Name: Yahoo! Inc. (NASDAQ:YHOO) | Balance Sheet: Assets
Creator: Stock Analysis on Net

Balance Sheet: Assets

The balance sheet provides creditors, investors, and analysts with information on company resources (assets) and its sources of capital (its equity and liabilities). It normally also provides information about the future earnings capacity of a company assets as well as an indication of cash flows that may come from receivables and inventories.

Assets are resources controlled by the company as a result of past events and from which future economic benefits are expected to flow to the entity.

Assets: Selected Items

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Current Assets: Selected Items

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Yahoo! Inc., consolidated balance sheet: assets

US$ in thousands

	Dec 31, 2016	Dec 31, 2015	Dec 31, 2014	Dec 31, 2013	Dec 31, 2012
Cash and cash equivalents	1,119,469)	1,631,911)	2,667,916)	2,077,590)	2,667,778)
Short-term marketable securities	5,700,925)	4,225,112)	5,327,412)	1,330,304)	1,516,175)
Accounts receivable, net of allowance	1,084,267)	1,047,504)	1,032,704)	979,559)	1,008,448)
Prepaid expenses	73,671)	87,843)	132,306)	103,100)	74,268)
Deferred income taxes	—)	—)	253,297)	218,486)	249,936)
Foreign currency forward and option contract assets	11,684)	84,136)	122,648)	214,041)	5,008)
Other receivables non-trade	33,519)	167,198)	83,464)	37,404)	36,740)
Restricted cash	55,168)	29,678)	23,088)	—)	—)
Income tax receivables	35,059)	220,996)	44,998)	—)	—)
Other	12,398)	12,941)	11,274)	65,373)	94,360)
Prepaid expenses and other current assets	221,499)	602,792)	671,075)	638,404)	460,312)
Current assets	8,126,160)	7,507,319)	9,699,107)	5,025,857)	5,652,713)
Long-term marketable securities	1,089,707)	975,961)	2,230,892)	1,589,500)	1,838,425)
Alibaba Group Preference Shares	—)	—)	—)	—)	816,261)
Property and equipment, net	1,209,937)	1,547,323)	1,487,684)	1,488,518)	1,685,845)
Goodwill	415,809)	808,114)	5,163,654)	4,679,648)	3,826,749)
Intangible assets, net	161,644)	347,269)	470,842)	417,808)	153,973)
Deferred income taxes	18,228)	21,745)	26,179)	23,222)	139,183)
Investments in privately-held companies	82,780)	82,610)	82,354)	25,077)	27,022)
Hortonworks equity securities and warrants	60,774)	163,084)	202,091)	—)	—)
Foreign currency forward and option contracts	—)	183)	80,280)	—)	—)
Other	44,277)	74,768)	159,894)	128,982)	122,925)
Other long-term assets and investments	206,059)	342,390)	550,798)	177,281)	289,130)
Investment in Alibaba Group	33,680,879)	31,172,361)	39,867,789)	—)	—)
Investments in equity interests	3,192,884)	2,503,229)	2,489,578)	3,426,347)	2,840,157)
Noncurrent assets	39,956,919)	37,696,647)	52,261,237)	11,779,102)	11,450,540)
Total assets	48,083,079)	45,203,966)	61,960,344)	16,804,959)	17,103,253)

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).

Total assets experienced extreme volatility between 2012 and 2016, characterized by a massive expansion in 2014 followed by a partial correction and stabilization. Total assets rose from approximately 17.1 billion USD in 2012 to a peak of nearly 62 billion USD in 2014, before settling at 48.1 billion USD by the end of 2016. This fluctuation is primarily attributable to the recognition and subsequent valuation changes of strategic equity investments.

Liquidity and Current Asset Trends: Current assets grew from 5.65 billion USD in 2012 to 8.13 billion USD in 2016. Within this category, cash and cash equivalents exhibited a consistent downward trend, decreasing from 2.67 billion USD in 2012 to 1.12 billion USD in 2016. Conversely, short-term marketable securities saw substantial growth, rising from 1.52 billion USD in 2012 to 5.70 billion USD in 2016. This indicates a strategic shift in liquidity management, moving funds from immediate cash holdings into short-term interest-bearing or liquid securities.
Noncurrent Asset Composition and Impairments: Noncurrent assets surged from 11.45 billion USD in 2012 to a peak of 52.26 billion USD in 2014. A significant pattern of asset impairment is evident in the intangible categories. Goodwill increased steadily from 3.83 billion USD in 2012 to 5.16 billion USD in 2014, before collapsing to 415.8 million USD by 2016. A similar trajectory is observed in net intangible assets, which peaked at 470.8 million USD in 2014 and declined to 161.6 million USD by 2016. These sharp reductions suggest significant write-downs of acquired assets over the latter half of the period.
Strategic Investment Concentration: The asset profile became heavily concentrated in a single holding starting in 2014 with the recording of the Investment in Alibaba Group. This single asset reached 39.87 billion USD in 2014, representing the vast majority of the total asset base. While the value fluctuated, ending at 33.68 billion USD in 2016, it remained the primary driver of the balance sheet's overall valuation. Other investments in equity interests remained relatively stable, fluctuating between 2.49 billion USD and 3.43 billion USD throughout the five-year period.
Fixed Asset Trajectory: Property and equipment, net, demonstrated a gradual decline from 1.69 billion USD in 2012 to 1.21 billion USD in 2016. This downward trend suggests either a reduction in physical infrastructure or that depreciation and amortization outpaced new capital expenditures during this period.

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