yahoo, microsoft and google financial analysis
DESCRIPTION
Yahoo, Microsoft and Google financial analysisTRANSCRIPT
Assets Current assets:Cash and cash equivalents Marketable securities Accounts receivable, net of allowance of $80,086 and $78,884 Deferred income taxes, net Income taxes receivable, net Prepaid revenue share, expenses and other assets Total current assets Prepaid revenue share, expenses and other assets, non-current Deferred income taxes, net, non-current Non-marketable equity securities Property and equipment, net Intangible assets, net Goodwill Total assets
Liabilities and Stockholders Equity Current liabilities:Accounts payable Accrued compensation and benefits Accrued expenses and other current liabilities Accrued revenue share Deferred revenue Incomes taxes payable, net Current portion of equipment leases Total current liabilities Deferred revenue, non-current Income taxes payable, net, non-current Deferred income taxes, net, non-current Other long-term liabilities Liability for stock options exercised early, long-term
Stockholders equity:Convertible preferred stock, $0.001 par value, 100,000 shares authorized; no shares issued and outstanding Class A and Class B common stock, $0.001 par value per share: 9,000,000 shares authorized; 315,114 (Class A 240,073, Class B 75,041) and par value of $315 (Class A $240, Class B $75) and 317,772 (Class A 243,611, Class B 74,161) and par value of $318 (Class A $244, Class B $74) shares issued and outstanding, excluding 26 and zero Class A shares subject to repurchase at December 31, 2008 and 2009 Additional paid-in capital
Deferred Stock Based Compensation Accumulated other comprehensive income Retained earnings Total stockholders equity Total liabilities and stockholders equity
Year
LIQUIDITY RATIOSCurrent Ratio Working Capital
LEVERAGE RATIOSTotal-Debt-To-Asset-Ratio Long-term Debt - To - Capital Ratio Debt-To-Equity Ratio
2009
2008
2007
2006
2005
$10,197,588.00 $14,287,187.00 $3,178,471.00 $644,406.00 $23,244.00 $836,062.00 $29,166,958.00 $416,119.00 $262,611.00 $128,977.00 $4,844,610.00 $774,938.00 $4,902,565.00 $40,496,778.00
$8,656,672.00 $7,189,099.00 $2,642,192.00 $286,105.00 $1,404,114.00 $20,178,182.00 $433,846.00 $85,160.00 $5,233,843.00 $996,690.00 $4,839,854.00 $31,767,575.00
$6,081,593.00 $8,137,020.00 $2,162,521.00 $68,538.00 $145,253.00 $694,213.00 $17,289,138.00 $168,530.00 $33,219.00 $1,059,694.00 $4,039,261.00 $446,596.00 $2,299,368.00 $25,335,806.00
$3,544,671.00 $7,699,243.00 $1,322,340.00 $29,713.00 $443,880.00 $13,039,847.00 $114,455.00 $1,031,850.00 $2,395,239.00 $346,841.00 $1,545,119.00 $18,473,351.00
$3,877,174.00 $4,157,073.00 $687,976.00 $49,341.00 $229,507.00 $9,001,071.00 $16,941.00 $14,369.00 $961,749.00 $82,783.00 $194,900.00 $10,271,813.00
$215,867.00 $982,482.00 $570,080.00 $693,958.00 $285,080.00
$178,004.00 $811,643.00 $480,263.00 $532,547.00 $218,084.00 $81,549.00
$282,106.00 $588,390.00 $465,032.00 $522,001.00 $178,073.00 $2,035,602.00 $30,249.00 $478,372.00 $101,904.00
$211,169.00 $351,671.00 $266,247.00 $370,364.00 $105,136.00 $1,304,587.00 $20,006.00 $40,421.00 $68,497.00
$115,575.00 $198,788.00 $114,377.00 $215,771.00 $73,099.00 $27,774.00 $745,384.00 $10,468.00 $35,419.00 $61,585.00
$2,747,467.00 $41,618.00 $1,392,468.00 $311,001.00
$2,302,090.00 $29,818.00 $890,115.00 $12,515.00 $294,175.00
$318.00 $15,816,738.00
$315.00 $14,450,338.00
$313.00 $13,241,221.00
$309.00 $11,882,906.00
$293.00 $7,477,792.00
($119,015.00)
$105,090.00 $20,082,078.00 $36,004,224.00 $40,496,778.00
$226,579.00 $13,561,630.00 $28,238,862.00 $31,767,575.00
$113,373.00 $9,334,772.00 $22,689,679.00 $25,335,806.00
$23,311.00 $5,133,314.00 $17,039,840.00 $18,473,351.00
$4,019.00 $2,055,868.00 $9,418,957.00 $10,271,813.00
2009 10.62 $26,419,491.00
2008 8.77 $17,876,092.00
2007 8.49 $15,253,536.00
2006 10.00 $11,735,260.00
2005 12.08 $8,255,687.00
0.11 0.05 0.12
0.11 0.04 0.12
0.10 0.03 0.12
0.08 0.01 0.08
0.08 0.01 0.09
2004
$426,873.00 $1,705,424.00 $311,836.00 $19,463.00 $70,509.00 $159,360.00 $2,693,465.00 $35,493.00 $11,590.00 $378,916.00 $71,069.00 $122,818.00 $3,313,351.00
$32,672.00 $82,631.00 $64,111.00 $122,544.00 $36,508.00 $1,902.00 $340,368.00 $7,443.00 $30,502.00 $5,982.00
$267.00 $2,582,352.00
($249,470.00) $5,436.00 $590,471.00 $2,929,056.00 $3,313,351.00
2004 7.91 $2,353,097.00
0.12 0.01 0.13
YEAR
2009$23,650,563.00
2008$21,795,550.00
Revenues Costs and expenses:Cost of revenues (including stock-based compensation expense of $22,335, $41,340, $47,051) Research and development (including stock-based compensation expense of $569,797, $732,418, $725,342) Sales and marketing (including stock-based compensation expense of $131,638, $206,020, $231,019) General and administrative (including stock-based compensation expense of $144,876, $139,988, $160,642) Contribution to Google Foundation Non-recurring portion of settlement of disputes with Yahoo
$8,844,115.00 $2,843,027.00 $1,983,941.00 $1,667,294.00
$8,621,506.00 $2,793,192.00 $1,946,244.00 $1,802,639.00
Total costs and expensesIncome from operations Impairment of equity investments Interest income and other, net Income before income taxes Provision for income taxes
$15,338,377.00 $8,312,186.00 $69,003.00 $8,381,189.00 $1,860,741.00 $6,520,448.00
$15,163,581.00 $6,631,969.00 ($1,094,757.00) $316,384.00 $5,853,596.00 $1,626,738.00 $4,226,858.00
Net incomeNet income per share of Class A and Class B common stock: Basic Diluted
$20.62 $20.41
$13.46 $13.31
PROFITABILITY RATIOSGross Profit Margin Operating Profit Margin (Return on Sales) Net Profit Margin (Net Return on Sales) Return on Total Assest [Net Income/Tot Assets] 62.61% 35.15% 27.57% 16.10% 60.44% 30.43% 19.39% 13.31%
Return on Stockholder's Equity EPS SG&A as a % of total revenues
18.11% ??? 15.44%
14.97%
17.20%
CAGR 2004 - 2009Revenues Operating Income Net Income R&D Expenses SG&A Expenses
Per Year39.65% 53.31% 59.29% 38.94% 40.05% $3,651,235.00 $3,748,883.00
SG&A expenses
2007$16,593,986.00
2006$10,604,917.00
2005$6,138,560.00
2004$3,189,223.00
Gross Profit M$6,649,085.00 $2,119,985.00 $1,461,266.00 $1,279,250.00 $4,225,027.00 $1,228,589.00 $849,518.00 $751,787.00 $2,577,088.00 $599,510.00 $468,152.00 $386,532.00 $90,000.00 $1,468,967.00 $395,164.00 $295,749.00 $188,151.00 $201,000.00 $11,509,586.00 $5,084,400.00 $589,580.00 $5,673,980.00 $1,470,260.00 $4,203,720.00 $7,054,921.00 $3,549,996.00 $461,044.00 $4,011,040.00 $933,594.00 $3,077,446.00 $4,121,282.00 $2,017,278.00 $124,399.00 $2,141,677.00 $676,280.00 $1,465,397.00 $2,549,031.00 $640,192.00 $10,042.00 $650,234.00 $251,115.00 $399,119.0064.00% 63.00% 62.00% 61.00% 60.00% 59.00% 58.00% 57.00% 56.00% 55.00% 54.00% 53.00% 2003 2004
Operating Profit Mar40.00% 35.00% 30.00% 25.00% 20.00% 15.00% 10.00% 5.00% 0.00% 2003 2004
$13.53 $13.29
$10.21 $9.94
$5.31 $5.02
$2.07 $1.46
Net Profit Margin (N59.93% 30.64% 25.33% 16.59% 60.16% 33.48% 29.02% 16.66% 58.02% 32.86% 23.87% 14.27% 53.94% 20.07% 12.51% 12.05%35.00% 30.00% 25.00% 20.00%
20.00%
18.53%
18.06%
15.56%
13.63%
15.00% 10.00% 5.00%
16.52%
15.10%
13.92%
15.17%
0.00% 2003
2004
Return on Total A Income/Tot A18.00% 16.00% 14.00%
$2,740,516.00
$1,601,305.00
$854,684.00
$483,900.00
12.00% 10.00% 8.00% 6.00% 4.00% 2.00% 0.00% 2003 2004 2005
Return on Stockhol20.00% 18.00% 16.00% 14.00% 12.00% 10.00% 8.00% 6.00% 4.00% 2.00% 0.00% 2003 2004 2005
Gross Profit Margin
On a rise Year Over Year
2005
2006
2007
2008
2009
2010
Operating Profit Margin (Return on Sales)DIP in 2008 - Need to check WHAT happened.
2005
2006
2007
2008
2009
2010
Net Profit Margin (Net Return on Sales)
DIP in 2008 - Need to check WHAT happened.
2005
2006
2007
2008
2009
2010
Return on Total Assest [Net Income/Tot Assets]DIP in 2008 - Need to check WHAT happened.
2005
2006
2007
2008
2009
2010
Return on Stockholder's EquityDIP in 2008 - Need to check WHAT happened.
2005
2006
2007
2008
2009
2010
WHAT happened.
WHAT happened.
WHAT happened.
WHAT happened.
YEAR Operating activities
2009 December 31, 2009$6,520,448.00
Net incomeAdjustments: Depreciation and amortization of property and equipment Amortization of intangible and other assets Stock-based compensation expense Excess tax benefits from stock-based award activities Deferred income taxes Impairment of equity investments Other Changes in assets and liabilities, net of effects of acquisitions and divestiture: Accounts receivable Income taxes, net Prepaid revenue share, expenses and other assets Accounts payable Accrued expenses and other liabilities Accrued revenue share Deferred revenue
$1,240,030.00 $284,278.00 $1,164,054.00 ($90,271.00) ($268,060.00) ($20,268.00)
($504,039.00) $217,476.00 $262,035.00 $33,642.00 $243,138.00 $157,669.00 $76,066.00 $9,316,198.00
Net cash provided by operating activitiesInvesting activities Purchases of property and equipment Purchases of marketable securities Maturities and sales of marketable securities Investments in non-marketable equity securities Acquisitions, net of cash acquired and proceeds received from divestiture, and purchases of intangible and other assets
($809,888.00) ($29,139,065.00) $22,102,867.00 ($65,095.00)
($108,024.00) ($8,019,205.00)
Net cash used in investing activitiesFinancing activities Net proceeds (payments) from stock-based award activities Excess tax benefits from stock-based award activities
$143,141.00 $90,271.00 $233,412.00
Net cash provided by financing activitiesEffect of exchange rate changes on cash and cash equivalents
$10,511.00
Net increase in cash and cash equivalents Cash and cash equivalents at beginning of year
$1,540,916.00 $8,656,672.00 $10,197,588.00
Cash and cash equivalents at end of yearSupplemental disclosures of cash flow information Cash paid for taxes
$1,895,966.00
2008 2007 December 31, 2008 December 31, 2007$4,226,858.00 $4,203,720.00$15,000,000.00
The graph below depcits that GOOGL
$1,212,237.00 $287,650.00 $1,119,766.00 ($159,088.00) ($224,645.00) $1,094,757.00 ($31,910.00)
$807,743.00 $159,915.00 $868,646.00 ($379,206.00) ($164,212.00) ($39,741.00)
$10,000,000.00
($334,464.00) $626,027.00 ($147,132.00) ($211,539.00) $338,907.00 $14,000.00 $41,433.00 $7,852,857.00
($837,247.00) $744,802.00 ($298,689.00) $70,135.00 $418,905.00 $150,310.00 $70,329.00 $5,775,410.00
$5,000,000.00
$0.00 2006.5
($5,000,000.00)
($2,358,461.00) ($15,356,304.00) $15,762,796.00 ($47,154.00)
($2,402,840.00) ($15,997,060.00) $15,659,473.00 ($34,511.00)
($10,000,000.00)
($3,320,299.00) ($5,319,422.00)
($906,651.00) ($3,681,589.00)
($71,521.00) $159,088.00 $87,567.00
$23,861.00 $379,206.00 $403,067.00
($45,923.00)
$40,034.00
$2,575,079.00 $6,081,593.00 $8,656,672.00
$2,536,922.00 $3,544,671.00 $6,081,593.00
$1,223,985.00
$882,688.00
he graph below depcits that GOOGLE INC has a strong CASH balance and is financialy capable of paying off its debt and at the same t
$15,000,000.00
$10,000,000.00
$5,000,000.00
$0.00 2006.5
2007
2007.5
2008
2008.5
2009
2009.5
($5,000,000.00)
$10,000,000.00) Net cash provided by operating activities Net cash provided by financing activities Net cash used in investing activities Cash and cash equivalents at end of year
ing off its debt and at the same time investing
(In millions, except per share amounts)
Year Ended June 30, Revenue Operating expenses:Cost of revenue Research and development Sales and marketing General and administrative Employee severance Total operating expenses
200958,43712,155 9,010 12,879 3,700 330 38,074 20,363 -542 19,821 5,252 14,569 1.63 1.62 8,945 8,996 0.52
200860,42011,598 8,164 13,260 5,127 38,149 22,271 1,543 23,814 6,133 17,681 1.9 1.87 9,328 9,470 0.44
200751,12210,693 7,121 11,541 3,329 32,684 18,438 1,663 20,101 6,036 14,065 1.44 1.42 9,742 9,886 0.4
2006$44,282
7,650 6,584 9,818 3,758 27,810 16,472 1,790 18,262 5,663 $12,599 $ 1.21 $ 1.20 10,438 10,531 $ 0.35
Operating incomeOther income (expense)
Income before income taxesProvision for income taxes
Net income Earnings per share:Basic Diluted
Weighted average shares outstanding:Basic Diluted
Cash dividends declared per common share
PROFITABILITY RATIOSGross Profit Margin Operating Profit Margin (Return on Sales) Net Profit Margin (Net Return on Sales) Return on Total Assest [Net Income/Tot Assets] Return on Stockholder's Equity EPS SG&A as a % of total revenues 28.37% 30.43% 29.09% 30.66% 79.2% 34.8% 24.9% 18.7% 36.8% 80.8% 36.9% 29.3% 24.3% 48.7% 79.1% 36.1% 27.5% 22.3% 45.2% 82.7% 37.2% 28.5% 18.1% 31.4%
CAGR 2004 - 2009Revenues Operating Income Net Income R&D Expenses SG&A Expenses
Per Year8% 14.51% 10.12% 2.58% 3.52%
2005$39,788
2004$36,835
6,031 6,097 8,563 4,536 25,227 14,561 2,067 16,628 4,374 $12,254 $1.13 $1.12 10,839 10,906 $3.40
6,596 7,735 8,195 5,275 27,801 9,034 3,162 12,196 4,028 $8,168 $0.76 $0.75 10,803 10,894 $0.16
84.8% 36.6% 30.8% 17.3% 25.5%
82.1% 24.5% 22.2% 8.8% 10.9%
32.92%
36.57%
(In millions) June 30, Assets Current assets: Cash and cash equivalents Short-term investments (including securities pledged as collateral of ) Total cash, cash equivalents, and short-term investments Accounts receivable, net of allowance for doubtful accounts of Inventories Deferred income taxes Other Total current assets Property and equipment, net of accumulated depreciation of $7,547 and $6,302 Equity and other investments Goodwill Intangible assets, net Deferred income taxes Other long-term assets Total assets Liabilities and stockholders equity Current liabilities: Accounts payable Short-term debt Accrued compensation Income taxes Short-term unearned revenue Securities lending payable Other Total current liabilities Long-term debt Long-term unearned revenue Other long-term liabilities Commitments and contingencies Stockholders equity: Commonstockandpaid-incapitalsharesauthorized24,000; Retained deficit, including accumulated other comprehensive income of Totalstockholdersequity
2009
6,076 25,371 31,447 11,192 717 2,213 3,711 49,280 7,535 4,933 12,503 1,759 279 1,599 77,888
3,324 2,000 3,156 725 13,003 1,684 3,142 27,034 3,746 1,281 6,269
62,382 -22,824 39,558
Totalliabilitiesandstockholdersequity
77,888
LIQUIDITY RATIOSCurrent Ratio Working Capital 1.82289 22,246
LEVERAGE RATIOSTotal-Debt-To-Asset-Ratio Long-term Debt - To - Capital Ratio Debt-To-Equity Ratio 0.49 0.22 0.97
2008
2007
2006
2005
2004
10,339 13,323 23,662 13,589 985 2,017 2,989 43,242 6,242 6,588 12,108 1,973 949 1,691 72,793
6,111 17,300 23,411 11,338 1,127 1,899 2,393 40,168 4,350 10,117 4,760 878 1,389 1,509 63,171
$6,714 27,447 34,161 9,316 1,478 1,940 2,115 49,010 3,044 9,232 3,866 539 2,611 1,295 $69,597
$4,851 32,900 37,751 7,180 491 1,701 1,614 48,737 2,346 11,004 3,309 499 3,621 1,299 $70,815
$15,982 44,610 60,592 5,890 421 2,097 1,566 70,566 2,326 12,210 3,115 569 1,829 1,774 $92,389
4,034 2,934 3,248 13,397 2,614 3,659 29,886 1,900 4,721
3,247 2,325 1,040 10,779 2,741 3,622 23,754 1,867 6,453
$2,909 $2,086 1,938 1,662 1,557 2,020 9,138 7,502 3,117 3,783 3,607
$1,717 1,339 3,478 6,514 1,921
22,442 1,764 5,287
16,877 1,665 4,158
14,969 1,663 932
62,849 -26,563 36,286
60,557 -29,460 31,097
59,005 -18,901 40,104
60,413 -12,298 48,115
56,396 18,429 74,825
72,793
63,171
$69,597
$70,815
$92,389
1.4469 13,356
1.691 16,414
2.18385 26,568
2.88778 31,860
4.71414256 55,597
0.50 0.15 1.01
0.51 0.21 1.03
0.42 0.15 0.74
0.32 0.11 0.47
0.19 0.03 0.23
(In millions) Year Ended June 30, Operations Net income Adjustments to reconcile net income to net cash from operations: Depreciation, amortization, and other noncash items Stock-based compensation Net recognized losses (gains) on investments and derivatives Excess tax benefits from stock-based compensation Deferred income taxes Deferral of unearned revenue Recognition of unearned revenue Changes in operating assets and liabilities: Accounts receivable Other current assets Other long-term assets Other current liabilities Other long-term liabilities 2009 2008 2007
14,569 2,562 1,708 683 -52 762 24,409 -25,426 2,215 -422 -273 -3,371 1,673
17,681 2,056 1,479 -572 -120 935 24,532 -21,944 -1,569 153 -98 -748 -173
14,065 1,440 1,550 -292 -77 421 21,032 -19,382 -1,764 232 -435 -552 1,558
Net cash from operations
19,037
21,612
17,796
Financing Short-term borrowings, maturities of 90 days or less, net Proceeds from issuance of debt, maturities longer than 90 days Repayments of debt, maturities longer than 90 days Common stock issued Common stock repurchased Common stock cash dividends Excess tax benefits from stock-based compensation Other
1,178 4,796 -228 579 -9,353 -4,468 52 -19
3,494 -12,533 -4,015 120
6,782 -27,575 -3,805 77 -23
Net cash used in financing
-7,463
-12,934
-24,544
Investing Additions to property and equipment Acquisition of companies, net of cash acquired Purchases of investments
-3,119 -868 -36,850
-3,182 -8,053 -20,954
-2,264 -1,150 -36,308
Maturities of investments Sales of investments Securities lending payable
6,191 19,806 -930
2,597 25,132 -127
4,736 41,451 -376
Net cash from (used in) investing
-15,770
-4,587
6,089
Effect of exchange rates on cash and cash equivalents
-67
137
56
Net change in cash and cash equivalents Cash and cash equivalents, beginning of period
-4,263 10,339
4,228 6,111
-603 6,714
Cash and cash equivalents, end of period
6,076
10,339
6,111
2009Revenues Cost of revenues Gross profit Operating expenses: Sales and marketing Product development General and administrative Amortization of intangibles Restructuring charges, net Goodwill impairment charge Total operating expenses Income from operations Other income, net Income before provision for income taxes and earnings in equity interests Provision for income taxes Earnings in equity interests Minority interests in operations of consolidated subsidiaries Net income Less: Net income attributable to noncontrolling interests Net income attributable to Yahoo! Inc. Net income attributable to Yahoo! Inc. common stockholders per sharebasic Net income attributable to Yahoo! Inc. common stockholders per sharediluted Shares used in per share calculationbasic Shares used in per share calculationdiluted Stock-based compensation expense by function: Cost of revenues Sales and marketing Product development General and administrative Restructuring expense (reversals) accelerations, net Total Stock based compensation Expense
2008
$6,460,315 $7,208,502 2,871,746 3,023,362 3,588,569 4,185,140 1,245,350 1,210,168 580,352 39,106 126,901 3,201,877 386,692 187,528 574,220 -219,321 250,390 605,289 -7,297 597,992 0.43 0.42 1397652 1415658 10759 141537 205971 79820 11062 1,563,313 1,221,787 705,136 87,550 106,854 487,537 4,172,177 12,963 73,750 86,713 -259,006 596,979 424,686 -5,765 418,921 0.31 0.29 1369476 1391230 13813 182826 178091 63113 -30236
Gross Profit Margin Operating Profit Margin (Return on Sales) Net Profit Margin (Net Return on Sales)
55.55% 5.99% 9.37%
58.06% 0.18% 5.89%
Return on Total Assest [Net Income/Tot Assets] Return on Stockholder's Equity SG&A as a % of total revenues
4.05% 4.84% 28.26%
3.10% 3.77% 31.47%
CAGR 2004 - 2009Revenues Operating Income Net Income R&D Expenses SG&A Expenses
Per Year10.37% -9.17% -5.31% 21.25% 9.47% 1,825,702 2,268,449
SG&A expenses
2007
2006
2005
2004
$6,969,274 $6,425,679 $5,257,668 $3,574,517 2,838,758 2,675,723 2,096,201 1342338 4,130,516 3,749,956 3,161,467 2,232,179 1,610,357 1,084,238 633,431 107,077 1,322,259 833,147 528,798 124,786 1,033,947 569,527 341,073 109,195 787,649 380,770 273,262 101,917
3,435,103 695,413 118,771 814,184 -322,868 150,689 642,005 -2,850 639,155 0.48 0.47 1338987 1366264 10,628 246472 218207 97120
2,808,990 940,966 157,034
2,053,742 1,107,725 1,435,857
1,543,598 688,581 496,443 1,185,024 -437,966 94,991 -2,496 839,553
1,098,000 2,543,582 -458,011 -767,816 112,114 128,244 -712 -7,780 751,391 $1,896,230
0.54 0.52 1,388,741 1,457,686 6621 155084 144807 118418 424930
1.35 1.28 1,400,421 1,485,591
0.62 0.58 1,353,439 1,452,499
8698 22390 21383 52471
9620 12010 10660 32290
59.27% 9.98% 9.21%
58.36% 14.64% 11.69%
60.13% 21.07% 36.07%
62.45% 19.26% 23.49%
5.25% 6.73% 32.20%
6.53% 8.20% 28.81%
17.51% 22.14% 26.15%
9.15% 11.82% 29.68%
2,243,788
1,851,057
1,375,020
1,060,911
2009 Current assets: Cash and cash equivalents Short-term marketable debt securities Accounts receivable, net of allowance of $51,600 and $41,003 as of December 31, 2008 and 2009, respectively Prepaid expenses and other current assets Total current assets Long-term marketable debt securities Property and equipment, net Goodwill Intangible assets, net Other long-term assets Investments in equity interests Total assets LIABILITIES AND EQUITY Current liabilities: Accounts payable Accrued expenses and other current liabilities Deferred revenue Short term Debt Total current liabilities Long-term deferred revenue Capital lease and other long-term liabilities Deferred and other long-term tax liabilities, net Total liabilities Commitments and contingencies (Note 13) Yahoo! Inc. stockholders equity: Preferred stock, $0.001 par value; 10,000 shares authorized; none issued or outstanding Common stock, $0.001 par value; 5,000,000 shares authorized; 1,600,220 shares issued and 1,391,560 shares outstanding as of December 31, 2008 and 1,413,718 shares issued and 1,406,075 shares outstanding as of Additional paid-in capital Treasury stock at cost, 208,660 shares as of December 31, 2008 and 7,643 shares as of December 31, 2009 Retained earnings Accumulated other comprehensive income Total Yahoo! Inc. stockholders equity Noncontrolling interests Total equity Total liabilities and equity $1,275,430 2,015,655 1,003,362 300,325 4,594,772 1,226,919 1,426,862 3,640,373 355,883 194,933 3,496,288 $14,936,030
$136,769 1,169,815 411,144 1,717,728 122,550 83,021 494,095 2,417,394
1,410 10,640,367 -117,331 1,599,638 369,236 12,493,320 25,316 12,518,636 $14,936,030
LIQUIDITY RATIOSCurrent Ratio Working Capital 2.67 $2,877,044.00
LEVERAGE RATIOSTotal-Debt-To-Asset-Ratio Long-term Debt - To - Capital Ratio Debt-To-Equity Ratio 0.16 0.05 0.20
2008 $2,292,296 $ 1,159,691
20071,513,930 487,544
2006 $1,569,871 1,031,528 930,964 217,779 3,750,142 935,886 1,101,379 2,968,557 405,822 459,988 1,891,834 $11,513,608
2005 $1,429,693 $ 1,131,141 721,723 166,976 3,449,533 1,439,014 697,522 2,895,557 534,615 57,192 1,758,401 $10,831,834 $
2004823,723 1,875,964 812,288 479,993 98,507 4,090,475 1,042,575 531,696 2,550,957 480,666 481,832 9,178,201
1,055,532 1,060,450 180,716 233,061 3,237,722 4,745,498 361,998 69,986 1,331,632 1,536,181 4,002,030 3,440,889 611,497 485,860 503,945 233,989 2,180,917 3,177,445 $13,689,848 $ 12,229,741
$151,897 $ 1,139,894 413,224 1,705,015 218,438 77,062 420,372 2,420,887
176,162 1,006,188 368,470 749,628 2,300,448 95,129 28,086 260,993 2,684,656.00 12,254
$109,130 1,046,882 317,982 1,473,994 64,939 749,915 56,094 2,344,942 8,056
$70,291 $ 827,589 306,172 1,204,052 67,792 749,995 243,580 2,265,419
48,205 853,115 279,387 1,180,707 65,875 750,000 35,907
2,032,48944,266
-
-
-
1,595 11,643,635
1,527 9,937,010
(5,160,772) -5,267,484 4,423,864 4,752,920 331,202 120,276 9,532,831 11,250,942 18,019 11,268,961 $13,689,848 $ 12,229,741
1,493 8,615,915 -3,324,863 3,717,560 150,505 9,160,610
1,470 6,417,858 -235,394 -547,723 2,966,169 -35,965 8,566,415
1,416 5,682,884 (28,541) (159,988) 1,069,939 535,736 7,101,446
$11,513,608
$10,831,834 $
9,178,201
2.78 $3,040,483.00
1.41 $937,274.00
2.54 $2,276,148.00
2.86
3.46
$2,245,481.00 $2,909,768.00
0.18 0.06 0.22
0.22 0.04 0.28
0.20 0.09 0.26
0.21 0.11 0.26
0.23 0.11 0.29
CASH FLOWS FROM OPERATING ACTIVITIES: Net income Adjustments to reconcile net income to net cash provided by operating activities: Depreciation Amortization of intangible assets Stock-based compensation expense, net Non-cash restructuring charges Goodwill impairment charge Tax benefits from stock-based awards Excess tax benefits from stock-based awards Deferred income taxes Earnings in equity interests Dividends received from equity investees Losses (gains) from sales of investments, assets, and other, net Changes in assets and liabilities, net of effects of acquisitions: Accounts receivable, net Prepaid expenses and other Accounts payable Accrued expenses and other liabilities Deferred revenue Net cash provided by operating activities CASH FLOWS FROM INVESTING ACTIVITIES: Acquisition of property and equipment, net Purchases of marketable debt securities Proceeds from sales of marketable debt securities Proceeds from maturities of marketable debt securities Proceeds from sales of marketable equity securities Acquisitions, net of cash acquired Purchases of intangible assets Other investing activities, net Net cash used in investing activities CASH FLOWS FROM FINANCING ACTIVITIES: Proceeds from issuance of common stock, net Repurchases of common stock Structured stock repurchases, net Excess tax benefits from stock-based awards Tax withholdings related to net share settlements of restricted stock awards and restricted stock units Other financing activities, net Net cash (used in) provided by financing activities Effect of exchange rate changes on cash and cash equivalents Net change in cash and cash equivalents
2007 2008 $642,005 $424,686
409,366 249,829 572,427
76,138 -35,427 -227,137 -150,689 15,156 8,060 -88,738 132,437 45,101 184,805 85,566 1,918,899
508,812 281,221 407,607 7,925 487,537 117,716 -125,114 -39,035 -596,979 18,942 -10,347 -62,082 -15,777 -23,840 325,030 173,939 1,880,241
-602,276 -674,829 -1,105,043 -2,317,004 571,199 285,753 1,672,521 1,663,569 -973,577 -208,958 -110,378 -71,310 -24,948 10,996 -572,502 -1,311,783 375,066 -1,583,919 -250,000 35,427 -6,456 -12,126 -1,442,008 39,670 -55,941 363,354 -79,236 125,114 -76,752 -74 332,406 -122,498 778,366
Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year
1,569,871 1,513,930
1,513,930 2,292,296
2009 $605,289
554,546 184,309 449,149 7,301 6,860 -108,487 -90,562 -250,390 27,628 -160,634 81,959 21,585 -19,684 106,096 -104,619 1,310,346 -433,795 -5,048,462 136,538 2,884,926 265,194 -195,106 -32,185 3,652 -2,419,238 112,673 -113,444 108,487 -73,119 34,597 57,429 -1,016,866
2,292,296 1,275,430
CAGR 2004 - 2009Revenues Operating Income Net Income R&D Expenses SG&A Expenses
GOOG39.65% 53.31% 59.29% 38.94% 40.05%
Operating Profit Margin (Return on Sales)GOOG MSFT YAHOO
200935.15% 34.8% 5.99%
Gross Profit MarginGOOG MSFT YAHOO
200962.61% 79.2% 55.55%
Net Profit Margin (Net Return on Sales)GOOG MSFT YAHOO
200927.57% 24.9% 9.37%
Return on Total Assest [Net Income/Tot Assets]GOOG MSFT YAHOO
200916.10% 18.7% 4.05%
Return on Stockholder's EquityGOOG MSFT YAHOO
200918.11% 36.8% 4.84%
SG&A as a % of total revenuesGOOG MSFT YAHOO
200915.44% 28.37% 28.26%
Current RatioGOOG MSFT YAHOO
200910.62 1.82 2.67
Total-Debt-To-Asset-RatioGOOG MSFT YAHOO
20090.11 0.49 0.16
Long-term Debt - To - Capital RatioGOOG MSFT YAHOO
20090.05 0.22 0.05
Debt-To-Equity RatioGOOG MSFT YAHOO
20090.12 0.97 0.20
Working CapitalGOOG MSFT YAHOO
2009$26,419,491.00 $22,246,000,000.00 $2,877,044,000.00
GOOG has the lowest of all and h MSFT has the highest ratio of all. Yahoo's ratio is considerably flat
MSFT8.00% 14.51% 10.12% 2.58% 3.52%
YAHOO10.37% -9.17% -5.31% 21.25% 9.47%
200830.43% 36.9% 0.18%
200730.64% 36.1% 9.98%
200633.48% 37.2% 14.64%
200532.86% 36.6% 21.07%
200860.44% 80.8% 58.06%
200759.93% 79.1% 59.27%
200660.16% 82.7% 58.36%
200558.02% 84.8% 60.13%
200819.39% 29.3% 5.89%
200725.33% 27.5% 9.21%
200629.02% 28.5% 11.69%
200523.87% 30.8% 36.07%
200813.31% 24.3% 3.10%
200716.59% 22.3% 5.25%
200616.66% 18.1% 6.53%
200514.27% 17.3% 17.51%
200814.97% 48.7% 3.77%
200718.53% 45.2% 6.73%
200618.06% 31.4% 8.20%
200515.56% 25.5% 22.14%
200817.20% 30.43% 31.47%
200716.52% 29.09% 32.20%
200615.10% 30.66% 28.81%
200513.92% 32.92% 26.15%
20088.77 1.45 2.78
20078.49 1.69 1.41
200610.00 2.18 2.54
200512.08 2.89 2.86
20080.11 0.50 0.18
20070.10 0.51 0.22
20060.08 0.42 0.20
20050.08 0.32 0.21
20080.04 0.15 0.06
20070.03 0.21 0.04
20060.01 0.15 0.09
20050.01 0.11 0.11
20080.12 1.01 0.22
20070.12 1.03 0.28
20060.08 0.74 0.26
20050.09 0.47 0.26
2008
2007
2006
2005
$17,876,092.00 $15,253,536.00 $11,735,260.00 $8,255,687.00 $13,356,000,000.00 $16,414,000,000.00 $26,568,000,000.00 $31,860,000,000.00 $3,040,483,000.00 $937,274,000.00 $2,276,148,000.00 $2,245,481,000.00
Debt-To-Equity Ratio Comparison 1.20 Debt-To-Equity Ratio 1.00 0.80 0.60 0.40 0.20 0.00 2003 2004 2005 2006 Year GOOG MSFT YAHOO 2007 2008 2009
GOOG has the lowest of all and has been consitently flat throughout MSFT has the highest ratio of all. It was on a rapid rise from 2004 - 2007. It has stayed flat after 2007. Yahoo's ratio is considerably flat throughout and is very close to GOOG's ratio
Operating Profit Margin Comparison 40.00% 35.00% 30.00% 25.00% 20.00% 15.00% 10.00% 5.00% 0.00% 2003 2004 2005 2006 Year GOOG MSFT YAHOO 2007 2008 2009
200420.07% 24.5% 19.26%
200453.94% 82.1% 62.45%Gross Profit Margin
Opersting Profit Margin
Gross Profit Margin Comparison 90.00% 80.00% 70.00% 60.00% 50.00% 40.00% 30.00% 20.00% 10.00% 0.00% 2003
200412.51% 22.2% 23.49%
200412.05% 8.8% 9.15%
2004
2005
2006 Year
2007
2008
2009
GOOG
MSFT
YAHOO
2004Net Profit Margin
Net Profit Margin Comparison 40.00% 35.00% 30.00% 25.00% 20.00% 15.00% 10.00% 5.00% 0.00% 2003 2004 2005 2006 Year 2007 2008 2009
13.63% 10.9% 11.82%
200415.17% 36.57% 29.68%
2003
2004
2005
20047.91 4.71 3.46GOOG
2006 Year
2007
2008
2009
MSFT
YAHOO
20040.12 0.19 0.23ROA
ROA Comparison 30.00% 25.00% 20.00% 15.00% 10.00% 5.00% 0.00% 2003 2004 2005 2006 Year GOOG MSFT YAHOO 2007 2008 2009
20040.01 0.03 0.11
20040.13 0.23 0.29
2004$2,353,097.00 $55,597,000,000.00 $2,909,768,000.00ROE
ROE Comparison 60.00% 50.00% 40.00% 30.00% 20.00% 10.00% 0.00% 2003 2004 2005 2006 Year GOOG MSFT YAHOO 2007 2008 2009
SG&A as a % of Tot. Revenues Comparison G&A as a % of Tot. Revenues 40.00% 35.00% 30.00% 25.00%
SG&A as a % of Tot. Revenues
25.00% 20.00% 15.00% 10.00% 5.00% 0.00% 2003 2004 2005 2006 Year GOOG MSFT YAHOO 2007 2008 2009
Current Ratio Comparison 14.00 12.00 Current Ratio 10.00 8.00 6.00 4.00 2.00 0.00 2003 2004 2005 2006 Year GOOG MSFT YAHOO 2007 2008 2009
Debt-To-Tot Assest Ratio Comparison 0.60 Debt-To-Tot Assest Ratio 0.50 0.40 0.30 0.20 0.10 0.00 2003
GOOG ha MSFT ha Yahoo w
2004
2005
2006
2007
2008
2009
2010
Year
Year
LT Debt - To - Capital Ratio Comparison 0.25 LT Debt - To - Capital Ratio 0.20 0.15 0.10 0.05 0.00 2003
GOOG ha MSFT ha Was on a Yahoo ra
2009
2010
2004
2005
2006 Year
2007
2008
2009
GOOG
MSFT
YAHOO
stayed flat after 2007.
GOOGLE is on a rising trend except for a dip in 2008. MSFT very flat. Highest of all. Yahoo is declining rapidly
2009
2010
GOOGLE is very flat MSFT very flat. Highest of all. Yahoo is very flat GOOG and YAHOO almost equal.
2009
2010
GOOGLE initaily rose between 2004 and 2005. Is on a rising trend at the end of 2009, except for a dip MSFT initaily rose between 2004 and 2005. MSFT very flat.Declined after 2008. Yahoo initaily rose between 2004 and 2005. Sharp drop in 2006. Lowest of all.
2009
2010
2009
2010
GOOGLE is on a rising trend, except for a dip in 2008 MSFT was on a rising trend from 2004-2008. It declined after that. Is currently the highest of ALL. YAHOO grew rapidly between 2004 - 2005. Since then it has been on a downward trend.
2009
2010
GOOGLE is on a rising trend, except for a dip in 2008 MSFT was on a rising trend from 2004-2008. It declined after that. Is currently the highest of ALL. YAHOO grew rapidly between 2004 - 2005. Since then it has been on a downward trend.
2009
2010
GOOG almost flat from 2004 - 2009 MSFT started high and has been declining since Yahoo has a UP and DOWN cycle2009 2010
GOOG started with a growth, but declined after 2006. Started rising again from 2008 and since then MSFT has declined since 2005 and stayed flat since. Yahoo has declined since 2005 and stayed flat since.
2009
2010
GOOG MSFT YAHOO
GOOG has the lowest ratio. Has been flat throughtout. MSFT has the highest of all. Was on a rapid rise from 2004 - 2007. Has dropped since 2008 and staye Yahoo was flat between 2004 - 2007. Has been on a decline since.
2010
GOOG has the lowest of all. Flat from 2004 - 2007. Has been on a rise since 2007. MSFT has the highest of all. On a rap Was on a rapid rise from 2004 - 2007. Has dropped since 2008 but has been on a rising trend again. Yahoo ratio on a decline from 2004 - 2007, and since then it has stayed flat.
2009
2010
e end of 2009, except for a dip in 2008. Highest of all in 2009.
urrently the highest of ALL. downward trend.
urrently the highest of ALL. downward trend.
ain from 2008 and since then is rising. Highest current ratio of all
dropped since 2008 and stayed flat since.
been on a rising trend again.