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Yahoo! Reports Third Quarter 1999 Financial Results; Company Audience Surpasses 100 Million Unique Users Worldwide in September - Company Financial Information Yahoo! Inc. (Nasdaq:YHOO) Wednesday reported net revenues totaling $155,078,000 for the third quarter ended Sept. 30, 1999, a 134 percent increase over net revenues of $66,290,000 in the third quarter of 1998. Pro forma net income for the quarter was $40,407,000 or $0.14 per share diluted, excluding merger-related charges incurred in the acquisition of broadcast.com and the effects of amortization of intangible assets. This compares to pro forma net income of $6,916,000 or $0.02 per share diluted for the same period in 1998, and pro forma net income of $27,060,000 or $0.09 per share diluted in the second quarter ended June 30, 1999. Net income, including the merger-related charges and effects of amortization of intangible assets for the quarter ended Sept. 30, 1999, was $14,862,000 or $0.05 per share diluted, compared to a net income of $4,249,000 or $0.01 per share diluted for the comparable period in the previous year. The financial results for all periods presented have been restated to reflect the acquisition of broadcast.com, which was completed in July 1999.
"During the quarter, we achieved record levels in terms of revenues, consumer audience, and advertising and merchant clients," said Tim Koogle, chairman and CEO, Yahoo!. "This performance is the result of the broad, global base of users, clients, and partners we have built and the leverage associated with developing a highly integrated media, commerce, and communications platform. The strong brand and expansive worldwide presence we have established positions us to continue our leadership role into the 21st century."
Audience Growth and Usage Yahoo!'s audience, reach, and traffic continued to increase in the third quarter. More than 105 million unique users worldwide visited the Yahoo! global network of properties during the month of September 1999. The company's registration base grew to more than 80 million cumulative database registrations for Yahoo!'s member services. Yahoo!'s combined reach among home and work users increased to a record 63.7 percent in the United States during August 1999, up from 61.9 percent in July 1999 (Media Metrix). Recent third-party research also ranks Yahoo! the No. 1 Web network in the U.K., Germany, France, Italy, Spain, Japan and Korea. Yahoo! recently launched Yahoo! China (http://www.yahoo.com.cn) and Yahoo! Mexico (http://www.mx.yahoo.com). The company now has 21 geographic World properties.
During the month of September 1999, Yahoo!'s traffic increased to an average of 385 million page views per day, compared to an average of 310 million page views per day in June 1999. Yahoo! Japan's traffic, which is included in the above page view totals, increased to more than 33 million page views per day on average, compared to more than 22 million page views per day in June 1999.
Yahoo! continued to extend its strategy to build the only place anyone in the world needs to go to find and get connected to anything or anyone and to buy anything. As part of this strategy, Yahoo! extended its commerce, communications, and media services during the quarter.
Commerce In anticipation of the upcoming holiday season, Yahoo! expanded its commerce services platform worldwide. Yahoo! Shopping, launched less than a year ago, has grown to more than 7,000 merchants and more than 4 million products today. Newly-designed product categories in Yahoo! Shopping now highlight merchant brands, offering increased merchandising opportunities and easier access for consumers. In addition, Yahoo! recently launched Yahoo! Wallet and Express Checkout to enable consumers to store their credit card information with Yahoo! and quickly and conveniently purchase products across thousands of merchants. Yahoo! Shopping welcomed numerous brand name merchants during the quarter, including Art.com, Eddie Bauer, KB Kids, REI, and Patagonia. Yahoo! also launched shopping services in Canada and Japan.
In addition, the company launched local Yahoo! Auctions services in France, Germany, Italy, Spain, Sweden, Japan and Singapore. Yahoo! now offers localized auction services in 10 countries outside the United States, in seven languages around the world. Yahoo! Auctions (http://auctions.yahoo.com) now features 930,000 products across 3,600 categories. Yahoo! Classifieds (http://classifieds.yahoo.com) has also grown significantly, featuring more than 2.6 million listings.
In support of the company's efforts to provide the leading personal financial services on the Web, Yahoo! teamed with CheckFree and introduced online bill payment services through Yahoo! Finance (http://finance.yahoo.com) for its users in the United States. In addition, Yahoo! joined with Bank of America and Telebank in the United States, National Westminster Bank in the United Kingdom, and Openbank in Spain to give Yahoo! Finance and My Yahoo! users secure electronic access to their bank account information.
Communications During the quarter, Yahoo! continued to build a broad set of global communications tools in universally-popular areas such as email, instant messaging, and chat. The company launched Yahoo! Mobile (http://mobile.yahoo.com) to enable users to manage their wireless and mobile communications from one convenient location. The new service also lets Yahoo! users send customized content from their My Yahoo! preferences to wireless devices, including pagers, data phones, and personal digital assistants. Yahoo! Mobile features a library of approximately 4,700 downloadable Palm software applications. Yahoo! launched Yahoo! Briefcase (http://briefcase.yahoo.com), a file-storage and photo-album product allowing individuals to store and share files in one central location on the Internet. In addition, the company enhanced its Yahoo! Mail service with the launch of Yahoo! Greetings (http://greetings.yahoo.com), a free electronic greeting card service.
Media During the quarter, Yahoo! expanded its media business and further integrated programming throughout its global network. The company completed its acquisition of broadcast.com and introduced a new service named Yahoo! Broadcast (http://www.broadcast.com), the comprehensive source for audio and video programming on the Web. In addition, Yahoo! began integrating rich audio and video programming across its media properties, including Yahoo! News (http://news.yahoo.com), Yahoo! Sports (http://sports.yahoo.com), Yahoo! Shopping (http://shopping.yahoo.com), Yahoo! Finance (http://finance.yahoo.com), Yahoo! Digital (http://digital.yahoo.com), and Yahoo! TV Guide (http://tv.yahoo.com). Yahoo! launched Yahoo! Digital (http://digital.yahoo.com), enabling users to watch and listen to music broadcasts, and also allowing users to self-publish and sell their own music online. Yahoo! Broadcast also provides Yahoo! the ability to package and distribute media for corporate clients.
Yahoo! GeoCities (http://geocities.yahoo.com), one of the world's largest online communities, began offering Yahoo! Pagebuilder, a point-and-click, drag-and-drop tool, enabling novice users to easily create professional-looking home pages. Yahooligans! (http://www.yahooligans.com), one of the leading guides on the Web for kids, launched Parents' Guide, delivering safety tips for families, roadmaps to educational content, and a guide to products that block, filter, or monitor access to Internet content.
Distribution Yahoo! continued to expand upon its Yahoo! Everywhere strategy to make Yahoo!'s services available to the largest audience of Web users of any device, from any access point, at any time. In September, users accessed Yahoo! through 25 million unique IP addresses, representing more than 5,000 different Internet Service Providers of dialup, high speed cable, DSL, and satellite Internet access in the United States. Sprint PCS Internet-enabled wireless digital phones became available nationwide during the third quarter, offering a range of Yahoo! services to consumers. In addition, Yahoo! joined forces with Hewlett-Packard to serve as Yahoo!'s strategic channel partner for Corporate My Yahoo!, with HP providing sales, marketing, system integration, and customer support for Fortune 1000 clients.
Merchant and Advertiser Services Yahoo!'s advertiser and merchant base increased to 3,150 clients, including major new accounts and brands such as American Greetings, Conseco Insurance, Fila, Hard Rock Cafe, Kellogg's, Nordstrom, Office Max, Sega, Viagra, and Webvan. Yahoo! welcomed several premier merchants, including Ashford.com, eve.com, living.com, Miadora, OnHealth.com, US SEARCH.com, and WeddingNetwork.com. During the quarter, Yahoo! expanded the marketing services available through its Fusion Marketing Online platform with several new highly targeted programs for advertisers and merchants, including the ability to target with multiple demographics within vertical properties and direct mail campaigns.
Yahoo! Inc. is a global Internet media company that offers a branded network of media, commerce, and communication services to 105 million users worldwide. As the first online navigational guide to the Web, www.yahoo.com is the leading guide in terms of traffic, advertising, household and business user reach, and is one of the most recognized brands associated with the Internet. The company also provides online business services designed to enhance Yahoo!'s clients' Web services, including audio and video streaming, store hosting and management, and Web site tools and services. The company's global Web network includes 21 World properties. Yahoo! has offices in Europe, the Asia Pacific, Latin America, Canada and the United States, and is headquartered in Santa Clara, Calif.
Yahoo! Inc.
Condensed Consolidated Balance Sheets
(in thousands)
Sept. 30, Dec. 31,
1999 1998
(unaudited) (audited)
ASSETS
Cash, cash equivalents, and investments
in marketable debt securities $ 790,534 $ 626,804
Accounts receivable, net 43,886 34,089
Property and equipment, net 44,529 31,007
Investments in marketable equity
securities 56,004 1,910
Other assets 120,143 87,209
----------- -----------
Total assets $ 1,055,096 $ 781,019
=========== ===========
LIABILITIES AND STOCKHOLDERS' EQUITY
Liabilities:
Accounts payable $ 11,225 $ 9,986
Accrued expenses and other liabilities 82,519 52,977
Deferred revenue 72,365 39,796
----------- -----------
Total liabilities 166,109 102,759
----------- -----------
Minority interests in consolidated
subsidiaries 2,981 1,248
----------- -----------
Stockholders' equity:
Common Stock 919,824 748,015
Accumulated deficit (56,291) (71,861)
Accumulated other comprehensive income 22,473 858
----------- -----------
Total stockholders' equity 886,006 677,012
----------- -----------
$ 1,055,096 $ 781,019
=========== ===========
Note: The results for all periods presented have been restated to
reflect the acquisition of broadcast.com which was completed
during the quarter ended September 30, 1999 and accounted for as
a pooling of interests.
Yahoo! Inc.
Unaudited Pro Forma Condensed Consolidated Statements of Operations
(in thousands, except per share amounts)
Three Months Ended Nine Months Ended
September 30, September 30,
1999 1998 1999 1998
Net revenues $ 155,078 $ 66,290 $ 387,525 $ 153,823
Cost of revenues 23,696 12,653 65,130 32,785
--------- --------- --------- ---------
Gross profit 131,382 53,637 322,395 121,038
--------- --------- --------- ---------
Operating expenses:
Sales and marketing 53,274 32,908 144,247 82,079
Product development 16,224 8,628 44,806 23,090
General and
administrative 8,197 6,309 25,173 15,659
--------- --------- --------- ---------
Total operating
expenses 77,695 47,845 214,226 120,828
--------- --------- --------- ---------
Income from operations53,687 5,792 108,169 210
Investment income, net10,018 6,665 26,691 10,967
Minority interests in
operations of
consolidated
subsidiaries (569) 10 (1,733) 365
--------- --------- --------- ---------
Income before income
taxes 63,136 12,467 133,127 11,542
Provision for income
taxes 22,729 5,551 47,926 9,682
--------- --------- --------- ---------
Pro forma net income$ 40,407 $ 6,916 $ 85,201 $ 1,860
========= ========= ========= =========
Pro forma net income
per share - diluted $ 0.14 $ 0.02 $ 0.29 $ 0.01
========= ========= ========= =========
Shares used in per
share pro forma
calculation -
diluted 296,336 279,842 296,860 269,521
========= ========= ========= =========
Note: The above unaudited pro forma condensed consolidated statements
of operations exclude the effects of the following:
- During the quarter ended September 30, 1999, $22,125,000 was
incurred in connection with the acquisition of
broadcast.com.
- During the quarter ended June 30, 1999, $53,500,000 was
incurred in connection with the acquisition of GeoCities,
$1,525,000 was incurred in connection with the relocation of
GeoCities employees, and an aggregate of $1,100,000 was
incurred in connection with the acquisitions of Encompass
and Online Anywhere.
- During the quarter ended March 31, 1999, $9,775,000 of
in-process research and development was incurred in
connection with the acquisition of a development stage
Internet software company and $462,000 was incurred in
connection with the acquisition of Net Roadshow.
- During the quarter ended September 30, 1998, $336,000 was
incurred in connection with the acquisition of SimpleNet.
- During the quarter ended June 30, 1998, $15,000,000 of
in-process research and development was incurred in
connection with the acquisition of Viaweb Inc.
- Amortization of purchased technology and goodwill and the
accretion of mandatory redeemable convertible preferred
stock.
The above also assumes a 36% effective tax rate for the pro forma
presentation of the three and nine month periods ended September
30, 1999.
Note: The results for all periods presented have been restated to
reflect the acquisition of broadcast.com which was completed
during the quarter ended September 30, 1999 and accounted for as
a pooling of interests.
Yahoo! Inc.
Unaudited Condensed Consolidated Statements of Operations
(in thousands, except per share amounts)
Three Months Ended Nine Months Ended
September 30, September 30,
1999 1998 1999 1998
Net revenues $ 155,078 $ 66,290 $ 387,525 $ 153,823
Cost of revenues 23,696 12,653 65,130 32,785
Amortization of
purchased technology 2,500 1,462 7,174 1,879
--------- --------- --------- ---------
Total cost of
revenues 26,196 14,115 72,304 34,664
--------- --------- --------- ---------
Gross profit 128,882 52,175 315,221 119,159
--------- --------- --------- ---------
Operating expenses:
Sales and marketing 53,274 32,908 144,247 82,079
Product development 16,224 8,628 44,806 23,090
General and
administrative 8,197 6,309 25,173 15,659
Amortization of
intangibles 3,477 869 10,139 1,159
Other -
non-recurring
costs (1) 22,125 336 88,487 15,336
--------- --------- --------- ---------
Total operating
expenses 103,297 49,050 312,852 137,323
--------- --------- --------- ---------
Income (loss) from
operations 25,585 3,125 2,369 (18,164)
Investment income, net10,018 6,665 26,691 10,967
Minority interests in
operations of
consolidated
subsidiaries (569) 10 (1,733) 365
--------- --------- --------- ---------
Income (loss) before
income taxes 35,034 9,800 27,327 (6,832)
Provision for income
taxes (2) 20,172 5,551 10,932 9,682
--------- --------- --------- ---------
Net income (loss) $ 14,862 $ 4,249 $ 16,395 $ (16,514)
========= ========= ========= =========
Net income (loss) per
share - diluted (3) $ 0.05 $ 0.01 $ 0.06 $ (0.08)
========= ========= ========= =========
Shares used in per
share calculation
- diluted 296,336 279,842 296,860 211,669
========= ========= ========= =========
(1) Non-recurring costs consist of the following:
- During the quarter ended September 30, 1999, $22,125,000 was
incurred in connection with the acquisition of
broadcast.com.
- During the quarter ended June 30, 1999, $53,500,000 was
incurred in connection with the acquisition of GeoCities,
$1,525,000 was incurred in connection with the relocation of
GeoCities employees, and an aggregate of $1,100,000 was
incurred in connection with the acquisitions of Encompass
and Online Anywhere.
- During the quarter ended March 31, 1999, $9,775,000 of
in-process research and development was incurred in
connection with the acquisition of a development stage
Internet software company and $462,000 was incurred in
connection with the acquisition of Net Roadshow.
- During the quarter ended September 30, 1998, $336,000 was
incurred in connection with the acquisition of SimpleNet.
- During the quarter ended June 30, 1998, $15,000,000 of
in-process research and development was incurred in
connection with the acquisition of Viaweb Inc.
(2) During the quarter ended June 30, 1999, the Company released its
valuation allowance on certain acquired net operating losses as a
result of a change in tax regulations resulting in a tax benefit.
The tax provision also includes the effect of nondeductible
acquisition-related costs.
(3) The calculation for the 1998 periods includes the accretion of
mandatory redeemable convertible preferred stock.
Note: The results for all periods presented have been restated to
reflect the acquisition of broadcast.com which was completed
during the quarter ended September 30, 1999 and accounted for as
a pooling of interests.
COPYRIGHT 1999 EDGE Publishing
COPYRIGHT 2000 Gale Group
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