Yahoo 2007 Annual Report Download - page 64

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Yahoo! Inc.
Consolidated Statements of Cash Flows
2005 2006 2007
Years Ended December 31,
(In thousands)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,896,230 $ 751,391 $ 660,000
Adjustments to reconcile net income to net cash provided by operating
activities:
Depreciation . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 224,065 302,161 409,366
Amortization of intangible assets. . . . . . . . . . . . . . . . . . . . . . . . . . . . . 173,077 237,860 249,829
Stock-based compensation expense . . . . . . . . . . . . . . . . . . . . . . . . . . . 52,471 424,930 572,427
Tax benefits from stock-based awards . . . . . . . . . . . . . . . . . . . . . . . . . 759,530 626,009 76,138
Excess tax benefits from stock-based awards . . . . . . . . . . . . . . . . . . . . — (597,118) (35,427)
Deferred income taxes . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . — (274,433) (212,742)
Earnings in equity interests. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (128,244) (112,114) (150,689)
Dividends received . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 10,670 12,908 15,156
Minority interests in operations of consolidated subsidiaries . . . . . . . . . . 7,780 712 2,850
Gains from sales of investments, assets, and other, net . . . . . . . . . . . . . . (1,278,311) (15,125) (27,928)
Changes in assets and liabilities, net of effects of acquisitions:
Accounts receivable, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (272,387) (185,196) (88,738)
Prepaid expenses and other . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (35,344) (9,567) 133,185
Accounts payable. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 31,574 30,413 45,101
Accrued expenses and other liabilities . . . . . . . . . . . . . . . . . . . . . . . 212,112 174,566 184,805
Deferred revenue . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 58,160 4,179 85,566
Net cash provided by operating activities . . . . . . . . . . . . . . . . . . . . . . . 1,711,383 1,371,576 1,918,899
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisition of property and equipment, net . . . . . . . . . . . . . . . . . . . . . . . (408,934) (689,136) (602,276)
Purchases of marketable debt securities . . . . . . . . . . . . . . . . . . . . . . . . . . (7,023,802) (1,328,515) (1,105,043)
Proceeds from sales and maturities of marketable debt securities . . . . . . . . 7,341,974 1,951,323 2,243,720
Acquisitions, net of cash acquired. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (1,698,164) (142,272) (973,577)
Proceeds from sales of marketable equity securities . . . . . . . . . . . . . . . . . 1,006,142 — —
Purchases of intangible assets . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (720) (5,810) (110,378)
Other investing activities, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (38,426) 20,729 (24,948)
Net cash used in investing activities . . . . . . . . . . . . . . . . . . . . . . . . . . (821,930) (193,681) (572,502)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common stock, net . . . . . . . . . . . . . . . . . . . . . 746,807 318,103 375,066
Repurchases of common stock . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (387,735) (1,782,140) (1,585,909)
Structured stock repurchases, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . (611,421) (227,705) (250,000)
Excess tax benefits from stock-based awards . . . . . . . . . . . . . . . . . . . . . . — 597,118 35,427
Other financing activities, net . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 1,749 — (16,592)
Net cash used in financing activities . . . . . . . . . . . . . . . . . . . . . . . . . . (250,600) (1,094,624) (1,442,008)
Effect of exchange rate changes on cash and cash equivalents . . . . . . . . . . . . (32,883) 56,907 39,670
Net change in cash and cash equivalents . . . . . . . . . . . . . . . . . . . . . . . 605,970 140,178 (55,941)
Cash and cash equivalents at beginning of year . . . . . . . . . . . . . . . . . . . . . . 823,723 1,429,693 1,569,871
Cash and cash equivalents at end of year . . . . . . . . . . . . . . . . . . . . . . . . . . $ 1,429,693 $ 1,569,871 $ 1,513,930
The accompanying notes are an integral part of these consolidated financial statements.
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