Yahoo 2005 Annual Report Download - page 39

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33
Part II
Item 5. Market for the Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases
of Equity Securities
Market Information for Common Stock
Yahoo! Inc. common stock is quoted on the Nasdaq National Market System under the symbol “YHOO.”
The following table sets forth the range of high and low per share sales prices as reported for each period
indicated and reflects all stock splits effected:
2004 2005
High Low High Low
First quarter $ 25.21 $ 20.57 $ 38.90 $ 30.30
Second quarter $ 36.51 $ 23.95 $ 38.95 $ 32.29
Third quarter $ 35.34 $ 25.52 $ 38.02 $ 31.60
Fourth quarter $ 39.79 $ 33.60 $ 43.45 $ 32.77
Stockholders
We had 11,447 stockholders of record as of February 28, 2006.
Dividends
We have not declared or paid any cash dividends on our common stock. We presently intend to retain our
future earnings, if any, to fund the development and growth of our business and, therefore, do not have
plans to pay any cash dividends in the near future.
Recent Sales of Unregistered Securities
We did not make any unregistered sales of our common stock during the fourth quarter of 2005.
Issuer Purchases of Equity Securities
Stock repurchase activity during the three months ended December 31, 2005 was as follows:
Period
Total Number
of Shares
Purchased (1)
Average
Price Paid
per Share
Total Number of
Shares Purchased
as Part of a
Publicly Announced
Program
Approximate Dollar
Value of Shares
that May Yet be
Purchased Under
the Programs
(in 000s) (1) (2)
October 1 – October 31, 2005 435,100 $ 33.05 435,100 $ 2,777,160
November 1 – November 30, 2005 — — — $ 2,777,160
December 1 – December 31, 2005 — — — $ 2,777,160
Total 435,100 $ 33.05 435,100
(1) The shares repurchased in the three months ended December 31, 2005 were under our stock repurchase program that was
announced in March 2005 with an authorized level of $3.0 billion. This program will expire in March 2010.
(2) As of December 31, 2005, we had unsettled structured stock transactions in the amount of $745 million. These transactions will
mature in separate tranches in January, February, April, and May 2006. On each of the remaining maturity dates, if the market
price of Yahoo! common stock is at or above $33.98 for the $250 million tranche maturing in January 2006, $38.66 for the
$110 million tranche maturing in February 2006, $33.99 for the $250 million tranche maturing in April 2006, and $38.66 for the
$135 million tranche maturing in May 2006, we will have our investments returned with a premium. On each of the remaining
maturity dates, if the market price of our common stock is below such pre-determined prices, we will repurchase our common
stock, up to an aggregate of 23.1 million shares. Any repurchases under these structured stock repurchase transactions will be
reported in the quarter or quarters in which they occur. While outstanding, these structured stock repurchase transactions
reduce the dollar value of additional shares that may be repurchased under our current program to approximately $2.0 billion as
of December 31, 2005.