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Yahoo Reports Third Quarter 2015 Results


SUNNYVALE, Calif.--(BUSINESS WIRE)-- Yahoo! Inc. (NASDAQ: YHOO) today reported results for the quarter ended September 30, 2015.

"Our Q3 results were largely within our forecasted expectations -- our GAAP revenue grew 7% year-over-year and our Mavens revenue grew 43%.  As we move into 2016, we will work to narrow our strategy, focusing on fewer products with higher quality to achieve improved growth and profitability," said Marissa Mayer, CEO of Yahoo. "In addition to sharpening focus within core business growth, our top priority is the planned spinoff of Aabaco Holdings. This is an important moment for the Company, and we continue to strive to complete the spin as quickly as we can."

                                                                         Q3 2014              Q3 2015
GAAP revenue                                                 $1,148 million      $1,226 million
Cost of revenue - TAC                                      $54 million           $223 million
Income (loss) from operations                          $42 million           $(86) million
Non-GAAP income from operations                   $156 million          $92 million
Adjusted EBITDA                                             $306 million         $244 million
Net earnings                                                   $6,774 million       $76 million
GAAP net earnings per diluted share                 $6.70                   $0.08
Non-GAAP net earnings per diluted share          $0.52                   $0.15

Business Highlights
  • In October, Yahoo announced the new, fully redesigned, more powerful Yahoo Mail app. In addition to snappy responses and quick transitions, the app can now manage outside email accounts and also features Yahoo Account Key, the Company's password-free sign-in experience that takes user convenience and security to the next level.
  • In Q3, Yahoo introduced a new custom audience feature for Yahoo Gemini, allowing advertisers to leverage their own data alongside Yahoo data for more efficient retargeting across devices.
  • In September, Yahoo acquired Polyvore, a leading social shopping site, to accelerate the Company's Mavens growth strategy (mobile, video, native, and social).
  • In October, the Company reached an agreement with Google that provides Yahoo with additional flexibility to choose among suppliers of search results and ads. Google's offerings complement the search services provided by Microsoft, which remains a strong partner, as well as Yahoo's own search technologies and ad products.
  • At Advertising Week, Yahoo announced the unification of all programmatic advertising technology under the BrightRoll brand and introduced BrightRoll Demand-Side Platform ("DSP") for programmatic buying of video, display and native advertising that leverages exclusive access to Yahoo data, and the BrightRoll Exchange, which connects buyers and sellers of high-quality video and display inventory through integration with 100 DSPs and thousands of sites and mobile apps via Real-Time Bidding, private marketplaces and programmatic direct.
  • Lisa Utzschneider was appointed Chief Revenue Officer to lead Yahoo's global sales organization and serve the needs of advertisers worldwide.
  • At Yahoo's second Mobile Developer Conference, the Company hosted more than 500 developers in New York City to share the latest updates to the analytics, advertising, monetization, and engagement products in the Yahoo Mobile Developer Suite. Updates included Tumblr In-App Sharing, Real-Time Metrics and Native Video Ads for Publishers.
  • Yahoo launched two new lifestyle-focused digital magazines, Yahoo Real Estate and Yahoo Celebrity.
  • In Q3, the Company introduced Yahoo News Live with Katie Couric and the Yahoo News Team, a daily live stream bringing consumers the latest on the biggest stories and people in the news.
  • In September, Yahoo's award-winning fantasy broadcast series, Fantasy Football Live, celebrated its 10th season premier with industry leading expert analysis and up-to-the-minute injury reports helping fantasy players set rosters and win their leagues.

Third Quarter 2015 Financial Highlights

Mavens Revenue:

                                             Q3 2014                    Q3 2015

Mavens revenue                      $295 million              $422 million

Non-Mavens revenue               $727 million              $693 million

                                            _____________        _____________

Total traffic-driven revenue      $1,022 million        $1,115 million

Non traffic-driven revenue        $126 million          $111 million    

                                            _____________         ______________

GAAP revenue                         $1,148 million        $1,226 million

Mavens revenue represented 29 percent of traffic-driven revenue in the third quarter of 2014, and increased to 38 percent in the third quarter of 2015.

Mobile Revenue:
                                             Q3 2014                    Q3 2015

Mobile revenue                       $207 million             $271 million

PC revenue                             815 million                844 million

                                            _____________         _____________

Total traffic-driven revenue      $1,022 million             $1,115 million

Non-traffic-driven revenue         126 million                 111 million

                                            _____________         _____________

GAAP revenue                          $1,148 million            $1,226 million

Mobile revenue represented 20 percent of traffic-driven revenue in the third quarter of 2014, and increased to 24 percent in the third quarter of 2015.

Gross mobile revenue for the third quarter of 2014 and 2015 was approximately $345 million and $424 million, respectively.

Search Revenue:

  • Gross search revenue was $870 million for the third quarter of 2015, an increase of 2 percent compared to the third quarter of 2014.
  • GAAP search revenue was $509 million for the third quarter of 2015, an increase of 13 percent compared to the third quarter of 2014.
  • Cost of revenue - TAC paid to search partners was $119 million for the third quarter of 2015, which includes TAC from the Mozilla agreement, compared to $3 million in the
    third quarter of 2014.
  • The number of Paid Clicks increased approximately 5 percent compared to the third quarter of 2014.
  • Price-per-Click decreased approximately 2 percent compared to the third quarter of 2014.

Display Revenue:

  • GAAP display revenue was $509 million for the third quarter of 2015, a 14 percent increase compared to the third quarter of 2014.
  • Cost of revenue - TAC paid to display partners was $104 million for the third quarter of 2015 compared to $51 million in the third quarter of 2014.
  • The number of Ads Sold increased approximately 8 percent compared to the third quarter of 2014.
  • Price-per-Ad increased approximately 8 percent compared to the third quarter of 2014.

Cash, Cash Equivalents, and Marketable Securities:

  • Cash, cash equivalents, and marketable securities were $6.8 billion as of September 30, 2015 compared to $10.2 billion as of December 31, 2014, a decrease of $3.4 billion. In the first quarter of 2015, the Company satisfied the $3.3 billion income tax liability related to the sale of Alibaba Group ADSs in September 2014.

"We are pleased with our financial flexibility and strong balance sheet, with a cash and marketable securities position of $6.8 billion at the end of Q3," said Ken Goldman, CFO of Yahoo. "This quarter we've reduced spending in areas such as workforce, facilities and discretionary expenses, and in our ongoing efforts to control expenses, we'll continue to focus our headcount on growth initiatives."

Live Stream

Yahoo will live stream a video broadcast of the Company's third quarter 2015 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 fourth quarter 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 income (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 (used in) 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 Unaudited Condensed Consolidated Financial Statements," and "Supplemental Financial Data and GAAP to Non-GAAP Reconciliations."

Die englische Original-Pressemitteilung finden Sie hier.

About Yahoo
Yahoo is a guide focused on informing, connecting, and entertaining our users. By creating highly personalized experiences for our users, we keep people connected to what matters most to them, across devices and around the world. In turn, we create value for advertisers by connecting them with the audiences that build their businesses. 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.

"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.

"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 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.

"Net earnings" means net income attributable to Yahoo! Inc., and "net earnings per diluted share" means net income 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) display ads served on PCs and also includes leads, listings and fees revenue and ecommerce revenue allocated to user activity on PCs.

"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, 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.

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

"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 Quarterly Report on Form 10-Q for the quarter ended June 30, 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, possible delays or failure in satisfying conditions to completion of our proposed spin-off of our remaining stake in Alibaba Group into a newly-formed registered investment company; other factors related to the spin-off, including adverse regulatory developments or determinations or adverse changes in, or interpretations of, U.S. or foreign tax laws, rules or regulations, that could delay or prevent completion of the proposed spin-off or cause the terms of the proposed spin-off to be modified; risks related to realization of the expected benefits of the spin-off to Yahoo and its shareholders; risks related to acceptance by users of new products and services (including, without limitation, products and services for mobile devices and alternative platforms); risks related to Yahoo's ability to compete with new or existing competitors; reduction in spending by, or loss of, advertising customers; risks associated with the Search Agreement with Microsoft Corporation; risks related to acquiring or developing compelling content; risks related to joint ventures and the integration of acquisitions; 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; adverse results in litigation; security breaches; interruptions or delays in the provision of Yahoo's services; risks related to Yahoo's regulatory environment; risks related to fluctuations in foreign currency exchange rates; risks related to Yahoo's international operations; dependence on third parties for technology, services, content, and distribution; risks related to the calculation of our key operational metrics; and general economic conditions. All information set forth in this press release and its attachments is as of October 20, 2015. 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, 2014, as amended, and Quarterly Report on Form 10-Q for the quarter ended June 30, 2015, which are 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 September 30, 2015, which will be filed with the SEC in the fourth quarter of 2015.

Yahoo!, the Yahoo family of marks, Polyvore, BrightRoll, 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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