Yahoo 2010 Annual Report Download - page 62
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Yahoo! Inc.
Consolidated Statements of Income
Years Ended December 31,
2008 2009 2010
(In thousands, except per share amounts)
Revenue ..................................................... $7,208,502 $6,460,315 $6,324,651
Cost of revenue ............................................... 3,023,362 2,871,746 2,627,545
Gross profit .............................................. 4,185,140 3,588,569 3,697,106
Operating expenses:
Sales and marketing ........................................ 1,563,313 1,245,350 1,264,491
Product development ....................................... 1,221,787 1,210,168 1,082,176
General and administrative .................................. 705,136 580,352 488,332
Amortization of intangibles .................................. 87,550 39,106 31,626
Restructuring charges, net ................................... 106,854 126,901 57,957
Goodwill impairment charge ................................. 487,537 — —
Total operating expenses ................................ 4,172,177 3,201,877 2,924,582
Income from operations ......................................... 12,963 386,692 772,524
Other income, net .......................................... 73,750 187,528 297,869
Income before income taxes and earnings in equity interests ............ 86,713 574,220 1,070,393
Provision for income taxes ....................................... (259,006) (219,321) (221,523)
Earnings in equity interests ...................................... 596,979 250,390 395,758
Net income ................................................... 424,686 605,289 1,244,628
Less: Net income attributable to noncontrolling interests ........... (5,765) (7,297) (12,965)
Net income attributable to Yahoo! Inc. ............................. $ 418,921 $ 597,992 $1,231,663
Net income attributable to Yahoo! Inc. common stockholders per
share—basic ................................................ $ 0.31 $ 0.43 $ 0.91
Net income attributable to Yahoo! Inc. common stockholders per
share—diluted .............................................. $ 0.29 $ 0.42 $ 0.90
Shares used in per share calculation—basic ......................... 1,369,476 1,397,652 1,354,118
Shares used in per share calculation—diluted ........................ 1,391,230 1,415,658 1,364,612
Stock-based compensation expense by function: .....................
Cost of revenue ........................................... $ 13,813 $ 10,759 $ 3,275
Sales and marketing ........................................ 182,826 141,537 71,154
Product development ....................................... 178,091 205,971 106,665
General and administrative .................................. 63,113 79,820 42,384
Restructuring expense (reversals) accelerations, net ............... (30,236) 11,062 (4,211)
The accompanying notes are an integral part of these consolidated financial statements.
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