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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
Quarterly Data

Yahoo! Inc., common-size consolidated balance sheet: assets (quarterly data)

Microsoft Excel
Mar 31, 2017 Dec 31, 2016 Sep 30, 2016 Jun 30, 2016 Mar 31, 2016 Dec 31, 2015 Sep 30, 2015 Jun 30, 2015 Mar 31, 2015 Dec 31, 2014 Sep 30, 2014 Jun 30, 2014 Mar 31, 2014 Dec 31, 2013 Sep 30, 2013 Jun 30, 2013 Mar 31, 2013 Dec 31, 2012 Sep 30, 2012 Jun 30, 2012 Mar 31, 2012
Cash and cash equivalents 2.40 2.33 2.58 3.00 3.35 3.61 3.11 2.37 2.33 4.31 18.06 6.77 7.22 12.36 5.65 7.04 7.12 15.60 37.04 10.50 11.49
Short-term marketable securities 10.08 11.86 9.49 11.43 10.18 9.35 11.18 9.24 8.14 8.60 1.48 9.90 10.50 7.92 6.63 9.16 11.15 8.86 4.18 2.53 3.27
Accounts receivable, net 1.70 2.25 1.73 2.24 1.99 2.32 2.38 1.96 1.83 1.67 1.45 5.01 5.30 5.83 5.66 5.80 5.72 5.90 4.67 7.10 6.29
Prepaid expenses and other current assets 0.32 0.46 0.45 0.51 0.84 1.33 1.78 1.54 1.61 1.08 0.97 3.58 3.99 3.80 5.98 5.47 3.91 2.69 1.56 2.18 2.21
Current assets 14.50% 16.90% 14.25% 17.18% 16.36% 16.61% 18.47% 15.10% 13.91% 15.65% 21.95% 25.26% 27.01% 29.91% 23.93% 27.48% 27.90% 33.05% 47.45% 22.31% 23.28%
Long-term marketable securities 2.01 2.27 2.14 2.90 2.61 2.16 2.29 2.33 3.21 3.60 1.84 9.52 9.83 9.46 9.29 13.32 14.44 10.75 4.96 3.35 2.95
Alibaba Group Preference Shares 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 5.04 4.77 3.93 0.00 0.00
Property and equipment, net 2.13 2.52 2.33 3.00 3.39 3.42 3.87 3.04 2.94 2.40 2.59 8.93 8.92 8.86 10.31 9.74 9.78 9.86 8.19 11.35 11.54
Goodwill 0.78 0.86 0.80 0.98 1.85 1.79 12.80 10.25 10.18 8.33 8.48 28.52 28.32 27.85 31.56 28.24 23.06 22.37 19.15 26.52 26.14
Intangible assets, net 0.26 0.34 0.33 0.46 0.72 0.77 0.97 0.82 0.88 0.76 0.69 2.21 2.37 2.49 2.87 2.45 0.83 0.90 0.85 1.34 1.51
Other long-term assets and investments 0.50 0.43 0.40 0.55 0.59 0.76 0.95 0.95 1.01 0.89 0.46 1.07 1.07 1.05 1.11 1.06 1.45 1.69 2.69 1.43 1.50
Investment in Alibaba Group 74.70 70.05 74.22 68.99 68.65 68.96 54.99 62.87 63.23 64.34 59.48 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00
Investments in equity interests 5.13 6.64 5.53 5.93 5.84 5.54 5.67 4.64 4.65 4.02 4.49 24.48 22.47 20.39 20.93 17.71 17.49 16.61 12.78 33.70 33.09
Noncurrent assets 85.50% 83.10% 85.75% 82.82% 83.64% 83.39% 81.53% 84.90% 86.09% 84.35% 78.05% 74.74% 72.99% 70.09% 76.07% 72.52% 72.10% 66.95% 52.55% 77.69% 76.72%
Total assets 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00% 100.00%

Based on: 10-Q (reporting date: 2017-03-31), 10-K (reporting date: 2016-12-31), 10-Q (reporting date: 2016-09-30), 10-Q (reporting date: 2016-06-30), 10-Q (reporting date: 2016-03-31), 10-K (reporting date: 2015-12-31), 10-Q (reporting date: 2015-09-30), 10-Q (reporting date: 2015-06-30), 10-Q (reporting date: 2015-03-31), 10-K (reporting date: 2014-12-31), 10-Q (reporting date: 2014-09-30), 10-Q (reporting date: 2014-06-30), 10-Q (reporting date: 2014-03-31), 10-K (reporting date: 2013-12-31), 10-Q (reporting date: 2013-09-30), 10-Q (reporting date: 2013-06-30), 10-Q (reporting date: 2013-03-31), 10-K (reporting date: 2012-12-31), 10-Q (reporting date: 2012-09-30), 10-Q (reporting date: 2012-06-30), 10-Q (reporting date: 2012-03-31).

The asset composition demonstrates a profound structural transformation between March 2012 and March 2017, shifting from a diversified base of current assets and intangible value to a balance sheet heavily concentrated in a single strategic investment. Current assets as a percentage of total assets declined from 23.28% in early 2012 to 14.50% by March 2017, while noncurrent assets increased from 76.72% to 85.50% during the same interval.

Strategic Investment Concentration
The most significant shift is the emergence and growth of the Investment in Alibaba Group. This item first appears as a primary component in September 2014 at 59.48% and steadily increases to dominate the balance sheet, reaching 74.70% by March 2017. This concentration effectively redefined the company's asset profile, rendering other asset classes less significant in relative terms.
Liquidity and Cash Position
A long-term downward trend in liquid assets is observed. Cash and cash equivalents experienced extreme volatility early in the period, peaking at 37.04% in September 2012, before entering a sustained decline to 2.40% by March 2017. Short-term marketable securities remained more stable, generally fluctuating between 8% and 12%, though they also saw a sharp, temporary dip in September 2014.
Intangible Asset Erosion
There is a marked contraction in the relative value of goodwill and intangible assets. Goodwill once represented a substantial portion of total assets, peaking at 31.56% in September 2013. However, starting in December 2015, this figure plummeted to below 2%, ending at 0.78% in March 2017. Intangible assets followed a similar trajectory, declining from 1.51% to 0.26% over the analyzed period.
Fixed Asset Devaluation
Property and equipment, net, exhibited a consistent decline in its proportion of total assets. Starting at 11.54% in March 2012, the relative weight of fixed assets dropped to 2.13% by March 2017. This suggests either a divestment of physical assets or, more likely, an increase in total asset value driven by the Alibaba investment, which diluted the relative significance of fixed infrastructure.

Overall, the financial data indicates a transition from an operating-company asset structure—characterized by significant goodwill and physical infrastructure—to an investment-holding structure where the vast majority of value is derived from a single equity interest.

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