Yahoo 2009 Annual Report Download - page 38

Download and view the complete annual report

Please find page 38 of the 2009 Yahoo annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 134

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134

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 Annual Report on Form 10-K 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,” the negative of such terms, or other comparable terminology. This Annual Report on Form 10-K
includes, among others, forward-looking statements regarding our:
• expectations about revenues, including revenues for marketing services and fees;
• expectations about growth in users;
• expectations about cost of revenues and operating expenses;
• expectations about the amount of unrecognized tax benefits;
• expectations about our on-going cost initiatives;
• anticipated capital expenditures;
• expectations about the implementation and the financial and operational impacts of our agreements with
Microsoft;
• impact of acquisitions on our business and evaluation of, and expectations for, possible acquisitions of, or
investments in, businesses, products, and technologies; and
• expectations about positive cash flow generation and existing cash, cash equivalents, and investments being
sufficient to meet normal 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 in Part 1, Item 1A. “Risk Factors” of this Annual Report on
Form 10-K. We do not intend, and undertake no obligation, to update any of our forward-looking statements
after the date of this Annual Report on Form 10-K to reflect actual results or future events or circumstances.
Overview
Yahoo! Inc., together with its consolidated subsidiaries (“we,” or “us,” “Yahoo!” or our “Company”), attracts
hundreds of millions of users every month through our innovative technology and engaging content and services,
making us one of the most trafficked Internet destinations and a world class online media company. Our vision is
to be the center of people’s online lives by delivering personally relevant, meaningful Internet experiences. To
users, we provide online properties and services (“Yahoo! Properties” or our “Owned and Operated sites”). To
advertisers, we provide a range of marketing services designed to reach and connect with users of our Owned and
Operated sites, as well as with Internet users beyond Yahoo! Properties, through a distribution network of third-
party entities (our “Affiliates”) that have integrated our advertising offerings into their Websites, referred to as
Affiliate sites, or their other offerings. We believe that our marketing services enable advertisers to deliver highly
relevant marketing messages to their target audiences.
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 users are free, we do charge fees for a
number of premium services.
30