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United States Securities and Exchange Commission Washington, D.C UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q [X] QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 1997 OR [ ] TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from _____ to _____ Commission File Number 0-28018 YAHOO! INC. (Exact name of registrant as specified in its charter) CALIFORNIA 77-0398689 ---------------------------------- ------------------------------------- (State or other jurisdiction of (I.R.S. Employer Identification No.) incorporation or organization) 3400 CENTRAL EXPRESSWAY, SUITE 201 SANTA CLARA, CALIFORNIA 95051 ---------------------------------------- (Address of principal executive offices) Registrant's telephone number, including area code: (408) 731-3300 ------------------ Indicate by check mark whether the Registrant (1) has filed all reports required by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the Registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days: Yes[X] No[ ] Indicate the number of shares outstanding of each of the issuer's classes of common stock, as of the latest practicable date. CLASS OUTSTANDING AT JULY 31, 1997 ------------------------------ ---------------------------- Common Stock, $0.001 par value 28,597,274 YAHOO! INC. TABLE OF CONTENTS PART I. FINANCIAL INFORMATION PAGE NO. Item 1. Consolidated Financial Statements (unaudited) Condensed Consolidated Balance Sheets at June 30, 1997 and December 31, 1996 3 Condensed Consolidated Statements of Operations for the three months ended June 30, 1997 and 1996; and the six months ended June 30, 1997 and 1996 4 Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 1997 and 1996 5 Notes to Condensed Consolidated Financial Statements 6 Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations 9 PART II. OTHER INFORMATION Item 1. Legal Proceedings 18 Item 2. Changes in Securities 18 Item 3. Defaults Upon Senior Securities 18 Item 4. Submission of Matters to a Vote of Security Holders 18 Item 5. Other Information 18 Item 6. Exhibits and Reports on Form 8-K 18 Signatures 19 2 PART I - FINANCIAL INFORMATION ITEM 1. FINANCIAL STATEMENTS YAHOO! INC. CONDENSED CONSOLIDATED BALANCE SHEETS June 30, December 31, 1997 1996 ------------------ ------------------ ASSETS (unaudited) Current assets: Cash and cash equivalents $ 61,587,000 $ 31,865,000 Short-term investments in marketable securities 37,268,000 60,689,000 Accounts receivable, net 6,716,000 4,648,000 Prepaid expenses 3,912,000 353,000 ---------------- ---------------- Total current assets 109,483,000 97,555,000 Long-term investments in marketable securities - 9,748,000 Property and equipment, net 3,286,000 2,223,000 Investment in unconsolidated joint venture 879,000 729,000 Other assets 2,083,000 - ---------------- ---------------- $ 115,731,000 $ 110,255,000 ---------------- ---------------- ---------------- ---------------- LIABILITIES AND SHAREHOLDERS' EQUITY Current liabilities: Accounts payable $ 803,000 $ 992,000 Accrued expenses and other current liabilities 6,505,000 4,367,000 Deferred revenue 1,752,000 1,229,000 Due to related parties 1,049,000 1,082,000 ---------------- ---------------- Total current liabilities 10,109,000 7,670,000 ---------------- ---------------- Minority interests in consolidated subsidiaries 660,000 510,000 Shareholders' equity: Common Stock 18,000 17,000 Additional paid-in capital 128,246,000 105,026,000 Accumulated deficit (23,302,000) (2,968,000) ---------------- ---------------- Total shareholders' equity 104,962,000 102,075,000 ---------------- ---------------- $ 115,731,000 $ 110,255,000 ---------------- ---------------- ---------------- ---------------- The accompanying notes are an integral part of these condensed consolidated financial statements. 3 YAHOO! INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) Three Months Ended Six Months Ended ------------------------------ ------------------------------- June 30, June 30, June 30, June 30, 1997 1996 1997 1996 -------------- ------------- ------------- ------------- Net revenues $ 13,520,000 $ 3,274,000 $ 23,035,000 $ 5,007,000 Cost of revenues 2,049,000 520,000 3,276,000 687,000 -------------- ------------- ------------- ------------- Gross profit 11,471,000 2,754,000 19,759,000 4,320,000 -------------- ------------- ------------- ------------- Operating expenses: Sales and marketing 8,673,000 3,290,000 15,257,000 4,150,000 Product development 2,103,000 1,037,000 4,005,000 1,367,000 General and administrative 1,459,000 762,000 2,619,000 1,249,000 Other - nonrecurring costs 21,245,000 - 21,245,000 - -------------- ------------- ------------- ------------- Total operating expenses 33,480,000 5,089,000 43,126,000 6,766,000 -------------- ------------- ------------- ------------- Loss from operations (22,009,000) (2,335,000) (23,367,000) (2,446,000) Investment income, net 1,260,000 969,000 2,649,000 1,161,000 Minority interests in losses from operations of consolidated subsidiaries 182,000 - 384,000 - -------------- ------------- ------------- ------------- Loss before income taxes (20,567,000) (1,366,000) (20,334,000) (1,285,000) Benefit for income taxes (23,000) - - - -------------- ------------- ------------- ------------- Net loss $ (20,544,000) $ (1,366,000) $ (20,334,000) $ (1,285,000) -------------- ------------- ------------- ------------- -------------- ------------- ------------- ------------- Net loss per share ($0.74) ($0.05) ($0.74) ($0.06) -------------- ------------- ------------- ------------- -------------- ------------- ------------- ------------- Weighted average common shares 27,792,000 26,456,000 27,493,000 22,887,000 - ----------------------------------------------------------------------------------------------------------------------------------- Pro forma net loss per share reflecting 3-for-2 stock split (Note 4) ($0.49) ($0.03) ($0.49) ($0.04) -------------- ------------- ------------- ------------- -------------- ------------- ------------- ------------- Pro forma weighted average common shares reflecting 3-for-2 stock split (Note 4) 41,688,000 39,684,000 41,239,500 34,330,500 The accompanying notes are an integral part of these condensed consolidated financial statements. 4 YAHOO! INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (UNAUDITED) Six Months Ended ------------------------------- June 30, June 30, 1997 1996 ------------- -------------- CASH FLOWS FROM OPERATING ACTIVITIES: Net loss $ (20,334,000) $ (1,285,000) Adjustments to reconcile net loss to net cash used in operating activities: Depreciation and amortization 621,000 229,000 Minority interests in losses from operations of consolidated subsidiaries (384,000) - Non-cash charge 21,245,000 - Changes in assets and liabilities: Accounts receivable, net (2,068,000) (1,184,000) Prepaid expenses and other assets (5,792,000) (910,000) Accounts payable (189,000) 417,000 Accrued expenses and other current liabilities 1,877,000 1,377,000 Deferred revenue 523,000 227,000 Due to related parties (33,000) (2,000) ------------- -------------- Net cash used in operating activities (4,534,000) (1,131,000) ------------- -------------- CASH FLOWS FROM INVESTING ACTIVITIES: Acquisition of property and equipment (1,606,000) (643,000) (Purchases) sales and maturites of investments in marketable securities, net 33,169,000 (39,226,000) ------------- -------------- Net cash provided by (used in) investing activities 31,563,000 (39,869,000) ------------- -------------- CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from issuance of capital stock, net 2,093,000 98,785,000 Proceeds from minority investor 600,000 - Repayment of lease obligations - (128,000) ------------- -------------- Net cash provided by financing activities 2,693,000 98,657,000 ------------- -------------- Net change in cash and cash equivalents 29,722,000 57,657,000 Cash and cash equivalents at beginning of period 31,865,000 5,297,000 ------------- -------------- Cash and cash equivalents at end of period $ 61,587,000 $ 62,954,000 ------------- -------------- ------------- -------------- The accompanying notes are an integral part of these condensed consolidated financial statements. 5 YAHOO! INC. NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) NOTE 1 - THE COMPANY AND BASIS OF PRESENTATION Yahoo! Inc. (the "Company") is an Internet media company that offers a network of globally-branded properties, specialty programming, and aggregated content distributed primarily on the World Wide Web (the "Web") serving business professionals and consumers, and is among the most widely used guides for information and discovery on the Web. The Company was incorporated in California on March 5, 1995 and commenced operations on that date. The Company conducts its business within one industry segment. The accompanying unaudited condensed consolidated financial statements reflect all adjustments which, in the opinion of management, are necessary for a fair presentation of the results for the periods shown. The results of operations for such periods are not necessarily indicative of the results expected for the full fiscal year or for any future period. These financial statements should be read in conjunction with the financial statements and related notes included in the Company's
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