Cash Flow Statement
Quarterly Data
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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- Income Statement
- Balance Sheet: Assets
- Balance Sheet: Liabilities and Stockholders’ Equity
- Analysis of Liquidity Ratios
- DuPont Analysis: Disaggregation of ROE, ROA, and Net Profit Margin
- Capital Asset Pricing Model (CAPM)
- Present Value of Free Cash Flow to Equity (FCFE)
- Price to Book Value (P/BV) since 2005
- Analysis of Revenues
- Analysis of Debt
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Yahoo! Inc., consolidated cash flow statement (quarterly data)
US$ in thousands
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).
- Net Income (Loss)
- Net income exhibits significant volatility across the periods, with substantial positive peaks notably in September 2012 and September 2014, corresponding to unusually high gains potentially linked to asset sales or other non-operating activities. Conversely, the company experiences sizable net losses towards the end of 2015 and in 2016. The trend indicates periods of profitability interspersed with significant losses, reflecting underlying earnings instability.
- Depreciation and Amortization
- Depreciation expenses remain relatively stable over time with a slight downward trend starting from 2015 onward. Amortization of intangible assets shows a gradual decrease over the measured periods, indicating possible maturation or impairment of intangible assets. Accretion on convertible notes shows a consistent increase as expected due to its cumulative nature.
- Stock-Based Compensation Expense
- This expense generally trends upward from 2012 through mid-2016 with some fluctuations, suggesting increased issuance or valuation of stock awards over time. The high levels of expense may impact net profitability and cash flow.
- Non-Cash Charges and Impairments
- There are non-cash goodwill and intangible asset impairment charges recorded sporadically, notably large goodwill impairments in late 2015 and mid-2016, which heavily impact reported earnings. Restructuring charges and their reversals occur intermittently, pointing to ongoing organizational adjustments. Impairment charges contribute significantly to volatility in net income.
- Gains and Losses on Asset Sales and Investments
- Material gains are recorded from the sale of Alibaba Group shares and ADSs, particularly in 2012 and 2014, significantly boosting net income in respective quarters. Gains and losses on patents and warrants show mixed impacts, causing fluctuations in reported earnings. Foreign exchange gains and losses fluctuate considerably, affecting earnings and cash flow in some periods.
- Earnings in Equity Interests and Dividend Income
- Earnings in equity interests show persistent negative values indicating losses or expense recognition related to equity investments. Dividend income from Alibaba-related shares appears sporadically, suggesting cash inflow from investees but not a consistent revenue source.
- Tax-Related Items
- Tax benefits and excess tax benefits from stock-based awards fluctuate considerably. Deferred income taxes show erratic movements suggestive of changes in tax liabilities or benefits. At times, these tax adjustments appear to offset portions of stock-based compensation costs, impacting effective taxation.
- Working Capital Components
- Accounts receivable and accounts payable show volatile changes, with abrupt swings implying variability in sales and payment cycles. Prepaid expenses and other current assets/liabilities also fluctuate significantly, reflecting both operational volatility and possibly reclassification or timing impacts. Deferred revenue remains mostly negative, indicating advance receipts or contract liabilities that do not show a clear upward or downward trend.
- Cash Flows from Operating Activities
- Cash from operating activities is generally positive but volatile, with certain quarters experiencing steep declines consistent with net loss periods. Adjustments to reconcile net income to operating cash flows include large non-cash items and working capital changes, reinforcing the influence of impairments and accretion expenses on reported earnings versus actual cash movements.
- Investing Activities
- Investing cash flows are highly variable, showing significant proceeds from marketable securities sales and maturities in many quarters, offset by extensive purchases of marketable securities and property/equipment acquisitions. The proceeds from sales related to Alibaba Group shares and ADS sales significantly influence cash inflows during some periods. Acquisitions and asset purchases remain consistent but with varying amounts.
- Financing Activities
- Cash flows from financing activities demonstrate notable share repurchases, particularly between 2012 and 2014, contributing to large cash outflows. Issuances of common stock and convertible notes generate cash infusions intermittently. Repayments and borrowings of credit facilities occur but appear limited overall. Tax withholdings on stock awards represent a consistent cash outflow remitted to tax authorities.
- Liquidity and Cash Position Changes
- The net change in cash and cash equivalents follows a highly volatile pattern with large inflows driven mainly by asset sales and financing inflows early in the period, followed by substantial cash declines mid-to-late period. This volatility suggests a dynamic liquidity position influenced by significant investment and financing activities alongside operating cash flow variability.