Yahoo 2013 Annual Report Download - page 41

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Revenue ex-TAC (a non-GAAP financial measure)
Years Ended December 31, 2011-2012
% Change
2012-2013
% Change2011 2012 2013
(dollars in thousands)
Revenue ................................ $4,984,199 $4,986,566 $4,680,380 — (6)%
Less: TAC .............................. 603,371 518,906 254,442 (14)% (51)%
Revenue ex-TAC ..................... $4,380,828 $4,467,660 $4,425,938 2% (1)%
For the year ended December 31, 2013, revenue ex-TAC decreased $42 million, or 1 percent, due to a decrease in
display revenue ex-TAC partially offset by an increase in search revenue ex-TAC and other revenue ex-TAC.
For the year ended December 31, 2012, revenue ex-TAC increased $87 million, or 2 percent, due to an increase
in search revenue ex-TAC partially offset by a decline in display revenue ex-TAC.
Adjusted EBITDA (a non-GAAP financial measure)
Years Ended December 31, 2011-2012
% Change
2012-2013
% Change2011 2012 2013
(dollars in thousands)
Net income attributable to Yahoo! Inc. .......... $1,048,827 $ 3,945,479 $1,366,281 N/M (65)%
Costs associated with the Korea business and its
closure .................................. — 99,485 — 100% (100)%
Deal-related costs related to the sale of Alibaba
Group shares ............................. — 6,500 — 100% (100)%
Depreciation and amortization ................. 625,864 649,267 628,778 4% (3)%
Stock-based compensation expense ............. 203,958 224,365 278,220 10% 24%
Goodwill impairment charge .................. — — 63,555 — 100%
Restructuring charges, net, as adjusted(1) ......... 24,420 152,742 3,766 N/M (98)%
Other income, net ........................... (27,175) (4,647,839) (43,357) N/M N/M
Provision for income taxes .................... 241,767 1,940,043 153,392 N/M N/M
Earnings in equity interests ................... (476,920) (676,438) (896,675) 42% 33%
Net income attributable to noncontrolling
interests ................................. 13,842 5,123 10,285 (63)% 101%
Adjusted EBITDA ...................... $1,654,583 $ 1,698,727 $1,564,245 3% (8)%
Percentage of revenue ex-TAC(2)(3) ......... 38% 38% 35%
N/M = Not Meaningful
(1) For the year ended December 31, 2012, this amount excludes the restructuring charges of $83 million related
to the Korea business and its closure, which charges are included in costs associated with the Korea business
and its closure.
(2) Revenue ex-TAC is calculated as GAAP revenue less TAC.
(3) Net income attributable to Yahoo! Inc. as a percentage of GAAP revenue in 2011, 2012, and 2013 was 21
percent, 79 percent, and 29 percent, respectively.
For the year ended December 31, 2013, adjusted EBITDA decreased $134 million, or 8 percent, compared to
2012, mainly due to a decline in revenue ex-TAC and an increase in global operating costs.
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