Yahoo 2015 Annual Report Download - page 130
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Yahoo Japan
During April 1996, the Company signed a joint venture agreement with Softbank, as amended in
September 1997, which formed Yahoo Japan. Yahoo Japan was formed to establish and manage a
local version of Yahoo in Japan.
The investment in Yahoo Japan is accounted for using the equity method and the total investment,
including net tangible assets, identifiable intangible assets, and goodwill, is classified as part of the
investments in equity interests balance on the Company’s consolidated balance sheets. The Company
records its share of the results of Yahoo Japan and any related amortization expense, one quarter in
arrears within earnings in equity interests in the consolidated statements of operations.
The Company makes adjustments to the earnings in equity interests line in the consolidated
statements of operations for any material differences between U.S. GAAP and International Financial
Reporting Standards (“IFRS”) issued by the International Accounting Standards Board, the standards
by which Yahoo Japan’s financial statements are prepared.
The fair value of the Company’s ownership interest in the common stock of Yahoo Japan, based on
the quoted stock price, was approximately $8.3 billion as of December 31, 2015.
During the years ended December 31, 2013, 2014 and 2015, the Company received cash dividends
from Yahoo Japan in the amounts of $77 million, $84 million, and $142 million, net of withholding
taxes, respectively, which were recorded as reductions to the Company’s investment in Yahoo Japan.
During the year ended December 31, 2014, the Company sold data center assets and assigned a data
center lease to Yahoo Japan for cash proceeds of $11 million and recorded a net gain of
approximately $5 million.
The following tables present summarized financial information derived from Yahoo Japan’s
consolidated financial statements, which are prepared on the basis of IFRS. The Company has made
adjustments to the Yahoo Japan financial information to address differences between IFRS and U.S.
GAAP that materially impact the summarized financial information below. Any other differences
between U.S. GAAP and IFRS did not have any material impact on the Yahoo Japan summarized
financial information presented below (in thousands):
Twelve Months Ended September 30,
2013 2014 2015
Operating data:
Revenue
$4,296,522 $4,046,412 $3,769,410
Gross profit
$3,577,001 $3,262,450 $2,983,880
Income from operations
$2,150,644 $1,896,368 $1,609,403
Net income
$1,365,443 $1,236,583 $1,092,657
Net income attributable to Yahoo Japan
$1,355,457 $1,225,221 $1,092,048
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