Yahoo 2004 Annual Report Download - page 59

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Consolidated Statements of Cash Flows YAHOO! INC.
(in thousands)
Years Ended December 31,
2002 2003 2004
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 42,815 $ 237,879 $ 839,553
Adjustments to reconcile net income to net cash provided by operating
activities:
Depreciation and amortization 109,389 159,688 311,041
Tax benefits from stock options 60,406 124,852 408,976
Cumulative effect of accounting change 64,120 – –
Earnings in equity interests (22,301) (47,652) (94,991)
Minority interests in operations of consolidated subsidiaries 1,551 5,921 2,496
Stock compensation expense 8,402 22,029 32,290
(Gains)/losses from sales of investments, assets, and other, net (109) 11,047 (394,028)
Changes in assets and liabilities, net of effects of acquisitions:
Accounts receivable, net (30,798) (122,220) (162,690)
Prepaid expenses and other assets 29,555 16,835 (12,217)
Accounts payable 4,507 (12,889) (3,570)
Accrued expenses and other liabilities (9,904) (640) 113,953
Current deferred revenue 14,815 33,294 49,008
Long-term deferred revenue 30,000 – –
Net cash provided by operating activities 302,448 428,144 1,089,821
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisition of property and equipment, net (51,553) (117,329) (245,501)
Purchases of marketable debt securities (1,644,880) (4,686,286) (3,449,155)
Proceeds from sales and maturities of marketable debt securities 1,487,851 3,837,940 2,642,621
Acquisitions, net of cash acquired (189,168) (376,236) (755,707)
Proceeds from the sales of marketable equity securities 20,705 1,928 502,806
Other investing activities, net (6,962) (2,354) 12,087
Net cash used in investing activities (384,007) (1,342,337) (1,292,849)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of debt, net – 733,125 –
Proceeds from issuance of common stock, net 78,190 353,201 650,525
Repurchase of common stock (100,000) – –
Structured stock repurchase, net – – (69,558)
Net cash provided by (used in) financing activities (21,810) 1,086,326 580,967
Effect of exchange rate changes on cash and cash equivalents 3,556 9,686 29,892
Net change in cash and cash equivalents (99,813) 181,819 407,831
Cash and cash equivalents at beginning of year 333,886 234,073 415,892
Cash and cash equivalents at end of year $ 234,073 $ 415,892 $ 823,723
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