Yahoo 2004 Annual Report Download - page 57

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Consolidated Statements of Operations YAHOO! INC.
(in thousands, except per share amounts)
Years Ended December 31,
2002 2003 2004
Revenues $ 953,067 $1,625,097 $3,574,517
Cost of revenues 162,881 358,103 1,298,559
Gross profit 790,186 1,266,994 2,275,958
Operating expenses:
Sales and marketing 429,968 530,613 778,029
Product development 141,766 207,285 368,760
General and administrative 100,676 157,027 262,602
Stock compensation expense* 8,402 22,029 32,290
Amortization of intangibles 21,186 54,374 145,696
Total operating expenses 701,998 971,328 1,587,377
Income from operations 88,188 295,666 688,581
Other income, net 69,287 47,506 496,443
Income before income taxes, earnings in equity interests, minority interests
and cumulative effect of accounting change 157,475 343,172 1,185,024
Provision for income taxes (71,290) (147,024) (437,966)
Earnings in equity interests 22,301 47,652 94,991
Minority interests in operations of consolidated subsidiaries (1,551) (5,921) (2,496)
Net income before cumulative effect of accounting change 106,935 237,879 839,553
Cumulative effect of accounting change (64,120) – –
Net income $ 42,815 $ 237,879 $ 839,553
Net income per share – basic:
Net income per share before cumulative effect of accounting change $ 0.09 $ 0.19 $ 0.62
Cumulative effect of accounting change per share (0.05) – –
Net income per share – basic $ 0.04 $ 0.19 $ 0.62
Net income per share – diluted:
Net income per share before cumulative effect of accounting change $ 0.09 $ 0.18 $ 0.58
Cumulative effect of accounting change per share (0.05) – –
Net income per share – diluted $ 0.04 $ 0.18 $ 0.58
Shares used in per share calculation – basic 1,187,677 1,233,480 1,353,439
Shares used in per share calculation – diluted 1,220,120 1,310,796 1,452,499
*Stock compensation expense by function:
Sales and marketing $ 1,424 $ 5,785 $ 9,620
Product development 1,702 10,526 12,010
General and administrative 5,276 5,718 10,660
Total stock compensation expense $ 8,402 $ 22,029 $ 32,290
The accompanying notes are an integral part of these consolidated financial statements.
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