SpringOwl Activist Presentation Deck
Yahoo! and "Core Business" Overview
Financial Snapshot (12/09/15)
($ in millions, except per share data)
$33.99
$51.68
$27.20
Current Price
52-Week High
52-Week Low
LTM Revenue (ex-TAC)
LTM EBITDA, Adj
LTM Net Income
Market Cap
Net Cash
Total Debt
Enterprise Value
EV/Revenue
EV/EBITDA
EV/EBITDA Ex-Asia Stakes
F P/E
P/FCF
Total Debt/EBITDA
$4,268
$477.1
$392.7
Spring Owl!
Asset Management LLC
$33,370
$5,500
$1,217
$25,600
6.0x
53.7x
2.2x¹
57.8
Negative
2.6x
Note: As of 12/09/2015
Source: Public Data; ISS Proxy Advisory Services
1 Assumes Asian Stakes taxed at 38%
What is YAHOO! What is the "Core Business"?
Yahoo! Inc. is a technology company. Its "Core" is engaged in providing Internet
search, communication and digital content. The Company manages its business
geographically: the Americas; Europe, the Middle East and Africa (EMEA), and
Asia Pacific. The Company's products include Search, Communications, Digital
content, Flickr, and Tumblr. Yahoo Search is a search engine which serves as a
starting point to navigate the Internet and discover information, which is ranked
and organized -based on their relevance to the query. Yahoo Mail connects users
across mobile phones, tablets and PC. Yahoo.com offers news and information,
including Yahoo original content and partner content. Flickr is a Web and mobile
photo management and sharing service. Tumblr offers a Web platform and mobile
applications (particularly on the iOS and Android platforms) that allow users to
create, share and curate content. Yahoo is also a digital publisher and advertising
technology provider.
Confidential | For Discussion Purposes Only | 5View entire presentation