Yahoo 2011 Annual Report Download - page 107

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The following tables present summarized information by segment (in thousands):
Years Ended December 31,
2009 2010 2011
Revenue by segment:
Americas .............................................. $4,852,331 $4,425,457 $3,302,989
EMEA ................................................ 598,300 579,145 629,383
Asia Pacific ............................................ 1,009,684 1,320,049 1,051,827
Total revenue ....................................... 6,460,315 6,324,651 4,984,199
TAC by segment:
Americas .............................................. 1,195,579 957,607 160,110
EMEA ................................................ 207,844 210,261 221,916
Asia Pacific ............................................ 374,403 568,554 221,345
Total TAC ......................................... 1,777,826 1,736,422 603,371
Revenue ex-TAC by segment:
Americas .............................................. 3,656,752 3,467,850 3,142,879
EMEA ................................................ 390,456 368,884 407,467
Asia Pacific ............................................ 635,281 751,495 830,482
Total revenue ex-TAC ................................ 4,682,489 4,588,229 4,380,828
Direct costs by segment(1):
Americas .............................................. 620,690 568,017 560,016
EMEA ................................................ 115,778 118,954 135,266
Asia Pacific ............................................ 138,739 146,657 194,394
Global operating costs(2)(3) ..................................... 2,116,747 2,044,246 1,836,569
Restructuring charges, net ..................................... 126,901 57,957 24,420
Depreciation and amortization ................................. 738,855 656,396 625,864
Stock-based compensation expense ............................. 438,087 223,478 203,958
Income from operations .................................. $ 386,692 $ 772,524 $ 800,341
(1) Direct costs for each segment include cost of revenue (excluding TAC) and other operating expenses that are
directly attributable to the segment such as employee compensation expense (excluding stock-based
compensation expense), local sales and marketing expenses, and facilities expenses. Beginning in the fourth
quarter of 2010, the Company no longer includes TAC in segment direct costs. For comparison purposes,
prior period amounts have been revised to conform to the current presentation.
(2) Global operating costs include product development, service engineering and operations, marketing,
customer advocacy, general and administrative, and other corporate expenses that are managed on a global
basis and that are not directly attributable to any particular segment.
(3) The net cost reimbursements from Microsoft are primarily included in global operating costs for the years
ended December 31, 2010 and 2011.
Years Ended December 31,
2009 2010 2011
Capital expenditures, net:
Americas ................................................... $379,287 $563,129 $437,804
EMEA ..................................................... 21,030 58,533 49,371
Asia Pacific ................................................ 33,478 92,416 106,119
Total capital expenditures, net .............................. $433,795 $714,078 $593,294
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