Yahoo 2011 Annual Report Download - page 37

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(4) Our revenue declined in 2011 due to the Search Agreement with Microsoft, which beginning during the
fourth quarter of 2010 required a change in revenue presentation and a sharing of search revenue with
Microsoft in transitioned markets. Our net income attributable to Yahoo! Inc. for the year ended
December 31, 2011 included a non-cash gain of $25 million, net of tax related to the dilution of our
ownership interest in Alibaba Group and a non-cash loss of $33 million related to impairments of assets held
by Yahoo Japan. In addition, in the year ended December 31, 2011, we recorded net restructuring charges of
$24 million related to our cost reduction initiatives. In the aggregate, these items had a net negative impact of
$24 million on net income attributable to Yahoo! Inc., or $0.02 per both basic and diluted share, for the year
ended December 31, 2011.
Consolidated Balance Sheets Data:
December 31,
2007(1) 2008(2) 2009 2010 2011
(In thousands)
Cash and cash equivalents ............... $ 1,513,930 $ 2,292,296 $ 1,275,430 $ 1,526,427 $ 1,562,390
Marketable debt securities ............... $ 849,542 $ 1,229,677 $ 3,242,574 $ 2,102,255 $ 967,527
Working capital ....................... $ 942,652 $ 3,040,483 $ 2,877,044 $ 2,719,676 $ 2,245,175
Total assets .......................... $12,229,554 $13,689,848 $14,936,030 $14,928,104 $14,782,786
Long-term liabilities ................... $ 384,208 $ 715,872 $ 699,666 $ 705,822 $ 994,078
Total Yahoo! Inc. stockholders’ equity ..... $ 9,538,209 $11,250,942 $12,493,320 $12,558,129 $12,541,067
(1) As of December 31, 2007, our $750 million of outstanding zero coupon senior convertible notes were
classified as short-term debt and were reflected in working capital.
(2) During the year ended December 31, 2008, our $750 million of outstanding zero coupon senior convertible
notes were converted into 36.6 million shares of Yahoo! common stock. During the year ended December 31,
2008, we received a $350 million, one-time payment from AT&T Inc., of which $129 million was recorded
in short-term deferred revenue and $221 million was recorded in long-term deferred revenue.
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