Spreadsheet: d5aa4140-5d86-44d9-a488-943b18b06a82
Sheet: Sheet1

Unnamed: 0 | Unnamed: 1 | Unnamed: 2 | Unnamed: 3 | Unnamed: 4 | Unnamed: 5 | Unnamed: 6 | Unnamed: 7 | Yahoo! Inc. | Unnamed: 9 | Unnamed: 10 | Unnamed: 11 | Unnamed: 12 | Unnamed: 13 | Unnamed: 14 | Unnamed: 15
 |  |  |  |  |  |  |  | I-3)  Geographic Segment Data (6) (9)
 |  |  |  |  |  |  |  | (unaudited, in thousands, except percentages)
 |  |  |  |  |  | Quarterly Data |  |  |  |  |  |  |  | Annual Data
 |  |  |  |  |  | Q1'11 | Q2'11 | Q3'11 | Q4'11 | Q1'12 | Q2'12 | Q3'12 |  | FY'10 | FY'11
Americas Segment
 | GAAP Revenue |  |  |  |  | 818931 | 808038 | 791240 | 884780 | 836033 | 821751 | 843731 |  | 4425457 | 3302989
 | TAC |  |  |  |  | -38141 | -39404 | -37493 | -45072 | -42955 | -45910 | -41289 |  | -957607 | -160110
 | Revenue ex-TAC |  |  |  |  | 780790 | 768634 | 753747 | 839708 | 793078 | 775841 | 802442 |  | 3467850 | 3142879
 | Direct costs (10) |  |  |  |  | 162898 | 171042 | 174697 | 187467 | 179225 | 181510 | 189345 |  | 704859 | 696103
 | Contribution by segment (11) |  |  |  |  | 617892 | 597592 | 579050 | 652241 | 613853 | 594331 | 613097 |  | 2762991 | 2446776
 | Segment contribution margin (12) |  |  |  |  | 0.7913677173119533 | 0.7774727633698223 | 0.7682285965980628 | 0.7767473931414254 | 0.7740134009517349 | 0.7660474246656209 | 0.7640390208887371 |  | 0.7967446688870626 | 0.7785142221510915
EMEA Segment
 | GAAP Revenue |  |  |  |  | 154050 | 162601 | 148494 | 164238 | 133962 | 128099 | 96473 |  | 579145 | 629383
 | TAC |  |  |  |  | -57512 | -57648 | -52197 | -54559 | -45662 | -34187 | -17399 |  | -210261 | -221916
 | Revenue ex-TAC |  |  |  |  | 96538 | 104953 | 96297 | 109679 | 88300 | 93912 | 79074 |  | 368884 | 407467
 | Direct costs |  |  |  |  | 38606 | 42768 | 42761 | 41615 | 40221 | 41277 | 39167 |  | 149594 | 165750
 | Contribution by segment |  |  |  |  | 57932 | 62185 | 53536 | 68064 | 48079 | 52635 | 39907 |  | 219290 | 241717
 | Segment contribution margin |  |  |  |  | 0.6000952992603948 | 0.5925033110058788 | 0.5559467065432984 | 0.6205745858368512 | 0.5444960362400906 | 0.5604715052389471 | 0.5046791612919543 |  | 0.5944687218746273 | 0.5932185919350524
Asia Pacific Segment
 | GAAP Revenue |  |  |  |  | 241376 | 258385 | 276931 | 275135 | 251238 | 267944 | 261528 |  | 1320049 | 1051827
 | TAC |  |  |  |  | -54378 | -55844 | -55301 | -55822 | -55474 | -56928 | -54141 |  | -568554 | -221345
 | Revenue ex-TAC |  |  |  |  | 186998 | 202541 | 221630 | 219313 | 195764 | 211016 | 207387 |  | 751495 | 830482
 | Direct costs |  |  |  |  | 51322 | 57728 | 61006 | 55361 | 51491 | 56248 | 56329 |  | 175589 | 225417
 | Contribution by segment |  |  |  |  | 135676 | 144813 | 160624 | 163952 | 144273 | 154768 | 151058 |  | 575906 | 605065
 | Segment contribution margin |  |  |  |  | 0.725547866822105 | 0.7149811643074735 | 0.7247394305825023 | 0.7475708234349993 | 0.7369741116854989 | 0.733442013875725 | 0.7283870252233746 |  | 0.7663470814842415 | 0.7285708781165636
Total
 | GAAP Revenue |  |  |  |  | 1214357 | 1229024 | 1216665 | 1324153 | 1221233 | 1217794 | 1201732 |  | 6324651 | 4984199
 | TAC |  |  |  |  | -150031 | -152896 | -144991 | -155453 | -144091 | -137025 | -112829 |  | -1736422 | 603371
 | Revenue ex-TAC |  |  |  |  | 1064326 | 1076128 | 1071674 | 1168700 | 1077142 | 1080769 | 1088903 |  | 4588229 | 4380828
 | Direct costs |  |  |  |  | 252826 | 271538 | 278464 | 284443 | 270937 | 279035 | 284841 |  | 1030042 | 1087270
 | Contribution by combined segments |  |  |  |  | 811500 | 804590 | 793210 | 884257 | 806205 | 801734 | 804062 |  | 3558187 | 3293558
 | Combined Segments contribution margin |  |  |  |  | 0.762454360787954 | 0.7476712807398377 | 0.7401597873980333 | 0.7566158980063318 | 0.7484667759682567 | 0.7418180943383831 | 0.7384147164623479 |  | 0.7755033587033254 | 0.7518117579599107
(6) This presentation is not prepared under a comprehensive set of accounting rules or principles such as GAAP.  See Notes to Condensed Financial Information for further explanation of non-GAAP financial measures.
(9) In FY'10 we reorganized our business segments into three regions: Americas, EMEA (Europe, Middle East, and Africa), and Asia Pacific.
(10) Direct costs for each segment include cost of revenue (excluding TAC) and other operating expenses that are directly attributable to the segment such as employee compensation expense (excluding stock-based compensation expense), local sales and marketing expenses, and facilities expenses. Beginning in 2012, marketing and customer advocacy costs are managed locally and included as direct costs for each segment. Prior period amounts have been revised to conform to the current presentation.
(11) Segment contribution is calculated as Segment revenue ex-TAC less Segment direct costs.
(12) Segment contribution margin is calculated as Segment contribution divided by Segment revenue ex-TAC.