Yahoo 2012 Annual Report Download - page 83

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Yahoo! Inc.
Consolidated Statements of Cash Flows
Years Ended December 31,
2010 2011 2012
(In thousands)
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income ........................................................ $1,244,628 $ 1,062,669 $ 3,950,602
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation ................................................... 555,216 530,516 549,235
Amortization of intangible assets ................................... 127,293 117,723 105,366
Stock-based compensation expense, net ............................. 219,267 204,172 220,936
Non-cash restructuring charges .................................... 2,813 990 109,896
Accrued dividend income related to Alibaba Group Preference Shares ..... — — (20,000)
Tax benefits (detriments) from stock-based awards .................... 43,119 33,497 (31,440)
Excess tax benefits from stock-based awards ......................... (131,061) (70,680) (35,844)
Deferred income taxes ........................................... 112,582 70,392 (769,320)
Earnings in equity interests ....................................... (395,758) (476,920) (676,438)
Dividends received from Yahoo Japan .............................. 60,918 75,391 83,648
Gain from sale of Alibaba Group Shares ............................. — — (4,603,322)
(Gain) loss from sales of investments, assets, and other, net .............. (222,347) 4,405 (11,840)
Changes in assets and liabilities, net of effects of acquisitions:
Accounts receivable, net ..................................... (31,419) 38,100 34,752
Prepaid expenses and other ................................... (168,183) 97,849 78,529
Accounts payable ........................................... 23,593 (316) 12,747
Accrued expenses and other liabilities ........................... (74,505) (290,070) 255,799
Deferred revenue ........................................... (125,966) (73,912) 465,140
Net cash provided by (used in) operating activities ..................... 1,240,190 1,323,806 (281,554)
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisition of property and equipment, net ............................... (714,078) (593,294) (505,507)
Purchases of marketable debt securities .................................. (2,502,652) (1,708,530) (3,520,327)
Proceeds from sales of marketable debt securities .......................... 1,525,330 1,508,948 741,947
Proceeds from maturities of marketable debt securities ...................... 2,074,592 1,316,197 381,403
Proceeds related to sale of Alibaba Group Shares, net ...................... — — 6,247,728
Acquisitions, net of cash acquired ...................................... (157,442) (323,830) (5,716)
Purchases of intangible assets ......................................... (21,443) (11,819) (3,799)
Proceeds from sales of divested businesses ............................... 325,000 — —
Proceeds from the sale of investments ................................... — 21,271 26,132
Other investing activities, net .......................................... (19,392) (6,581) 183
Net cash provided by investing activities ............................. 509,915 202,362 3,362,044
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common stock ................................ 167,388 156,226 218,371
Repurchases of common stock ......................................... (1,749,311) (1,618,741) (2,167,841)
Excess tax benefits from stock-based awards ............................. 131,061 70,680 35,844
Tax withholdings related to net share settlements of restricted stock awards and
restricted stock units ............................................... (48,700) (44,761) (60,939)
Other financing activities, net ......................................... (2,144) (19,362) (4,892)
Net cash used in financing activities ................................ (1,501,706) (1,455,958) (1,979,457)
Effect of exchange rate changes on cash and cash equivalents ................ 2,598 (34,247) 4,355
Net change in cash and cash equivalents ............................. 250,997 35,963 1,105,388
Cash and cash equivalents at beginning of year ............................ 1,275,430 1,526,427 1,562,390
Cash and cash equivalents at end of year ................................. $1,526,427 $ 1,562,390 $ 2,667,778
See Note 8—“Investments in Equity Interests” for information about the non-cash proceeds of $800 million in
Alibaba Group Preference Shares.
The accompanying notes are an integral part of these consolidated financial statements.
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