Stock Analysis on Net

Yahoo! Inc. (NASDAQ:YHOO)

$22.49

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

Cash Flow Statement

The cash flow statement provides information about a company cash receipts and cash payments during an accounting period, showing how these cash flows link the ending cash balance to the beginning balance shown on the company balance sheet.

The cash flow statement consists of three parts: cash flows provided by (used in) operating activities, cash flows provided by (used in) investing activities, and cash flows provided by (used in) financing activities.

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Yahoo! Inc., consolidated cash flow statement

US$ in thousands

Microsoft Excel
12 months ended: Dec 31, 2016 Dec 31, 2015 Dec 31, 2014 Dec 31, 2013 Dec 31, 2012
Net income (loss)
Depreciation
Amortization of intangible assets
Accretion of convertible notes discount
Stock-based compensation expense
Non-cash asset impairment charge
Non-cash goodwill impairment charge
Non-cash intangibles impairment charge
Non-cash restructuring charges (reversals)
Non-cash accretion on marketable securities
Foreign exchange (gain) loss
Gain on sale of assets and other
Gain from sale of Alibaba Group Shares
Gain on sale of Alibaba Group ADSs
Gain on sales of patents and land
(Gain) loss on Hortonworks warrants
Earnings in equity interests
Dividend income related to Alibaba Group Preference Shares
Tax benefits (detriments) from stock-based awards
Excess tax benefits from stock-based awards
Deferred income taxes
Dividends received from equity investees
Accounts receivable
Prepaid expenses and other
Accounts payable
Accrued expenses and other liabilities
Income taxes payable related to sale of Alibaba Group ADSs
Deferred revenue
Changes in assets and liabilities, net of effects of acquisitions
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities
Net cash provided by (used in) operating activities
Acquisition of property and equipment
Proceeds from sales of property and equipment
Purchases of marketable securities
Proceeds from sales of marketable securities
Proceeds from maturities of marketable securities
Proceeds related to sale of Alibaba Group shares, net
Proceeds from sale of Alibaba Group ADSs, net of underwriting discounts, commissions, and fees
Proceeds related to the redemption of Alibaba Group Preference Shares
Acquisitions, net of cash acquired
Proceeds from sales of patents
Purchases of intangible assets
Proceeds from settlement of derivative hedge contracts
Payments for settlement of derivative hedge contracts
Proceeds from the sale of investments
Payments for equity investments in privately held companies
Other investing activities, net
Net cash (used in) provided by investing activities
Proceeds from issuance of common stock
Repurchases of common stock
Proceeds from issuance of convertible notes
Payments for note hedges
Proceeds from issuance of warrants
Excess tax benefits from stock-based awards
Tax withholdings related to net share settlements of restricted stock units
Distributions to noncontrolling interests
Proceeds from credit facility borrowings
Repayment of credit facility borrowings
Other financing activities, net
Net cash used in financing activities
Effect of exchange rate changes on cash and cash equivalents
Net change in cash and cash equivalents
Cash and cash equivalents at beginning of period
Cash and cash equivalents at end of period

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).


Net Income (Loss)
The net income shows significant volatility over the five-year period. It started with a strong profit of approximately $3.95 billion in 2012, dropped sharply to about $1.38 billion in 2013, then surged to a peak of $7.53 billion in 2014. However, the following two years saw losses, with a significant negative net income of $4.35 billion in 2015 and a smaller loss of $209 million in 2016.
Depreciation and Amortization
Depreciation steadily decreased from $549 million in 2012 to $407 million in 2016. Amortization of intangible assets fluctuated but generally remained around $100 million, peaking at $137 million in 2015 before declining to $100 million in 2016.
Impairment Charges
There were notable non-cash goodwill impairment charges starting in 2013, reaching a very high $4.46 billion in 2015 and slightly less in 2016. Non-cash asset and intangibles impairment charges appeared in 2015 and 2016, indicating asset write-downs during these years.
Stock-Based Compensation and Related Tax Benefits
Stock-based compensation expenses increased each year, from $221 million in 2012 to $499 million in 2016. The tax benefits from these awards showed positive gains peaking at $145 million in 2014 but diminished substantially afterward.
Operating Cash Flow
Operating cash flow was positive except for 2015, where it turned negative at $2.38 billion. After this decline, it rebounded to $1.25 billion in 2016, reflecting an improvement in cash generated from core operations despite net income losses those years.
Investing Activities
Investing activities displayed variability, with a significant positive cash influx in 2012 and 2014 but shifted to negative cash flow in 2016, primarily due to large purchases of marketable securities and acquisitions. Sales and maturities of marketable securities considerably supplemented cash flows in multiple years, particularly in 2015 and 2016.
Financing Activities
Financing activities consistently used cash, with heavy repurchases of common stock dominating in the early years, but reduced sharply by 2016. Issuance of common stock provided some inflow but was relatively modest compared to repurchases. Borrowings and repayments of credit facilities and convertible notes showed sporadic activity without sustained trends.
Working Capital Components
Accounts receivable and payable showed unusual negative values in 2015 and 2016, suggesting possible shifts in accounting or operational timing. Prepaid expenses grew markedly in 2016, indicating more upfront payments or deferred expenses. Deferred revenue showed a significant decline from a positive balance in 2012 to negative values thereafter, decreasing towards negligible levels by 2016.
Asset Sales and Gains
Significant gains from the sale of Alibaba Group shares in 2012 and 2014 were reported, contributing to large spikes in net income those years. Other gains, such as patent sales, were smaller but consistent. Foreign exchange gains/losses fluctuated, with notable losses in 2014 and gains in 2016.
Cash and Cash Equivalents
Cash balances rose sharply from 2012 to 2013, experienced fluctuations with a notable decline in 2015 and 2016, ending at approximately $1.12 billion in 2016. Changes in cash flows reflect the combined effects of volatile operating results, investing cash outflows, and active financing transactions.
Summary
The data reveals a company undergoing significant financial fluctuations and restructuring. Key drivers include large impairments and asset sales impacting net income, volatile cash flows reflecting investment and financing strategies, and an increasing cost in stock-based compensation. Despite profitability peaks in the middle years, the later periods show challenges with operational losses and cash outflows from investing activities, balanced by some recovery in operating cash flows and controlled financing expenditures.