Yahoo 2008 Annual Report Download - page 64

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Yahoo! Inc.
Consolidated Statements of Cash Flows
Years Ended December 31,
2006 2007 2008
(In thousands)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income ................................................ $ 751,391 $ 660,000 $ 424,298
Adjustments to reconcile net income to net cash provided by operating
activities:
Depreciation ........................................... 302,161 409,366 508,812
Amortization of intangible assets .......................... 237,860 249,829 281,221
Stock-based compensation expense ......................... 424,930 572,427 437,843
Stock-based restructuring expense reversals .................. — — (30,236)
Non-cash restructuring charges ............................ — — 7,925
Goodwill impairment charge .............................. — — 487,537
Tax benefits from stock-based awards ...................... 626,009 76,138 117,716
Excess tax benefits from stock-based awards ................. (597,118) (35,427) (125,114)
Deferred income taxes ................................... (274,433) (212,742) (35,324)
Earnings in equity interests ............................... (112,114) (150,689) (596,979)
Dividends received from equity investee .................... 12,908 15,156 18,942
Minority interests in operations of consolidated subsidiaries ..... 712 2,850 5,765
Gains from sales of investments, assets, and other, net .......... (15,125) (27,928) (19,622)
Changes in assets and liabilities, net of effects of acquisitions:
Accounts receivable, net ............................. (185,196) (88,738) (62,082)
Prepaid expenses and other ........................... (9,567) 133,185 (15,590)
Accounts payable ................................... 30,413 45,101 (23,840)
Accrued expenses and other liabilities .................. 174,566 184,805 325,030
Deferred revenue ................................... 4,179 85,566 173,939
Net cash provided by operating activities .................... 1,371,576 1,918,899 1,880,241
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisition of property and equipment, net ...................... (689,136) (602,276) (674,829)
Purchases of marketable debt securities ......................... (1,328,515) (1,105,043) (2,317,004)
Proceeds from sales of marketable debt securities ................. 344,626 571,199 285,753
Proceeds from maturities of marketable debt securities ............. 1,606,697 1,672,521 1,663,569
Acquisitions, net of cash acquired .............................. (142,272) (973,577) (209,196)
Purchases of intangible assets ................................. (5,810) (110,378) (71,310)
Other investing activities, net ................................. 20,729 (24,948) 11,234
Net cash used in investing activities ........................ (193,681) (572,502) (1,311,783)
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common stock, net .................... 318,103 375,066 363,354
Repurchases of common stock ................................ (1,782,140) (1,583,919) (79,236)
Structured stock repurchases, net .............................. (227,705) (250,000) —
Excess tax benefits from stock-based awards ..................... 597,118 35,427 125,114
Tax withholdings related to net share settlements of restricted stock
awards and restricted stock units ............................. — (6,456) (76,752)
Other financing activities, net ................................. — (12,126) (74)
Net cash (used in) provided by financing activities ............ (1,094,624) (1,442,008) 332,406
Effect of exchange rate changes on cash and cash equivalents ........ 56,907 39,670 (122,498)
Net change in cash and cash equivalents ..................... 140,178 (55,941) 778,366
Cash and cash equivalents at beginning of year ................... 1,429,693 1,569,871 1,513,930
Cash and cash equivalents at end of year ........................ $1,569,871 $ 1,513,930 $ 2,292,296
The accompanying notes are an integral part of these consolidated financial statements.
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