In a large mixing bowl, beat butter and sugar for 2 minutes. Stir in applesauce. Add egg yolks and vanilla; beat for 1 minute. Combine the flour, baking soda and salt; add to butter mixture alternately with buttermilk.
In another mixing bowl, beat egg whites until stiff peaks form. Fold into batter. Fold in coconut and pecans. Transfer to a 13-in. x 9-in. x 2-in. baking pan coated with nonstick cooking spray. Bake at 350° for 25-30 minutes or until a toothpick inserted near the center comes out clean. Cool on a wire rack.
For frosting, in a small mixing bowl, combine the cream cheese, butter and vanilla. Gradually beat in confectioners' sugar. Spread over cake; sprinkle with pecans. Store in the refrigerator.