Yahoo! (YHOO)

Q4 2010 Earnings Call

January 25, 2011 5:00 pm ET


Timothy Morse - Chief Financial Officer and Executive Vice President

Marta Nichols - Director of Investor Relations

Carol Bartz - Chief Executive Officer, President and Director


Spencer Wang - Crédit Suisse AG

Imran Khan - JP Morgan Chase & Co

Youssef Squali - Jefferies & Company, Inc.

Benjamin Schachter - Macquarie Research

Charles Munster - Piper Jaffray Companies

Justin Post - BofA Merrill Lynch

Douglas Anmuth - Barclays Capital

Ross Sandler - RBC Capital Markets, LLC

Mark Mahaney - Citigroup Inc



Good afternoon, ladies and gentlemen, and welcome to the Yahoo! Fourth Quarter 2010 Earnings Conference Call. [Operator Instructions] I will now turn the call over to Ms. Marta Nichols. Ms. Nichols, you may begin.

Marta Nichols

Thank you, Derek [ph]. Good afternoon, and welcome to Yahoo!'s Fourth Quarter 2010 Earnings Conference Call. On the call with me today are Carol Bartz, Chief Executive Officer; and Tim Morse, Chief Financial Officer.

Before we begin, I'd like to remind you that today's call will contain forward-looking statements concerning matters such as our expected financial and operational performance and long-term financial objective, as well as our expectations for the economy, in general, and online advertising, in particular. The financial and operational impact of our Search Alliance with Microsoft and our strategic, operational and product plans. 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 November 8, 2010, as well as in the earnings release included as Exhibit 99.1 to the Form 8-K we furnished today to the SEC. All information discussed on this call is as of today, January 25, 2011, 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 some non-GAAP financial measures as we talk about the company's performance. These may include total expenses less traffic acquisition costs, or TAC; revenue excluding TAC or revenue ex-TAC; and operating margin ex-TAC. Reconciliations of those non-GAAP measures to the GAAP measures we consider most comparable can be found on our corporate website,, under Investor Relations. We have prepared remarks that will last about 30 minutes, and then we'll have a brief Q&A session with Carol and Tim. With that, I'd like to turn the call over to Carol.

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