Yahoo! Inc YHOO
Q3 2012 Earnings Call Transcript

Transcript Call Date 10/22/2012

Operator: Good afternoon, ladies and gentlemen and welcome to the Yahoo! Third Quarter 2012 Earnings Conference Call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session. Please note that this conference is being recorded.

I will now turn the call over to Joon Huh. Mr. Huh, you may begin.

Joon Huh - IR: Thank you, Regina. Good afternoon and welcome to Yahoo!'s third quarter 2012 earnings conference call. On the call today will be Marissa Mayer, Chief Executive Officer and Ken 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 and product plans and our expected financial and operational performance as well as our investment priorities, expectations for industry growth and the Yahoo! Bing network. 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-Q filed with the SEC, on August 9, 2012, as well as in the earnings release included in Exhibit 99.1 to the Form 8-K we furnished today to the SEC. All information discussed on this call is as of today, October 22, 2012, 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 that 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 at, under Investor Relations.

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

Now, I would like to turn the call over to Marissa.

Marissa Mayer - CEO: Thank you, Joon. Good afternoon everyone. I'd like to start by saying that I'm thrilled to be here at Yahoo! and I'm happy to give all you an update on the business today. My first nearly 100 days have been incredibly energizing and honestly a lot of fun. Yahoo! is a truly iconic Company, one that I have had great respect for since I first discovered it as a Stanford student back in 1994. At that time, Yahoo! was called Jerry and Dave's Guide to the World Wide Web. Even then it was obvious what an essential tool it was and the incredible potential. Beyond that potential and its storied history, some of you might ask, why did I, in particular, come to Yahoo!? In short, this job is tailor-made for me.

The core components of Yahoo!'s business, Search, mail, ads, mobile, news and the home page are also the core products that I have built my career upon. So, my answer is simple. I came to Yahoo! to grow and to help redefine one of the Internet's most beloved companies. This afternoon, I'd like to discuss my priorities over the past quarter including our efforts around people and products, then following Ken Goldman's review at the third quarter financials, I'll discuss the vision and direction for Yahoo! moving forward.

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