Yahoo 2011 Annual Report Download - page 38

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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 revenue, including display, search, and other revenue;
• expectations about growth in users;
• expectations about cost of revenue and operating expenses;
• expectations about the amount of unrecognized tax benefits and the adequacy of our existing tax reserves;
• anticipated capital expenditures;
• expectations about the implementation and the financial and operational impacts of our Search Agreement
with Microsoft;
• impact of recent 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 (“Yahoo!,” the “Company,” “we,” or “us”), is a premier
digital media company. Through our proprietary technology and insights, we deliver personalized digital content
and experiences, across devices and around the globe, to vast audiences. We provide engaging and innovative
canvases for advertisers to connect with their target audiences using our unique blend of Science + Art + Scale.
We provide online properties and services (“Yahoo! Properties”) to users as well as a range of marketing services
designed to reach and connect with those users on Yahoo! and through a distribution network of third-party
entities (“Affiliates”). These Affiliates integrate our advertising offerings into their Websites or other offerings
(those Websites and other offerings, “Affiliate sites”).
Our offerings to users on Yahoo! Properties currently fall into three categories: Communications and
Communities; Search and Marketplaces; and Media. The majority of our offerings are available in more than 45
languages and in 60 countries, regions, and territories. We have properties tailored to users in specific
international markets including Yahoo! Homepage and social networking Websites such as Meme and Wretch.
We manage and measure our business geographically, principally in the Americas, EMEA (Europe, Middle East,
and Africa) and Asia Pacific.
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