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

To: Rick_Barry who wrote (18373)	1/17/1999 8:40:00 PM
From: Bill Harmond	Read Replies (1) \| Respond to of 27307

Cash flow and earnings are two different things, and cash flow is way more important because it's the real thing. Yahoo was cash-flow positive about three quarters before it had earnings. Earnings can be reduced by accounting entries like depreciation, and by other non-cash charges. Also deferred revenue would not be part of the current earnings equation, but could show up as cash flow it was paid to Yahoo upfront as part of a commerce deal, for example. I've been playing for the past few days and haven't read analysis of Yahoo's Q4 results, nor have I listened to the call yet.