Yahoo 2009 Annual Report Download - page 66
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Yahoo! Inc.
Consolidated Statements of Income
Years Ended December 31,
2007 2008 2009
(In thousands, except per share amounts)
Revenues .................................................. $6,969,274 $7,208,502 $6,460,315
Cost of revenues ............................................ 2,838,758 3,023,362 2,871,746
Gross profit ............................................ 4,130,516 4,185,140 3,588,569
Operating expenses:
Sales and marketing ..................................... 1,610,357 1,563,313 1,245,350
Product development ..................................... 1,084,238 1,221,787 1,210,168
General and administrative ................................ 633,431 705,136 580,352
Amortization of intangibles ................................ 107,077 87,550 39,106
Restructuring charges, net ................................. — 106,854 126,901
Goodwill impairment charge ............................... — 487,537 —
Total operating expenses .............................. 3,435,103 4,172,177 3,201,877
Income from operations ...................................... 695,413 12,963 386,692
Other income, net ....................................... 118,771 73,750 187,528
Income before provision for income taxes and earnings in equity
interests ................................................. 814,184 86,713 574,220
Provision for income taxes .................................... (322,868) (259,006) (219,321)
Earnings in equity interests .................................... 150,689 596,979 250,390
Net income ................................................ 642,005 424,686 605,289
Less: Net income attributable to noncontrolling interests ........ (2,850) (5,765) (7,297)
Net income attributable to Yahoo! Inc. ........................... $ 639,155 $ 418,921 $ 597,992
Net income attributable to Yahoo! Inc. common stockholders per
share—basic ............................................. $ 0.48 $ 0.31 $ 0.43
Net income attributable to Yahoo! Inc. common stockholders per
share—diluted ............................................ $ 0.47 $ 0.29 $ 0.42
Shares used in per share calculation—basic ....................... 1,338,987 1,369,476 1,397,652
Shares used in per share calculation—diluted ..................... 1,366,264 1,391,230 1,415,658
Stock-based compensation expense by function:
Cost of revenues ........................................ $ 10,628 $ 13,813 $ 10,759
Sales and marketing ..................................... 246,472 182,826 141,537
Product development ..................................... 218,207 178,091 205,971
General and administrative ................................ 97,120 63,113 79,820
Restructuring expense (reversals) accelerations, net ............ — (30,236) 11,062
The accompanying notes are an integral part of these consolidated financial statements.
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