Exhibit 99.1
Yahoo! Reports First Quarter 2007 Financial Results
Revenues - $1,672 Million
Operating Income - $169 Million
Operating Income Before Depreciation, Amortization and Stock-Based
Compensation Expense - $460 Million
SUNNYVALE, Calif.--(BUSINESS WIRE)--April 17, 2007--Yahoo! Inc.
(Nasdaq:YHOO) today reported results for the first quarter ended March 31, 2007.
"We continued to make good progress against the goals we outlined for the
company last year and as a result, delivered a solid financial performance for
the first quarter," said Terry Semel, chairman and CEO of Yahoo!. "Yahoo!
remains committed to delivering both increased value for advertisers and the
highest quality content to the majority of the world's Internet population. With
this powerful combination, we believe that Yahoo! is well positioned to capture
the major growth opportunities we see ahead for the future."
First Quarter 2007 Financial Results
-- Revenues were $1,672 million for the first quarter of 2007, a 7
percent increase compared to $1,567 million for the same period of
2006.
-- Marketing services revenue was $1,469 million for the first quarter of
2007, a 6 percent increase compared to $1,381 million for the same
period of 2006.
-- Fees revenue was $203 million for the first quarter of 2007, a 9
percent increase compared to $186 million for the same period of 2006.
-- Revenues excluding traffic acquisition costs ("TAC") were $1,183
million for the first quarter of 2007, a 9 percent increase compared
to $1,088 million for the same period of 2006.
-- Gross profit for the first quarter of 2007 was $958 million, a 5
percent increase compared to $909 million for the same period of 2006.
-- Operating income for the first quarter of 2007 was $169 million, a 16
percent decrease compared to $201 million for the same period of 2006.
-- Operating income before depreciation, amortization and stock-based
compensation expense for the first quarter of 2007 was $460 million, a
6 percent increase compared to $435 million for the same period of
2006.
-- Cash flow from operating activities for the first quarter of 2007 was
$441 million, a 15 percent increase compared to $385 million for the
same period of 2006.
-- Free cash flow for the first quarter of 2007 was $369 million, an 8
percent increase compared to $343 million for the same period of 2006.
-- Net income for the first quarter of 2007 was $142 million or $0.10 per
diluted share compared to $160 million or $0.11 per diluted share for
the same period of 2006.
-- Non-GAAP net income for the first quarter of 2007 was $234 million or
$0.17 per diluted share, compared to non-GAAP net income of $233
million or $0.16 per diluted share for the same period of 2006.
-- The provision for income taxes for the first quarter of 2007 was $92
million and yielded an effective tax rate of 45 percent. The provision
for income taxes for the first quarter of 2006 was $103 million and
yielded an effective tax rate of 43 percent.
-- Explanations of the Company's non-GAAP financial measures and the
related reconciliations to the GAAP financial measures the Company
considers most comparable are included in the accompanying "Note to
Unaudited Condensed Consolidated Statements of Income,"
"Reconciliations to Unaudited Condensed Consolidated Statements of
Income," and "Reconciliation of GAAP Net Income and GAAP Net Income
Per Share to Non-GAAP Net Income and Non-GAAP Net Income Per Share."
"Our first quarter financial results reflect solid execution against our
plan. We maintained strong profitability and cash flow, while remaining focused
on building innovative products and services for our large and growing base of
users, advertisers and publishers," said Susan Decker, chief financial officer,
Yahoo!. "As we look ahead, we are very excited about the transformational
changes taking place on the Internet, creating greater opportunities for both
users and marketers, and we are confident that Yahoo! has the right combination
of assets to help lead this evolution."
Segment Financial Results
-- United States segment revenues for the first quarter of 2007 were
$1,101 million compared to $1,097 million for the same period of 2006.
-- International segment revenues for the first quarter of 2007 were $571
million, a 22 percent increase compared to $470 million for the same
period of 2006.
-- United States segment operating income before depreciation,
amortization and stock-based compensation expense for the first
quarter of 2007 was $342 million, a 2 percent increase compared to
$335 million for the same period of 2006.
-- International segment operating income before depreciation,
amortization and stock-based compensation expense for the first
quarter of 2007 was $119 million, a 19 percent increase compared to
$100 million for the same period of 2006.
Cash Flow Information
Free cash flow was $369 million for the first quarter of 2007 compared to
$343 million for the same period of 2006. In addition to free cash flow, Yahoo!
generated $72 million from the issuance of common stock as a result of the
exercise of employee stock options. This was offset by $595 million used for
direct stock repurchases, $250 million used in a structured stock repurchase
transaction, and $12 million used for acquisitions. Cash, cash equivalents and
investments in marketable debt securities were $3,128 million at March 31, 2007
as compared to $3,537 million at December 31, 2006, a decrease of $409 million.
Quarterly Conference Call
Yahoo! will host a conference call to discuss first quarter results at 5:00
p.m. Eastern Time today. A live webcast of the conference call, together with
supplemental financial information, can be accessed through the Company's
Investor Relations website at http://yhoo.client.shareholder.com/earnings.cfm.
In addition, an archive of the webcast can be accessed through the same link. An
audio replay of the call will be available following the conference call by
calling 888-286-8010 or 617-801-6888, reservation number: 80414581.
About Yahoo!
Yahoo! Inc. is a leading global Internet brand and one of the most
trafficked Internet destinations worldwide. Yahoo!'s mission is to connect
people to their passions, their communities, and the world's knowledge. Yahoo!
is headquartered in Sunnyvale, California.
This press release and its attachments include the following financial
measures defined as non-GAAP financial measures by the Securities and Exchange
Commission: revenues excluding traffic acquisition costs or TAC, operating
income before depreciation, amortization and stock-based compensation expense,
free cash flow, and non-GAAP net income and non-GAAP net income per share. These
measures may be different from non-GAAP financial measures used by other
companies. The presentation of this financial information is not intended to be
considered in isolation or as a substitute for the financial information
prepared and presented in accordance with generally accepted accounting
principles ("GAAP"). See "Note to Unaudited Condensed Consolidated Statements of
Income," "Reconciliations to Unaudited Condensed Consolidated Statements of
Income," and "Reconciliation of GAAP Net Income and GAAP Net Income Per Share to
Non-GAAP Net Income and Non-GAAP Net Income Per Share" included in this press
release for further information regarding these non-GAAP financial measures.
This press release and its attachments contain forward-looking statements
that involve risks and uncertainties concerning Yahoo!'s expected financial
performance (including without limitation the statements and information in the
Business Outlook section and the quotations from management in this press
release), as well as Yahoo!'s strategic and operational plans. Actual results
may differ materially from the results predicted and reported results should not
be considered as an indication of future performance. The potential risks and
uncertainties include, among others, the successful implementation, and
acceptance by advertisers, of the Company's new search advertising system; the
Company's ability to compete with new or existing competitors; the
implementation and results of the Company's announced reorganization; reduction
in spending by, or loss of, marketing services customers; the demand by
customers for Yahoo!'s premium services; acceptance by users of new products and
services; risks related to joint ventures and the integration of acquisitions;
risks related to the Company's international operations; failure to manage
growth and diversification; adverse results in litigation, including
intellectual property infringement claims; the Company's ability to protect its
intellectual property and the value of its brands; dependence on key personnel;
dependence on third parties for technology, services, content and distribution;
and general economic conditions. All information set forth in this press release
and its attachments is as of April 17, 2007. Yahoo! does not intend, and
undertakes no duty, to update this information to reflect future events or
circumstances. More information about potential factors that could affect the
Company's business and financial results is included under the captions, "Risk
Factors" and "Management's Discussion and Analysis of Financial Condition and
Results of Operations," in the Company's Annual Report on Form 10-K for the year
ended December 31, 2006, which is on file with the SEC and available at the
SEC's website at www.sec.gov. Additional information will also be set forth in
those sections in Yahoo!'s Quarterly Report on Form 10-Q for the quarter ended
March 31, 2007, which will be filed with the SEC in the second quarter of 2007.
Yahoo! and the Yahoo! logos are trademarks and/or registered trademarks of
Yahoo! Inc. All other names are trademarks and/or registered trademarks of their
respective owners.
Yahoo! Inc.
Unaudited Condensed Consolidated Statements of Income
(in thousands, except per share amounts)
Three Months Ended
March 31,
-----------------------
2006 2007
----------- -----------
Revenues $1,567,055 $1,671,850
Cost of revenues 657,943 713,637
----------- -----------
Gross profit 909,112 958,213
----------- -----------
Operating expenses:
Sales and marketing 331,160 367,419
Product development 217,577 239,500
General and administrative 128,305 155,165
Amortization of intangibles 30,858 27,102
----------- -----------
Total operating expenses 707,900 789,186
----------- -----------
Income from operations 201,212 169,027
Other income, net 35,436 35,451
----------- -----------
Income before income taxes, earnings in equity
interests and minority interests 236,648 204,478
Provision for income taxes (102,932) (92,358)
Earnings in equity interests 26,437 29,149
Minority interests in operations of
consolidated subsidiaries (294) 1,155
----------- -----------
Net income $ 159,859 $ 142,424
=========== ===========
Net income per share - diluted $ 0.11 $ 0.10
=========== ===========
Shares used in per share calculation - diluted 1,493,307 1,418,225
=========== ===========
Stock-based compensation expense was allocated
as follows:
Cost of revenues $ 1,685 $ 2,007
Sales and marketing 38,867 50,268
Product development 37,717 48,300
General and administrative 30,372 39,431
----------- -----------
Total stock-based compensation expense $ 108,641 $ 140,006
=========== ===========
- ----------------------------------------------------------------------
Supplemental Financial Data (See Note)
- ----------------------------------------------------------------------
Revenues excluding TAC $1,087,698 $1,183,076
Operating income before depreciation,
amortization and stock-based compensation
expense $ 434,932 $ 460,035
Free cash flow $ 342,946 $ 368,750
Non-GAAP net income per share excluding stock-
based compensation expense $ 0.16 $ 0.17
Yahoo! Inc.
Note to Unaudited Condensed Consolidated Statements of Income
This press release and its attachments include the non-GAAP financial
measures of revenues excluding traffic acquisition costs or TAC,
operating income before depreciation, amortization and stock-based
compensation expense, free cash flow and non-GAAP net income and non-
GAAP net income per share, which are reconciled to gross profit,
income from operations, cash flow from operating activities, and net
income and net income per share, respectively, which we believe are
the most comparable GAAP measures. We use these non-GAAP financial
measures for internal managerial purposes, when publicly providing
our business outlook, and to facilitate period-to-period comparisons.
We describe limitations specific to each non-GAAP financial measure
below. Management generally compensates for limitations in the use of
non-GAAP financial measures by relying on comparable GAAP financial
measures and providing investors with a reconciliation of the non-
GAAP financial measure to the most directly comparable GAAP financial
measure or measures. Further, management uses non-GAAP financial
measures only in addition to and in conjunction with results
presented in accordance with GAAP. We believe that these non-GAAP
financial measures reflect an additional way of viewing aspects of
our operations that, when viewed with our GAAP results, provide a
more complete understanding of factors and trends affecting our
business. These non-GAAP measures should be considered as a
supplement to, and not as a substitute for, or superior to, gross
profit, income from operations, cash flow from operating activities,
and net income and net income per share calculated in accordance with
GAAP.
Revenues excluding TAC is defined as gross profit plus other cost of
revenues. Under GAAP, both our revenues and cost of revenues include
TAC. In defining revenues excluding TAC as our non-GAAP gross profit
measure, we have removed TAC from both revenues and cost of revenues.
TAC consists of payments made to affiliates that have integrated our
sponsored search and/or display advertising offerings into their
websites and payments made to companies that direct consumer and
business traffic to the Yahoo! website. We present revenues excluding
TAC: (1) to provide a metric for our investors to analyze and value
our Company and (2) to provide investors one of the primary metrics
used by the Company for evaluation and decision-making purposes. We
provide revenues excluding TAC because we believe it is useful to
investors in valuing our Company. One of the ways investors value
companies is to apply a multiple to revenues. Since a significant
portion of the GAAP revenues associated with our sponsored search
offerings is paid to our third party affiliates, we believe investors
find it more meaningful to apply multiples to revenues excluding TAC
to assess our value as this avoids "double counting" revenues that
are paid to, and being reported by, our third party affiliates.
Further, management uses revenues excluding TAC for evaluating the
performance of our business, making operating decisions, budgeting
purposes, and as a factor in determining management compensation. A
limitation of revenues excluding TAC is that it is a measure which we
have defined for internal and investor purposes that may be unique to
the Company and therefore it may not enhance the comparability of our
results to other companies in our industry who have similar business
arrangements but address the impact of TAC differently. Management
compensates for these limitations by also relying on the comparable
GAAP financial measures of revenues, cost of revenues and gross
profit, each of which includes TAC.
Operating income before depreciation, amortization and stock-based
compensation expense is defined as income from operations before
depreciation, amortization of intangible assets and stock-based
compensation expense (including the compensation of our Chief
Executive Officer, which currently consists almost entirely of stock-
based compensation). We consider this measure to be an important
indicator of the operational strength of the Company. We exclude
depreciation and amortization because while tangible and intangible
assets support our businesses, we do not believe the related
depreciation and amortization costs are directly attributable to the
operating performance of our business. This measure is used by some
investors when assessing the performance of our Company. In addition,
because of the variety of equity awards used by companies, the
varying methodologies for determining stock-based compensation
expense, and the subjective assumptions involved in those
determinations, we believe excluding stock-based compensation
enhances the ability of management and investors to understand the
impact of stock-based compensation expense on our operating income.
We do not include depreciation, amortization and stock-based
compensation expense in our internal measures or in the measures used
by the Company to formulate our business outlook presented with our
quarterly financial information to investors. A limitation associated
with the non-GAAP measure of operating income before depreciation,
amortization and stock-based compensation expense is that it does not
reflect the periodic costs of certain capitalized tangible and
intangible assets used in generating revenues in our businesses.
Management evaluates the costs of such tangible and intangible assets
through other financial measures such as capital expenditures. A
further limitation associated with this measure is that it does not
include stock-based compensation expense related to the Company's
workforce. Management compensates for these limitations by also
relying on the comparable GAAP financial measure of income from
operations, which includes depreciation, amortization and stock-based
compensation expense.
Free cash flow is defined as cash flow from operating activities, less
net capital expenditures and dividends received and including the
excess tax benefits from stock-based compensation. We consider free
cash flow to be a liquidity measure which provides useful information
to management and investors about the amount of cash generated by the
business after the acquisition of property and equipment, which can
then be used for strategic opportunities including, among others,
investing in the Company's business, making strategic acquisitions,
strengthening the balance sheet and repurchasing stock. A limitation
of free cash flow is that it does not represent the total increase or
decrease in the cash balance for the period. Management compensates
for this limitation by also relying on the net change in cash and
cash equivalents as presented in the Company's unaudited condensed
consolidated statements of cash flows prepared in accordance with
GAAP which incorporates all cash movements during the period.
Non-GAAP net income is defined as net income excluding certain gains,
losses and expenses and their related tax effects that we do not
believe are indicative of our ongoing operating results and further
adjusted for stock-based compensation expense. Effective January 1,
2006, we adopted Statement of Financial Accounting Standard No. 123
(revised 2004), "Share-Based Payment" ("SFAS 123R") and therefore
have now recorded stock-based compensation expense under the fair
value method for all periods presented. As compared to prior periods'
earnings releases, we have included only one non-GAAP measure for
non-GAAP net income and non-GAAP net income per share in this
release, as this is our first earnings release in which all periods
presented include stock-based compensation expense calculated in
accordance with SFAS 123R. In our calculation of non-GAAP net income
and non-GAAP net income per share, we have excluded stock-based
compensation expense and its related tax effects. We consider non-
GAAP net income and non-GAAP net income per share to be profitability
measures which facilitate the forecasting of our operating results
for future periods and allow for the comparison of our results to
historical periods. A limitation of non-GAAP net income and non-GAAP
net income per share is that they do not include all items that
impact our net income and net income per share for the period.
Management compensates for this limitation by also relying on the
comparable GAAP financial measures of net income and net income per
share, both of which include the expense and related tax effects of
the item excluded from non-GAAP net income and non-GAAP net income
per share.
Yahoo! Inc.
Reconciliations to Unaudited Condensed Consolidated Statements of
Income
(in thousands)
Three Months Ended
March 31,
-----------------------
2006 2007
----------- -----------
Revenues for groups of similar services:
Marketing services $1,380,854 $1,468,619
Fees 186,201 203,231
---------- ----------
Total revenues $1,567,055 $1,671,850
=========== ===========
Revenues by segment:
United States $1,097,038 $1,100,757
International 470,017 571,093
----------- -----------
Total revenues $1,567,055 $1,671,850
=========== ===========
Cost of revenues:
Traffic acquisition costs ("TAC") $ 479,357 $ 488,774
Other cost of revenues 178,586 224,863
---------- ----------
Total cost of revenues $ 657,943 $ 713,637
=========== ===========
Revenues excluding TAC:
Gross profit $ 909,112 $ 958,213
Other cost of revenues 178,586 224,863
----------- -----------
Revenues excluding TAC $1,087,698 $1,183,076
=========== ===========
Revenues excluding TAC by segment:
United States:
Gross profit $ 682,391 $ 701,752
Other cost of revenues 144,274 181,180
----------- -----------
Revenues excluding TAC $ 826,665 $ 882,932
=========== ===========
International:
Gross profit $ 226,721 $ 256,461
Other cost of revenues 34,312 43,683
----------- -----------
Revenues excluding TAC $ 261,033 $ 300,144
=========== ===========
Operating income before depreciation,
amortization and stock-based compensation
expense:
Income from operations $ 201,212 $ 169,027
Depreciation and amortization 125,079 151,002
Stock-based compensation expense 108,641 140,006
----------- -----------
Operating income before depreciation,
amortization and stock-based compensation
expense $ 434,932 $ 460,035
=========== ===========
Operating income before depreciation,
amortization and stock-based compensation
expense by segment:
Operating income before depreciation,
amortization and stock-based compensation
expense - United States $ 335,269 $ 341,518
Operating income before depreciation,
amortization and stock-based compensation
expense - International 99,663 118,517
----------- -----------
Operating income before depreciation,
amortization and stock-based compensation
expense $ 434,932 $ 460,035
=========== ===========
United States:
Income from operations $ 136,951 $ 92,829
Depreciation and amortization 100,557 121,753
Stock-based compensation expense 97,761 126,936
----------- -----------
Operating income before depreciation,
amortization and stock-based compensation
expense - United States $ 335,269 $ 341,518
=========== ===========
International:
Income from operations $ 64,261 $ 76,198
Depreciation and amortization 24,522 29,249
Stock-based compensation expense 10,880 13,070
----------- -----------
Operating income before depreciation,
amortization and stock-based compensation
expense - International $ 99,663 $ 118,517
=========== ===========
Free cash flow:
Cash flow from operating activities $ 384,881 $ 441,244
Acquisition of property and equipment, net (141,747) (118,019)
Excess tax benefits from stock-based awards 99,812 45,525
----------- -----------
Free cash flow $ 342,946 $ 368,750
=========== ===========
Yahoo! Inc.
Reconciliation of GAAP Net Income and GAAP Net Income Per Share to
Non-GAAP Net Income and Non-GAAP Net Income Per Share
(in thousands, except per share amounts)
Three Months Ended
March 31,
-----------------------
2006 2007
----------- -----------
GAAP Net income $ 159,859 $ 142,424
=========== ===========
(a) Stock-based compensation as measured using
the fair value method under SFAS 123R 108,641 140,006
(b) To adjust the provision for income taxes
to reflect an effective tax rate of 40%
in Q1 2006 and 41% in Q1 2007 and to
reflect tax impact of item (a) in both
periods (35,184) (48,356)
----------- -----------
Non-GAAP Net income excluding stock-based
compensation expense $ 233,316 $ 234,074
=========== ===========
GAAP Net income per share - diluted $ 0.11 $ 0.10
=========== ===========
Non-GAAP Net income excluding stock-based
compensation expense per share - diluted $ 0.16 $ 0.17
=========== ===========
Shares used in per share calculations -
diluted 1,493,307 1,418,225
=========== ===========
Yahoo! Inc.
Business Outlook
The following business outlook is based on current information and
expectations as of April 17, 2007. Yahoo!'s business outlook as of
today is expected to be available on the Company's Investor Relations
website throughout the current quarter. Yahoo! does not expect, and
undertakes no obligation, to update the business outlook prior to the
release of the Company's next quarterly earnings announcement,
notwithstanding subsequent developments; however, Yahoo! may update
the business outlook or any portion thereof at any time at its
discretion.
Three Months Year
Ending Ending
June 30, December 31,
2007 2007
---------------- ----------------
Revenues excluding TAC(1) outlook
(in millions):
Gross profit $975 - $1,045 $4,010 - $4,390
Other cost of revenues 225 - 255 940 - 1,060
---------------- ----------------
Revenues excluding TAC $1,200 - $1,300 $4,950 - $5,450
================ ================
Operating income before depreciation, amortization and stock-based
compensation expense(1) outlook (in millions):
Income from operations $168 - $193 $845 - $955
Depreciation and Amortization 140 - 160 590 - 670
Stock-based compensation expense 132 - 147 515 - 575
---------------- ----------------
Operating income before
depreciation, amortization and
stock-based compensation expense $440 - $500 $1,950 - $2,200
================ ================
(1) Refer to Note to Unaudited Condensed Consolidated Statements of
Income.
Yahoo! Inc.
Unaudited Condensed Consolidated Statements of Cash Flows
(in thousands)
Three Months Ended
March 31,
-----------------------
2006 2007
----------- -----------
CASH FLOWS FROM OPERATING ACTIVITIES:
Net income $ 159,859 $ 142,424
Adjustments to reconcile net income to net
cash provided by operating activities:
Depreciation 68,614 94,509
Amortization of intangible assets 56,465 56,493
Stock-based compensation expense 108,641 140,006
Tax benefits from stock-based awards 111,835 61,147
Deferred income taxes (32,090) (42,300)
Excess tax benefits from stock-based awards (99,812) (45,525)
Earnings in equity interests (26,437) (29,149)
Minority interests in operations of
consolidated subsidiaries 294 (1,155)
Gain from sale of investments, assets and
other, net (7,277) (2,857)
Changes in assets and liabilities, net of
effects of acquisitions:
Accounts receivable, net (40,101) 40,214
Prepaid expenses and other (11,359) 13,358
Accounts payable 35,653 30,980
Accrued expenses and other liabilities 46,269 (28,178)
Deferred revenue 14,327 11,277
----------- -----------
Net cash provided by operating activities 384,881 441,244
----------- -----------
CASH FLOWS FROM INVESTING ACTIVITIES:
Acquisition of property and equipment, net (141,747) (118,019)
Purchases of marketable debt securities (334,762) (570,287)
Proceeds from sales and maturities of
marketable debt securities 435,995 727,996
Acquisitions, net of cash acquired 5,504 (11,579)
Other investing activities, net (345) (6,570)
----------- -----------
Net cash (used in) provided by investing
activities (35,355) 21,541
----------- -----------
CASH FLOWS FROM FINANCING ACTIVITIES:
Proceeds from issuance of common stock, net 87,519 71,922
Repurchases of common stock (638,898) (595,006)
Structured stock repurchases, net 22,295 (250,000)
Excess tax benefits from stock-based awards 99,812 45,525
----------- -----------
Net cash used in financing activities (429,272) (727,559)
----------- -----------
Effect of exchange rate changes on cash and
cash equivalents 12,148 3,981
Net change in cash and cash equivalents (67,598) (260,793)
Cash and cash equivalents, beginning of period 1,429,693 1,569,871
----------- -----------
Cash and cash equivalents, end of period $1,362,095 $1,309,078
=========== ===========
Supplemental schedule of acquisition-related
activities:
Cash paid for acquisitions $ 2,023 $ 15,873
Cash acquired in acquisitions (7,527) (4,294)
----------- -----------
$ (5,504) $ 11,579
=========== ===========
Common stock, restricted stock and stock
options issued in connection with
acquisitions $ - $ 54,258
=========== ===========
Yahoo! Inc.
Unaudited Condensed Consolidated Balance Sheets
(in thousands)
December 31, March 31,
2006 2007
------------ ------------
ASSETS
Current assets:
Cash and cash equivalents $ 1,569,871 $ 1,309,078
Short-term marketable debt securities 1,031,528 1,036,788
Accounts receivable, net 930,964 893,200
Prepaid expenses and other current assets 217,779 335,511
------------ ------------
Total current assets 3,750,142 3,574,577
Long-term marketable debt securities 935,886 782,193
Property and equipment, net 1,101,379 1,127,558
Goodwill 2,968,557 2,975,829
Intangible assets, net 405,822 413,069
Other long-term assets 459,988 508,160
Investments in equity interests 1,891,834 1,927,639
------------ ------------
Total assets $11,513,608 $11,309,025
============ ============
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $ 109,130 $ 140,969
Accrued expenses and other current
liabilities 1,046,882 929,312
Deferred revenue 317,982 331,058
------------ ------------
Total current liabilities 1,473,994 1,401,339
Long-term deferred revenue 64,939 63,300
Long-term debt 749,915 749,763
Other long-term liabilities 56,094 254,726
Minority interests in consolidated
subsidiaries 8,056 8,249
Stockholders' equity 9,160,610 8,831,648
------------ ------------
Total liabilities and stockholders' equity $11,513,608 $11,309,025
============ ============
CONTACT: Yahoo! Inc.
Kelly Delaney, 408-349-2579 (Media Relations)
kellyd@yahoo-inc.com
Cathy La Rocca, 408-349-5188 (Investor Relations)
cathy@yahoo-inc.com
or
OutCast Communications for Yahoo!
Kim Milosevich, 415-345-4734 (Media Relations)
kim@outcastpr.com