Yahoo 1997 Annual Report Download - page 20

23
22
co n s o lid a t e d balance
she e t s
Decemb er 31,
1997 1996
ASSETS
Cu rre nt assets:
Ca sh and cash equivalents $ 62,538,000 $ 33,547,000
Short -t e rm in ve s t m e n t s in m a rketable securities 27,772,000 60,689,000
Accounts receivable, net of allow ance of
$2,598,000 and $665,000 10,986,000 5,082,000
Pre paid expenses 5,893,000 384,000
Tot a l cu rre n t a s s e t s 107,189,000 99,702,000
Long-term investments in marketable se cu rit ie s 16,702,000 9,748,000
Prop e rt y a n d e q u ip m e n t , n e t 7,035,000 2,789,000
Investment in Yahoo! Japan 2,828,000 729,000
Other assets 8,130,000 –
$ 141,884,000 $ 112,968,000
LIABILITIES AND SHAREHOLDERS' EQUITY
Cu rre nt liabilities:
Accounts payable $ 4,711,000 $ 1,106,000
Accrued expenses and other current lia b ilit ie s 12,481,000 4,718,000
Deferred revenue 4,852,000 1,347,000
Due to related parties 1,412,000 1,082,000
Tot a l cu rre n t lia b ilit ie s 23,456,000 8,253,000
Com m it m e nts and contingencies (Notes 8 and 9)
Min orit y in t e rests in consolidated subsidiaries 716,000 510,000
Shareholders' e q u it y:
Pre ferred Stock, $0.001 par value; 10,000,000 shares a u t h orize d ;
none issued – –
Com m on St ock, $0.00067 p a r value; 225,000,000 shares authorized;
45,012,624 and 41,298,067 issued and outstanding 20,000 18,000
Additional paid-in capital 146,106,000 109,334,000
Accumulated deficit (27,971,000) (5,084,000)
Cu m u la tive translation adjustment (443,000) (63,000)
Tot a l s h a re h old e rs ' equity 117,712,000 104,205,000
$ 141,884,000 $ 112,968,000
Th e a ccom pan yin g notes a re a n in teg ra l p a rt of t hes e con solid a te d fin ancial s tat eme nts .
the form of advert is in g re venue guarantees of up to $3,500,000 over the n e xt t h re e m on t h s , s u b je ct t o a
minimum level of gross revenue being met during the firs t ye a r of t h e a g re e m e n t , a n d u p t o $15,000,000
in the second year, subject to ce rtain minimum leve ls of a d ve rtising impre s s ion s b e in g re a ch e d on t h e
Guide. Under the terms of the Premier Provider agre e m e n t s , t h e Com p a n y h a s m in im u m e xp e n s e ob lig a -
tions of $2,917,000 at December 31, 1997, of w hich $550,000 is to be paid for w ith t h e Com p a n y’s a d ve r-
tising services. The Company has experience d a s u b s t a n t ia l in cre a s e in it s ca p it a l e xp e n d it u re s a n d
operating lease arrange m e n t s s in ce it s in ce p t ion , w hich is consiste n t w ith increased sta ffin g , a n d a n t ici-
pates that this w ill con t in u e in the future. Additionally, t h e Com p a n y w ill con t in u e t o e va lu a t e p os s ib le
acquisitions of, or investments in businesses, products, and technologie s t h a t a re com p le m e n t a ry t o t h os e
of the Company, w hich ma y re q u ire t h e u s e of ca s h . Ma n a g e m e n t b e lie ve s e xis t in g ca s h a n d in ve s t m e n t s
w ill b e s u fficie n t t o m e e t the Company’s op e ra t in g re q u ire m e n t s for a t le a s t t h e n e xt t w e lve m on t h s ;
how eve r, t h e Com p a ny may sell additional equity or debt se cu rit ie s or ob t a in cre d it fa cilit ie s . Th e s a le of
additional securities could result in additional dilution to the Compa n y’s s h a re h old e rs .
$43,930,000
$815,000
$15,106,000
1995
1997
1996
$11,138,000
$303,000
$5,150,000
1995
1996
1997
Sale s an d Marke tin g Ex pe nses Product De velopm ent Ex pe nse s