Yahoo 2003 Annual Report Download - page 74

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The following table presents revenues for groups of similar The provision for income taxes is composed of the follow-
services (in thousands): ing (in thousands):
Years Ended December 31, Years Ended December 31,
2001 2002 2003 2001 2002 2003
Current:
Marketing services $570,977 $651,568 $1,199,733 Federal $ 8,093 $75,077 $121,758
Fees 119,090 207,941 298,192 State 177 11,658 25,584
Listings 27,355 93,558 127,172 Foreign 5,296 4,220 14,589
Total revenues $717,422 $953,067 $1,625,097 Total current 13,566 90,955 161,931
Deferred:
No one customer accounted for 10 percent or more of Federal (1,297) (17,473) (13,276)
total revenues during 2001. Revenues from the Company’s State (1,306) (2,192) (1,631)
agreement with Overture are included in marketing ser-
vices for the years ended December 31, 2001 and 2002, Total deferred (2,603) (19,665) (14,907)
and for the period from January 1, 2003 through Octo- Total provision for income taxes $10,963 $71,290 $147,024
ber 7, 2003, the date the Company acquired Overture.
Revenues from Overture amounted to 14 percent of total The provision for income taxes differs from the amount
revenues for the year ended December 31, 2002. Revenues computed by applying the statutory federal income tax
from Overture for the period from January 1, 2003 rate as follows (in thousands):
through October 7, 2003, amounted to 12 percent of
total revenues for the year ended December 31, 2003. Years Ended December 31,
2001 2002 2003
Note 13 INCOME TAXES Income tax at the federal statutory
The components of income (loss) before income taxes are rate of 35 percent $(28,639) $62,379 $134,716
as follows (in thousands): State income tax, net of federal
benefit (1,034) 7,078 15,184
Years Ended December 31, Non-deductible acquisition-related
2001 2002 2003 charges 20,255 ––
United States $(39,844) $192,068 $364,594 Research tax credits (3,900) (3,500) –
Foreign (41,981) (13,843) 20,309 Change in valuation allowances 23,508 7,368 8,516
Income (loss) before income Earnings in equity interests (3,988) (7,804) (16,676)
taxes and cumulative effect Other 4,761 5,769 5,284
of accounting change $(81,825) $178,225 $384,903 Total provision for income taxes $ 10,963 $71,290 $147,024
Deferred income taxes reflect the tax effects of temporary
differences between the carrying amounts of assets and
liabilities for financial reporting purposes and the amounts
used for income tax purposes. The components of
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