Yahoo 2013 Annual Report Download - page 132
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From February 23, 2010 until the applicable services were fully transitioned to Microsoft in all markets,
Microsoft was required under the Search Agreement to reimburse the Company for the costs of operating
algorithmic and paid search services subject to specified exclusions and limitations. The Company’s results for
the years ended December 31, 2011, 2012, and 2013 reflect $212 million, $67 million, and $49 million,
respectively, in search operating cost reimbursements from Microsoft under the Search Agreement.
The Company’s results for the year ended December 31, 2011 reflect transition cost reimbursements from
Microsoft under the Search Agreement, which were equal to the transition costs of $26 million incurred by
Yahoo related to the Search Agreement in the year ended December 31, 2011. During the third quarter of 2011,
the Company’s cumulative transition costs exceeded Microsoft’s $150 million reimbursement cap under the
Search Agreement. Transition costs the Company incurs in excess of the $150 million reimbursement cap are not
subject to reimbursement.
Reimbursement receivables are recorded as the reimbursable costs are incurred and are applied against the operating
expense categories in which the costs were incurred. As of December 31, 2012, a total of $67 million of search
operating cost reimbursable had been incurred by the Company related to the Search Agreement. Of that amount, $5
million had not been received from Microsoft and was classified as part of prepaid expenses and other current assets
on the Company’s consolidated balance sheets as of December 31, 2012. As of December 31, 2013, a total of $49
million of search operating cost reimbursable had been incurred by the Company related to the Search Agreement.
Of that amount, $5 million had not been received from Microsoft and was classified as part of prepaid expenses and
other current assets on the Company’s consolidated balance sheets as of December 31, 2013.
Note 20 S
UBSEQUENT
E
VENTS
Stock Repurchase Transactions. From January 1, 2014 through February 28, 2014, the Company repurchased
approximately 9 million shares of its common stock at an average price of $37.75 per share, for a total of
$332 million.
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