Yahoo 2008 Annual Report Download - page 35

Consolidated Balance Sheets Data:
December 31,
2004 2005 2006 2007(1) 2008(2)
(In thousands)
Cash and cash equivalents ................ $ 823,723 $ 1,429,693 $ 1,569,871 $ 1,513,930 $ 2,292,296
Marketable debt securities ................ $2,918,539 $ 2,570,155 $ 1,967,414 $ 849,542 $ 1,229,677
Working capital ........................ $2,909,768 $ 2,245,481 $ 2,276,148 $ 937,274 $ 3,040,483
Total assets ........................... $9,178,201 $10,831,834 $11,513,608 $12,229,741 $13,689,848
Long-term liabilities .................... $ 851,782 $ 1,061,367 $ 870,948 $ 384,208 $ 715,872
Total stockholders’ equity ................ $7,101,446 $ 8,566,415 $ 9,160,610 $ 9,532,831 $11,250,942
(1) As of December 31, 2007, our $750 million of outstanding zero coupon senior convertible notes were
classified as short-term debt and are reflected in working capital. The zero coupon senior convertible notes
were classified as long-term debt as of the end of each of the other previous fiscal years presented. Refer to
Note 9—“Debt” in the Notes to the consolidated financial statements.
(2) During the year ended December 31, 2008, our $750 million of outstanding zero coupon senior convertible
notes were converted into 36.6 million shares of Yahoo! common stock. Refer to Note 9—“Debt” in the
Notes to the consolidated financial statements. During the year ended December 31, 2008, we received a
$350 million, one-time payment from AT&T Inc., which was recorded in long-term deferred revenues.
Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Forward-Looking Statements
In addition to current and historical information, this Annual Report on Form 10-K contains forward-looking
statements within the meaning of the Private Securities Litigation Reform Act of 1995. These statements relate to
our future operations, prospects, potential products, services, developments, and business strategies. These
statements can, in some cases, be identified by the use of terms such as “may,” “will,” “should,” “could,”
“would,” “intend,” “expect,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “project,” “potential,”
or “continue,” the negative of such terms, or other comparable terminology. This Annual Report on Form 10-K
includes, among others, forward-looking statements regarding our:
• expectations about revenues, including revenues for marketing services and fees;
• expectations about growth in users;
• expectations about cost of revenues and operating expenses;
• expectations about the amount of unrecognized tax benefits;
• expectations about our on-going strategic and cost reduction initiatives;
• anticipated capital expenditures;
• impact of acquisitions on our business and evaluation of, and expectations for, possible acquisitions of, or
investments in, businesses, products, and technologies; and
• expectations about positive cash flow generation and existing cash, cash equivalents, and investments being
sufficient to meet normal operating requirements.
These statements involve certain known and unknown risks and uncertainties that could cause our actual results
to differ materially from those expressed or implied in our forward-looking statements. Such risks and
uncertainties include, among others, those listed in Part 1, Item 1A. “Risk Factors” of this Annual Report on
Form 10-K. We do not intend, and undertake no obligation, to update any of our forward-looking statements
after the date of this Annual Report on Form 10-K to reflect actual results or future events or circumstances.
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