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Yahoo! Inc. (YHOO)

Citi Global Technology Conference

September 03, 2013 02:20 PM ET


Ken Goldman - CFO


Mark May - Citi


Mark May - Citi

We're going to go ahead and get started, I am Mark May, I’m the Internet Analyst at Citi. It's my pleasure to welcome Ken Goldman, the CFO at Yahoo!; I appreciate you taking time out of your week to visit us. I think Ken has a few prepared remarks at the beginning and then we'll open it up. One of the things we're going to try to do with this session is make it a lot more interactive than a lot of the other sessions that you probably have been to this morning and this early afternoon. So please prepare, keep your questions ready for Ken and we'll open it up and make it an interactive session.

Ken Goldman

Thanks Mark, this is always tough to get yourself from a three day holiday. I personally was in fact planning my way back here this morning and then going back to the West Coast this evening and I actually grew up in the Greater Boston area, it's like home for me. Before I make a couple of comments let me just remind you that my answers today in the Q&A may contain forward-looking statements. Any forward-looking statements regarding our business are subject to risk and uncertainties that are better described in our SEC filings and most recently in our Q2 for the second quarter.

I think it's always good to sort of put things in perspective for the company. We have now, many of us now have been in the company little less than a year and this is actually just been a year. Many of us came in towards the very late Q3 and Q4 last year. I was saying as much as you want to get involved in business to learn business it just takes time, I was talking to some friends over the week we all sort of talking to each other at the first year, there is a lot of just understanding as far as the dynamics of the business. When I think about our business, when we got there, we went to a planning process; we went to planning process for ‘13.

The reality is, there is a lot of moving part. The process has already started. We’re reserve doing a lot of listening and challenging, but I’m not sure we were steering the shift and honestly as much as we could have liked. As we have gone through the year, the thing is that I have noticed, and this is somewhat from the financial viewpoint is, we did not necessarily have the metrics that we really wanted to have and the cadence and rhythm to drive the business from a financial point of view.

We have spent nine months getting those in place and I am very-very happy in terms of where we are today and having the metric internally that we need, so we know where to push, where to highlight, where to focus. If you think about the things we worked on, review the term of sort of five principles and you sat with the people and then you do work on the product then you get engaged where they work in the revenue. We are talking about that this past year. I am going to add a (inaudible) is going to be focusing on earnings as well.

So I would say relative to first three the people proxy engagement, we have made a lot of progress. We have more to do a lot more focus now on revenue and I can tell you we certainly are very focused on that in the company. And as we think through and plan for ‘14, we will be thinking about revenue but also about earnings. But if you look at the metrics, we have made a lot of progress on the engagement side, you can see that. We don’t want to push comps score on the other hand I think it’s an indication that we’re making progress on that.

Let me just take us a second to talk about capital structure because I know I’ll get a question so let me just give you sort a bigger picture on capital structure. Through ‘12 and ‘13, I think we have now repurchased something in order of couple hundred million shares roughly. We have brought our average diluted share count going through this morning with about 1.2 billion in 2012. With the repurchases we have made, we have talked about as of our 10-Q of 50 million approximately through third quarter.

We have now brought our share count not quite to a billion but again close to a billion. So over the last two years we have brought our share count down about 20%. We are very focused internally on just that internal company, the core of the company. While I know and I am smart enough to know that a lot of the stock has had a helpful tailwind relative depreciation of Yahoo! Japan and Alibaba and that’s been great. We spent 99.9% of our time internally on core Yahoo! and it’s our foremost hope that will drive the performance of this company and frankly a stock price of the company as we think about balance of this year ‘14 and beyond.

So with that let me take questions.

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