Yahoo 2011 Annual Report Download - page 67

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Yahoo! Inc.
Consolidated Statements of Income
Years Ended December 31,
2009 2010 2011
(In thousands, except per share amounts)
Revenue ................................................... $6,460,315 $6,324,651 $4,984,199
Cost of revenue ............................................. 2,871,746 2,627,545 1,502,650
Gross profit ............................................ 3,588,569 3,697,106 3,481,549
Operating expenses:
Sales and marketing ..................................... 1,245,350 1,264,491 1,122,302
Product development ..................................... 1,210,168 1,082,176 1,005,090
General and administrative ................................ 580,352 488,332 495,804
Amortization of intangibles ................................ 39,106 31,626 33,592
Restructuring charges, net ................................. 126,901 57,957 24,420
Total operating expenses .............................. 3,201,877 2,924,582 2,681,208
Income from operations ...................................... 386,692 772,524 800,341
Other income, net ....................................... 187,528 297,869 27,175
Income before income taxes and earnings in equity interests .......... 574,220 1,070,393 827,516
Provision for income taxes .................................... (219,321) (221,523) (241,767)
Earnings in equity interests .................................... 250,390 395,758 476,920
Net income ................................................ 605,289 1,244,628 1,062,669
Less: Net income attributable to noncontrolling interests ........ (7,297) (12,965) (13,842)
Net income attributable to Yahoo! Inc. ........................... $ 597,992 $1,231,663 $1,048,827
Net income attributable to Yahoo! Inc. common stockholders per
share—basic ............................................. $ 0.43 $ 0.91 $ 0.82
Net income attributable to Yahoo! Inc. common stockholders per
share—diluted ............................................ $ 0.42 $ 0.90 $ 0.82
Shares used in per share calculation—basic ....................... 1,397,652 1,354,118 1,274,240
Shares used in per share calculation—diluted ..................... 1,415,658 1,364,612 1,282,282
Stock-based compensation expense by function: ...................
Cost of revenue ......................................... $ 10,759 $ 3,275 $ 3,489
Sales and marketing ..................................... 141,537 71,154 65,120
Product development ..................................... 205,971 106,665 89,587
General and administrative ................................ 79,820 42,384 45,762
Restructuring expense accelerations (reversals), net ............ 11,062 (4,211) 214
The accompanying notes are an integral part of these consolidated financial statements.
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