Yahoo 2013 Annual Report Download - page 61

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Earnings in Equity Interests
Earnings in equity interests for the year ended December 31, 2013 were approximately $897 million, compared
to $676 million and $477 million for 2012 and 2011, respectively.
Earnings in equity interests increased during the year ended December 31, 2013 compared to 2012 primarily due
to continued improved financial performance for Alibaba Group.
Earnings in equity interests increased during the year ended December 31, 2012 compared to 2011 due to Yahoo
Japan and Alibaba Group’s continued improved financial performance in the year ended December 31, 2012
despite the reduction of our ownership interest in Alibaba Group to approximately 24 percent in the fourth
quarter of 2012.
We record our share of the results of earnings in equity interests, one quarter in arrears, within earnings in equity
interests in the consolidated statements of income. See Note 8—“Investments in Equity Interests” in the Notes to
our consolidated financial statements for additional information.
Noncontrolling Interests
Noncontrolling interests represent the noncontrolling holders’ percentage share of income or losses from the
subsidiaries in which we hold a majority, but less than 100 percent, ownership interest and the results of which
are consolidated in our consolidated financial statements. Noncontrolling interests were approximately $10
million in 2013, compared to $5 million in 2012 and $14 million in 2011. Noncontrolling interests recorded in
2013, 2012, and 2011 were related to the Yahoo!7 venture in Australia.
Liquidity and Capital Resources
As of and for each of the years ended December 31 (dollars in thousands):
2012 2013
Cash and cash equivalents ................................................ $2,667,778 $2,077,590
Short-term marketable securities ........................................... 1,516,175 1,330,304
Long-term marketable securities ........................................... 1,838,425 1,589,500
Total cash, cash equivalents, and marketable securities ......................... $6,022,378 $4,997,394
Percentage of total assets ................................................ 35% 30%
Cash Flow Highlights 2011 2012 2013
Net cash provided by (used in) operating activities ............... $1,323,806 $ (281,554) $ 1,195,247
Net cash provided by (used in) investing activities ............... $ 202,362 $ 3,362,044 $ (23,221)
Net cash used in financing activities ........................... $(1,455,958) $(1,979,457) $(1,743,884)
Our operating activities for 2011, 2012, and 2013 have generated adequate cash to meet our operating needs.
As of December 31, 2013, we had cash, cash equivalents, and marketable securities totaling $5 billion, compared
to $6 billion as of December 31, 2012. During the year ended December 31, 2013, we received net proceeds of
$1.4 billion from the issuance of the Notes and net proceeds of $290 million from the settlement of derivative
hedge contracts. This was offset by the repurchase of approximately 129 million shares of our outstanding
common stock for $3.3 billion during the year ended December 31, 2013.
As of December 31, 2012, we had cash, cash equivalents, and marketable securities totaling $6.0 billion,
compared to $2.5 billion as of December 31, 2011. The increase was due to cash proceeds, net of fees, of $6.2
billion received from the sale of Alibaba Group Shares and $550 million from the TIPLA payment. This was
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