Message-ID: <31621979.1075840989387.JavaMail.evans@thyme> Date: Wed, 16 Jan 2002 13:35:50 -0800 (PST) From: alerts@alerts.equityalert.com To: alewis@ect.enron.com Subject: Your News Alert for YHOO Mime-Version: 1.0 Content-Type: text/plain; charset=ANSI_X3.4-1968 Content-Transfer-Encoding: quoted-printable X-From: "Equity Alert Center" @ENRON X-To: Andrew Lewis X-cc: X-bcc: X-Folder: \ExMerge - Lewis, Andrew H.\Deleted Items X-Origin: LEWIS-A X-FileName: andy lewis 6-25-02.PST =09[IMAGE]=09 =09[IMAGE]=09[IMAGE]=09 [IMAGE] [IMAGE] [IMAGE] [IMAGE] Upgrades [IMAGE] DownGrades= [IMAGE] Coverage Initiated [IMAGE] Stock Splits [IMAGE] Buybacks [IMAG= E] Pos Pre-Announce [IMAGE] Neg Pre-Announce [IMAGE] [IMAGE] [IMAG= E] [IMAGE] [IMAGE] Unsubscribe [IMAGE] Update my Membership / Profile [= IMAGE] Forgot Username / Password [IMAGE] Add / Edit Alerts [IMAGE] View = My Alerts [IMAGE] [IMAGE] [IMAGE] [IMAGE] [IMAGE] [IMAGE] [IMAGE] [= IMAGE] [IMAGE] =09 As requested, your News Alert for YHOO follows from Eq= uityAlert.com. Yahoo! Reports Fourth Quarter, Year End 2001 Financial R= esults=1DYahoo! Exceeds Expectations with Fourth Quarter Revenue of $189 Mi= llion, and Pro Forma Net Income of $17 Million or $0.03 Per Share SUNNYVA= LE, Calif., Jan 16, 2002 (BUSINESS WIRE) -- Yahoo! Inc. (Nasdaq:YHOO) today= reported results for the fiscal fourth quarter and the fiscal year ended D= ec. 31, 2001. Net revenues for the fourth quarter ended Dec. 31, 2001 total= ed $188.9 million, compared to net revenues of $310.9 million for the fourt= h quarter ended Dec. 31, 2000. Pro forma net income for the fourth quarter = of 2001 was $16.7 million or $0.03 per share diluted(1). This compares to p= ro forma net income of $80.2 million or $0.13 per share diluted for the fou= rth quarter of 2000(1). On a GAAP (Generally Accepted Accounting Principles= ) basis, the net loss for the fourth quarter ended Dec. 31, 2001, which inc= ludes restructuring costs of $16.8 million, was $8.7 million or $0.02 loss = per share diluted. The GAAP net loss for the fourth quarter ended Dec. 31, = 2000, which includes a write-down and loss on certain equity investments of= $164.6 million, was $97.8 million or $0.17 loss per share diluted. Net r= evenues for fiscal 2001 were $717.4 million compared to net revenues of $1,= 110.2 million in fiscal 2000. Pro forma net income in fiscal 2001 was $41.4= million or $0.07 per share diluted compared to pro forma net income of $29= 1.0 million or $0.48 per share diluted in fiscal 2000(1). On a GAAP basis, = the net loss for fiscal year 2001, which includes $62.2 million of restruct= uring and acquisition-related costs, was $92.8 million or $0.16 loss per sh= are diluted. This compares to GAAP net income of $70.8 million or $0.12 per= share diluted for fiscal year 2000, which includes $22.8 million of acquis= ition-related costs. "While 2001 was a year of challenges and transition,= Yahoo! adapted and executed to end the year on a high note, with fourth qu= arter revenues and income exceeding the business outlook we previously prov= ided. As we reorganized the business and reduced costs throughout the year,= Yahoo! managed through the difficult environment. We continue to focus on = long-term growth as we execute our strategy of building a diversified globa= l business," said Terry Semel, chairman and chief executive officer, Yahoo!= . Leading Global Audience During the fourth quarter, Yahoo!'s strong con= sumer metrics underscored the company's leadership position among online co= nsumers. Yahoo!'s global network continues to be the worldwide leader in te= rms of unique users, reach, and total time spent (Nielsen//NetRatings, Nove= mber 2001). Yahoo!'s global audience grew to 219 million unique users, comp= ared to 180 million in the fourth quarter of 2000. In addition, a record 86= million active registered members logged onto Yahoo! during December 2001.= The company's traffic increased to a record 1.32 billion page views per da= y on average during December 2001, compared to 900 million in December 2000= . Global Business Strategy In November 2001, Yahoo! outlined the company= 's strategy and key priorities in order to achieve sustainable, profitable = growth over the long term. As part of the overall strategy, Yahoo! realigne= d the organization around six key businesses in order to become more focuse= d and efficient: listings, access, commerce, communications, media and info= rmation and enterprise solutions. "We remain steadfast in our strategy to= build a diversified global business by focusing our efforts and leveraging= our core strengths to provide deeper, more valuable solutions for our cons= umers and business partners. In the fourth quarter we executed on a number = of initiatives to support our new business strategy and our goal is to main= tain that momentum as we enter 2002," said Semel. "Yahoo!'s organizationa= l strategy for 2002 and beyond is to ensure that we are in the right busine= sses, with the structure and people to achieve maximum potential from the o= pportunities we see," said Jeff Mallett, president and chief operating offi= cer, Yahoo!. "We have made significant progress on our goals during a parti= cularly challenging economic period and we will continue to leverage the st= rength of our six business areas in order to position ourselves for growth.= " Business Outlook "We are very pleased with our strong fourth quarter p= erformance and we remain committed to operating in a financially discipline= d manner as we manage through the ongoing challenging economic environment,= " said Susan Decker, chief financial officer, Yahoo!. "To support our state= d financial objective of maximizing long term free cash flow, we are focuse= d in the near term on balancing short term profitability with the investmen= t required to drive sustainable growth and, in the longer term, increasing = revenue per user. We are extremely excited about the future, as we have cre= ated a strong foundation that will serve as a platform to permit us to driv= e profitable growth in the years ahead." Based on information as of Janua= ry 16, 2002, and excluding the effects of the pending acquisition of HotJob= s and of any other potential acquisitions, the company expects revenues for= the first quarter 2002 to be between $160 and $180 million, and between $7= 50 and $800 million for the full year 2002. On that same basis, in the fi= rst quarter 2002, Yahoo! expects pro forma earnings before interest, deprec= iation and amortization (EBITDA) to range from $5 to $15 million and pro fo= rma earnings per share (EPS) to be $0.01 or $0.02. For the full year 2002, = pro forma EBITDA is expected to be between $70 and $100 million and pro for= ma EPS to be in the range of $0.07 to $0.10. The Business Outlook for the= company as of today will 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 qua= rterly earnings announcement; however, Yahoo! reserves the right to update = the full Business Outlook or any portion thereof at any time for any reason= . Quarterly Conference Call Yahoo! will host a conference call today to = discuss fourth quarter and year end results at 5:00 p.m. Eastern Time. A li= ve Webcast of the conference call can be accessed at http://webevents.broad= cast.com/yahoo/011602. In addition, a replay of the call will be available = for 48 hours following the conference call and can be accessed through the = "Conference Calls" area of the company's Investor Relations Web site at www= .yahoo.com/info/investor, or by calling 800/633-8284, reservation No. 20087= 964. About Yahoo! Yahoo! Inc. is a leading global Internet communication= s, commerce and media company that offers a comprehensive branded network o= f services to more than 219 million individuals each month worldwide. As th= e first online navigational guide to the Web, www.yahoo.com is the leading = guide in terms of traffic, advertising, household and business user reach. = Yahoo! is the No. 1 Internet brand globally and reaches the largest audienc= e worldwide. Through Yahoo! Enterprise Solutions, the company also provides= online business and enterprise services designed to enhance the productivi= ty and Web presence of Yahoo!'s clients. The company's global Web network i= ncludes 24 World properties. Headquartered in Sunnyvale, Calif., Yahoo! has= offices in Europe, Asia, Latin America, Australia, Canada and the United S= tates. This press release and its attachments contain forward-looking sta= tements that involve risks and uncertainties concerning Yahoo!'s expected f= inancial performance (as described without limitation in the Business Outlo= ok section and quotations from management in this press release), as well a= s Yahoo!'s strategic and operational plans. Actual results may differ mater= ially from the results predicted and reported results should not be conside= red as an indication of future performance. The potential risks and uncerta= inties include, among others, the slower spending environment for advertisi= ng sales; the actual increases in demand by customers for Yahoo!'s premium = and corporate services; the ability to successfully change the customer mix= among Yahoo!'s advertising customers; general economic conditions (includi= ng the effects of the terrorist attacks on the United States on Sept. 11, 2= 001 and related events); the ability to adjust to changes in personnel, inc= luding management changes; and the dependence on third parties for technolo= gy, content and distribution. All information set forth in this release and= its attachments is as of Jan. 16, 2002, and Yahoo! undertakes no duty to u= pdate this information. More information about potential factors that could= affect the company's business and financial results is included in the com= pany's Annual Report on Form 10-K for the fiscal year ended Dec. 31, 2000 a= nd Quarterly Report on Form 10-Q for the quarterly period ended Sept. 30, 2= 001, including (without limitation) under the captions, "Risk Factors" and = "Management's Discussion and Analysis of Financial Condition and Results of= Operations," which are on file with the Securities and Exchange Commission= (the "SEC") and available at the SEC's website at www.sec.gov. Additional = information will also be set forth in those sections in Yahoo!'s Annual Rep= ort on Form 10-K for the fiscal year ended Dec. 31, 2001 which will be file= d with the SEC in the near future. (1) Pro forma net income and net incom= e per share calculations for all 2001 and 2000 periods exclude acquisition-= related and restructuring charges, amortization of intangibles and stock co= mpensation, employer payroll taxes on gains realized by employees from non-= qualified stock option exercises, investment gains and losses, and income r= elated to a contract termination fee. Yahoo! Inc. Unaudited Pro Forma C= ondensed Consolidated Statements of Operations (in thousands= , except per share amounts) Three Months Ended = Year Ended December 31, Dec= ember 31, ------------------ ---------------= --- 2001 2000 2001 2000 = -------- -------- -------- -------- Net revenu= es $ 188,911 $ 310,873 $ 717,422 $1,110,178 Costs and expe= nses: Cost of revenues 37,301 40,071 157,001 = 149,744 Sales and marketing 90,665 122,252 38= 2,826 407,854 Product development 30,339 29,179 = 121,012 102,382 General and administrative 19,506 = 17,974 78,141 65,511 ---------- --------= --- --------- ----------- Total costs and expenses 177,= 811 209,476 738,980 725,491 ---------- = ----------- --------- ----------- Pro forma income (loss) from operatio= ns 11,100 101,397 (21,558) 384,687 Investment inc= ome, net 22,452 27,901 101,905 89,939 = Minority interests in operations of consolidated subsidiaries = (1,465) 124 (693) (5,298) -----= ------ ----------- ---------- ----------- Pro forma income before income = taxes 32,087 129,422 79,654 469,328 Provision for income= taxes 15,402 49,180 38,234 178,345 = ---------- ----------- --------- ----------- Pro form= a net income $ 16,685 $ 80,242 $ 41,420 $ 290,983 = =3D=3D=3D=3D=3D=3D=3D=3D=3D=3D =3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D= =3D=3D=3D=3D=3D=3D=3D=3D=3D =3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D Pro forma = net income per share - diluted $ 0.03 $ 0.13 $ 0.07 $ = 0.48 =3D=3D=3D=3D=3D=3D=3D=3D=3D=3D =3D=3D=3D=3D= =3D=3D=3D=3D=3D=3D=3D =3D=3D=3D=3D=3D=3D=3D=3D=3D =3D=3D=3D=3D=3D=3D=3D= =3D=3D=3D=3D Shares used in per share pro forma calculation - diluted = 598,244 599,518 596,545 610,678 =3D=3D= =3D=3D=3D=3D=3D=3D=3D=3D =3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D =3D=3D=3D=3D= =3D=3D=3D=3D=3D =3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D ------------------------= ---------------------------------------------- Supplemental Financial Data = --------------------------- Pro forma EBITDA (1) $ 28,495 $ 111,077 = $ 43,622 $ 410,605 Pro forma after tax cash earnings (2) $ 34,17= 5 $ 90,897 $ 107,229 $ 322,546 Pro forma after tax cash earnings pe= r share - diluted $ 0.06 $ 0.15 $ 0.18 $ 0.53 ---= ------------------------------------------------------------------- The= above unaudited pro forma condensed consolidated statements of operations = are not a presentation in accordance with generally accepted accounting pri= nciples as they exclude the effects of the following (in thousands): Pro fo= rma net income $ 16,685 $ 80,242 $ 41,420 $ 290,983 Amortiza= tion of intangible assets (18,449) (7,661) (64,085) (28,3= 28) Payroll taxes on option exercises (197) (2,566) = (1,310) (14,856) Stock compensation expense (989= ) (3,708) (9,096) (20,898) Restructuring costs (16,771) = -- (57,471) -- Acquisition-related costs = -- -- (4,750) (22,785) Other income, net: = Investment gains (losses), net 879 (164,617) (26= ,623) (118,943) Contract termination fee -- = -- 9,000 -- Goodwill amortization of Ya= hoo! Japan equity investment (1,786) (1,786) = (7,144) (4,697) Supplemental provision for income taxes (3)= 11,969 2,277 27,271 (9,700) -= --------- ----------- --------- ----------- Reported net income (loss) = $ (8,659) $ (97,819) $ (92,788) $ 70,776 = =3D=3D=3D=3D=3D=3D=3D=3D=3D=3D =3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D= =3D=3D=3D=3D=3D=3D=3D=3D=3D=3D =3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D (1) Defi= ned as income (loss) from operations before depreciation and amortizati= on, stock compensation expense, and acquisition-related costs and restr= ucturing charges. (2) Defined as pro forma net income before depreciation b= ut after payroll taxes on option exercises. (3) Supplemental provision = for income taxes reflects a pro forma effective tax rate of 48% for 200= 1 and a pro forma effective tax rate of 38% for 2000. = Yahoo! Inc. Unaudited Condensed Consolidated Statements= of Operations (in thousands, except per share amounts) = Three Months Ended Year Ended = December 31, December 31, = ------------------ ------------------ = 2001 2000 2001 2000 -------- = -------- -------- -------- Net revenues $ 188,911 $ 310,= 873 $ 717,422 $1,110,178 Costs and expenses: Cost of revenues = 37,301 40,071 157,001 149,744 Sales and marketing 90,6= 65 122,252 382,826 407,854 Product development 30,339 = 29,179 121,012 102,382 General and administrative = 19,506 17,974 78,141 65,511 Payroll taxes on option ex= ercises 197 2,566 1,310 14,856 Stock compensat= ion expense 989 3,708 9,096 20,898 = Amortization of intangibles 18,449 7,661 64,085= 28,328 Restructuring costs 16,771 -- 57,471 = -- Acquisition-related costs -- = -- 4,750 22,785 --------- --------- -= -------- ----------- Total costs and expenses 214,= 217 223,411 875,692 812,358 --------- = --------- --------- ----------- Income (loss) from operations = (25,306) 87,462 (158,270) 297,820 Investment income (loss), = net 21,545 (138,502) 77,138 (33,701) Minor= ity interests in operations of consolidated subsidiaries = (1,465) 124 (693) (5,298) -------= --- --------- ---------- ----------- Income (loss) before income taxes = (5,226) (50,916) (81,825) 258,821 Provision for income = taxes 3,433 46,903 10,963 188,045 = --------- --------- ---------- ----------- Net incom= e (loss) $ (8,659) $ (97,819) $ (92,788) $ 70,776 = =3D=3D=3D=3D=3D=3D=3D=3D=3D=3D =3D=3D=3D=3D=3D=3D=3D=3D=3D=3D = =3D=3D=3D=3D=3D=3D=3D=3D=3D=3D =3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D Net income= (loss) per share - diluted $ (0.02) $ (0.17) $ (0.16) $ 0.= 12 =3D=3D=3D=3D=3D=3D=3D=3D=3D=3D =3D=3D=3D=3D=3D= =3D=3D=3D=3D=3D =3D=3D=3D=3D=3D=3D=3D=3D=3D=3D =3D=3D=3D=3D=3D=3D=3D=3D=3D= =3D=3D Shares used in per share calculation - diluted 57= 1,928 559,872 569,724 610,678 =3D=3D=3D= =3D=3D=3D=3D=3D=3D =3D=3D=3D=3D=3D=3D=3D=3D=3D =3D=3D=3D=3D=3D=3D=3D=3D= =3D =3D=3D=3D=3D=3D=3D=3D=3D=3D=3D=3D Yahoo!= Inc. Unaudited Consolidated Summary Balance Sheet Data = (in thousands) = December 31, December 31, 200= 1 2000 ---------------- -= -------------- ASSETS Cash, cash equivalents, and investments in mar= ketable debt securities (1) $1,730,655 $1,688,666= Accounts receivable, net 68,648 90,561 Pro= perty and equipment, net 131,648 109,781 Investment= s in marketable equity securities 34,852 = 87,545 Other assets, net 427,674 293,02= 3 ---------- ---------- = Total assets $2,393,477 $2,269,576 = =3D=3D=3D=3D=3D=3D=3D=3D=3D=3D =3D=3D=3D= =3D=3D=3D=3D=3D=3D=3D LIABILITIES AND STOCKHOLDERS' EQUITY Liabilities: = Accounts payable, accrued expenses and other liabilities = $ 287,051 $ 226,184 Deferred revenue = 109,402 117,165 = ---------- ---------- Total liabilities = 396,453 343,349 --------= -- ---------- Minority interests in consolidated subsidiaries = 30,007 29,313 Stockholders' equity = 1,967,017 1,896,914 -----= ----- ---------- $2,393,477 = $2,269,576 =3D=3D=3D=3D=3D=3D= =3D=3D=3D=3D =3D=3D=3D=3D=3D=3D=3D=3D=3D=3D (1) Cash, cash equivalents,= and investments in marketable debt securities include restricted amoun= ts of $259 million and $30 million at December 31, 2001 and 2000, respe= ctively. Yahoo! Inc. Unaudited Co= nsolidated Summary Cash Flows Data (in thousand= s) Three Months Ended Year Ended = December 31, December 31, = ------------------ ------------------ = 2001 2000 2001 2000 --= ------ -------- -------- -------- CASH FLOWS FROM OPERATING ACTIVITIE= S: Net income (loss) $ (8,659)$ (97,819)$ (92,788)$ 70,776 = Adjustmentto reconcile net income (loss) to net cash provided by = operating activities: Depreciation and amortization = 36,041 19,907 130,575 69,102 Tax benefits from st= ock options (4,055) 46,991 2,003 172,525 Noncash = restructuring costs 3,132 -- 14= ,790 -- Other noncash items 2,580 166,805 37,856 = 144,822 Change in working capital (16,056) = (56,946) 14,414 52,482 ---------- --------= -- ---------- ----------- Net cash provided by operating activities = 12,983 78,938 106,850 509,707 -------= --- ---------- ---------- ----------- CASH FLOWS FROM INVESTING ACTIVITIES:= Acquisition of property and equipment, net of proceeds from di= sposals (14,342) (28,628) (86,211) (94,413) Purchase= s of equity securities (1,800) (16,989) (11,275) (1= 06,675) Sales of equity securities 8,921 15,200 = 23,280 15,200 Acquisitions and dispositions, net of cash acq= uired -- -- (14,478) 2,726 = ---------- ---------- ---------- ----------- Net cash used in in= vesting activities (7,221) (30,417) (88,684) (183,162) = ---------- ---------- ---------- ----------- CASH FLOWS F= ROM FINANCING ACTIVITIES AND OTHER: Proceeds from issuance of Capital = Stock, net 21,006 29,379 83,875 352,279 Repurchase of Cap= ital Stock -- -- (59,988) -- = Other (8,771) 296 (64) 5,541 = ----------- --------- ---------- ---------- Net cash p= rovided by financing activities and other 12,235 = 29,675 23,823 357,820 ----------- -----= ---- ---------- ---------- Net change in cash, cash equivalents, and mark= etable debt securities 17,997 78,196 41,989 6= 84,365 Cash, cash equivalents, and investments in marketable debt ] secu= rities at beginning 1,712,658 1,610,470 1,688,666 1,004= ,301 ---------- ---------- ---------- -----------= Cash, cash equivalents, and investments in marketable debt securities a= t end of period $1,730,655 $1,688,666 $1,730,655 $1,688,= 666 =3D=3D=3D=3D=3D=3D=3D=3D=3D=3D =3D=3D=3D=3D= =3D=3D=3D=3D=3D=3D =3D=3D=3D=3D=3D=3D=3D=3D=3D=3D =3D=3D=3D=3D=3D=3D=3D=3D= =3D=3D=3D Yahoo! Inc. Fourth Q= uarter 2001 Operating Highlights January 16, 200= 2 Audience Growth, Usage and Loyalty -- Yahoo!'s audience across i= ts global network grew to 219 million unique users during December = 2001, up from 180 million in December 2000. A record 86 million act= ive registered members logged into their personalized Yahoo! servic= es during December 2001, up from 60 million in December 2000. -= - Yahoo!'s traffic increased to a record 1.32 billion page views p= er day on average during December 2001, compared to 900 million in = December 2000. Yahoo! Japan and Yahoo! Europe's traffic, which is i= ncluded in these page view totals, totaled more than 196 million an= d 72 million page views per day on average in December 2001, respec= tively. -- Yahoo! was ranked the number one global Web destination for= the 18th consecutive month. Yahoo! has the largest global = reach, reaching 52.4 percent of the global Internet population. (Ni= elsen//Netratings Global Internet Index, November 2001, Home Panel = Only) -- More time is spent on Yahoo! than on any other portal. An = average U.S. Yahoo! consumer spends 2 hours and 15 minutes per = month. (Nielsen//Netratings, November 2001) -- According to Brand Ass= et Valuator(R)(Young and Rubicam, December 2001), the U.S. populati= on ranks Yahoo! first among all Internet companies in terms of bran= d equity. According to the study, Yahoo! is also perceived as being= one of the most revolutionary brands, being dynamic, innovative, u= p-to-date, a leader, fun and progressive. -- Yahoo! is the num= ber one Internet property in Argentina, Hong Kong, India, Ireland, = Japan, Singapore, and Taiwan, and the number two Internet property = in Australia, Canada, Korea, Mexico, New Zealand, the United Kingdo= m, and the United States. Yahoo! is in the top five in Brazil, Fran= ce, Germany, and Spain. (Nielsen//Netratings, November 2001) Ap= pointments -- The company announced the appointment of Gary L. Wilson = and Ronald W. Burkle to its Board of Drectors. Wilson, 61, is = chairman of the Board of Directors of Northwest Airlines, the wo= rld's fourth largest airline. Burkle, 48, is founder and managing p= artner of The Yucaipa Companies, widely known for its leadership in= acquisitions, mergers and management of large retail and distribut= ion companies. -- During the quarter, Yahoo! also announced the appoin= tment of John Costello as chief global marketing officer. Costello = will be responsible for leading Yahoo!'s worldwide strategic = branding as well as supporting the company's product marketing in= itiatives. Major Announcements In the fourth quarter of 2001, Yahoo= ! entered into a number of major agreements. Highlights include the followi= ng: -- In December, Yahoo! announced the company had entered into a = definitive agreement to acquire HotJobs.com, Ltd. The acquisi= tion will accelerate the growth of Yahoo!'s listings business by in= stantly positioning Yahoo! as the number two player in the online r= ecruiting segment, one of the fastest growing opportunities within = online classifieds. -- In November, Yahoo! announced the company had e= ntered into a landmark strategic alliance with SBC Communications t= o provide Internet access to millions of consumers in SBC's service= area. SBC and Yahoo! are joining access with compelling co= ntent to offer a first-of-its-kind service. Partnering with the lar= gest DSL provider in the country leapfrogs Yahoo! into a top three = position in the race to provide broadband Internet access. -- = Yahoo! also announced the launch of Yahoo! Sponsor Matches, an enha= nced placement program to give partner Web sites increased visibili= ty in Yahoo!'s search results. Yahoo! introduced the program throug= h an alliance with Overture Services Inc., formerly GoTo, the leadi= ng provider of Pay-For-Performance search to Web sites across the I= nternet. -- Yahoo! Europe also formed an alliance with Espotting Media= to launch Yahoo! Sponsored Matches in five European countries -- = United Kingdom, Germany, France, Italy and Spain -- powering = 2.5 billion search requests over the next year. -- In Brazil, Yahoo! = announced the company would acquire Cade?, that country's leading s= earch engine. The deal further supports Yahoo!'s commitment to grow= its international properties and maintain a leadership position in= key markets around the world. Essential Marketing Solutions = -- Yahoo! served 3,795 advertisers and merchants during the four= th quarter. Yahoo! clients include 31 of the Fortune 50 and 52 of t= he Fortune 100 advertisers. -- New accounts and major brands served in= the fourth quarter include American Eagle Outfitters, Hearst Busin= ess Media, Hilton Hotels, Penguin Putnam, Seagrams, Target Stores a= nd Toshiba. Internationally, Yahoo! signed marketing agreements = with major brand name companies around the world including: Al= italia, L'Oreal, Virgin Music, and Vodafone in Europe; MasterCard a= nd Proctor & Gamble in Australia & New Zealand; JVC, Lufthansa, and= Singapore Airlines in Asia; and IBM in Latin America. -- Yaho= o! announced it has teamed with Arnold MPG to develop marketing sol= utions for leading global advertisers. This agreement represents th= e first upfront commitment made by an agency for strictly online ma= rketing programs with an online media company. -- As outlined = in the December 17, 2001 issue of Advertising Age, Yahoo! was the l= eader among all competitors in the Advertising Age Survey of Agency= Satisfaction. Yahoo! placed first in all categories evaluated incl= uding overall score, responsiveness, willingness to negotiate, flex= ibility, ability to customize programs, understanding of the ad bus= iness and improvement. Enterprise Solutions -- Yahoo! Portal Solut= ions, formerly known as Corporate Yahoo!, now has 40 customers. Yah= oo! recently entered into a multi-year agreement with CIGNA Corpora= tion that will give 16 million CIGNA health care members and retire= ment plan participants the opportunity to have personalized benefit= s Web sites based on the My Yahoo! interface starting in the first = half of 2002. Yahoo! Portal Solutions also continued to post = international wins through agreements with BBVA in Spain and Ceme= x in Mexico. -- The company announced the formation of a strategy serv= ices practice for the Yahoo! Enterprise Solutions division and the = appointment of Joseph Cha to the new position of vice presi= dent for strategservices. The strategy services department is a key= new element in Yahoo!'s efforts to expand business service offerin= gs to clients. -- Yahoo! Broadcast Solutions averaged nearly 13 millio= n hours per month of streamed audio and video in the fourth quarter= and delivered 707 corporate events for 532 customers. -- In O= ctober, Yahoo! launched Yahoo! Mail - Business Edition, a new premi= um service that allows small businesses to get a professional, bran= ded e-mail address that is easier to use and more affordable than a= lternative business e-mail hosting solutions. -- Yahoo! Store = numbers rose to record 17,000 merchants, and Yahoo! launched Ad Man= ager, a cost-effective, self-service advertising tool that enables = Yahoo! Store merchants to create, purchase and manage advertising c= ampaigns on the Yahoo! network within almost any budget. Consum= er Services -- The company launched Yahoo! Essentials, an easy-to-down= load application that customizes consumers' desktop environments by= installing Yahoo!'s most popular products and services, in= cluding Yahoo! Messenger, Mail, Briefcase, Photos, Games, My Yahoo!= , Search and Companion, on their Windows operating system. Comm= erce -- Yahoo! enabled approximately $1.5 billion in commerce = transactions in the fourth quarter of 2001. -- During the fourth quart= er, Yahoo! launched the new Yahoo! Shopping network, which integrat= es the company's U.S. commerce offerings including: Auctions, Class= ifieds, Shopping and Warehouse, the new discount shopping platform.= These enhancements bolster Yahoo!'s commerce platform by providing= consumers with easier access to multiple shopping options, and = by offering Yahoo! sellers and merchants increased visibility = for their merchandise. -- Yahoo! also introduced a new performance-bas= ed pricing model for Yahoo! Auctions resulting in a 24 percent incr= ease in U.S. listings since November. Yahoo! Auctions began chargin= g sellers based on the final value of an item sold, while r= educing item listing fees, making it more cost effective to list on= Yahoo! Auctions and deepening Yahoo!'s relationship with the selli= ng community. -- Expanding on its commitment to personal finance, Yaho= o! Finance introduced Money Manager, a free set of financial = tools and services that provides an integrated view of an individ= ual's financial life, organizing and summarizing everything consume= rs need to know about their money in one convenient online location= . It enables users to automatically track their finances and net wo= rth, analyze their spending habits and long-term goals, benchmark t= heir investments against the market, actively manage their money wi= th the ability to pay bills and move funds among financial accounts= , and can even save consumers money on wireless, long-distance = and banking services. -- Just this week, Yahoo! Finance also annou= nced an agreement with Intuit to offer consumers online tax prepara= tion and filing services through the Yahoo! Tax Center. Communi= cations -- Yahoo!'s communication platform, including Yahoo! Messenger= , Yahoo! Mail and Yahoo! Groups, delivered 19.1 billion messages = in December. Messages delivered in the fourth quarter were up = over 30 percent from the previous quarter. -- Yahoo! Messenger launch= ed IMVironments(TM), the first interactive, multimedia experience d= elivered within the Yahoo! Messenger window. Marketing partners for= this first-of-its-kind instant messaging viral marketing tool = include Dilbert, Garbage, Nintendo of America Inc., PEANUTS, an= d Sanrio. Yahoo! Messenger IMVironments -- "instant messaging envir= onments" -- are interactive, themed backgrounds for Yahoo! Messenge= r conversations that appear directly in the instant messaging windo= w and are shared virally among friends. Media and Information -- I= n November, Yahoo! launched FIFAworldcup.com, the official web site= of the 2002 FIFA World Cup in Japan and Korea. Budweiser, MasterCa= rd International and the Korean National Tourism Organization (KNTO= ) have joined as site sponsors. In September, Yahoo! and FIFA enter= ed into an exclusive, multi-year, global relationship, whereby both= parties jointly produce, market and commercially operate the offic= ial Web site of the FIFA World Cup(TM). -- During the fourth q= uarter, Yahoo! also announced the debut of its new music destinatio= n, LAUNCH, Your Yahoo! Music Experience. This new prperty is the re= sult of Yahoo!'s acquisition of LAUNCH Media, Inc., now a wholly-ow= ned subsidiary, and its subsequent integration with Yahoo! Music. = Bringing together the best elements of both sites, Yahoo! has = created the Web's premier music destination, offering the most co= mprehensive music-related content, features and information availab= le. -- Yahoo! Astrology expanded its offerings with new personalized = services including a for-pay hotline, email horoscopes, and = astrological charts, available to fans around the world. -- Yahoo! Bro= adcast unveiled new television, movie and music programming and ann= ounced a syndication deal with Carsey-Werner Distribution. Some of = the unique content announced includes full-length episodes from "To= wnies," starring Molly Ringwald, Jenna Elfman and Lauren Graham as = well as clips from "That 70's Show," "3rd Rock from the Sun," = and "Rosanne;" exclusive webcasts from Dr. Stephen Covey and Sti= ng; and a variety of content from Allfood.com. -- Yahoo! and Sony Pict= ures Digital Entertainment announced a comprehensive online motion = picture promotional agreement for the online promotion and marketin= g of Sony Pictures films. This implementation was a part of the pre= viously announced relationship between Sony Corporation of America = and Yahoo!. Select motion picture releases from Sony Pictures = Entertainment are being comprehensively integrated across the Ya= hoo! network. Note to Editors: Yahoo!, Corporate Yahoo!, My Yahoo! and the= Yahoo! logos are trademarks and/or registered trademarks of Yahoo! Inc. Al= l other names are trademarks and/or registered trademarks of their respecti= ve owners. CONTACT: Yahoo! Inc. = Diana Lee, 408/349-6501 (Media Relations) = dianalee@yahoo-inc.com = Cathy La Rocca, 408/349-5188 (Investor Relation= s) cathy@yahoo-inc.com = or = Fleishman-Hillard = Nicole Waddell, 415/356-1037 (Media Relations) = waddelln@fleishman.com URL= : http://www.businesswire.com Today's News On The Net - Busine= ss Wire's full file on the Internet with Hyperlinks to your home page. Cop= yright (C) 2002 Business Wire. All rights reserved. -0- KEYWORD: = CALIFORNIA INDUSTRY KEYWORD: INTERNET E-COMMERCE = EARNINGS CONFERENCE CALLS = SOURCE: Yahoo! 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