Newsgroup: it.economia.borsa
Titolo: YAHOO PESANTE IN AH....

-6%......
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Yahoo! Reports Fourth Quarter and Fiscal Year 2002 Financial Results
Wednesday January 15, 4:30 pm ET
Fourth Quarter Revenues Grow 51 Percent Year Over Year; Full Year Revenues
Grow 33 Percent Over 2001; Fourth Quarter Earnings Per Share of $0.08
SUNNYVALE, Calif.--(BUSINESS WIRE)--Jan. 15, 2003-- Yahoo! Inc. (Nasdaq:
YHOO - News) today reported results for the fourth quarter and fiscal year
ended December 31, 2002. Net revenues for the fourth quarter totaled $285.8
million, a 51 percent increase over the $188.9 million reported in the same
period in 2001.
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Net income on a GAAP (Generally Accepted Accounting Principles) basis for
the fourth quarter of 2002 was $46.2 million or $0.08 per diluted share,
compared with a net loss of $8.7 million or $0.02 per diluted share for the
same period in 2001. Assuming the adoption of Financial Accounting Standard
No. 142 ("FAS 142") "Goodwill and Other Intangible Assets" had occurred at
the beginning of 2001, Yahoo! would have reported a net profit for the
fourth quarter of 2001 of $6.8 million or $0.01 per diluted share.
EBITDA (earnings before interest, taxes, depreciation, amortization and
stock compensation expense) for the quarter was $85.3 million or 30 percent
of net revenues, compared to $11.7 million, or 6 percent of net revenues,
for the same period in 2001, which included $16.8 million of restructuring
costs. Free cash flow for the fourth quarter of 2002 was $61.4 million
compared to a free cash flow loss of $6.4 million for the same period in
2001. Free cash flow is the Company's EBITDA plus non-operating cash income,
less taxes paid, investments in working capital and capital expenditures.
The Company considers EBITDA and free cash flow to be important measures of
the Company's performance because they reflect the resources available for
strategic opportunities including, among others, to invest in the business,
make strategic acquisitions, strengthen the balance sheet and repurchase
stock.
Net revenues for the year ended December 31, 2002 were $953.1 million, a 33
percent increase over the $717.4 million reported in 2001.
Reported GAAP income before the cumulative effect of a change in accounting
principle for the year ended December 31, 2002 was $106.9 million or $0.18
per diluted share compared to a reported net loss of $92.8 million or $0.16
per diluted share for 2001. The Company's adoption of FAS 142 in the first
quarter of 2002 resulted in a non-cash charge of $64.1 million or $0.11 per
diluted share recorded as a cumulative effect of a change in accounting
principle. Assuming the Company had adopted FAS 142 at the beginning of
2001, reported net loss for the year ended December 31, 2001 before the
cumulative effect of a change in accounting principle would have been $36.9
million or $0.06 per diluted share.
EBITDA for the year ended December 31, 2002 was $206.0 million compared with
an EBITDA loss of $18.6 million for 2001, which included $62.2 million of
restructuring and acquisition related costs. Free cash flow for the year
ended December 31, 2002 was $221.0 million compared to a $26.6 million free
cash flow loss in 2001.
"Over the last twelve months we have executed against a business plan which
has taken Yahoo! from a company with tremendous potential to one with
multiple strong businesses from which we believe we can continue to build a
sustainable long-term future. We experienced growth in both our existing
businesses and newer areas and we continue to demonstrate the capability of
our business model to generate cash flow and to scale. As we begin 2003 we
believe we are in a strong position to continue to deliver profitable,
sustainable long-term growth and I'm excited to build on our success in the
upcoming year," said Terry Semel, chairman and chief executive officer,
Yahoo! Inc.
Business Outlook
"I am very pleased with the significant progress we have made on our
strategic and financial goals in 2002. As we move into 2003, we continue to
focus on maximizing long-term free cash flow per share," said Susan Decker,
chief financial officer, Yahoo! Inc. "Our long-term financial strategy of
attracting significantly more revenue from our growing user base without
commensurately increasing our expense appears to be gaining traction. In
2003, we expect strong growth in revenue, profitability, and free cash flow
even as we continue to invest in areas that we expect will drive long-term
growth."
The following information is based on current information as of January 15,
2003, and excludes the effects of the pending acquisition of Inktomi.
First Quarter 2003 Outlook:
Revenues are expected to be between $255 and $275 million for the quarter.
EBITDA is expected to be between $60 and $70 million for the quarter.
Full Year 2003 Outlook:
Revenues are expected to be between $1.145 and $1.215 billion for the full
year 2003.
EBITDA is expected to be between $295 and $330 million for the full year
2003.
Capital Expenditures are expected to be between $70 and $90 million for the
full year 2003.
Depreciation expense is expected to be between $95 and $105 million for the
full year 2003.
Yahoo!'s business outlook as of today is expected to be available on the
Company's Investor Relations Web site throughout the current quarter. It is
currently expected the full business outlook will not be updated until the
release of Yahoo!'s next quarterly earnings announcement; however, Yahoo!
may update the full business outlook or any portion thereof at any time.
Fourth Quarter 2002 Financial Highlights
Revenues: In the fourth quarter of 2002, Yahoo! reported net revenues of
$285.8 million, a 51 percent increase from the same period in 2001.
Excluding HotJobs related revenues that resulted from the acquisition
completed in early 2002, revenues increased 39 percent over the same period
in 2001.
Marketing Services revenues totaled $177.5 million, a 31 percent increase
from the same period in 2001. This increase was primarily a result of an
increase in revenues from small-to-medium sized companies realized through
Yahoo!'s sponsored search services and inside sales organization, partially
offset by a decrease in barter revenues.
Fees and Listings revenues totaled $89.4 million, a 120 percent increase
compared to the same period in 2001. Excluding HotJobs revenues, the
increase was 65 percent. This increase was primarily driven by the increase
in paying customers for Yahoo!'s fee- and listings-based services, including
Yahoo! Personals and the new SBC Yahoo! Dial and DSL products.
Transactions revenues totaled $19.0 million, a 45 percent increase compared
to the same period in 2001. This increase was driven primarily by increased
commerce transactions enabled on the Yahoo! network and a change in the
Company's pricing for the Yahoo! Store platform from a fixed fee- to a
transaction-based structure.
United States revenues for the quarter totaled $242.4 million, a 53 percent
increase compared to the same period in 2001. International revenues were
$43.4 million, a 45 percent increase compared to the same period in 2001.
International revenues represented 15 percent of total revenues for this
quarter and 16 percent for the same period in 2001.
EBITDA: In the fourth quarter of 2002, Yahoo! reported EBITDA of $85.3
million or 30 percent of net revenues, versus $11.7 million or 6 percent of
net revenues reported for the same period in 2001. Excluding the $16.8
million in restructuring costs recorded in the fourth quarter of 2001,
EBITDA for that period would have been $28.5 million or 15 percent of net
revenues. The favorable comparison to the same period in the prior year is
primarily the result of the $96.9 million, or 51 percent revenue increase as
described above, combined with costs growing at a slower pace. Recurring
costs and expenses included in EBITDA increased only $40.1 million or 25
percent, primarily as a result of ongoing costs and expenses associated with
HotJobs being brought into Yahoo!'s cost structure, in addition to increases
in total compensation related and marketing expenses from investments in
areas that the Company believes will drive long-term growth.
United States EBITDA for the quarter was $82.0 million, or 34 percent of
United States net revenues, which compares favorably to $18.0 million, or 11
percent of United States net revenues reported for the same period in 2001.
International EBITDA for the quarter was $3.3 million, compared to a $6.3
million EBITDA loss reported for the same period in 2001.
Depreciation and Amortization: Depreciation expense for the fourth quarter
of 2002 was $23.3 million, a $5.7 million increase compared to the same
period in 2001. The increase primarily resulted from the HotJobs acquisition
and depreciation on the Sunnyvale headquarters facility, which was converted
from a synthetic lease to property and equipment during the third quarter of
2002.
Amortization expense for the fourth quarter of 2002 was $5.9 million, a
$12.6 million reduction from the same period in 2001, primarily resulting
from the discontinuance of goodwill amortization in accordance with the
adoption of FAS 142, partially offset by additional intangible amortization
expense as a result of the HotJobs acquisition.
Other income, net: In the fourth quarter of 2002, Yahoo! reported other
income, net, of $20.2 million, which is slightly below the $21.5 million
recorded in the same period of 2001 and reflects the decrease in interest
income related to a decline in interest rates.
Leading Internet Brand and Global Audience
Yahoo!'s brand leadership and broad audience support the Company's
leadership position and success in efforts to build deeper relationships
with consumers. Yahoo! continues to be the Internet brand of choice, ranking
No.1 in brand strength with U.S. consumers according to Brand Asset
Valuator® (Young & Rubicam, December 2002), providing a strong basis for
increasing consumer loyalty and usage.
During the quarter, Nielsen//NetRatings (November 2002) ranked Yahoo!'s
global network the world's most trafficked Internet destination for the 30th
consecutive month, based on unique audience, total time spent, reach, and
total page views. In addition, Yahoo! was recognized as the most trafficked
Internet brand in the United States, with the greatest breadth of usage,
having 20 Yahoo! properties ranked among the top three in their respective
vertical categories.
Yahoo!'s global audience, excluding Yahoo! Japan, was approximately 213
million unique users in December 2002 compared to approximately 188 million
in December 2001. In addition, approximately 101 million active registered
users, excluding Yahoo! Japan, logged onto Yahoo's global network during
December 2002, compared to approximately 74 million in December 2001.
"Yahoo!'s industry-leading loyal user base continues to grow both in size
and in depth. Consumers are expanding their relationship with Yahoo! both in
time spent and pages consumed, underscoring one of our key objectives to
continue to develop stronger relationships with our audience. As we continue
to execute on our strategic and financial goals, we will concentrate on
total product quality, superior ease-of-use and increased product relevancy,
enabling Yahoo! to further enrich the consumer experience and build on our
already strong metrics," said Semel.
Quarterly Conference Call
Yahoo! will host a conference call to discuss fourth quarter results at 5:00
p.m. Eastern Time today. A live Webcast of the conference call can be
accessed through the "What's New" area of the company's Investor Relations
Web site at 
http://docs.yahoo.com/info/investor/
. In addition, an archive of
the call can be accessed through the "Conference Calls" area at the same
site. A replay will be available for 48 hours following the conference call
by calling 
877-213-9653
 or 
630-652-3041
, reservation number: 6656938.

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