Yahoo, Microsoft and Google Financial Analysis

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 RATIOS
Current Ratio
Working Capital
LEVERAGE RATIOS
Total-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
$3,544,671.00
$3,877,174.00
$8,137,020.00
$7,699,243.00
$4,157,073.00
$2,162,521.00
$1,322,340.00
$687,976.00
$68,538.00
$29,713.00
$49,341.00
$145,253.00
$694,213.00
$443,880.00
$229,507.00
$17,289,138.00
$13,039,847.00
$9,001,071.00
$168,530.00
$114,455.00
$16,941.00
$33,219.00
$1,059,694.00
$1,031,850.00
$14,369.00
$4,039,261.00
$2,395,239.00
$961,749.00
$446,596.00
$346,841.00
$82,783.00
$2,299,368.00
$1,545,119.00
$194,900.00
$25,335,806.00
$18,473,351.00
$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
$211,169.00
$115,575.00
$588,390.00
$351,671.00
$198,788.00
$465,032.00
$266,247.00
$114,377.00
$522,001.00
$370,364.00
$215,771.00
$178,073.00
$105,136.00
$73,099.00
$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
$2,035,602.00
$1,304,587.00
$745,384.00
$30,249.00
$20,006.00
$10,468.00
$478,372.00
$40,421.00
$35,419.00
$101,904.00
$68,497.00
$61,585.00
$318.00
$15,816,738.00
$315.00
$14,450,338.00
$313.00
$309.00
$293.00
$13,241,221.00
$11,882,906.00
$7,477,792.00
$27,774.00
($119,015.00)
$105,090.00
$20,082,078.00
$36,004,224.00
$226,579.00
$13,561,630.00
$28,238,862.00
$40,496,778.00
$113,373.00
$23,311.00
$4,019.00
$9,334,772.00
$5,133,314.00
$2,055,868.00
$22,689,679.00
$17,039,840.00
$9,418,957.00
$31,767,575.00
$25,335,806.00
$18,473,351.00
$10,271,813.00
2009
2008
2007
2006
2005
10.62
8.77
8.49
10.00
12.08
$26,419,491.00
$17,876,092.00
$15,253,536.00
$11,735,260.00
$8,255,687.00
0.11
0.11
0.10
0.08
0.08
0.05
0.04
0.03
0.01
0.01
0.12
0.12
0.12
0.08
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
2009
2008
$23,650,563.00
$21,795,550.00
$8,844,115.00
$8,621,506.00
$2,843,027.00
$2,793,192.00
$1,983,941.00
$1,946,244.00
$1,667,294.00
$1,802,639.00
Total costs and expenses
$15,338,377.00
$15,163,581.00
Income from operations

Impairment of equity investments
Interest income and other, net
$8,312,186.00
$69,003.00
$6,631,969.00
($1,094,757.00)
$316,384.00
Income before income taxes

Provision for income taxes
$8,381,189.00
$1,860,741.00
$5,853,596.00
$1,626,738.00
Net income
$6,520,448.00
$4,226,858.00
$20.62
$20.41
$13.46
$13.31
Gross Profit Margin
62.61%
60.44%
Operating Profit Margin (Return on Sales)
35.15%
30.43%
Net Profit Margin (Net Return on Sales)
27.57%
19.39%
Return on Total Assest [Net Income/Tot Assets]
16.10%
13.31%
YEAR
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
Net income per share of Class A and Class B common stock:

Basic
Diluted
PROFITABILITY RATIOS
Return on Stockholder's Equity

EPS
SG&A as a % of total revenues
CAGR 2004 - 2009

Revenues
Operating Income
Net Income
R&D Expenses
SG&A Expenses
SG&A expenses
18.11%
14.97%
???
15.44%
17.20%
Per Year
39.65%
53.31%
59.29%
38.94%
40.05%
$3,651,235.00
$3,748,883.00
2007
2006
2005
2004
$16,593,986.00
$10,604,917.00
$6,138,560.00
$3,189,223.00
Gross Profit M
$6,649,085.00
$4,225,027.00
$2,577,088.00
$1,468,967.00
$2,119,985.00
$1,228,589.00
$599,510.00
$395,164.00
$1,461,266.00
$849,518.00
$468,152.00
$295,749.00
$1,279,250.00
$751,787.00
$386,532.00
$90,000.00
$188,151.00
59.00%
$201,000.00
56.00%
64.00%
63.00%
62.00%
61.00%
60.00%
58.00%
57.00%
55.00%
$11,509,586.00
$7,054,921.00
$4,121,282.00
$2,549,031.00
$5,084,400.00
$589,580.00
$3,549,996.00
$2,017,278.00
$640,192.00
$461,044.00
$124,399.00
$10,042.00
$5,673,980.00
$1,470,260.00
$4,011,040.00
$933,594.00
$2,141,677.00
$676,280.00
$650,234.00
$251,115.00
$4,203,720.00
$3,077,446.00
$1,465,397.00
$399,119.00
54.00%
53.00%
2003
2004
Operating Profit Mar

40.00%
35.00%
30.00%
$13.53
$13.29
$10.21
$9.94
$5.31
$5.02
$2.07
$1.46
25.00%
20.00%
15.00%
10.00%
5.00%
0.00%
2003
2004
Net Profit Margin (N

59.93%
60.16%
58.02%
53.94%
30.64%
33.48%
32.86%
20.07%
25.33%
29.02%
23.87%
12.51%
16.59%
16.66%
14.27%
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 A
18.00%
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 Stockhol
20.00%
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)
2005
2006
2007
2008
2009
2010
Return on Total Assest [Net

Income/Tot Assets]
2005
2006
2007
2008
2009
2010

2005
2006
2007
2008
2009
2010
WHAT happened.
WHAT happened.
WHAT happened.
WHAT happened.
YEAR
2009
December 31, 2009
Operating activities
Net income
$6,520,448.00
Adjustments:
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)
Net cash provided by operating activities
$9,316,198.00
Investing 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
Net cash used in investing activities
($504,039.00)
$217,476.00
$262,035.00
$33,642.00
$243,138.00
$157,669.00
$76,066.00
($809,888.00)
($29,139,065.00)
$22,102,867.00
($65,095.00)
($108,024.00)
($8,019,205.00)
Financing activities
Net proceeds (payments) from stock-based award
activities
Excess tax benefits from stock-based award activities
$143,141.00
$90,271.00
Net cash provided by financing activities
$233,412.00
Effect 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
Cash and cash equivalents at end of year
$10,197,588.00
Supplemental disclosures of cash flow information

Cash paid for taxes
$1,895,966.00
2008
2007
December 31, 2008 December 31, 2007
The graph below depcits that GOOGL

$4,226,858.00
$4,203,720.00
$15,000,000.00
$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)
($334,464.00)
$626,027.00
($147,132.00)
($211,539.00)
$338,907.00
$14,000.00
$41,433.00
($837,247.00)
$744,802.00
($298,689.00)
$70,135.00
$418,905.00
$150,310.00
$70,329.00
$7,852,857.00
$5,775,410.00
$10,000,000.00
$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)
($3,320,299.00)
($906,651.00)
($5,319,422.00)
($3,681,589.00)
($71,521.00)
$159,088.00
$23,861.00
$379,206.00
$87,567.00
$403,067.00
($45,923.00)
$40,034.00
($10,000,000.00)
$2,575,079.00
$6,081,593.00
$2,536,922.00
$3,544,671.00
$8,656,672.00
$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
($5,000,000.00)
$10,000,000.00)
Net cash provided by financing activities
2009.5
ing off its debt and at the same time investing
(In millions, except per share amounts)
Year Ended June 30,

Revenue
Operating expenses:
2009
2008
2007
58,437
60,420
51,122
$44,282
Cost of revenue
Research and development
Sales and marketing
General and administrative
Employee severance
Total operating expenses
12,155
9,010
12,879
3,700
330
38,074
11,598
8,164
13,260
5,127
10,693
7,121
11,541
3,329
7,650
6,584
9,818
3,758
38,149
32,684
27,810
Operating income
20,363
-542
22,271
1,543
18,438
1,663
16,472
19,821
5,252
23,814
6,133
20,101
6,036
18,262
14,569
17,681
14,065
$12,599
1.63
1.62
1.9
1.87
1.44
1.42
$ 1.21
$ 1.20
8,945
8,996
9,328
9,470
9,742
9,886
10,438
10,531
0.52
0.44
0.4
$ 0.35
Gross Profit Margin
79.2%
80.8%
79.1%
82.7%
34.8%
36.9%
36.1%
37.2%
24.9%
29.3%
27.5%
28.5%
18.7%
24.3%
22.3%
18.1%
36.8%
48.7%
45.2%
31.4%
28.37%
30.43%
29.09%
30.66%
Other income (expense)
Income before income taxes

Net income
Earnings per share:
Basic
Diluted
2006
1,790
5,663
Weighted average shares outstanding:

Basic
Diluted
Cash dividends declared per common share
PROFITABILITY RATIOS
EPS
CAGR 2004 - 2009

Revenues
Operating Income
Net Income
R&D Expenses
SG&A Expenses
Per Year
8%
14.51%
10.12%
2.58%
3.52%
2005
$39,788
2004
$36,835
6,031
6,097
8,563
4,536
6,596
7,735
8,195
5,275
25,227
27,801
14,561
9,034
2,067
3,162
16,628
12,196
4,374
4,028
$12,254
$8,168
$1.13
$1.12
$0.76
$0.75
10,839
10,906
10,803
10,894
$3.40
$0.16
84.8%
82.1%
36.6%
24.5%
30.8%
22.2%
17.3%
8.8%
25.5%
10.9%
32.92%
36.57%
(In millions)
June 30,
Assets
Current assets:
Short-term investments (including securities pledged as collateral of )
6,076
25,371
Total cash, cash equivalents, and short-term investments

Accounts receivable, net of allowance for doubtful accounts of
Inventories
Other
31,447
11,192
717
2,213
3,711

Property and equipment, net of accumulated depreciation of $7,547 and $6,302
Equity and other investments
Goodwill
Other long-term assets
49,280
7,535
4,933
12,503
1,759
279
1,599
Total assets
77,888
Liabilities and stockholders equity

Accounts payable
Short-term debt
Accrued compensation
Income taxes
Short-term unearned revenue
Securities lending payable
Other
3,324
2,000
3,156
725
13,003
1,684
3,142

Long-term debt
Long-term unearned revenue
Commitments and contingencies
Stockholders equity:
Commonstockandpaid-incapitalsharesauthorized24,000;
Retained deficit, including accumulated other comprehensive income of
Totalstockholdersequity
2009
27,034
3,746
1,281
6,269
62,382
-22,824
39,558
Totalliabilitiesandstockholdersequity
77,888
LIQUIDITY RATIOS
Current Ratio
Working Capital
1.82289
22,246
LEVERAGE RATIOS
0.49
0.22
0.97
2008
2007
2006
2005
2004
10,339
13,323
6,111
$6,714
27,447
$4,851
32,900
$15,982
17,300
34,161
9,316
1,478
1,940
2,115
37,751
7,180
491
1,701
1,614
60,592
49,010
3,044
9,232
3,866
539
2,611
1,295
48,737
2,346
11,004
3,309
499
3,621
1,299
70,566
44,610
23,662
13,589
985
2,017
2,989
23,411
43,242
6,242
6,588
12,108
1,973
949
1,691
40,168
72,793
63,171
4,034
3,247
2,934
3,248
13,397
2,614
3,659
2,325
10,779
29,886
23,754
22,442
16,877
14,969
1,900
4,721
1,867
1,764
5,287
1,665
4,158
1,663
62,849
-26,563
60,557
60,413
-12,298
56,396
-29,460
59,005
-18,901
36,286
31,097
40,104
48,115
74,825
11,338
1,127
1,899
2,393
4,350
10,117
4,760
878
1,389
1,509
1,040
2,741
$69,597
$70,815
$2,909
$2,086
1,938
1,662
1,557
2,020
9,138
7,502
3,117
3,783
3,607
3,622
5,890
421
2,097
1,566
2,326
12,210
3,115
569
1,829
1,774
$92,389
$1,717
1,339
3,478
6,514
1,921
6,453
932
18,429
72,793
63,171
$69,597
$70,815
1.4469
1.691
2.18385
2.88778
4.71414256
13,356
16,414
26,568
31,860
55,597
0.50
0.51
0.42
0.32
0.19
0.15
0.21
0.15
0.11
0.03
1.01
1.03
0.74
0.47
0.23
$92,389
(In millions)
Year Ended June 30,
2009
2008
2007
14,569
17,681
14,065
2,562
1,708
683
-52
762
24,409
-25,426
2,056
1,479
-572
-120
935
24,532
-21,944
1,440
1,550
-292
-77
421
21,032
-19,382
2,215
-422
-273
-3,371
1,673
-1,569
153
-98
-748
-173
-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
Net cash used in financing
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
Deferral of unearned revenue
Recognition of unearned revenue
Changes in operating assets and liabilities:
Accounts receivable
Other current assets
Other current liabilities
Investing
Additions to property and equipment
Acquisition of companies, net of cash acquired
Purchases of investments
3,494
-12,533
-4,015
120
6,782
-27,575
-3,805
77
-23
-7,463
-12,934
-24,544
-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
Net cash from (used in) investing
Effect of exchange rates on cash and cash equivalents
Net change in cash and cash equivalents

Cash and cash equivalents, beginning of period
Cash and cash equivalents, end of period
6,191
19,806
-930
2,597
25,132
-127
4,736
41,451
-376
-15,770
-4,587
6,089
-67
137
56
-4,263
10,339
4,228
6,111
-603
6,714
6,076
10,339
6,111
2009
Revenues
Cost of revenues
Gross profit
Operating expenses:
Sales and marketing
Product development
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
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
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
3,201,877
386,692
187,528
1,563,313
1,221,787
705,136
87,550
106,854
487,537
4,172,177
12,963
73,750
574,220
-219,321
250,390
86,713
-259,006
596,979
605,289
-7,297
597,992
424,686
-5,765
418,921
0.43
0.31
0.42
1397652
1415658
0.29
1369476
1391230
10759
141537
205971
79820
11062
13813
182826
178091
63113
-30236
55.55%
58.06%
5.99%
0.18%
9.37%
5.89%
Gross Profit Margin
1,245,350
1,210,168
580,352
39,106
126,901
4.05%
3.10%
4.84%
3.77%
28.26%
31.47%
CAGR 2004 - 2009

Revenues
Operating Income
Net Income
Per Year
R&D Expenses
SG&A Expenses
10.37%
-9.17%
-5.31%
21.25%
9.47%
SG&A expenses
1,825,702
2,268,449
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
2,808,990
940,966
157,034
2,053,742
1,107,725
1,435,857
1,543,598
688,581
496,443
1,098,000
2,543,582
-458,011
-767,816
112,114
128,244
-712
-7,780
751,391 $1,896,230
1,185,024
-437,966
94,991
-2,496
839,553
814,184
-322,868
150,689
642,005
-2,850
639,155
0.48
0.54
1.35
0.62
0.47
1338987
1366264
0.52
1,388,741
1,457,686
1.28
1,400,421
1,485,591
0.58
1,353,439
1,452,499
10,628
246472
218207
97120
6621
155084
144807
118418
8698
22390
21383
9620
12010
10660
424930
52471
32290
59.27%
58.36%
60.13%
62.45%
9.98%
14.64%
21.07%
19.26%
9.21%
11.69%
36.07%
23.49%
5.25%
6.53%
17.51%
9.15%
6.73%
8.20%
22.14%
11.82%
32.20%
28.81%
26.15%
29.68%
2,243,788
1,851,057
1,375,020
1,060,911
2009
Current assets:
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
Long-term marketable debt securities
Property and equipment, net
Goodwill
Investments in equity interests
Total assets
LIABILITIES AND EQUITY
Accounts payable
Accrued expenses and other current liabilities
Deferred revenue
Short term Debt
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 RATIOS
Current Ratio
Working Capital
2.67
$2,877,044.00
LEVERAGE RATIOS
0.16
0.05
0.20
2008
$2,292,296 $
1,159,691
2007
1,513,930
487,544
2006
$1,569,871
1,031,528
2005
$1,429,693 $
1,131,141
2004
823,723
1,875,964
812,288
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
176,162
1,006,188
368,470
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
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 $
$109,130
1,046,882
317,982
$70,291 $
827,589
306,172
479,993
98,507
4,090,475
1,042,575
531,696
2,550,957
480,666
481,832
9,178,201
48,205
853,115
279,387
749,628
1,705,015
218,438
77,062
420,372
2,420,887
2,300,448
95,129
28,086
260,993
2,684,656.00
12,254
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
1,473,994
64,939
749,915
56,094
2,344,942
8,056
1,493
8,615,915
-3,324,863
3,717,560
150,505
9,160,610
$11,513,608
1,204,052
67,792
749,995
243,580
2,265,419
1,180,707
65,875
750,000
35,907
2,032,489
44,266
1,470
6,417,858
-235,394
-547,723
2,966,169
-35,965
8,566,415
$10,831,834 $
1,416
5,682,884
(28,541)
(159,988)
1,069,939
535,736
7,101,446
9,178,201
2.78
1.41
2.54
2.86
3.46
$3,040,483.00
$937,274.00
$2,276,148.00
0.18
0.22
0.20
0.21
0.23
0.06
0.04
0.09
0.11
0.11
0.22
0.28
0.26
0.26
0.29
$2,245,481.00 $2,909,768.00
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
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
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
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
508,812
281,221
407,607
7,925
487,537
117,716
-125,114
-39,035
-596,979
18,942
-10,347
-88,738
132,437
45,101
184,805
85,566
1,918,899
-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
363,354
-79,236
-6,456
-12,126
-1,442,008
39,670
-55,941
-76,752
-74
332,406
-122,498
778,366
125,114
Cash and cash equivalents at beginning 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 - 2009
GOOG
Revenues
Operating Income
Net Income
R&D Expenses
SG&A Expenses
39.65%
53.31%
59.29%
38.94%
40.05%
2009
GOOG
MSFT
YAHOO
35.15%
34.8%
5.99%
Gross Profit Margin
2009
GOOG
MSFT
YAHOO
62.61%
79.2%
55.55%
2009
GOOG
MSFT
YAHOO
27.57%
24.9%
9.37%
2009
GOOG
MSFT
YAHOO
16.10%
18.7%
4.05%
2009
GOOG
MSFT
YAHOO
18.11%
36.8%
4.84%
2009
GOOG
MSFT
YAHOO
15.44%
28.37%
28.26%
Current Ratio
2009
GOOG
MSFT
YAHOO
10.62
1.82
2.67
2009
GOOG
MSFT
YAHOO

GOOG
MSFT
YAHOO
GOOG
MSFT
YAHOO
Working Capital
GOOG
MSFT
YAHOO
0.11
0.49
0.16
2009
0.05
0.22
0.05
2009
0.12
0.97
0.20
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
MSFT
YAHOO
8.00%
14.51%
10.12%
2.58%
3.52%
10.37%
-9.17%
-5.31%
21.25%
9.47%
2008
2007
2006
2005
30.43%
36.9%
0.18%
30.64%
36.1%
9.98%
33.48%
37.2%
14.64%
32.86%
36.6%
21.07%
2008
2007
2006
2005
60.44%
80.8%
58.06%
59.93%
79.1%
59.27%
60.16%
82.7%
58.36%
58.02%
84.8%
60.13%
2008
2007
2006
2005
19.39%
29.3%
5.89%
25.33%
27.5%
9.21%
29.02%
28.5%
11.69%
23.87%
30.8%
36.07%
2008
2007
2006
2005
13.31%
24.3%
3.10%
16.59%
22.3%
5.25%
16.66%
18.1%
6.53%
14.27%
17.3%
17.51%
2008
2007
2006
2005
14.97%
48.7%
3.77%
18.53%
45.2%
6.73%
18.06%
31.4%
8.20%
15.56%
25.5%
22.14%
2008
2007
2006
2005
17.20%
30.43%
31.47%
16.52%
29.09%
32.20%
15.10%
30.66%
28.81%
13.92%
32.92%
26.15%
2008
2007
2006
2005
8.77
1.45
2.78
8.49
1.69
1.41
10.00
2.18
2.54
12.08
2.89
2.86
2008
2007
2006
2005
0.11
0.50
0.18
0.10
0.51
0.22
0.08
0.42
0.20
0.08
0.32
0.21
2008
2007
2006
2005
0.04
0.15
0.06
0.03
0.21
0.04
0.01
0.15
0.09
0.01
0.11
0.11
2008
2007
2006
2005
0.12
1.01
0.22
0.12
1.03
0.28
0.08
0.74
0.26
0.09
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
1.00
0.80
0.60
0.40
0.20
0.00
2003
2004
2005
2006
2007
2008
2009
Year
GOOG
MSFT
YAHOO
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
2004
20.07%
24.5%
19.26%
Opersting Profit Margin
40.00%
35.00%
30.00%
25.00%
20.00%
15.00%
10.00%
5.00%
0.00%
2003
2004
2005
GOOG
53.94%
82.1%
62.45%
2004
12.05%
8.8%
9.15%
90.00%
80.00%
70.00%
60.00%
50.00%
40.00%
30.00%
20.00%
10.00%
0.00%
2003
2004
15.17%
36.57%
29.68%
2005
GOOG
MSFT
2008
2009
2008
2009
YAHOO
2006
2007
MSFT
YAHOO
Net Profit Margin Comparison

40.00%
35.00%
Net Profit Margin
2004
2009
Year
2004
13.63%
10.9%
11.82%
2008
Gross Profit Margin Comparison
Gross Profit Margin
12.51%
22.2%
23.49%
2007
Year
2004
2004
2006
30.00%
25.00%
20.00%
15.00%
10.00%
5.00%
0.00%
2003
2004
2005
2006
Year
2007
2003
2004
2005
2004
7.91
4.71
3.46
GOOG
2007
MSFT
2008
2009
2008
2009
2008
2009
YAHOO
ROA Comparison
2004
30.00%
0.12
0.19
0.23
25.00%
20.00%
ROA
2004
2006
Year
15.00%
10.00%
0.01
0.03
0.11
5.00%
0.00%
2003
2004
2005
2006
2007
Year
2004
0.13
0.23
0.29
GOOG
MSFT
YAHOO
ROE Comparison
2004
60.00%
$2,353,097.00
$55,597,000,000.00
$2,909,768,000.00
50.00%
ROE
40.00%
30.00%
20.00%
10.00%
0.00%
2003
2004
2005
2006
2007
Year
GOOG
MSFT
YAHOO
G&A as a % of Tot. Revenues
SG&A as a % of Tot. Revenues Comparison

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
2007
2008
2009
2008
2009
Year
GOOG
MSFT
YAHOO
Current Ratio Comparison

14.00
Current Ratio
12.00
10.00
8.00
6.00
4.00
2.00
0.00
2003
2004
2005
2006
2007
Year
GOOG
MSFT
YAHOO
Debt-To-Tot Assest Ratio Comparison
Debt-To-Tot Assest Ratio
0.60
0.50
GOOG ha
MSFT ha
Yahoo w
0.40
0.30
0.20
0.10
0.00
2003
2004
2005
2006
2007
Year
2008
2009
2010
Year
LT Debt - To - Capital Ratio Comparison

LT Debt - To - Capital Ratio
0.25
2009
2010
GOOG ha
MSFT ha
Was on a
Yahoo ra
0.20
0.15
0.10
0.05
0.00
2003
2004
2005
2006
2007
Year
GOOG
stayed flat after 2007.
MSFT
YAHOO
2008
2009
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 cycle
2009
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
2010
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.
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.

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Assets

Liabilities and Stockholders Equity

Deferred Stock Based Compensation

Total costs and expenses

Income from operations

Income before income taxes

Gross Profit Margin

Operating Profit Margin (Return on Sales)

Net Profit Margin (Net Return on Sales)

Return on Total Assest [Net Income/Tot Assets]

Net income per share of Class A and Class B common stock:

Return on Stockholder's Equity

CAGR 2004 - 2009

Operating Profit Mar

Net Profit Margin (N

Gross Profit Margin

On a rise Year Over Year

Operating Profit Margin (Return on

Net Profit Margin (Net Return on

DIP in 2008 - Need to check WHAT happened.

Return on Total Assest [Net

Return on Stockholder's Equity

Net cash provided by operating activities

Net cash used in investing activities

Net cash provided by financing activities

Effect of exchange rate changes on cash and cash

Net increase in cash and cash equivalents

Cash and cash equivalents at end of year

Supplemental disclosures of cash flow information

The graph below depcits that GOOGL

Net cash used in investing activities

Net cash provided by financing 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,

Gross 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

Other income (expense)

Income before income taxes

Weighted average shares outstanding:

Cash dividends declared per common share

CAGR 2004 - 2009

Total cash, cash equivalents, and short-term investments

Total current assets

Liabilities and stockholders equity

Total current liabilities

Long-term Debt - To - Capital Ratio

Net cash from operations

Net cash used in financing

Net cash from (used in) investing

Effect of exchange rates on cash and cash equivalents

Net change in cash and cash equivalents

Cash and cash equivalents, end of period

Operating Profit Margin (Return on Sales)

Net Profit Margin (Net Return on Sales)

Gross Profit Margin

Return on Total Assest [Net Income/Tot Assets]

Return on Stockholder's Equity