Yahoo 2006 Annual Report Download - page 69

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Yahoo! Inc.
Consolidated Statements of Cash Flows
2004 2005 2006
Years Ended December 31,
(In thousands)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 839,553 $ 1,896,230 $ 751,391
Adjustments to reconcile net income to net cash provided by operating
activities:
Depreciation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 165,345 224,065 302,161
Amortization of intangible assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 145,696 173,077 237,860
Stock-based compensation expense . . . . . . . . . . . . . . . . . . . . . . . . . . . 32,290 52,471 424,930
Tax benefits from stock-based awards . . . . . . . . . . . . . . . . . . . . . . . . . 408,976 759,530 626,009
Deferred income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — — (274,433)
Excess tax benefits from stock-based awards . . . . . . . . . . . . . . . . . . . . — — (597,118)
Earnings in equity interests. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (94,991) (128,244) (112,114)
Dividends received . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 10,670 12,908
Minority interests in operations of consolidated subsidiaries . . . . . . . . . . 2,496 7,780 712
Gains from sales of investments, assets and other, net . . . . . . . . . . . . . . (394,028) (1,278,311) (15,125)
Changes in assets and liabilities, net of effects of acquisitions:
Accounts receivable, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (162,690) (272,387) (185,196)
Prepaid expenses and other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (12,217) (35,344) (9,567)
Accounts payable. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (3,570) 31,574 30,413
Accrued expenses and other liabilities . . . . . . . . . . . . . . . . . . . . . . . 113,953 212,112 174,566
Deferred revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 49,008 58,160 4,179
Net cash provided by operating activities . . . . . . . . . . . . . . . . . . . . . . . 1,089,821 1,711,383 1,371,576
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisition of property and equipment, net . . . . . . . . . . . . . . . . . . . . . . . (245,501) (408,934) (689,136)
Purchases of marketable debt securities . . . . . . . . . . . . . . . . . . . . . . . . . . (3,449,155) (7,023,802) (1,328,515)
Proceeds from sales and maturities of marketable debt securities . . . . . . . . 2,642,621 7,341,974 1,951,323
Acquisitions, net of cash acquired. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (761,605) (1,698,164) (142,272)
Proceeds from sales of marketable equity securities . . . . . . . . . . . . . . . . . 502,806 1,006,142 —
Other investing activities, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 17,985 (39,146) 14,919
Net cash used in investing activities . . . . . . . . . . . . . . . . . . . . . . . . . . (1,292,849) (821,930) (193,681)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common stock, net . . . . . . . . . . . . . . . . . . . . . 650,525 746,807 318,103
Repurchases of common stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — (387,735) (1,782,140)
Structured stock repurchases, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (69,558) (611,421) (227,705)
Excess tax benefits from stock-based awards . . . . . . . . . . . . . . . . . . . . . . — — 597,118
Other financing activities, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — 1,749 —
Net cash provided by (used in) financing activities . . . . . . . . . . . . . . . . 580,967 (250,600) (1,094,624)
Effect of exchange rate changes on cash and cash equivalents . . . . . . . . . . . . 29,892 (32,883) 56,907
Net change in cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . . . 407,831 605,970 140,178
Cash and cash equivalents at beginning of year . . . . . . . . . . . . . . . . . . . . . . 415,892 823,723 1,429,693
Cash and cash equivalents at end of year. . . . . . . . . . . . . . . . . . . . . . . . . . . $ 823,723 $ 1,429,693 $ 1,569,871
The accompanying notes are an integral part of these consolidated financial statements.
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