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Technology Stocks : Altaba Inc. (formerly Yahoo) -- Ignore unavailable to you. Want to Upgrade?

To: Zebra 365 who wrote (9850)	4/13/1998 2:03:00 AM
From: Bill Harmond	Respond to of 27307

I agree with you on the accumulated deficit part , and obviously money flows through the income statement to the balance sheet. I'm contending that the income statement doesn't reflect actual cash flow. I just don't see the stock part. Sorry, I just don't follow it. I'm going to check it out some more.

To: Zebra 365 who wrote (9850)	4/13/1998 2:36:00 AM
From: StaggerLee	Read Replies (1) \| Respond to of 27307

>>The only way it (common stock/PIC) can change is if the company actually issued and sold new shares for $4,624,000. The increase represents proceeds from the exercise of options. I don't know how many shares were involved (YHOO cleverly combined the common stock and paid-in capital lines in their press release). But I do know that in the first quarter insiders sold about $53 million of stock (of which Softbank was $29 million). No matter how you slice it, insiders made a huge wad on the sales, and the shareholders made only about $4.6 million.

To: Zebra 365 who wrote (9850)	4/13/1998 10:33:00 AM
From: Bill Harmond	Read Replies (1) \| Respond to of 27307

Here's Montgomery detail on the $17.8 positive cash flow: Consider the growth in Yahoo! deferred revenues from $4.3 million in September 1997 to $4.8 million in December 1997 and now a doubling to $10.1 million in March quarter. This large increase is a key contributor to the $17.8 million in free cash flow in the quarter: net income of $4.3 million + $9.9 million change in working capital - less $1.7 million in fixed assets + $4.6 million in stock options + $0.7 million net depreciation / minority interest. The $9.9 million change in working capital includes the deferred revenue increase of $5.3 million; of which roughly $4 million includes commerce deals. That leaves room for your stock sale proceeds.