|Company Name:||Yahoo! Inc.|
|Event Title:||Citi 2013 Global Technology Conference Transcript|
|Event Time:||02:20 PM ET|
We will go ahead and get started. I am Mark Mahaney Internet analyst at Citi and it's my pleasure to welcome Ken Goldman, CFO at Yahoo! appreciate you have taken time out of your busy schedule. Thanks Ken.
I think Ken has a few prepared remarks at the beginning and then we'll open it up. One of the things we're going to try to do in this session is make it a lot more interactive than a lot of the other sessions that you have probably been to this morning and this early afternoon. So please prepare, keep your questions ready for Ken and we'll open it up and make it an interactive session.
Chief Financial Officer, Yahoo! Inc.
Yeah. Thanks Mark. This is always tough to get yourself from a three day holiday, I personally went -- and then planning my way back here this morning. I'm going back to the West Coast this evening and actually I grew up in the Greater Boston area there, so it's a quasi home for me.
Before I make a couple of comments let me just remind you that my answers today in Q&A may contain forward-looking statements. Any forward-looking statements regarding our business are subject to risks and uncertainties that are described in our SEC filings and most recently in our Q2 report for the second quarter.
I think it's always good to sort of put things in perspective for the company. We have now, or many of us now have been in the company a little less than a year and Marissa has actually just did her year, but many of us came in towards the very late Q3 and Q4 last year. I would say as much as you want to get involved in the business to learn the business it just takes time, I was talking to some friends over the week, and we were sort of talking to each other that the first year there is a lot of understanding of the dynamics of the business.
When I think about our business when we got there, we went through a planning process, we went through the planning process of '13. The reality is there is a lot of moving parts. The process has already started, we will certainly be doing a lot of listening and challenging but I'm not sure we were steering the ship enormously as much as we could that we would liked. As we've gone through the year, the thing that I've noticed and this is somewhat from the financial viewpoint is we didn't necessarily have the metrics that we really wanted to have and the cadence and rhythm to drive the business from a financial point of view.
We have spent nine months getting those in place and I am very, very happy in terms of where we are today and having the metrics internally that we need so we know where to push, where to highlight, where to focus. If you think about the things we have worked on, we've used the term sort of five principles and you start with the people then you do work with the product and you get engaged with working the revenue .
We have talked about that this past year, I'm going to add a bit and the bit is going to be focusing on earnings as well. So, I would say relative to the first three, the people, product engagement, we have made a lot of progress, we have more to do, a lot more focus now on revenue and I can tell you we certainly are very focused on that in the company. And as we think through and plan for '14 we'll be thinking about revenue but also about earnings. But if you look at the metrics we have made a lot of progress on the engagement side. You can see that. We don't want to push comp store but I think it's the indication that we're making progress on that.
Let me just take a second and talk about capital structure because I know, I'll get a question here so let me just so give you sort of again sort of a bigger picture of capital structure. We've through '12 and '13 I think we have now, we put something in order of couple of hundred million shares roughly.
We have brought our average diluted share count I was going through this morning was about 1.2 billion in '12. The repurchases we have made, we talked about as of our 10-Q, 50 million approximately through third quarter, we have now brought our share count not quite to 1 billion but again close to 1 billion. So over the last two years we brought our share count down about 20%. We are very focused internally on just that internal company the core of the company.
Well, I know I am smart enough to know that a lot of the stock is helpful tailwind relative to appreciation of Yahoo! Japan and Alibaba and that's been great we spent 99.9% of our time internally on core Yahoo! it is our foremost hope that will drive the performance of the company and frankly the stock price of the company as we think about the balance this year '14 and beyond.
So, with that let me take questions.