Yahoo 2011 Annual Report Download - page 69

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Yahoo! Inc.
Consolidated Statements of Cash Flows
Years Ended December 31,
2009 2010 2011
(In thousands)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income ...................................................... $ 605,289 $ 1,244,628 $ 1,062,669
Adjustments to reconcile net income to net cash provided by operating
activities:
Depreciation ................................................ 554,546 555,216 530,516
Amortization of intangible assets ................................ 184,309 127,293 117,723
Stock-based compensation expense, net ........................... 449,149 219,267 204,172
Non-cash restructuring charges .................................. 7,301 2,813 990
Tax benefits from stock-based awards ............................ 6,860 43,119 33,497
Excess tax benefits from stock-based awards ....................... (108,487) (131,061) (70,680)
Deferred income taxes ......................................... (90,562) 112,582 70,392
Earnings in equity interests ..................................... (250,390) (395,758) (476,920)
Dividends received from equity investees ......................... 27,628 60,918 75,391
(Gain) loss from sales of investments, assets, and other, net ........... (160,634) (222,347) 4,405
Changes in assets and liabilities, net of effects of acquisitions:
Accounts receivable, net ................................... 81,959 (31,419) 38,100
Prepaid expenses and other ................................. 21,585 (168,183) 97,849
Accounts payable ........................................ (19,684) 23,593 (316)
Accrued expenses and other liabilities ........................ 106,096 (74,505) (290,070)
Deferred revenue ......................................... (104,619) (125,966) (73,912)
Net cash provided by operating activities .......................... 1,310,346 1,240,190 1,323,806
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisition of property and equipment, net ............................ (433,795) (714,078) (593,294)
Purchases of marketable debt securities ............................... (5,048,462) (2,502,652) (1,708,530)
Proceeds from sales of marketable debt securities ....................... 136,538 1,525,330 1,508,948
Proceeds from maturities of marketable debt securities ................... 2,884,926 2,074,592 1,316,197
Proceeds from sales of marketable equity securities ..................... 265,194 — —
Acquisitions, net of cash acquired .................................... (195,106) (157,442) (323,830)
Purchases of intangible assets ....................................... (32,185) (21,443) (11,819)
Proceeds from sales of divested businesses ............................ — 325,000 —
Proceeds from the sale of investments ................................ — — 21,271
Other investing activities, net ....................................... 3,652 (19,392) (6,581)
Net cash (used in) provided by investing activities .................. (2,419,238) 509,915 202,362
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common stock ............................. 112,673 167,388 156,226
Repurchases of common stock ...................................... (113,444) (1,749,311) (1,618,741)
Excess tax benefits from stock-based awards ........................... 108,487 131,061 70,680
Tax withholdings related to net share settlements of restricted stock awards
and restricted stock units ......................................... (73,119) (48,700) (44,761)
Other financing activities, net ....................................... — (2,144) (19,362)
Net cash provided by (used in) financing activities .................. 34,597 (1,501,706) (1,455,958)
Effect of exchange rate changes on cash and cash equivalents ............. 57,429 2,598 (34,247)
Net change in cash and cash equivalents .......................... (1,016,866) 250,997 35,963
Cash and cash equivalents at beginning of year ......................... 2,292,296 1,275,430 1,526,427
Cash and cash equivalents at end of year .............................. $1,275,430 $ 1,526,427 $ 1,562,390
The accompanying notes are an integral part of these consolidated financial statements.
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