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Yahoo! Inc. (YHOO)

Q1 2013 Earnings Call

April 16, 2013 5:00 pm ET


Joon Huh – Investor Relations

Marissa A. Mayer – President and Chief Executive Officer

Kenneth A. Goldman – Chief Financial Officer


Heath Terry – Goldman Sachs

Anthony DiClemente – Barclays Capital

Doug Anmuth – JPMorgan Securities, Inc.

Carlos Kirjner – Sanford C. Bernstein & Co., LLC

Mark Mahaney – RBC Capital Markets

Ben Schachter – Macquarie Capital

Eric J. Sheridan – UBS Securities LLC

Youssef Squali – Cantor Fitzgerald

Ken Sena – Evercore Partners

Justin Post – Bank of America Merrill Lynch

Brian J. Pitz – Jefferies LLC

Jordan Monahan – Morgan Stanley

Stephen Ju – Credit Suisse

Neil A. Doshi – Citigroup Global Markets Inc.



Good day ladies and gentlemen, and thank you for standing by. Welcome to the Yahoo! First Quarter 2013 Earnings Conference Call. At this time, all participants are in a listen-only mode. Later, we’ll conduct a question-and-answer session and instructions will follow at that time. (Operator Instructions) As a reminder, this conference is being recorded.

I would now like to turn the conference over to our host, Mr. Joon Huh. Please go ahead.

Joon Huh

Thank you. Good afternoon, and welcome to Yahoo!'s first quarter 2013 earnings conference call. On the call today will be Marissa Mayer, Chief Executive Officer; and Kenneth A. Goldman, Chief Financial Officer.

Before we begin, I'd like to remind you that today's call may contain forward-looking statements concerning matters such as our strategy, product plans, and our expected financial and operational performance as well as our investment priorities, stock repurchases and expectations for growth, innovation and monetization.

Actual results may differ materially from the results predicted in our statements and reported results should not be considered indicative of future performance. Potential risks and uncertainties that could cause our business and financial results to differ materially from our forward-looking statements are described in our Form 10-K filed with the SEC, on March 1, 2013, as well as in the earnings release included as Exhibit 99.1 in the Form 8-K we furnished today to the SEC.

All information discussed on this call is as of today, April 16, 2013, and Yahoo! does not intend and undertakes no duty to update this information to reflect subsequent events or circumstances.

On today's call, we'll also discuss non-GAAP financial measures as we talk about the company's performance. Reconciliations of these non-GAAP measures to the GAAP measures we consider most comparable can be found on our corporate website info.yahoo.com, under Investor Relations.

We have prepared remarks that will last about 30 minutes then we'll have a brief Q&A session.

And with that, let me turn the call over to Marissa.

Marissa A. Mayer

Thank you, Joon. Hi, everyone. Thank you for joining today's call. I'm excited to update you on our progress since we spoke in January. We're off to a solid start in 2013. Overall, we saw a continued stability in our revenue ex-TAC, which is essentially flat year-over-year.

I’m pleased with the continued execution I see everyday. Our teams have been working very hard especially in Q1. I discussed on past calls, for getting the company growing at the rate we would like will take several years. Our long-term success will be defined by a series of sprints. We’re reaching the end of the first sprint. The first phase was all about getting people to believe in Yahoo!, making Yahoo! a really terrific place to work and contribute and getting the organization fit.

Now, our focus will shift to the next sprint which is all about building beautiful products and executing well against our business strategy. This will lead to greater user engagement, increased revenue and ultimately growth. The first sprint, focus on talent has positioned us to step up our cadence in product development and develop more beautiful and engaging user experiences in 2013 and beyond.

The commitment we’ve made to make Yahoo! the absolute best place to work is already leading to better employee collaboration, innovation, and execution. As of today, we've implemented more than 567 employee–focused initiatives across the company including a new program that encourages all employees to test and improve our latest products which is yielding exciting new thinking.

As a result of these initiatives, the data is undeniable. Today, more people are trying to work at Yahoo! and more employees are staying. In Q1, the number of resumes we received more than tripled over the course of the quarter. On reflecting on this period last year, the number of candidates applying to Yahoo! has nearly doubled.

Our attrition rate for top talent is essentially half of what it was just a year ago. And with a renewed excitement on Yahoo!, we’re seeing a steady increase in what we call boomerang, former Yahoo!’s who are so inspired by our vision that they have rejoined. In fact, 14% of the hires we made in the first quarter were boomerangs, one in every seven. We also continued to build out our talented leadership teams.

Scott Burke was promoted to lead Advertising Technology. I talked about our commitment to ADTECH and platform, and Scott’s experience at Yahoo! makes him the perfect choice to lead this part of our business. His deep knowledge of our technology and our industry will help us build new monetization products and revenue opportunities.

We also promoted another Yahoo! veteran, Laurie Mann to lead our Search business. Laurie has been instrumental in our Search alliance with Microsoft. He brings technical and operational expertise to ensure that our partnerships and product strategy continue to deliver strong results for the business.

And we brought in great leadership from outside Yahoo! as well, including Bob Stohrer, our new Senior Vice President of Brand Creative. Bob is a creative force of nature. he has held key roles in companies like Clear Channel, Sprint, Virgin Mobile, and [the Anatel] [ph]. We look forward to the leadership, as we continue to evolve the Yahoo! brand and put our products in the center of the world’s daily habit.

Finally, we made two strong talent acquisitions in Q1, Alike and Jybe. These teams bring an incredible mix of engineering and technical talent, which will help us accelerate our efforts in mobile development and content personalization. They’re already moving quickly to amplify their entrepreneurial spirit that’s so prevalent at Yahoo! right now.

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