Selected Financial Data
since 2005
Income Statement
Yahoo! Inc., selected items from income statement, long-term trends
US$ in thousands
| 12 months ended: | Revenue | Income (loss) from operations | Net income (loss) attributable to Yahoo! Inc. |
|---|---|---|---|
| Dec 31, 2016 | 5,169,135) | (645,058) | (214,321) |
| Dec 31, 2015 | 4,968,301) | (4,748,494) | (4,359,082) |
| Dec 31, 2014 | 4,618,133) | 142,942) | 7,521,731) |
| Dec 31, 2013 | 4,680,380) | 589,926) | 1,366,281) |
| Dec 31, 2012 | 4,986,566) | 566,368) | 3,945,479) |
| Dec 31, 2011 | 4,984,199) | 800,341) | 1,048,827) |
| Dec 31, 2010 | 6,324,651) | 772,524) | 1,231,663) |
| Dec 31, 2009 | 6,460,315) | 386,692) | 597,992) |
| Dec 31, 2008 | 7,208,502) | 12,963) | 424,298) |
| Dec 31, 2007 | 6,969,274) | 695,413) | 660,000) |
| Dec 31, 2006 | 6,425,679) | 940,966) | 751,391) |
| Dec 31, 2005 | 5,257,668) | 1,107,725) | 1,896,230) |
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), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
Revenue exhibited an initial growth trajectory from 2005 to 2008, peaking at approximately US$ 7.2 billion. This was followed by a period of contraction through 2011, after which revenue levels entered a phase of stagnation, fluctuating between US$ 4.6 billion and US$ 5.1 billion from 2012 through 2016. The long-term trend indicates a failure to recover to the revenue peaks achieved in the mid-to-late 2000s.
- Operational Profitability
- Income from operations demonstrated extreme volatility and a general downward trend. A significant erosion of operating margins is evident between 2005 and 2008, where operating income fell from US$ 1.1 billion to US$ 12.9 million. Although a partial recovery occurred between 2009 and 2011, the period ended with a severe collapse in operational efficiency, resulting in a substantial operating loss of US$ 4.7 billion in 2015 and a continued loss of US$ 645 million in 2016.
- Net Income Divergence
- A marked divergence is observed between operating results and net income attributable to the company. In 2012 and 2014, net income reached peaks of US$ 3.9 billion and US$ 7.5 billion, respectively, despite significantly lower operating incomes of US$ 566 million and US$ 142 million. This pattern suggests that profitability in those years was driven by non-operating gains, investment realizations, or one-time accounting adjustments rather than core business performance.
- Bottom-Line Stability
- The net income profile shifted from consistent profitability between 2005 and 2014 to severe instability in the final two years of the period. The transition from a net gain of US$ 7.5 billion in 2014 to a net loss of US$ 4.3 billion in 2015 represents a catastrophic swing in shareholder equity attribution, although the loss narrowed to US$ 214 million by 2016.
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Balance Sheet: Assets
Yahoo! Inc., selected items from assets, long-term trends
US$ in thousands
| Current assets | Total assets | |
|---|---|---|
| Dec 31, 2016 | 8,126,160) | 48,083,079) |
| Dec 31, 2015 | 7,507,319) | 45,203,966) |
| Dec 31, 2014 | 9,699,107) | 61,960,344) |
| Dec 31, 2013 | 5,025,857) | 16,804,959) |
| Dec 31, 2012 | 5,652,713) | 17,103,253) |
| Dec 31, 2011 | 3,452,536) | 14,782,786) |
| Dec 31, 2010 | 4,345,548) | 14,928,104) |
| Dec 31, 2009 | 4,594,772) | 14,936,030) |
| Dec 31, 2008 | 4,745,498) | 13,689,848) |
| Dec 31, 2007 | 3,237,722) | 12,229,741) |
| Dec 31, 2006 | 3,750,142) | 11,513,608) |
| Dec 31, 2005 | 3,449,533) | 10,831,834) |
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), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The asset profile of the organization exhibits a period of steady growth followed by a significant structural shift in the balance sheet between 2014 and 2016. From 2005 to 2013, total assets increased incrementally, while current assets remained relatively stable with moderate fluctuations.
- Total Asset Trajectory
- Total assets grew moderately from approximately 10.8 billion USD in 2005 to 16.8 billion USD in 2013. A substantial anomaly occurred in 2014, where total assets spiked to 61.96 billion USD, representing a increase of roughly 268% in a single fiscal year. Following this peak, assets contracted to 45.2 billion USD in 2015 before recovering slightly to 48.08 billion USD by the end of 2016.
- Current Asset Trends
- Current assets displayed a general upward trend over the observed period, rising from 3.45 billion USD in 2005 to 8.13 billion USD in 2016. While the growth was gradual for the first several years, a notable increase occurred in 2014, reaching a peak of 9.7 billion USD. Unlike total assets, current assets did not experience the same magnitude of volatility in 2014, suggesting that the primary drivers of total asset growth were non-current in nature.
- Asset Composition and Liquidity Shift
- Prior to 2014, current assets consistently represented a significant portion of the total asset base. However, the disproportionate surge in total assets in 2014 shifted this composition. By 2014, current assets constituted approximately 15.6% of total assets, compared to approximately 30% in 2005. This indicates a strategic shift toward long-term investments or non-current asset acquisitions during the latter part of the analyzed period.
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Balance Sheet: Liabilities and Stockholders’ Equity
Yahoo! Inc., selected items from liabilities and stockholders’ equity, long-term trends
US$ in thousands
| Current liabilities | Total liabilities | Total debt | Total Yahoo! Inc. stockholders’ equity | |
|---|---|---|---|---|
| Dec 31, 2016 | 1,287,424) | 16,999,003) | 1,322,945) | 31,049,283) |
| Dec 31, 2015 | 1,277,380) | 16,124,546) | 1,266,485) | 29,043,537) |
| Dec 31, 2014 | 4,528,581) | 23,174,752) | 1,217,423) | 38,741,837) |
| Dec 31, 2013 | 1,340,312) | 3,674,362) | 1,154,585) | 13,074,909) |
| Dec 31, 2012 | 1,290,232) | 2,497,650) | 37,000) | 14,560,200) |
| Dec 31, 2011 | 1,207,361) | 2,201,439) | 41,000) | 12,541,067) |
| Dec 31, 2010 | 1,625,872) | 2,331,694) | 40,000) | 12,558,129) |
| Dec 31, 2009 | 1,717,728) | 2,417,394) | 43,000) | 12,493,320) |
| Dec 31, 2008 | 1,705,015) | 2,420,887) | 43,000) | 11,250,942) |
| Dec 31, 2007 | 2,300,448) | 2,684,656) | 749,628) | 9,532,831) |
| Dec 31, 2006 | 1,473,994) | 2,344,942) | 749,915) | 9,160,610) |
| Dec 31, 2005 | 1,204,052) | 2,265,419) | 749,995) | 8,566,415) |
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), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The financial trajectory from 2005 to 2016 is characterized by a period of relative stability followed by a significant expansion and restructuring of the balance sheet starting in 2014.
- Liability Trends and Short-Term Obligations
- Current liabilities remained largely contained between 1.2 billion and 2.3 billion US dollars from 2005 to 2013. A notable anomaly occurred in 2014, when current liabilities peaked at 4.53 billion US dollars before returning to approximately 1.29 billion US dollars by 2016. Total liabilities exhibited a similar pattern of stability until 2014, at which point they increased sharply from 3.67 billion US dollars to 23.17 billion US dollars, remaining elevated above 16 billion US dollars through 2016.
- Debt Profile and Leverage
- Total debt underwent a significant reduction in 2008, falling from approximately 750 million US dollars to 43 million US dollars. This minimal debt level was maintained until 2013, when debt obligations rose to 1.15 billion US dollars and continued a gradual upward trend to 1.32 billion US dollars by 2016. Despite the resurgence of debt in the latter years, the overall leverage remained low relative to the company's total equity.
- Stockholders' Equity and Capitalization
- Equity grew steadily from 8.57 billion US dollars in 2005 to a peak of 14.56 billion US dollars in 2012. In 2014, a transformative shift occurred, with stockholders' equity surging to 38.74 billion US dollars. Although this figure adjusted to 29.04 billion US dollars in 2015, it recovered to 31.05 billion US dollars by the end of 2016, establishing a substantially higher capital base compared to the 2005-2013 period.
- Solvency and Financial Position
- The balance sheet indicates a strong solvency position throughout the analyzed timeframe. The dramatic increase in total liabilities observed in 2014 was accompanied by a proportional increase in stockholders' equity, suggesting that the growth in obligations was not driven by excessive borrowing but likely by structural corporate changes or acquisitions. The consistent maintenance of equity levels far exceeding total debt underscores a conservative long-term financing strategy.
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Cash Flow Statement
Yahoo! Inc., selected items from cash flow statement, long-term trends
US$ in thousands
| 12 months ended: | Net cash provided by (used in) operating activities | Net cash (used in) provided by investing activities | Net cash provided by (used in) financing activities |
|---|---|---|---|
| Dec 31, 2016 | 1,248,863) | (1,574,265) | (193,682) |
| Dec 31, 2015 | (2,383,422) | 1,752,112) | (377,258) |
| Dec 31, 2014 | 896,700) | 3,761,969) | (4,022,466) |
| Dec 31, 2013 | 1,195,247) | (23,221) | (1,743,884) |
| Dec 31, 2012 | (281,554) | 3,362,044) | (1,979,457) |
| Dec 31, 2011 | 1,323,806) | 202,362) | (1,455,958) |
| Dec 31, 2010 | 1,240,190) | 509,915) | (1,501,706) |
| Dec 31, 2009 | 1,310,346) | (2,419,238) | 34,597) |
| Dec 31, 2008 | 1,880,241) | (1,311,783) | 332,406) |
| Dec 31, 2007 | 1,918,899) | (572,502) | (1,442,008) |
| Dec 31, 2006 | 1,371,576) | (193,681) | (1,094,624) |
| Dec 31, 2005 | 1,711,383) | (821,930) | (250,600) |
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), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
The cash flow profile exhibits significant volatility over the twelve-year period, characterized by inconsistent operational performance and substantial swings in investing and financing activities. While operational cash generation was relatively stable in the first half of the period, the latter years are marked by extreme fluctuations, including two instances of significant negative cash flow from operations.
- Net Cash Provided by Operating Activities
- Operational cash flows remained generally positive and stable between 2005 and 2011, typically ranging from 1.2 billion to 1.9 billion US dollars. However, a notable departure from this trend occurred in 2012, when cash flow from operations turned negative at 281.5 million US dollars. Following a brief recovery in 2013 and 2014, a severe contraction occurred in 2015, with net cash used in operating activities reaching 2.38 billion US dollars, before returning to a positive 1.25 billion US dollars in 2016.
- Net Cash Provided by Investing Activities
- A transition is observed from a period of net investment to a period of asset liquidation or divestiture. From 2005 to 2009, the company consistently reported negative cash flows from investing, peaking at a usage of 2.42 billion US dollars in 2009. This trend reversed sharply starting in 2010, with significant cash inflows recorded between 2012 and 2015. The highest inflows occurred in 2012 at 3.36 billion US dollars and 2014 at 3.76 billion US dollars, suggesting a strategic shift toward selling assets or investments. This trend reversed again in 2016 with an outflow of 1.57 billion US dollars.
- Net Cash Provided by Financing Activities
- Financing activities were predominantly characterized by net outflows, indicating a consistent return of capital to shareholders or the repayment of debt. Aside from minor positive inflows in 2008 and 2009, the company maintained a pattern of significant cash usage. The most substantial outflow occurred in 2014, reaching 4.02 billion US dollars. Outflows remained substantial from 2010 through 2014, averaging approximately 2.1 billion US dollars annually, before moderating in 2015 and 2016.
The synchronization of data suggests that during periods of operational weakness, such as 2012 and 2015, the company relied on investing activities to generate the liquidity necessary to sustain its financing obligations and overall corporate liquidity.
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Per Share Data
Yahoo! Inc., selected data per share, long-term trends
US$
| 12 months ended: | Basic earnings per share 1 | Diluted earnings per share 2 | Dividend per share 3 |
|---|---|---|---|
| Dec 31, 2016 | -0.23 | -0.23 | 0.00 |
| Dec 31, 2015 | -4.64 | -4.64 | 0.00 |
| Dec 31, 2014 | 7.61 | 7.45 | 0.00 |
| Dec 31, 2013 | 1.30 | 1.26 | 0.00 |
| Dec 31, 2012 | 3.31 | 3.28 | 0.00 |
| Dec 31, 2011 | 0.82 | 0.82 | 0.00 |
| Dec 31, 2010 | 0.91 | 0.90 | 0.00 |
| Dec 31, 2009 | 0.43 | 0.42 | 0.00 |
| Dec 31, 2008 | 0.31 | 0.29 | 0.00 |
| Dec 31, 2007 | 0.49 | 0.47 | 0.00 |
| Dec 31, 2006 | 0.54 | 0.52 | 0.00 |
| Dec 31, 2005 | 1.35 | 1.28 | 0.00 |
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), 10-K (reporting date: 2011-12-31), 10-K (reporting date: 2010-12-31), 10-K (reporting date: 2009-12-31), 10-K (reporting date: 2008-12-31), 10-K (reporting date: 2007-12-31), 10-K (reporting date: 2006-12-31), 10-K (reporting date: 2005-12-31).
1, 2, 3 Data adjusted for splits and stock dividends.
The per share earnings exhibit significant volatility and inconsistent growth trajectories between 2005 and 2016. The period is characterized by sharp fluctuations in profitability, transitioning from a steady decline in the mid-2000s to extreme peaks followed by substantial losses in the final two years of the observed period.
- Earnings Per Share Trends
- Basic and diluted earnings per share followed a nearly identical trajectory throughout the period. A downward trend is observed from 2005 to 2008, with basic EPS falling from 1.35 to a low of 0.31. A recovery phase occurred between 2009 and 2012, culminating in a significant increase to 3.31 in 2012. Following a sharp correction to 1.30 in 2013, earnings reached a peak of 7.61 in 2014.
- Profitability Reversal
- A drastic reversal in profitability is evident starting in 2015, where basic earnings per share shifted from a high of 7.61 to a substantial loss of -4.64. While the loss narrowed to -0.23 by 2016, the company remained in a negative earnings position at the end of the analyzed timeframe.
- Dividend Policy
- There is a complete absence of dividend payments per share throughout the entire duration from 2005 to 2016, indicating a policy of retaining all earnings or a lack of distributable surplus during this period.
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