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Yahoo Investor Presentation

Yahoo Investor Presentation

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Published by nicholas.m.carlson
Yahoo pitches shareholders on why it should remain independent. Documents filed with the SEC
Yahoo pitches shareholders on why it should remain independent. Documents filed with the SEC

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Published by: nicholas.m.carlson on Mar 18, 2008
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06/16/2009

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Exhibit 99.2
Yahoo!InvestorPresentationMarch2008
 
 
Forward-LookingStatementsThemattersdiscussedinthispresentationcontainforward-lookingstatementsthatinvolverisksanduncertaintiesconcerningYahoo!'sprojectedfinancialperformance,aswellasYahoo!'sstrategicandoperationalplans.Actualresultsmaydiffermateriallyfromtheresultsprojected.Thepotentialrisksanduncertaintiesinclude,amongothers,theimplementationandresultsoftheCompany'songoingstrategicinitiatives;theCompany'sabilitytocompetewithneworexistingcompetitors;reductioninspendingby,orlossof,marketingservicescustomers;thedemandbycustomersforYahoo!'spremiumservices;acceptancebyusersofnewproductsandservices;risksrelatedtojointventuresandtheintegrationofacquisitions;risksrelatedtotheCompany'sinternationaloperations;failuretomanagegrowthanddiversification;adverseresultsinlitigation,includingintellectualpropertyinfringementclaims;theCompany'sabilitytoprotectitsintellectualpropertyandthevalueofitsbrands;dependenceonseniormanagementandotherkeypersonnel;dependenceonthirdpartiesfortechnology,services,contentanddistribution;generaleconomicconditionsandchangesineconomicconditions;andrisksanduncertaintiesarisinginconnectionwithMicrosoft'sunsolicitedproposaltoacquireYahoo!,includingthelossofkeyemployeeswhopursueotheremploymentopportunitiesduetoconcernsastotheiremploymentsecurity,increaseddifficultyfortheCompanyinexecutingitsstrategicplanandpursuingotherstrategicopportunities,andthepossibilityofsignificantcostsofdefense,indemnificationandliabilityresultingfromstockholderlitigation.MoreinformationaboutpotentialfactorsthatcouldaffectYahoo!'sbusinessandfinancialresultsisincludedunderthecaptions "RiskFactors"and"Management'sDiscussionandAnalysisofFinancialConditionandResultsofOperations"inYahoo!'sAnnualReportonForm10-KforthefiscalyearendedDecember31,2007,whichisonfilewiththeSecuritiesandExchangeCommission(SEC)andavailableonlineatwww.sec.gov.Thispresentationincludesprojectedfinancialperformanceinformationfor2008-2010fromtheCompany's3-YearPlanpresentedtoitsBoardofDirectorsinDecember2007.Theseprojectionsarenecessarilybaseduponavarietyofestimatesandassumptionswhich,thoughcurrentlyconsideredreasonablebyYahoo!,maynotberealizedandareinherentlysubject,inadditiontothespecificrisksidentifiedabove,tobusiness,economic,competitive,industry,regulatory,marketandfinancialuncertaintiesandcontingencies,manyofwhicharebeyondYahoo!'scontrol.Therecanbenoassurancethattheassumptionsmadeinpreparingtheprojectedfinancialperformanceinformationwillproveaccurate.Accordingly,actualresultsmaydiffermateriallyfromtheresultsprojected.AllinformationinthispresentationisasofMarch18,2008,unlessotherwisenoted,andYahoo!doesnotintend,andundertakesnoduty,toupdateorotherwiserevisetheinformationcontainedinthispresentation.Throughoutthispresentation,wehaveroundednumbersasappropriate.Non-GAAPFinancialMeasuresThispresentationincludesthefollowingfinancialmeasuresdefinedasnon-GAAPfinancialmeasuresbytheSEC:revenueexcludingtrafficacquisitioncostsorTAC(Revenueex-TAC),operatingincomebeforedepreciation,amortization,andstock-basedcompensationexpense(OCF),andcertainothernon-GAAPmeasures.Thesemeasuresmaybedifferentfromnon-GAAPmeasuresusedbyothercompanies.Thepresentationofthisinformationisnotintendedtobeconsideredinisolationorasasubstituteforthefinancialinformationpreparedandpresentedinaccordancewithgenerallyacceptedaccountingprinciples(GAAP).Reconciliationsofthesenon-GAAPfinancialmeasurestothemostcomparablemeasurespreparedinaccordancewithGAAPareincludedinthispresentationandtheAppendixtothispresentationandcanbeaccessedthroughYahoo!'sInvestorRelationswebsiteatwww.yahoo.com.GlossaryCertaininternalandindustrytermsusedthroughoutthispresentationaredefinedintheGlossaryintheAppendixtothispresentation.LegalNotice
 
 
WhyWeAreHereDiscussthevalueofYahoo!todayStrategicallypositionedforacceleratinggrowthUnique,iconicassetsOutlinespecificfinancialperformanceprojectionsWeexpectfuturegrowthinexcessofStreetestimatesThisisdrivenbycurrentinvestmentsinStartingPointsandMustBuyinitiativesProvideperspectivewhichinformedourBoard'srejectionofMicrosoft'sofferBoardbelievesthatMicrosoft'sproposalsubstantiallyundervaluesYahoo!Yahoo!'suniquestrategicvaluemustberecognizedinanytransaction

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