Ly Corporation · TSE:4689
Ly — Yahoo Japan — FY2013 Earnings Presentation
113 slides from Ly's earnings presentation, Apr 25, 2014
Slide 1: 2013 2014
2013 4 2014 4 25
Slide 2: P.3 P.25 P.85
P.3 P.25 P.85 26 3 2
Slide 3: 2013
2013 3
Slide 4: FY2013 results summary
2013 e 捗 2012 2013 3,429 3,862 12.6% e 1,863 1,974 5.9% e 1,886 1,976 4.8% 1,150 1,251 8.8% 4
Slide 5: Revenue trend
17 4,000 3,862 3,000 2,000 1,000 0 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2008 2008 5
Slide 6: e FX
4,000 3,862 +432 3,429 +12.6% 3,000 2,725 2,354 +15.8% 2,000 +0.8% 1,000 e 1,010 1,018 +56.4% 0 144 225 FX FY2012 FY2013 6 遡
Slide 7: Advertising revenue
2,157 +252 1,905 2,000 509 +13.3% 532 1,500 298 +22.0% 130 -4.3% 1,000 YDN +129.7% 1,349 Yahoo! 1,242 500 +8.6% 0 FY2012 FY2013 7
Slide 8: FY2012 FY2013
400 300 +201 200 452 +80.7% 250 100 13.1% 21.0% 0 FY2012 FY2013 遡 8
Slide 9: e FY2012 FY2013
1.7 7.6% 17,246 16,023 15,000 3,227 +1,222 3,067 +5.2% e 7,321 +7.7% 10,000 6,796 +8.7% 5,000 6,160 6,697 FX 0 9 FY2012 FY2013
Slide 10: Operating income trend
17 2,000 50% 40% 1,500 30% 1,000 20% 500 10% 0 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 0% 2008 10
Slide 11: 2013 2013 2013 3,871 3,862 1,960 1,974 1,968 1,976 ,259 1,251 11
2013 2013 2013 14 1 29 3,871 3,862 1,960 1,974 1,968 1,976 1,259 1,251 11
Slide 12: FY2011 FY2012 FY2013
1 4.5 4.43 4.01 1 4.0 10.5% 3.47 3.5 3.0 20% 2.5 2.0 FY2011 FY2012 FY2013 12 13 10 1 1:100 遡
Slide 13: 13
13
Slide 14: Q1 2014 results summary
2013 4 1,000 2012 2013 4 4 979 1,013 3.5% e 509 502 -1.3% e 518 499 -3.6% 318 319 0.4% 14
Slide 15: 1,013 1,000 '04/ '05/ '06/ '07/ '08/ '09/ '10/ '11/ '12/ '13/ '14/ 1-3
1,013 1,000 800 600 400 200 0 '04/ '05/ '06/ '07/ '08/ '09/ '10/ '11/ '12/ '13/ '14/ 1-3 1-3 1-3 1-3 1-3 1-3 1-3 1-3 1-3 1-3 1-3 2008 2009 1-3 15
Slide 16: YOY
YOY e 25% 20% 15% 10% 5% 3.5% 0% '11/1-3 '12/1-3 '13/1-3 '14/1-3 16
Slide 17: 1,013 +33 1,000 +3.5% +9.0% -7.6% e 200 259 239 +1.8% 0 59 60
979 1,013 +33 1,000 +3.5% 800 682 744 +9.0% 600 400 -7.6% e 200 259 239 +1.8% 0 59 60 '13/1-3 '14/1-3 17 遡 .
Slide 18: YDN Yahoo!
600 546 591 +45 500 146 +8.3% 158 +18.2% 400 92 44 -7.2% 300 YDN +109.0% 200 Yahoo! 343 352 100 +2.4% 0 '13/1-3 '14/1-3 18
Slide 19: +63 +72.6% 16.0% 25.4% '13/1-3 '14/1-3 遡 19
150 100 +63 150 +72.6% 50 87 16.0% 25.4% 0 '13/1-3 '14/1-3 遡 19
Slide 20: YOY
YOY 30% 25% 20% 18.2% 15% 10% 5% 2.4% 0% -5% '11/1-3 '12/1-3 '13/1-3 '14/1-3 20
Slide 21: e FX
+578 5,000 4,579 +14.5% 4,000 888 4,000 +20.5% 737 e 3,000 +11.5% 1,935 1,735 2,000 +14.9% 1,000 1,526 1,754 FX 0 23.3% 31.4% '13/1-3 '14/1-3 遡 21
Slide 22: e 50% 40% 30% 20% 10% 0% '04/1-3 '06/1-3 '08/1-3 '10/1-3 '12/1-3 '14/1-3 2009
e 500 50% 400 40% 300 30% 200 20% 100 10% 0 0% '04/1-3 '06/1-3 '08/1-3 '10/1-3 '12/1-3 '14/1-3 2009 1-3 22
Slide 23: YOY e
YOY e 20% 15% 10% 5% 0% -1.3% -5% '11/1-3 '12/1-3 '13/1-3 '14/1-3 23
Slide 24: 2014 IFRS outlook
2014 IFRS 14 6 9 2013 2014 1,980 3,359 69.6% e 1,240 6 e 983 934 -5.0% 2013 IFRS 24
Slide 25: 25
25
Slide 26: Daily unique browsers
20 DUB * '11/1-3 '12/1-3 '13/1-3 '14/1-3 *DUB=Daily Unique Browser 26
Slide 27: Smartphone app downloads
iOS+Android 1 6 DL 2 1.6 1.35 1.15 9,500 8,000 ′13/1-3 4-6 7-9 10-12 ′14/1-3 DL 27
Slide 28: 28
28
Slide 29: Yahoo! iPad
= App Store A?\ SRIMERROS NK RESTORES ScemOnOLe eee PARESL MANORS ATT OG GMT? {FO~, 72y2ERe = ER MM AGGRATR, AA REE RANOS 4 x Mien ram [| = | OVP, KRAGRMOGM=9757+ MARIN CRE 1 naan {=3-3-9N8) 97577 RB CHROME ROL TARR re eens? AMOMAIMELTOSORRY, MALSRMMBA SER ( BAMMI4ES) . MAORMAREMUR. GET e MOR - = =
Slide 30: PIFVREHT SIFT.
30 PIFVREHT SIFT. SERS CANS ! aotarwe 1230 £27 ah cm 2-1 Hime many sora 1380 Pons iw] mm 0 - 2 crm of wan? row 20 ane #8 0-2cxR | je = & orev +00 Nac aR 1-2 HR - S17 eS novarve rico ox 7 rem 1-1 ¥e=L= & aca va rate mk O- 1 mzem ry @ o-1 @3 aotarve ss00 4x29 a¢k 28 eras FOR. JIU-7, BAY yn—-4KU-7 O2B8
Slide 31: SmartSearch
31 SmartSearch oO SmartSearch YAHOO! JAPAN
Slide 32: 32
32
Slide 33: 33
33
Slide 34: ′11/4 ′11/10 ′12/4 ′12/10 ′13/4 ′13/10
′11/4 ′11/10 ′12/4 ′12/10 ′13/4 ′13/10 34
Slide 35: 35
35
Slide 36: Yahoo! JAPAN
PC YAHOO! 36 JAPAN
Slide 37: YDN
YDN 2 2.1 '13/1-3 '14/1-3 YDN 37
Slide 38: Yahoo! DSP
38 Yahoo! 30 DSP FX » (GERD YAHOO! JAPAN
Slide 39: Twitter partnership
Twitter YDN Twitter Yahoo! JAPAN @Yahoo JAPAN _PR 153 WW? xye—vaezcicemansks, a— Glee PIC PV AVV RED AO-—ULTTHHBAKR SLSBARSRRLET. +2) Yahoo! JAPANIC &S7OE—Y 3 >
Slide 40: 40
40
Slide 41: Yahoo!
Yahoo! 41
Slide 42: Yahoo!
a ~~ CIC YAHOO! yayvktyg JAPAN YAHOO! JAPA N
Slide 43: Yahoo! ID count
6 ID 80,000 Yahoo! 78,307 60,000 40,000 2 20,000 0 ′03/3 ′04/3 ′05/3 ′06/3 ′07/3 ′08/3 ′09/3 ′10/3 ′11/3 ′12/3 ′13/3 ′14/3 43
Slide 44: Yahoo!
YAHOO! yaveyg 44 JAPAN Yahoo! Yahoo! yavkEyZiz neva: 3) EEE) YAHOO! vaxey7 YAHOO! JAPAN
Slide 45: API
YAHOO! vayvkyg JAPAN API 50 45 API WHomAPIZDD OC EVRARIECDES Yahoo! YayvE>ZAPhH#ET AO wy \-Be! YAHOO! JAPAN
Slide 46: ′13/3 ′14/3
4 100 80 60 40 20 0 ′13/3 ′14/3 46
Slide 47: Yahoo!
YAHOO! vaykyg JAPAN 47
Slide 48: YAHOO! vaveys
YAHOO! vaveys JAPAN 3 Ly IPT ipiticioni peasy FIKPITA 48 YAHOO! JAPAN
Slide 49: ′04/1-3 ′05/1-3 ′06/1-3 ′07/1-3 ′08/1-3 ′09/1-3 ′10/1-3 ′11/1-3 ′12/1-3 ′13/1-3 ′14/1-3 49
888 800 700 600 500 400 300 200 100 0 ′04/1-3 ′05/1-3 ′06/1-3 ′07/1-3 ′08/1-3 ′09/1-3 ′10/1-3 ′11/1-3 ′12/1-3 ′13/1-3 ′14/1-3 49
Slide 50: 40% 35.8% 35% 30% 25% 20% 15% 10% 5% 0% -5% -10% ′08/3 ′08/9
40% 35.8% 35% 30% 25% 20% 15% 10% 5% 0% -5% -10% ′08/3 ′08/9 ′09/3 ′09/9 ′10/3 ′10/9 ′11/3 ′11/9 ′12/3 ′12/9 ′13/3 ′13/9 ′14/3 50
Slide 51: YAHOO! vayveyg
YAHOO! vayveyg JAPAN
Slide 52: !
! 52
Slide 53: !
! 53
Slide 54: vos!
vos! YAHOO! JAPAN
Slide 55: Yahoo!
Yahoo! 12% ! 11.5% 10% 8% 6% 4% 2% 0% -2% -4% -6% -8% ′07/1-3 ′08/1-3 ′09/1-3 ′10/1-3 ′11/1-3 ′12/1-3 ′13/1-3 ′14/1-3 55
Slide 56: !
! 56
Slide 57: ID 18,000 ! 17,955 17,000 16,000 15,000 14,000 ′11/3 ′12/3 ′13/3 ′14/3 57
ID 18,000 ! 17,955 17,000 16,000 15,000 14,000 ′11/3 ′12/3 ′13/3 ′14/3 57
Slide 58: vos!
vos! 3 2 \ SéteTNNSS JZ ffl A D* Hoo UC Siaals BRED 5, @ 4 @ éhuCS! YAHOO! JAPAN
Slide 59: SBttotK-bANTc5!
7) 39 SBttotK-bANTc5! AHOO! JAPAN
Slide 60: 3,100,000 15.02% 43.22%
3,100,000 15.02% 5 15 77 43.22% 60
Slide 61: BOOKOFF
! BOOKOFF BOOKOFF 1,000 ! ! 揃 5 1,000 61
Slide 62: BOOKOFF
BOOKOFF ! 14 BOOKOFF ! 100 揃 62
Slide 63: BOOKOFF B2B
63 BOOKOFF ! B2B JAPAN
Slide 64: 64
64
Slide 65: e-COMMERCE REVOLUTION
65 jAV—-2 e-COMMERCE REVOLUTION
Slide 66: ID ID 1,000 '11/3 '12/3 '13/3 '14/3 66
3 987 ID ID 1,000 987 950 900 850 800 750 700 '11/3 '12/3 '13/3 '14/3 66
Slide 67: Yahoo! LOHACO
67 Yahoo! LOHACO 900 1000% SELVA AY NOBEL PSLHeIDESIC Zipom—k
Slide 68: 68
68
Slide 69: Yahoo!
4 Ln (UR ERAT 30 YAHOO! JAPAN
Slide 70: Yahoo! FastPay
70 ahoo! FastPay <> BIO I— CRAM RE $LU7)/LOI—FeRnsimt OEM CHES SCMMICRAMELSRATAET curl https://fostpay.yahooapis.jp/vi/charges \ <u dummy_secret_occxxxx;: \ -d “anount=420" \ -d “card-dummy_tokenid_xco0xx" \ -d “description-fostpay@exanple.com”
Slide 71: 71
71
Slide 72: Yahoo! JAPAN
2012 4 Yahoo! JAPAN 2 1,650 2012 3 201X 3 201X 3 2 72
Slide 73: e FY2011 FY2012 FY2011 FY2012
2013 4 2011 12.9% 15.0% 0.5% e 2,000 10,000 8,000 1,500 6,000 1,000 4,000 500 2,000 0 0 FY2011 FY2012 FY2011 FY2012 FY2011 FY2012 73
Slide 74: YAHQO!
2013 10 e iy a> - > , YAHQO!
Slide 75: BRIGHT Pad Y
2013 11 > °° BRIGHT 77 Pad Y O)videology’ YAHOO!
Slide 76: 2014
2014 3 e 76
Slide 77: YAHOO!
6 2 99.68% 33.29% 6 1 YAHOO! JAPAN
Slide 78: SoftBank
78 14 6 1 14 6 2 SoftBank C Making it happen! = Access + WILLCOM Broadband services
Slide 79: Y!mobile EBITDA outlook
Yahoo! JAPAN Y!mobile EBITDA 750 800 FY2014 FY2015 FY2016 FY2017 FY2018 FY2019 2014 EBITDA 12 14 6 15 3 10 79 Yahoo! JAPAN
Slide 80: Y!mobile Yahoo!
Y!mobile Yahoo! ID 1,000 SBM 12 10 950 950 ID 900 850 800 750 Yahoo! 750 ID 700 '10/12 '11/12 '12/12 '13/12 80
Slide 81: Yahoo! JAPAN
Yahoo! JAPAN e 81
Slide 82: Y!mobile
Y!mobile 1,000 2,000 6,000 Yahoo! Yahoo! Yahoo! JAPAN 82
Slide 83: Y!mobile
Y!mobile e 83
Slide 84: Yahoo! JAPAN
Yahoo! JAPAN 201X 3 3,300 201X No.1 Y!mobile 2 2,000 84
Slide 85: P.86 P.91 P.108 P.110
P.86 P.91 P.108 P.110 85
Slide 86: Consolidated results
2013 2012 2013 3,429 3,862 12.6% 363 490 34.8% 3,065 3,372 10.0% 1,202 1,398 16.3% 1,863 1,974 5.9% 1,886 1,976 4.8% 1,150 1,251 8.8% EPS * 19.84 21.82 10.0% * ** 5,797 5,734 -1.1% * 2013 10 1 1 100 遡 ** 86
Slide 87: 2013 2,128 2,725 1,469 1,470 53.9% 53.9% 38 214 1,018 740 19 329 668
2013 2,128 438 2,725 124 525 730 1,469 1,470 53.9% 53.9% 34 38 214 1,018 740 19 329 668 667 65.7% 65.6% 25 0 58 225 136 32 112 81 75 35.9% 33.4% 29 -9 -7 -106 - -86 225 -245 -236 - - -89 3,862 490 1,398 1,974 1,976 51.1% 51.2% 87
Slide 88: e FX
2013 2012 2013 6,291 511 8.8% 392 452 32.4% 15.3% 143 167 12.0% 16.5% e 108 146 10.5% 35.4% 102 114 8.2% 12.6% FX 99 112 8.0% 12.9% 69 89 6.4% 28.7% 72 73 5.3% 1.5% 63 59 4.3% -5.5% 51 49 3.5% -3.4% 25 28 2.1% 14.5% 16 27 2.0% 64.8% 12 24 1.8% 96.9% 17 17 1.3% -1.0% 7 15 1.1% 115.5% 20 17 1.1% -13.1
Slide 89: 2013 2013 2014 5,761 6,652 4,140 4,826 2 684 751 67 1,672 1,774 102
2013 2013 3 2014 3 5,761 6,652 891 4,140 4,826 685 559 611 52 684 751 67 1,672 1,774 102 451 536 85 288 280 -7 809 824 15 7,433 8,427 994 1,890 2,131 240 216 250 34 422 457 35 724 815 91 29 30 1 1,920 2,161 241 5,388 6,115 726 80 82 2 31 33 2 5,280 6,004 723 45 64 18 72 78 6 5,512 6,265 752 7,433 8,
Slide 90: Cash flow
2013 2013 4 -2014 3 1,328 2,046 142 -117 -31 81 -765 -73 42 -197 -29 115 -20 -531 90 727
Slide 91: EPS
2013 4 2012 2013 4 4 979 1,013 3.5% 119 128 6.9% 859 885 3.0% 350 382 9.2% 509 502 -1.3% 518 499 -3.6% 318 319 0.4% EPS * 5.51 5.61 1.9% * ** 5,786 5,698 -1.5% * 2013 10 1 1 100 遡 ** 91
Slide 92: 2013 55.1% 55.2% 184 4 88 146 145 61.2% 60.8% 7 0 14 60
2013 4 585 116 744 32 138 195 410 410 55.1% 55.2% 9 8 39 239 184 4 88 146 145 61.2% 60.8% 7 0 14 60 37 7 31 21 18 36.5% 30.6% 8 -2 -2 -30 - -22 67 -76 -75 - - -25 1,013 128 382 502 499 49.6% 49.3% 92
Slide 93: YDN Yahoo! Yahoo!
2013 4 YDN Yahoo! Yahoo! ! Yahoo! Yahoo! BB Yahoo! ! Yahoo! BB ISP Yahoo! FX Yahoo! 93
Slide 94: 12/4Q 13/3Q 13/4Q
2013 4 12/4Q 13/3Q 13/4Q 6,291 511 8.8% 115 109 122 32.1% 11.9% 5.8% 36 43 45 12.0% 5.0% 26.6% 30 40 40 10.6% 0.7% 32.2% e 30 28 33 8.6% 14.9% 8.6% 28 28 29 7.7% 4.9% 2.9% 18 23 27 7.1% 13.6% 46.7% 18 18 18 4.8% -1.3% 0.3% 14 12 14 3.7% 11.1% -1.0% 16 14 13 3.6% -5.5% -16.5% 9 8 11 2.9% 37.4% 12.2%
Slide 95: 2013 2013 2014 6,110 6,652 4,299 4,826 1 45 776 751 -24 1,777 1,774
2013 4 2013 12 2014 3 6,110 6,652 541 4,299 4,826 526 565 611 45 776 751 -24 1,777 1,774 -2 495 536 41 290 280 -10 858 824 -33 7,888 8,427 538 1,843 2,131 287 222 250 28 220 457 236 845 815 -29 29 30 1 1,873 2,161 288 5,880 6,115 234 82 82 0 33 33 0 5,983 6,004 21 -217 -5 212 51 64 12 76 78 2 6,015
Slide 96: 2013 2013 -66 -15 -13 -66 -6 -83 -85 1,026 96
2013 4 2013 4 565 538 39 -66 -15 86 -13 545 500 -66 -6 112 -83 -85 1,026 96
Slide 97: YDN
2013 4 2.4% Yahoo! YDN YDN 18.2% 2012 2013 4 4 682 744 9.0% 97 370 410 10.8%
Slide 98: Yahoo! Yahoo! Yahoo!
2013 4 Yahoo! Yahoo! 2 1 Yahoo! 2014 3 ID 987 ID 2012 2013 4 4 259 239 -7.6% 192 146 -23.5% 98
Slide 99: A B IFRS
A 342,777 B 549 33.29% 3,240 2015 3 IFRS 99
Slide 100: SoftBank <——= C tecess
SoftBank <——= C tecess 1,300 Broadband services —“— 1) 1,700 3,240 YAaHoo! 1,700 YAHOO! 100 JAPAN
Slide 101: 2012 2,207 1,693 3,517 1,490 1,278 866 101
2012 2,207 1,693 150 63 101 67 24 77 767 561 3,517 1,490 1,278 866 101
Slide 102: Mobile spectrum allocation
700MHz 800MHz 900MHz 1.5GHz 1.7GHz 1.9GHz 2.1GHz 2.5GHz 10MHz ×2 15MHz ×2 15MHz ×2 20MHz ×2 20MHz ×2 80MHz ×2 NTT LTE 10MHz ×2 - LTE 15MHz ×2 LTE 20MHz ×2 - LTE 15MHz ×2 - LTE 55MHz ×2 *1 10MHz ×2 15MHz ×2 10MHz ×2 20MHz ×2 55MHz ×2 KDDI LTE 10MHz ×2 - LTE 10MHz ×2 - - LTE 20MHz ×2 - LTE 40MHz ×2 *1
Slide 103: Yahoo! JAPAN
YAHOO! 103 JAPAN
Slide 104: Yahoo! YDN YDN
YDN Yahoo! YDN DSP 104 YAHOO! JAPAN
Slide 105: DIY DIY 12/4Q
DIY 12/4Q 13/1Q 2Q 3Q 4Q 9.8% 11.1% 12.3% 9.5% 9.2% 10.0% 10.1% 9.1% 8.7% 8.5% 7.8% 7.4% 7.4% 9.5% 7.8% 8.2% 6.6% 6.7% 6.3% 7.3% 5.5% 6.3% 6.1% 5.8% 5.2% 5.3% 6.4% 6.0% 5.6% 5.1% 5.4% 5.0% 4.7% 4.4% 5.0% 5.0% 5.1% 5.1% 5.1% 4.5% 4.2% 4.6% 4.5% 5.2% 4.3% DIY 3.4% 3.9% 3.6% 3.8% 3.7% 3.4% 2.8% 2.8% 2.
Slide 106: AV AV 12/4Q
AV 12/4Q 13/1Q 2Q 3Q 4Q 10.5% 10.1% 11.3% 10.8% 12.9% 11.7% 12.1% 11.9% 9.6% 11.5% 10.8% 11.2% 10.9% 10.7% 10.7% 11.5% 9.0% 10.8% 10.3% 10.0% 7.1% 10.3% 8.1% 7.7% 7.4% 7.1% 10.7% 9.0% 7.5% 6.2% 11.6% 3.7% 5.0% 4.6% 6.1% 3.5% 6.6% 4.0% 4.0% 5.6% 2.3% 3.0% 2.3% 5.1% 3.8% 2.3% 1.7% 3.0% 1.4% 3.0% AV 1.
Slide 107: YDN
YDN 12/4Q 13/1Q 2Q 3Q 4Q 29.0% 29.4% 23.0% 21.8% 20.4% 17.5% 21.1% 18.2% 17.5% 13.4% 7.5% 6.0% 8.4% 8.0% 11.0% 3.3% 3.9% 3.8% 4.7% 5.8% 4.1% 4.2% 6.1% 5.5% 5.7% 3.7% 3.4% 5.2% 4.6% 5.6% 4.3% 4.4% 4.5% 4.3% 4.0% 1.1% 1.0% 1.4% 1.7% 4.0% 4.5% 4.0% 4.4% 3.4% 3.7% 3.6% 2.3% 2.9% 2.7% 3.2% 1.6% 1.9% 2.4%
Slide 108: User and PV metrics
2013 1-3 2014 1-3 PV 50,712 56,502 PV 1 11,742 20,590 Daily UB 1 2 56.27 67.34 Daily U 1 2 20.10 32.16 ID ID 3 27.77 27.88 Yahoo! ID ID 9.19 9.87 1 Daily UB iPhone/iPod Android 7 WindowsPhone iPad Android 2 Yahoo! JAPAN 3 Yahoo! JAPAN ID 108
Slide 109: e Yahoo!
2013 1-3 2014 1-3 ! 1,735 1,935 737 888 ! + 2,473 2,824 ! + 577 888 e 1 4,000 4,579 ! ID 2 16,119 17,955 Yahoo! ID 2 20,537 78,307 1 ! Yahoo! Yahoo! FX 2 ! Yahoo! 109
Slide 110: Management structure
2014 4 1 CEO COO CMO CFO 451 TD 238 Technical Director SR 1,225 483 CTO CSO ! 312 782 269 CEO Chief Executive Officer COO Chief Operating Officer COO CFO Chief Financial Officer CMO Chief Mobile Officer CSO Chief Strategy Officer Yahoo! JAPAN CTO Chief Technology Officer * 110
Slide 111: Yahoo! JAPAN Yahoo! JAPAN
6,000 5,000 4,000 3,000 2,000 1,000 0 11/3 11/6 11/9 11/12 12/3 12/6 12/9 12/12 13/3 13/6 13/9 13/12 14/3 17 18 18 18 18 14 20 31 35 30 33 31 30 1,164 1,176 1,173 1,234 1,288 1,373 1,491 1,885 1,938 1,620 1,660 1,658 1,684 Yahoo! JAPAN 9 9 9 9 8 9 9 8 8 9 9 9 9 Yahoo! JAPAN 3,584 3,876 3,835 3,815 3
Slide 112: Group companies
2014 3 IDC GyaO Qubital FX YJ CRITEO JWord 112
Slide 113: IR website
IR URL http://ir.yahoo.co.jp/ 113