Yahoo 2004 Annual Report Download - page 35

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Forward Looking Statements
In addition to current and historical information, this Report contains forward-looking statements within the meaning of the
Private Securities Litigation Reform Act of 1995. These statements relate to our future operations, prospects, potential products,
services, developments and business strategies. These statements can, in some cases, be identified by the use of terms such as
‘‘may,’’ ‘‘will,’’ ‘‘should,’’ ‘‘could,’’ ‘‘would,’’ ‘‘intend,’’ ‘‘expect,’’ ‘‘plan,’’ ‘‘anticipate,’’ ‘‘believe,’’ ‘‘estimate,’’ ‘‘predict,’’ ‘‘project,’’
‘‘potential,’’ or ‘‘continue’’ or the negative of such terms or other comparable terminology. This Report includes, among others,
forward statements regarding our:
•expectations about revenues for marketing services and fees;
•expectations about operating costs and expenses;
•anticipated capital expenditures;
•anticipated product development costs;
•evaluation of possible acquisitions of, or investments in, businesses, products and technologies; and
•existing cash and investments being sufficient to meet operating requirements.
These statements involve certain known and unknown risks and uncertainties that could cause our actual results to differ
materially from those expressed or implied in our forward looking statements. Such risks and uncertainties include, among
others, those listed under the heading ‘‘Risk Factors’’ and elsewhere in this Report. We do not intend, and undertake no
obligation, to update any of our forward-looking statements after the date of this Report to reflect actual results or future events
or circumstances.
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 through the provision of the Yahoo!
Network to Internet users and a range of tools and marketing solutions for businesses to market to that community of
users.
We seek to leverage the power of the Yahoo! Network to create the most innovative and highest quality Internet services
for users, and to provide the most efficient and effective marketing services for businesses to reach these users. Our focus
is to increase our user base and to achieve deeper engagement of our users on the Yahoo! Network thereby enhancing the
value of that user base and increasing the spending by our advertisers.
We are also focused on extending our marketing platform and access to Internet users beyond the Yahoo! Network
through our distribution network of affiliates who have integrated our sponsored search offerings into their websites.
Many of our services are free to our users. We generate revenues by providing marketing services to businesses across the
majority of our properties and by establishing paying relationships with our users for premium services. We classify these
revenues as either Marketing Services or Fees. Our offerings to users and businesses currently fall into three categories –
Search and Marketplace; Information and Content; and Communications and Consumer Services. The majority of our
offerings are available globally. We manage and measure our business geographically; our principal geographies being the
United States and International.
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