Yahoo 2014 Annual Report Download - page 3
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many of our Internet peers. During this time, Yahoo’s
share price has nearly tripled, from $15.65 on July 16,
2012, to $44.13 as of April 1, 2015.
We have a strong track record of creating
shareholder value. In early 2015, the board authorized
a tax-efficient plan to pursue a spin-off of all of
our remaining holdings in Alibaba Group, valued
at $32 billion based on the closing price of Alibaba
on April 1, 2015, into a newly formed company. The
spin-off, expected to be completed in Q4 of 2015,
maximizes value and tax-efficiency exclusively for
Yahoo’s shareholders.
This spin-off is in addition to the $9.1 billion of shares
repurchased from July 2012 through the end of
2014. Our board and management team will have
returned, post-spin, more than $40 billion of value to
our shareholders, a historic amount for a company of
any size. Ultimately, including a total of $9.8 billion
of shares repurchased by Yahoo from Q2 2012
through Q1 2015, more than 97% of the value from
our Alibaba investment will have been returned to
shareholders post-spin.
We continue to deliver operational excellence.
Our leadership team continues to reprioritize
resources, shutter older products and businesses,
and consolidate locations. Over the past two years
alone, we closed 15 offices and sunset more than
75 products and services. Operational excellence is
critical, and we will continue to execute on efficiencies
we find on an ongoing basis, especially those that fuel
growth and enhance profitability.
We take a disciplined, focused approach to M&A.
The Internet sector is incredibly competitive and
acquisitive; that said, we’ve been prudent in our
approach. Over the past 30 months, we allocated
$2.1 billion to M&A compared with the $9.1 billion
in capital returned to shareholders through share
repurchases; it is noteworthy that we have funded all
our M&A activity to date through organic means. Our
M&A strategy focuses on three principal categories—
talent acquisitions, building-block acquisitions,
and larger strategic acquisitions—and our strategy
is working.
We believe Yahoo is on the path toward a successful
transformation—one in which improved products
and operations, prudent investments, and thoughtful
allocation of capital drive growth for all our investors.
We are determined to press forward with purpose,
with vigor, and with determination to bring Yahoo
back to iconic greatness and generate strong returns
for you.
We’re confident we are on that path, and we
thank you for your continued support and belief in
Yahoo’s renaissance.
Marissa A. Mayer
CEO & President, Yahoo
David Filo
Co-founder & Chief Yahoo