Yahoo! Inc.
Consolidated Statement of Operations
(in thousands, except per share amounts)
CY97 CY98 CY99 CalendarYearsEnded
March June Sept Dec March June Sept Dec March June Sept Dec Dec Dec Dec Dec
1Q97A 2Q97A 3Q97A 4Q97A 1Q98A 2Q98A 3Q98A 4Q98E 1Q99E 2Q99E 3Q99E 4Q99E 1997A 1998E 1999E 2000E
Net revenues $10,065 $14,107 $17,320 $25,105 $30,206 $41,210 $53,620 $64,350 $65,500 $74,500 $80,750 $91,500 $66,597 $189, 386 $312, 250 $426, 583
Cost of revenues 1,437 2,318 1,992 3,229 3,917 4,720 5,597 6,757 6,233 7,164 7,670 8,841 8,976 20,991 29,908 41,072
Gross profit 8,628 11,789 15,328 21,876 26,289 36,490 48,023 57,593 59,267 67,336 73,080 82,659 57,621 168,395 282,342 385,511
Operating expenses
Sales and marketing 7,415 9,448 11,187 15,129 16,096 20,044 22,887 27,992 29,999 33,674 35,853 39,986 43,179 87,019 139,512 180,888
Product development 2,249 2,444 2,557 3,525 4,534 5,010 5,709 6,757 7,205 7,205 8,479 9,150 10,775 22,010 32,286 43,057
General and administrative 1,297 1,613 1,362 1,971 1,992 2,227 2,441 3,089 3,275 3,725 4,038 4,575 6,243 9,749 15,613 21,329
Other - nonrecurring costs - 21,245 - 3,850 - 44,100 - - - - - - 25,095 44,100 - -
Total operating expenses 10,961 13,505 15,106 20,625 22,622 27,281 31,037 37,838 40,479 44,868 48,369 53,711 60,197 118,778 186,107 245,273
Income (loss) from operations $( 2,333) $( 1,716) $222 $1,251 $3,667 $9,209 $16,986 $19,755 $18,788 $22,468 $24,711 $28,949 $( 2,576) $49,617 $97,236 $140, 237
Investment income, net 1,391 1,227 1,168 1,227 1,446 1,848 5,209 5,359 5,509 5,659 5,809 5,959 5,013 13,862 22,936 25,336
Minority interests in operations
of consolidated subsidiaries 202 182 247 96 243 112 10 (250) (200) (275) (350) (425) 727 115 (1,250) (1,950)
Income (loss) before income taxes (740) (307) 1,637 2,574 5,356 11,169 22,205 24,864 24,097 27,852 30,170 34,483 3,164 63,594 118,922 163,623
Provision for income taxes - - - - 1,071 3,060 5,551 6,216 9,157 10,584 11,465 13,103 - 15,898 45,190 62,177
Net income (loss) $( 740) $( 307) $1,637 $2,574 $4,285 $8,109 $16,654 $18,648 $14,940 $17,268 $18,705 $21,379 $3,164 $47,696 $73,731 $101, 446
Net income (loss) per share $( 0.01) $( 0.00) $0.02 $0.03 $0.04 $0.07 $0.15 $0.16 $0.13 $0.15 $0.16 $0.18 $0.04 $0.43 $0.62 $0.81
Weighted average common shares 84,462 86,292 100,192 89,534 106,748 109,194 114,456 115,450 116,950 118,450 119,950 121,450 90,120 111,462 119,200 125,200
Revenue Growth
Sequential 12.5% 40.2% 22.8% 44.9% 20.3% 36.4% 30.1% 20.0% 1.8% 13.7% 8.4% 13.3%
Annual 200.1% 192.1% 209.6% 156.3% 116.8% 80.8% 50.6% 42.2%
Margin Analysis
Gross margin 85.7% 83.6% 88.5% 87.1% 87.0% 88.5% 89.6% 89.5% 90.5% 90.4% 90.5% 90.3% 86.5% 88.9% 90.4% 90.4%
Operating margin -23.2% -12.2% 1.3% 5.0% 12.1% 22.3% 31.7% 38.6% 36.8% 37.4% 37.4% 37.7% 4.8% 33.6% 38.0% 38.4%
Net margin -7.4% -2.2% 9.5% 10.3% 14.2% 19.7% 31.1% 29.0% 22.8% 23.2% 23.2% 23.4% 4.8% 25.2% 23.5% 23.8%
Percentage of Revenues
Cost of revenues 14.3% 16.4% 11.5% 12.9% 13.0% 11.5% 10.4% 10.5% 9.5% 9.6% 9.5% 9.7% 13.5% 11.1% 9.6% 9.6%
S& M 73.7% 67.0% 64.6% 60.3% 53.3% 48.6% 42.7% 43.5% 45.8% 45.2% 44.4% 43.7% 64.8% 45.9% 44.7% 42.4%
R& D 22.3% 17.3% 14.8% 14.0% 15.0% 12.2% 10.6% 10.5% 11.0% 10.7% 10.5% 10.0% 16.2% 11.6% 10.3% 10.1%
G& A 12.9% 11.4% 7.9% 7.9% 6.6% 5.4% 4.6% 4.8% 5.0% 5.0% 5.0% 5.0% 9.4% 5.1% 5.0% 5.0%
Tax rate 0.0% 0.0% 0.0% 0.0% 20.0% 27.4% 25.0% 25.0% 38.0% 38.0% 38.0% 38.0% 0.0% 25.0% 38.0% 38.0%
Yahoo! Inc. — 8 October 1998
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