Yahoo! Inc. (NASDAQ:YHOO)

Net Fixed Asset Turnover

The net fixed asset turnover ratio demonstrates a general upward trend over the observed period. Starting from 2.96 in March 2012, it increased moderately and remained relatively stable around the 3.1 to 3.2 range through the end of 2015. From March 2016 onwards, there is a noticeable acceleration, with the ratio climbing steadily from 3.21 to 4.59 by March 2017. This indicates an improving efficiency in utilizing fixed assets to generate revenue, particularly prominent in the later quarters.

Total Asset Turnover

The total asset turnover ratio reveals a more volatile pattern. Initial values in 2012 show a modest increase from 0.29 to 0.32, followed by a significant decline starting in late 2013 through 2014, reaching levels as low as 0.07 to 0.09. After this dip, there is a gradual recovery from late 2014 onward, with ratios fluctuating between 0.09 and 0.12 in most quarters. The incomplete recovery and continual low values suggest challenges in efficiently converting total assets into sales during the mid-to-late period.

Equity Turnover

The equity turnover ratio closely mirrors the trend observed in total asset turnover. It initially rises from 0.34 to 0.38 during 2012, then sharply declines during the 2013-2014 period, with values dropping to as low as 0.12. Post this decline, a recovery is observed, with ratios climbing back to a range between 0.14 and 0.18 towards the end of 2015 and maintaining levels near 0.15 to 0.17 through early 2017. This indicates fluctuating efficiency in generating revenue from shareholders' equity, with significant improvement after the trough in 2014.

Revenue Trends

Revenue exhibits fluctuations throughout the observed periods with a general pattern of cyclic dips and recoveries. Starting from approximately 1,221 million USD in March 2012, it dipped below 1,140 million USD in March 2013 and again in March 2014. There is a noticeable recovery trend towards the end of each year, peaking particularly in December quarters. The highest revenue is recorded in December 2016 at about 1,469 million USD, showing an overall upward trend in the later years despite some interim declines.

Property and Equipment, Net

The net value of property and equipment shows a consistent decline over the entire period. Beginning at around 1,726 million USD in March 2012, it gradually decreases to approximately 1,178 million USD by March 2017. This steady reduction suggests ongoing asset disposals, depreciation, or a decline in capital spending on fixed assets over time.

Net Fixed Asset Turnover

The net fixed asset turnover ratio demonstrates a steady and significant increase across the observed periods. Starting at a ratio of 2.96 in September 2012, it rises consistently each quarter, reaching 4.59 by March 2017. This indicates an improvement in the efficiency with which the company utilizes its fixed assets to generate revenue, likely compensating for the decline in net property and equipment values.

Overall Insights

The data indicates a strategic trend where the company is generating increasing revenue efficiency relative to its fixed assets, as evidenced by the rising asset turnover ratio despite a declining asset base. Revenue volatility suggests sensitivity to seasonal or market conditions but shows resilience with stronger performance in later quarters and years. The decline in net fixed assets combined with rising turnover may reflect a shift towards more asset-light operations or improved productivity in asset usage.

The revenue of the company demonstrates fluctuations over the observed periods, without a consistent upward or downward trend. Initially, revenue remains relatively stable around the 1,200,000 US$ thousand mark in early 2012, followed by a decline through mid-2013, reaching approximately 1,130,000 US$ thousand. A period of slight recovery occurs between late 2013 and the end of 2015, with revenue stabilizing near 1,230,000 US$ thousand. However, revenue dips again in early 2016 to near 1,080,000 US$ thousand before displaying a notable rebound from mid-2016 onward, peaking at approximately 1,469,000 US$ thousand in December 2016, and slightly decreasing thereafter by March 2017.

Total assets reveal significant variability across the timeline, reflecting periods of both expansion and contraction. Initial figures range around 15 billion US$ thousand from early 2012 to late 2012, followed by a sharp increase to nearly 57 billion US$ thousand by late 2014. This surge corresponds to a substantial asset base enlargement, which then declines steadily through 2015 to about 41 billion US$ thousand. The asset base again increases in 2016, reaching roughly 55 billion US$ thousand by early 2017. Such volatility in asset levels suggests substantial changes in investment, acquisition, or divestiture activities during the periods analyzed.

The total asset turnover ratio indicates how efficiently assets are used to generate revenue. Up to the end of 2012, this ratio hovers around 0.29 to 0.32, suggesting moderate efficiency. A significant decline occurs in 2014, with the ratio dropping sharply to between 0.07 and 0.10, likely reflecting the impact of the substantially increased asset base during that period without a proportional increase in revenue. From 2015 onwards, the ratio shows a slight recovery, stabilizing around 0.09 to 0.12, but remains below the efficiency levels observed prior to 2014. This pattern indicates that despite fluctuations in revenue and assets, the overall efficiency in asset utilization is diminished compared to earlier periods.

In summary, the company exhibits a cyclical revenue pattern with intermittent declines and recovery phases, alongside considerable fluctuations in total assets. The asset turnover trends imply reduced efficiency in leveraging assets for revenue growth during the period when assets were significantly increased, followed by a modest improvement but without returning to previous higher levels of efficiency. This situation may suggest strategic decisions affecting asset composition or market conditions impacting the ability to generate revenue proportionally from assets.

Revenue

Fluctuates around 1.2 million US$ thousand initially, dips mid-period, rebounds to a peak near 1.47 million US$ thousand in late 2016, then slightly decreases.

Total Assets

Significant expansion from 15 billion to nearly 57 billion US$ thousand by 2014, followed by a decline and subsequent partial recovery to 55 billion by early 2017.

Total Asset Turnover

Moderate efficiency (~0.3) early on, sharp decline to ~0.07-0.10 during asset surge periods, followed by modest recovery but remaining below early period levels.

Revenue Trends

The revenue exhibited fluctuations over the reported periods. Starting from approximately 1.22 billion USD at the end of March 2012, revenue peaked at 1.35 billion USD by December 2012. Subsequently, a downward trend was observed in 2013, with figures hovering slightly above 1.13 billion USD through the middle of the year, followed by a slight increase toward the year's end. In 2014 and 2015, revenue fluctuated modestly around the 1.1 to 1.27 billion USD range, with no consistent upward or downward direction. However, a noticeable increase occurred in the last quarter of 2016, reaching approximately 1.47 billion USD, the highest in the series. The most recent quarter in March 2017 shows a decrease to around 1.33 billion USD but remains above earlier levels.

Stockholders’ Equity Patterns

The total stockholders’ equity showed significant variability with no simple linear trend. Initially, equity was around 12.8 billion USD at the end of March 2012 and rose to a peak exceeding 15.5 billion USD in September 2012. Afterward, equity generally trended downward through 2013, reaching near 12.5 billion USD in September 2013. A dramatic increase occurred in late 2014, with equity surging to more than 38 billion USD in December 2014, driven presumably by corporate actions such as asset revaluation or capital restructuring. Following this peak, equity declined steadily through 2015 to just under 28.3 billion USD by December of that year. In the subsequent quarters up to March 2017, equity experienced fluctuations, generally ranging between approximately 28.5 billion and 35.4 billion USD, indicating some volatility but maintaining a higher base compared to the early years.

Equity Turnover Ratio

Equity turnover, an indicator of how efficiently the company generates revenue from its equity base, was only measured starting in 2012’s third quarter. It began at 0.34 and rose slightly to 0.38 by December 2012, suggesting improved utilization. However, this was followed by a decline to 0.13 by the fourth quarter of 2014 coinciding with the significant increase in equity, indicating that revenue growth did not keep pace with the expanding equity base. Post 2014, the ratio showed modest recovery, stabilizing between 0.14 and 0.18 through to 2017, but generally remained lower than the early observed values. This suggests a lower efficiency in capital use relative to earlier years.

Overall Insights

The company experienced periods of both growth and contraction in revenue, with a notable peak near the end of 2016. The large fluctuations in stockholders’ equity, especially from late 2014 onwards, indicate possible strategic financial activities impacting the capital structure. Correspondingly, equity turnover ratios decreased markedly during periods of equity expansion, reflecting a relative decline in operational efficiency with respect to equity. Revenue volatility combined with equity fluctuations points to a dynamic financial environment with shifts in capital deployment and operational performance over the analyzed period.