Yahoo 2010 Annual Report Download - page 64

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Yahoo! Inc.
Consolidated Statements of Cash Flows
Years Ended December 31,
2008 2009 2010
(In thousands)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income ................................................... $ 424,686 $ 605,289 $ 1,244,628
Adjustments to reconcile net income to net cash provided by operating
activities:
Depreciation .............................................. 508,812 554,546 555,216
Amortization of intangible assets .............................. 281,221 184,309 127,293
Stock-based compensation expense, net ........................ 407,607 449,149 219,267
Non-cash restructuring charges ............................... 7,925 7,301 2,813
Goodwill impairment charge ................................. 487,537 — —
Tax benefits from stock-based awards .......................... 117,716 6,860 43,119
Excess tax benefits from stock-based awards .................... (125,114) (108,487) (131,061)
Deferred income taxes ...................................... (39,035) (90,562) 112,582
Earnings in equity interests .................................. (596,979) (250,390) (395,758)
Dividends received from equity investees ....................... 18,942 27,628 60,918
Gains from sales of investments, assets, and other, net ............. (10,347) (160,634) (222,347)
Changes in assets and liabilities, net of effects of acquisitions:
Accounts receivable, net ................................ (62,082) 81,959 (31,419)
Prepaid expenses and other .............................. (15,777) 21,585 (168,183)
Accounts payable ...................................... (23,840) (19,684) 23,593
Accrued expenses and other liabilities ...................... 325,030 106,096 (74,505)
Deferred revenue ...................................... 173,939 (104,619) (125,966)
Net cash provided by operating activities ....................... 1,880,241 1,310,346 1,240,190
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisition of property and equipment, net .......................... (674,829) (433,795) (714,078)
Purchases of marketable debt securities ............................. (2,317,004) (5,048,462) (2,502,652)
Proceeds from sales of marketable debt securities ..................... 285,753 136,538 1,525,330
Proceeds from maturities of marketable debt securities ................. 1,663,569 2,884,926 2,074,592
Proceeds from sales of marketable equity securities ................... — 265,194 —
Acquisitions, net of cash acquired ................................. (208,958) (195,106) (157,442)
Purchases of intangible assets .................................... (71,310) (32,185) (21,443)
Proceeds from sales of divested businesses .......................... — — 325,000
Other investing activities, net ..................................... 10,996 3,652 (19,392)
Net cash (used in) provided by investing activities ................ (1,311,783) (2,419,238) 509,915
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common stock, net ....................... 363,354 112,673 167,388
Repurchases of common stock .................................... (79,236) (113,444) (1,749,311)
Excess tax benefits from stock-based awards ........................ 125,114 108,487 131,061
Tax withholdings related to net share settlements of restricted stock awards
and restricted stock units ...................................... (76,752) (73,119) (48,700)
Other financing activities, net .................................... (74) — (2,144)
Net cash provided by (used in) financing activities ................ 332,406 34,597 (1,501,706)
Effect of exchange rate changes on cash and cash equivalents ........... (122,498) 57,429 2,598
Net change in cash and cash equivalents ........................ 778,366 (1,016,866) 250,997
Cash and cash equivalents at beginning of year ....................... 1,513,930 2,292,296 1,275,430
Cash and cash equivalents at end of year ............................ $2,292,296 $ 1,275,430 $ 1,526,427
The accompanying notes are an integral part of these consolidated financial statements.
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