Yahoo 2014 Annual Report Download - page 40

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Issuer Repurchases of Equity Securities
Share repurchase activity during the three months ended December 31, 2014 was as follows:
Period
Total
Number
of Shares
Purchased(1)
Average
Price Paid
per Share
Total
Number of
Shares
Purchased
as Part of a
Publicly
Announced
Program
Approximate Dollar
Value of Shares
that May Yet be
Purchased Under
the Program
(in 000s)(1)
October 1—October 31, 2014:
Open Market Purchases
10,349,272 $41.24 10,349,272 $2,116,111
October 1—October 31, 2014:
September 2014 ASR(2)
8,449,524 (2) 8,449,524 $2,283,317
October 1—October 31, 2014:
October 2014 ASR(3)
14,712,644 (3) 14,712,644 $1,283,317
November 1—November 30, 2014:
Open Market Purchases
4,829,338 $47.40 4,829,338 $1,054,413
December 1—December 31, 2014:
Open Market Purchases
6,478,600 $50.09 6,478,600 $ 729,883
December 1—December 31, 2014:
October 2014 ASR(3)
1,651,834 (3) 1,651,834 $ 929,883
Total
46,471,212 $45.26 46,471,212
(1) The share repurchases in the three months ended December 31, 2014 were made under our
stock repurchase program announced in November 2013, which authorizes the repurchase of up
to $5 billion of our outstanding shares of common stock. This program, according to its terms,
will expire in December 2016. Repurchases under the program may take place in the open
market or in privately negotiated transactions, including derivative transactions, and may be
made under a Rule 10b5-1 plan.
(2) Final settlement of the ASR entered into in September 2014 occurred on October 17, 2014,
resulting in the delivery to the Company of an additional 8.5 million shares of the Company’s
common stock and a return of cash for the remaining amount not settled in shares of $167
million. In total, 23.5 million shares of common stock were repurchased under the September
2014 ASR for $933 million, including 15 million shares initially delivered to the Company in
September 2014 and the 8.5 million shares included in the total number of purchased shares for
the month of October 2014, resulting in an average price paid per share of $39.70 under the
September 2014 ASR.
(3) The Company entered into an ASR on October 27, 2014 under which approximately 15 million
shares of common stock were initially delivered and a prepayment of $1 billion was made. Final
settlement of the October 2014 ASR occurred on December 9, 2014, resulting in the delivery to
the Company of an additional 1.7 million shares of the Company’s common stock and a return of
cash for the remaining amount not settled in shares of $200 million. In total, approximately
16 million shares of common stock were repurchased under the October 2014 ASR for $800
million, resulting in an average price paid per share of $48.89 under the October 2014 ASR.
See Part II, Item 7 “Management’s Discussion and Analysis of Financial Condition and Results of
Operations” of this Annual Report on Form 10-K for additional information regarding share
repurchases. See also Note 13—“Stockholders’ Equity” in the Notes to our consolidated financial
statements for additional information.
36