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Yahoo Reports First Quarter 2016 Results


SUNNYVALE, Calif.--(BUSINESS WIRE)-- Yahoo! Inc. (NASDAQ: YHOO) today reported results for the quarter ended March 31, 2016. 

"I'm pleased that we delivered Q1 results in line with our expectations. Our 2016 plan is off to a solid start as we continue to focus on driving efficiency, lowering costs, and improving long-term growth," said Marissa Mayer, CEO of Yahoo. "In tandem, we made substantial progress towards potential strategic alternatives for Yahoo. Our board, our management team, and I are completely aligned on this top priority for shareholders."




Q1 2015 Q1 2016

GAAP revenue $ 1,226  $1,087 
million million

Cost of revenue - $183  $228 
TAC million million

Loss  from $(87)  $(167)
operations million million

Non-GAAP income   $80  $7 
from operations million million
Adjusted EBITDA $231  $147
million million
Net earnings $21  $(99)
million million

GAAP net earnings $0.02  $(0.10)
per diluted share

Non-GAAP net   $0.15  $0.08
earnings per  
diluted share

Business Highlights

Strategic Alternatives Update

The Board of Directors at Yahoo formed a strategic review committee of independent directors to consider strategic alternatives for the company alongside its continued consideration of a reverse spin. Since the launch of the process in February, management has worked diligently with the committee and its independent legal and financial advisors to engage with interested strategic and financial parties.

Company Updates

  • Introduced an enhanced mobile search experience making it easier for users to get the most relevant, specialized information about sports teams, players, presidential candidates and movies.
  • Launched new features for Yahoo Mail Android and iOS apps that help users stay organized and get more things done quickly. New features include customizable swipe options, actionable notifications, recent attachment features, new colorful themes and 3D gestures.
  • Unveiled the new Yahoo App and Homepage that allows users to more easily access related news they're interested in, share their commentary on news they read, and stay apprised of developments with real-time notifications when stories are updated.
  • As part of our commitment to delivering the best sports content experience on Yahoo Sports, we introduced Yahoo Esports, a premium destination that aims to become the most comprehensive guide for esports fans. The site features reporting, blogging, video commentary, match pages, team rosters, stats, related schedules, scores and a live chat feature where fans can connect with the community.
  • Yahoo Sports continued to build on past success in live streaming events through new and expanded partnerships with professional sports organizations like the NHL, PGA and MLB.
  • Announced that Yahoo Finance, the site that provides users with unparalleled access to data, analysis and insights, will host the first-ever live stream of the Berkshire Hathaway annual shareholders meeting.
  • Held three well-attended Yahoo Mobile Developer Conferences in San Francisco, Taiwan and Hong Kong where Yahoo introduced new tools as part of the Yahoo Mobile Developer Suite designed to help developers grow their apps and build their businesses. New features include a redesigned Flurry Analytics platform, a new Flurry App, tvOS analytics support and direct ad serving capabilities.
  • In March 2016, we appointed two new directors who each bring a strong expertise in complex business matters; Cathy Friedman and Eric Brandt. Cathy Friedman spent 23 years at Morgan Stanley as a strategic and transaction advisor. Eric Brandt brings significant financial and business management experience as a former pharmaceutical and technology executive, and was most recently involved in the acquisition of Broadcom Corporation by Avago.

First Quarter 2016 Financial Highlights

Mavens Revenue:


Q1 2015  Q1 2016 

Mavens revenue $365 $390
million million

Non-Mavens   $742  $644
revenue million million


Total traffic-driven $1,107  $1,034
revenue million million

Non-traffic-driven $119  $53
revenue million million


GAAP revenue $1,226  $1,087
million million

Mavens revenue represented 33 percent of traffic-driven revenue in the first quarter of 2015, and increased to 38 percent in the first quarter of 2016.

Mobile Revenue:

 


Q1 2015  Q1 2016 

Mobile revenue $234  $260
million million

Desktop revenue $873  $774
million million


Total traffic-driven $1,107  $1,034
revenue million million

Non traffic-driven $119  $53
revenue million million


GAAP revenue $1,226  $1,087
million million

Mobile revenue represented 21 percent of traffic-driven revenue in the first quarter of 2015, and increased to 25 percent in the first quarter of 2016.

Gross mobile revenue for the first quarter of 2015 and 2016 was $391 million and $412 million, respectively.

Search Revenue:

  •  Gross search revenue was $820 million for the first quarter of 2016, a decrease of 15 percent compared to the first quarter of 2015.
  • GAAP search revenue was $492 million for the first quarter of 2016, a decrease of 9 percent compared to the first quarter of 2015.
  • Cost of revenue - TAC paid to search partners was $144 million for the first quarter of 2016, a 44 percent increase compared to the first quarter of 2015.
  • The number of Paid Clicks decreased 21 percent compared to the first quarter of 2015.
  • Price-per-Click increased 7 percent compared to the first quarter of 2015.

Display Revenue:

  • GAAP display revenue was $463 million for the first quarter of 2016, a 1 percent decrease compared to the first quarter of 2015.
  • Cost of revenue - TAC paid to display partners was $83 million for the first quarter of 2016, a 1 percent increase compared to the first quarter of 2015.
  • The number of Ads Sold increased 8 percent compared to the first quarter of 2015.
  • Price-per-Ad decreased 6 percent compared to the first quarter of 2015.

Cash, Cash Equivalents, and Marketable Securities:

  •  Cash, cash equivalents, and marketable securities were $7.1 billion as of March 31, 2016 compared to $6.8 billion as of December 31, 2015, an increase of $0.3 billion.

"We delivered financial results at the high end or above our guidance ranges. We also achieved free cash flow of $297 million through improved working capital efficiencies, excellent cost controls, reduced capital expenditures and a large tax refund," said Ken Goldman, CFO of Yahoo. "While we remain focused on the strategic alternatives process as a top priority, our employees showed their determination and commitment to Yahoo by executing on our operating plan."

Live Stream

Yahoo will live stream a video broadcast of the Company's first quarter 2016 financial results at 2 p.m. Pacific Time/5 p.m. Eastern Time today. The live stream will be broadcast from Yahoo's Sunnyvale studio and will be available exclusively on Yahoo Finance at finance.yahoo.com. The Company will provide its business outlook for the second quarter and full year of 2016 during the presentation. Supplemental financial information can be accessed through the Company's Investor Relations website at investor.yahoo.net. The video will be archived after the event at investor.yahoo.net and will be available for 90 days following the broadcast.

Non-GAAP Financial Measures

This press release and its attachments include the following financial measures defined as non-GAAP financial measures by the Securities and Exchange Commission ("SEC"): gross mobile revenue; gross search revenue; revenue ex-TAC; adjusted EBITDA; non-GAAP income from operations; non-GAAP net earnings; non-GAAP net earnings per share - diluted; and free cash flow.

Gross mobile revenue is GAAP mobile revenue plus the related revenue share with third parties. Gross search revenue is GAAP search revenue plus the related revenue share with third parties. Revenue ex-TAC is GAAP revenue less cost of revenue - TAC. Adjusted EBITDA, non-GAAP income from operations, non-GAAP net earnings and non-GAAP net earnings per share - diluted, exclude from the most comparable GAAP financial measures certain gains, losses, and expenses that we do not believe are indicative of ongoing results, and exclude stock-based compensation expense. Adjusted EBITDA also excludes taxes, depreciation, amortization of intangible assets, other expense, net (which includes interest), earnings in equity interests, and net income attributable to noncontrolling interests. Free cash flow is GAAP net cash provided by operating activities (adjusted to include excess tax benefits from stock-based awards), less acquisition of property and equipment, net (i.e., acquisition of property and equipment less proceeds received from disposition of property and equipment) and dividends received from equity investees.

These measures may be different than non-GAAP financial measures used by other companies. The presentation of this financial information is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with generally accepted accounting principles ("GAAP"). Explanations of the Company's non-GAAP financial measures and reconciliations of these financial measures to the GAAP financial measures the Company considers most comparable are included in the accompanying "Note to Supplemental Financial Data and GAAP to Non-GAAP Reconciliations," "Supplemental Financial Data and GAAP to Non-GAAP Reconciliations," and "GAAP to Non-GAAP Reconciliations."

About Yahoo

Yahoo is a guide to digital information discovery, focused on informing, connecting, and entertaining users through its search, communications, and digital content products. By creating highly personalized experiences, Yahoo helps users discover the information that matters most to them around the world -- on mobile or desktop. Yahoo creates value for advertisers with a streamlined, simple advertising technology stack that leverages Yahoo's data, content, and technology to connect advertisers with their target audiences. Yahoo is headquartered in Sunnyvale, California, and has offices located throughout the Americas, Asia Pacific (APAC) and the Europe, Middle East and Africa (EMEA) regions. For more information, visit the pressroom (pressroom.yahoo.net) or the Company's blog (yahoo.tumblr.com).

"Ads Sold" consist of display ad impressions for paying advertisers on Yahoo Properties and Affiliate sites.

"Affiliates" refers to the third-party entities that have integrated Yahoo's advertising offerings into their websites or other offerings (those websites and other offerings, "Affiliate sites").

"Alibaba Group" means Alibaba Group Holding Limited. In September 2014, Alibaba Group completed its initial public offering of American Depositary Shares ("ADS"), in which Yahoo was a selling shareholder.

"Desktop computer" means a desktop or laptop computer, and "desktop revenue" is revenue generated from search and display ads served on desktop computers and also includes leads, listings and fees revenue and ecommerce revenue allocated to user activity on desktop computers.

"Gross mobile revenue," a non-GAAP measure, is GAAP mobile revenue plus the related revenue share with third parties.

"Gross search revenue," a non-GAAP measure, is GAAP search revenue plus the related revenue share with third parties.

"Mavens revenue" is revenue generated from, without duplication: (i) mobile (as defined below), (ii) video ads and video ad packages, (iii) native ads, and (iv) Tumblr and Polyvore ads and fees.

"Mobile revenue" is revenue generated in connection with user activity on mobile devices, including smartphones and tablets, regardless of whether the device is accessing a mobile-optimized service. Mobile revenue is generated primarily from search and display ads. Mobile revenue also includes leads, listings and fees revenue and ecommerce revenue allocated to user activity on mobile devices.

"Native revenue" is revenue generated from native ads (search and display) on Yahoo Properties as well as third-party partner publisher sites and mobile apps. Native ads are visually rich, are positioned as a seamless part of the users' experience, and come in a variety of formats, like text, image, and video. Yahoo offers native ads through Yahoo Gemini and the BrightRoll Demand-Side Platform (DSP).

"Net earnings" means net income (loss) attributable to Yahoo! Inc., and "net earnings per diluted share" means net income (loss) attributable to Yahoo! Inc. common stockholders per share - diluted.

"Non-Mavens revenue" is revenue generated from search ads and traditional (i.e., non-native, non-video, non-Tumblr, non-Polyvore) display ads served on desktop computers and also includes leads, listings and fees revenue and ecommerce revenue allocated to user activity on desktop computers.

"Non-traffic-driven revenue" is revenue not arising from user activity on Yahoo Properties or Affiliate sites, and includes royalty revenue, license fee revenue, amortization under the technology and intellectual property license agreement with Alibaba Group through the third quarter of 2015, and all other revenue that is not traffic-driven.

"Paid Clicks" are clicks by end-users on sponsored search listings (excluding native ads) on Yahoo Properties and Affiliate sites.

"Price-per-Ad" is defined as display revenue divided by our total number of Ads Sold.

"Price-per-Click" is defined as Search click-driven revenue divided by our total number of Paid Clicks.

"Search Agreement" refers to the Search and Advertising Services and Sales Agreement between Yahoo and Microsoft Corporation, as amended.

"Search click-driven revenue" is gross search revenue excluding the Microsoft RPS guarantee and search revenue from Yahoo Japan.

"TAC" refers to traffic acquisition costs. TAC consists of payments to Affiliates and payments made to companies that direct consumer and business traffic to Yahoo Properties.

"Yahoo," "Company," and "we" refer to Yahoo! Inc. and its consolidated subsidiaries.

"Yahoo Properties" refers to the online properties and services that Yahoo provides to users.

We periodically review, refine and update our methodologies for monitoring, gathering, and counting number of Ads Sold and Paid Clicks, and for calculating Search click-driven revenue, Price-per-Ad, and Price-per-Click.

Additional information about how "Ads Sold," "Paid Clicks," "Price-per-Ad," "Price-per-Click," and "Search click-driven revenue" are defined and calculated is included under the caption "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the Company's Annual Report on Form 10-K for the year ended December 31, 2015, which is on file with the SEC and available on the SEC's website at www.sec.gov.

This press release contains forward-looking statements concerning Yahoo's expected financial performance and Yahoo's strategic and operational plans (including, without limitation, the quotations from management). Risks and uncertainties may cause actual results to differ materially from the results predicted, and reported results should not be considered as an indication of future performance. The potential risks and uncertainties include, among others, risks related to Yahoo's ability to continue to attract and maintain mobile users and grow its mobile revenue; risks related to Yahoo's ability to continue to grow the Mavens revenue; risks related to Yahoo's ability to grow users, user engagement and pageviews; risks related to growing advertiser engagement; risk of potential reduction in spending by, or loss of, advertising customers; risks associated with the Search Agreement with Microsoft Corporation and the Services Agreement with Google Inc.; risks related to Yahoo's ability to provide innovative search experiences and other products and services that differentiate its services and generate significant traffic; risks associated with Yahoo's ability to manage its operating expenses effectively and improve profitability; risks related to acceptance by users of new products and services; risks related to Yahoo's ability to compete with new or existing competitors; dependence on third parties for technology, services, content, and distribution; risks related to acquiring or developing compelling content; security breaches; interruptions or delays in the provision of Yahoo's services; adverse results in litigation; risks related to Yahoo's ability to recruit and retain key personnel; risks related to possible impairment of goodwill or other assets; risks related to Yahoo's ability to protect its intellectual property and the value of its brands; risks related to fluctuations in foreign currency exchange rates; risks related to joint ventures and the integration of acquisitions; risks related to Yahoo's regulatory environment; risks related to Yahoo's international operations; risks related to the calculation of our key operational metrics; and general economic conditions. With respect to Yahoo's exploration of strategic alternatives, there is no assurance any transaction will be consummated, and the process of exploring strategic alternatives will involve the dedication of significant resources and the incurrence of significant costs and expenses. All information set forth in this press release and its attachments is as of April 19, 2016. Yahoo does not intend, and undertakes no duty, to update this information to reflect subsequent events or circumstances. More information about potential factors that could affect the Company's business and financial results is included under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the Company's Annual Report on Form 10-K for the year ended December 31, 2015, which is on file with the SEC and available on the SEC's website at www.sec.gov. Additional information will also be set forth in those sections in Yahoo's Quarterly Report on Form 10-Q for the quarter ended March 31, 2016, which will be filed with the SEC in the second quarter of 2016.

Yahoo!, the Yahoo family of marks, Flurry and Flurry Analytics, and the associated logos are trademarks and/or registered trademarks of Yahoo! Inc. Tumblr is a registered trademark of Tumblr, Inc. Other names are trademarks and/or registered trademarks of their respective owners.





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