services to our advertisers.
 
First Quarter Performance Highlights
 
Revenues Our revenues for the first quarter of 2007 increased 7 percent year over year to $1.7 billion, with unique users up 19 percent year over year, fee paying users up 24 percent year over year, and page views up 22 percent year over year.
 
Income from Operations Our operating income for the first quarter of 2007 declined primarily due to the year over year increase in stock-based compensation expense of $31 million, compared to the same period in 2006.
 
Stock Repurchases We repurchased 19.9 million shares of our common stock in the first quarter of 2007 at an average price of $29.91 per share.
 
                         
    Three Months Ended March 31,     2006-2007
 
Operating Highlights
  2006     2007     Change  
    (In thousands)  
 
Revenues
  $ 1,567,055     $ 1,671,850     $ 104,795  
Income from operations
  $ 201,212     $ 169,027     $ (32,185 )
 
                         
    Three Months Ended March 31,     2006-2007
 
Cash Flow Highlights
  2006     2007     Change  
    (In thousands)  
 
Net cash provided by operating activities
  $ 384,881     $ 434,700     $ 49,819  
Net cash provided by (used in) investing activities
  $ (35,355 )   $ 21,541     $ 56,896  
Net cash used in financing activities
  $ (429,272 )   $ (721,015 )   $ (291,743 )
 
We believe the search queries, page views, click-throughs and the related marketing services and fees revenues that we generate correlate to the number and activity level of users across our offerings on the Yahoo! Properties. In the fourth quarter of 2006, we launched a new search marketing system, referred to as Project Panama, and we completed our migration plan for our active advertisers in the United States on to the new system in the first quarter of 2007 and will begin transitioning our advertisers in international markets in the second quarter of 2007. We believe the new search marketing system, including the new ranking model which was launched in the United States in the first quarter of 2007, will enable us to provide a more relevant search experience to our users, more valuable customer leads to advertisers, and additional opportunities to our distribution partners. By providing a platform for our users that brings together our search technology, content, and community while allowing for personalization and integration across devices, we seek to become more essential to, increase our share of, and deepen the engagement of, our users with our products and services. We believe this deeper engagement of new and existing users and our new search marketing system, coupled with the growth of the Internet as an advertising medium will increase our revenues for the remainder of 2007 over 2006.


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This excerpt taken from the YHOO DEF 14A filed Apr 30, 2007.
Overview
 
In order to grow the business and create continued stockholder value, the Company must be able to respond rapidly to new technological developments and changing trends in the multiple worldwide businesses in which we compete. The broad scope and complexity of our business require unique experience and talents in our executives, making it critical to retain on a long-term basis those executives who have developed and grown our business to date, as well as to attract new talent. We also operate in a highly competitive executive labor market and face competitors of similar size and scale to the Company as well as new competitors and start-ups seeking to hire our executives to facilitate and speed their entry into, or expansion of, competing businesses.
 
This excerpt taken from the YHOO 10-K filed Feb 23, 2007.
Overview
 
We are a leading global Internet brand and one of the most trafficked Internet destinations worldwide. Our mission is to connect people to their passions, their communities and the world’s knowledge. We seek to provide Internet services that are essential and relevant to our global audience of users and advertisers. To our global audience of users, we provide our owned and operated online properties and services (the “Yahoo! Properties”). To our advertisers, we provide a range of tools and marketing solutions designed to enable them to reach our community of users through the Yahoo! Properties and our distribution network of third-party entities (referred to as “affiliates”) who have integrated our search and/or display advertising offerings into their websites.
 
We offer a broad range of innovative and high quality Internet products and services that are designed to provide our users with the power to connect, communicate, create, access, and share information online. We seek to provide efficient and effective marketing services for advertisers to reach our global audience of users. Our focus is on engaging more deeply with users and increasing the user base on the Yahoo! Properties, thereby enhancing value for our advertisers. We believe that we can increase our existing and potential user base and our users’ engagement on the Yahoo! Properties not only by offering compelling Internet services, but also by effectively integrating search, community, personalization and content to create a more powerful user experience.
 
Many of our services are free to users. We generate revenues by providing marketing services to advertisers across a majority of our properties and by charging our users for premium services. We classify these revenues as either marketing services or fees. Our offerings to users currently fall into five categories — Search; Marketplace; Information and Entertainment; Communications, Communities and Front Doors; and Connected Life. See Part I Business — “Offerings to Users” for additional information. The majority of our offerings are available globally in more than 20 languages. We manage and measure our business geographically. Our principal geographies are the United States and International.


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Table of Contents

 
This excerpt taken from the YHOO 10-Q filed Nov 3, 2006.

Overview

We are a leading global Internet brand and one of the most trafficked Internet destinations worldwide.  We seek to provide Internet services that are essential and relevant to users and businesses.  To users, we provide our owned and operated online properties and services (the “Yahoo! Properties”).  To businesses, we provide a range of tools and marketing solutions designed to enable businesses to reach our community of users.

We offer a broad range and deep array of innovative products and services that are designed to provide our users with the power to connect, communicate, create, access, and share information online.  We seek to provide efficient and effective marketing services for businesses to reach our community of users.  Our focus is on engaging more deeply with users and increasing the user base on the Yahoo! Properties, thereby enhancing value for our advertisers.  We believe that we can increase our existing and potential user base and our users’ engagement on the Yahoo! Properties not only by offering compelling Internet services, but also by effectively integrating search, community, personalization and content to create a more powerful user experience.

We also focus on extending our marketing platform and access to Internet users beyond the Yahoo! Properties through our distribution network of third party entities (referred to as “affiliates”) who have integrated our search and/graphical advertising offerings into their websites.

Many of our services are free to users.  We generate revenues by providing marketing services to businesses across a majority of our properties and by charging our users for premium services.  We classify these revenues as either marketing services or fees.  Our offerings to users and businesses currently fall into four categories—Search; Marketplace; Information and Entertainment; and Communications and Connected Life.  The majority of our offerings are available globally in more than 15 languages.  We manage and measure our business geographically.  Our principal geographies are the United States and International.

25




 

This excerpt taken from the YHOO 10-Q filed Aug 4, 2006.

Overview

 

We are a leading global Internet brand and one of the most trafficked Internet destinations worldwide.  We seek to provide Internet services that are essential and relevant to users and businesses.  To users, we provide our owned and operated online properties and services (the “Yahoo! Properties”).  To businesses, we provide a range of tools and marketing solutions designed to enable businesses to reach our community of users.

 

We offer a broad range and deep array of innovative products and services that are designed to provide our users with the power to connect, communicate, create, access, and share information online.  We seek to provide efficient and effective marketing services for businesses to reach our community of users.  Our focus is on engaging more deeply with users and increasing the user base on the Yahoo! Properties, thereby enhancing value for our advertisers.  We believe that we can increase our existing and potential user base and our users’ engagement on the Yahoo! Properties not only by offering compelling Internet services, but also by effectively integrating search, community, personalization and content to create a more powerful user experience.

 

We also focus on extending our marketing platform and access to Internet users beyond the Yahoo! Properties through our distribution network of third party entities (referred to as “affiliates”) who have integrated our search offerings into their websites.

 

Many of our services are free to users.  We generate revenues by providing marketing services to businesses across a majority of our properties and by charging our users for premium services.  We classify these revenues as either marketing services or fees.  Our offerings to users and businesses currently fall into four categories—Search; Marketplace; Information and Entertainment; and Communications and Connected Life.  The majority of our offerings are available globally in more than 15 languages.  We manage and measure our business geographically.  Our principal geographies are the United States and International.

 

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