Yahoo 2014 Annual Report Download - page 45

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 regarding our proposed spin-off of our remaining holdings in Alibaba Group Holding
Limited (“Alibaba Group”);
• expectations about revenue, including display, search, and other revenue;
• expectations about growth in users;
• expectations about changes in our earnings in equity interests and net income;
• expectations about changes in operating expenses;
• anticipated capital expenditures;
• expectations about our share repurchase activity;
• expectations about the financial and operational impacts of our Search and Advertising Services
and Sales Agreement (the “Search Agreement”) with Microsoft Corporation (“Microsoft”);
• impact of recent acquisitions on our business and evaluation of, and expectations for, possible
acquisitions of, or investments in, businesses, products, intangible assets and technologies;
• expectations about the growth of, the opportunities for monetization in and revenue from, the
mobile industry and mobile devices;
• projections and estimates with respect to our restructuring activities and changes to our
organizational structure;
• expectations about the amount of unrecognized tax benefits, the outcome of tax assessment
appeals, the adequacy of our existing tax reserves, future tax expenditures, and tax rates;
• expectations about positive cash flow generation and existing cash, cash equivalents, and
investments being sufficient to meet normal operating requirements; and
• expectations regarding the future outcome of legal proceedings in which we are involved,
including the outcome of our efforts to sustain the reversal of a judgment entered against us and
one of our subsidiaries in a proceeding in Mexico.
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.
You are urged to carefully review the disclosures made concerning risks and uncertainties that may
affect our business or operating results, which 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 or revise any of our forward-looking statements after the date of this Annual Report on Form
10-K to reflect new information, actual results or future events or circumstances.
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