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Yahoo! Inc. (NASDAQ:YHOO)

This company has been moved to the archive! The financial data has not been updated since May 9, 2017.

Common-Size Balance Sheet: Assets

Yahoo! Inc., common-size consolidated balance sheet: assets

Microsoft Excel
Dec 31, 2016 Dec 31, 2015 Dec 31, 2014 Dec 31, 2013 Dec 31, 2012
Cash and cash equivalents 2.33 3.61 4.31 12.36 15.60
Short-term marketable securities 11.86 9.35 8.60 7.92 8.86
Accounts receivable, net of allowance 2.25 2.32 1.67 5.83 5.90
Prepaid expenses 0.15 0.19 0.21 0.61 0.43
Deferred income taxes 0.00 0.00 0.41 1.30 1.46
Foreign currency forward and option contract assets 0.02 0.19 0.20 1.27 0.03
Other receivables non-trade 0.07 0.37 0.13 0.22 0.21
Restricted cash 0.11 0.07 0.04 0.00 0.00
Income tax receivables 0.07 0.49 0.07 0.00 0.00
Other 0.03 0.03 0.02 0.39 0.55
Prepaid expenses and other current assets 0.46% 1.33% 1.08% 3.80% 2.69%
Current assets 16.90% 16.61% 15.65% 29.91% 33.05%
Long-term marketable securities 2.27 2.16 3.60 9.46 10.75
Alibaba Group Preference Shares 0.00 0.00 0.00 0.00 4.77
Property and equipment, net 2.52 3.42 2.40 8.86 9.86
Goodwill 0.86 1.79 8.33 27.85 22.37
Intangible assets, net 0.34 0.77 0.76 2.49 0.90
Deferred income taxes 0.04 0.05 0.04 0.14 0.81
Investments in privately-held companies 0.17 0.18 0.13 0.15 0.16
Hortonworks equity securities and warrants 0.13 0.36 0.33 0.00 0.00
Foreign currency forward and option contracts 0.00 0.00 0.13 0.00 0.00
Other 0.09 0.17 0.26 0.77 0.72
Other long-term assets and investments 0.43% 0.76% 0.89% 1.05% 1.69%
Investment in Alibaba Group 70.05 68.96 64.34 0.00 0.00
Investments in equity interests 6.64 5.54 4.02 20.39 16.61
Noncurrent assets 83.10% 83.39% 84.35% 70.09% 66.95%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-K (reporting date: 2016-12-31), 10-K (reporting date: 2015-12-31), 10-K (reporting date: 2014-12-31), 10-K (reporting date: 2013-12-31), 10-K (reporting date: 2012-12-31).

The asset composition of the balance sheet underwent a fundamental transformation between 2012 and 2016, shifting from a diversified asset base toward an extreme concentration in a single strategic investment. Total current assets declined significantly, falling from 33.05% of total assets in 2012 to 16.90% in 2016, while noncurrent assets increased from 66.95% to 83.10%.

Liquidity and Current Asset Trends
A marked reduction in immediate liquidity is evident. Cash and cash equivalents plummeted from 15.60% of total assets in 2012 to 2.33% by 2016. While short-term marketable securities showed a moderate increase from 8.86% to 11.86%, this was insufficient to offset the broader decline in liquid cash. Accounts receivable also trended downward, decreasing from 5.90% in 2012 to 2.25% in 2016, suggesting a contraction in operational scale or a change in credit management.
Strategic Investment Concentration
The most significant structural change is the emergence and growth of the investment in Alibaba Group. Starting from an unlisted percentage in 2012 and 2013, this single asset represented 64.34% of total assets by 2014 and climbed to 70.05% by 2016. This indicates that the vast majority of the entity's value became tied to a single equity holding, substantially increasing concentration risk.
Intangible Assets and Impairment
A precipitous decline in goodwill is observed, falling from 22.37% in 2012 to a negligible 0.86% by 2016. This trend suggests substantial impairment charges or the divestiture of acquired entities over the five-year period. Similarly, net intangible assets decreased from 0.90% in 2012 to 0.34% in 2016, further indicating a reduction in the book value of non-physical corporate assets.
Fixed Assets and Other Noncurrent Holdings
Property and equipment, net, experienced a steady decline from 9.86% in 2012 to 2.52% in 2016, signaling a reduction in the physical infrastructure relative to total assets. Investments in equity interests also saw a significant reduction, dropping from 16.61% in 2012 to 6.64% in 2016, as the balance sheet became increasingly dominated by the Alibaba holding.

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