Exhibit 1 |
Before Yahoo! reports its first-quarter earnings on Tuesday, we have a number of questions for the company's management and board. If you have your own questions for Yahoo!'s leadership, we'd like to hear from you. Email us at info@valueyahoo.com.
QUESTIONS FOR YAHOO!'S MANAGEMENT AND BOARD |
1. How does Yahoo!’s proposed operating plan differ substantively from those of the last 3 CEO’s? |
2. What are management’s financial targets for 2012? |
3. Should investors expect to realize the cost savings from the announced headcount reductions in Yahoo!’s operating profits, or will the savings be “reinvested” in Yahoo!’s latest operating plan? |
4. Does the previously announced headcount reduction represent the full extent of cost reductions investors should expect? |
5. What is management’s plan to address the display ad business? |
6. Please provide examples of the data driven product initiatives Mr. Thompson announced were coming “sooner rather than later”. |
7. What is the status of the sales force turnaround begun in mid-2011? ● Will recent sales leadership changes re-set sales productivity expectations? |
8. What is the status of these key initiatives announced last year: ● APT 2.0/APT and RMX convergence ● Project Rewire ● User log-in traction |
9. What is the latest assessment of the Microsoft search agreement’s progress? ● How has the revenue per search (RPS) delivered by Microsoft fared versus pre-partnership levels and industry peers? |
10. What happened to the cost savings that the Microsoft search agreement was expected to provide? |
11. Investor Communications: ● What is Yahoo!’s view on and outlook for the Asian stakes, particularly Alibaba? ● What kind of window (timeframe) is Yahoo!’s latest management team and Board asking for from investors with respect to the most recent operational turnaround strategy? |
12. Facebook Lawsuit: ● Please provide the rationale and expectations behind the lawsuit ● Did the Board authorize it? ● Has the Board considered alternative paths to unlocking the value of Yahoo!’s patent portfolio? |
13. Asian Stakes ● After over a year of talks, what is the status of the monetization of Yahoo! Japan? What hurdles remain? |
14. What is the status of the Alibaba Group discussions? ● How is management approaching fair value of this asset? ● What is management’s view of the Alibaba Group value? |
15. To the extent a rationalization of one or more Asian stakes is realized, what is Yahoo!’s plan for the proceeds? ● Will Yahoo!’s leadership commit to a return of substantially all cash proceeds to investors? |
16. To the extent a rationalization of one or more Asian stakes is realized what is Yahoo!’s approach to assets contributed to Yahoo! as part of a tax efficient transaction? ● Does Yahoo!’s leadership believe it can integrate acquisitions or contributed assets? If so, why? ● Does Yahoo!’s leadership support transactions that would be dilutive to the multiple of Yahoo!’s core business? |
17. Please explain why Daniel S. Loeb, as a representative of Yahoo!’s largest outside investor, would not be a good steward of investor interests and a valuable addition to the Board. |
18. When will the 2012 shareholder meeting be held? |