Yahoo 2014 Annual Report Download - page 54

Download and view the complete annual report

Please find page 54 of the 2014 Yahoo annual report below. You can navigate through the pages in the report by either clicking on the pages listed below, or by using the keyword search tool below to find specific information within the annual report.

Page out of 178

  • 1
  • 2
  • 3
  • 4
  • 5
  • 6
  • 7
  • 8
  • 9
  • 10
  • 11
  • 12
  • 13
  • 14
  • 15
  • 16
  • 17
  • 18
  • 19
  • 20
  • 21
  • 22
  • 23
  • 24
  • 25
  • 26
  • 27
  • 28
  • 29
  • 30
  • 31
  • 32
  • 33
  • 34
  • 35
  • 36
  • 37
  • 38
  • 39
  • 40
  • 41
  • 42
  • 43
  • 44
  • 45
  • 46
  • 47
  • 48
  • 49
  • 50
  • 51
  • 52
  • 53
  • 54
  • 55
  • 56
  • 57
  • 58
  • 59
  • 60
  • 61
  • 62
  • 63
  • 64
  • 65
  • 66
  • 67
  • 68
  • 69
  • 70
  • 71
  • 72
  • 73
  • 74
  • 75
  • 76
  • 77
  • 78
  • 79
  • 80
  • 81
  • 82
  • 83
  • 84
  • 85
  • 86
  • 87
  • 88
  • 89
  • 90
  • 91
  • 92
  • 93
  • 94
  • 95
  • 96
  • 97
  • 98
  • 99
  • 100
  • 101
  • 102
  • 103
  • 104
  • 105
  • 106
  • 107
  • 108
  • 109
  • 110
  • 111
  • 112
  • 113
  • 114
  • 115
  • 116
  • 117
  • 118
  • 119
  • 120
  • 121
  • 122
  • 123
  • 124
  • 125
  • 126
  • 127
  • 128
  • 129
  • 130
  • 131
  • 132
  • 133
  • 134
  • 135
  • 136
  • 137
  • 138
  • 139
  • 140
  • 141
  • 142
  • 143
  • 144
  • 145
  • 146
  • 147
  • 148
  • 149
  • 150
  • 151
  • 152
  • 153
  • 154
  • 155
  • 156
  • 157
  • 158
  • 159
  • 160
  • 161
  • 162
  • 163
  • 164
  • 165
  • 166
  • 167
  • 168
  • 169
  • 170
  • 171
  • 172
  • 173
  • 174
  • 175
  • 176
  • 177
  • 178

Results of Operations
Years Ended December 31, 2012-2013
% Change
2013-2014
% Change2012 2013 2014
(dollars in thousands)
Revenue for groups of similar
services:
Search
Yahoo Properties
$1,206,209 $1,371,134 $1,518,035 14% 11%
Affiliate sites
679,651 370,657 274,826 (45)% (26)%
Total Search revenue
$1,885,860 $1,741,791 $1,792,861 (8)% 3%
Display
Yahoo Properties
$1,930,234 $1,744,130 $1,627,458 (10)% (7)%
Affiliate sites
212,584 205,700 240,577 (3)% 17%
Total Display revenue
$2,142,818 $1,949,830 $1,868,035 (9)% (4)%
Other
$ 957,888 $ 988,759 $ 957,237 3% (3)%
Total revenue
$4,986,566 $4,680,380 $4,618,133 (6)% (1)%
Cost of revenue—TAC
518,906 254,442 217,531 (51)% (15)%
Cost of revenue—other
1,101,660 1,094,938 1,080,783 (1)% (1)%
Sales and marketing
1,101,572 1,130,820 1,234,268 3% 9%
Product development
885,824 1,008,487 1,207,146 14% 20%
General and administrative
540,247 569,555 574,743 5% 1%
Amortization of intangibles
35,819 44,841 66,750 25% 49%
Gains on sales of patents
— (79,950) (97,894) 100% 22%
Goodwill impairment charge
— 63,555 88,414 100% 39%
Restructuring charges, net
236,170 3,766 103,450 (98)% N/M
Total operating expenses
$4,420,198 $4,090,454 $4,475,191 (7)% 9%
Income from operations
$ 566,368 $ 589,926 $ 142,942 4% (76)%
Includes:
Stock-based compensation
expense
$ 224,365 $ 278,220 $ 420,174 24% 51%
Costs associated with the
Korea business and its
closure
$ 99,485 $ — $ — (100)% 0%
N/M = Not Meaningful
50