CAN YAHOO!

TURN ITSELF
AROUND?

Table of Contents
Executive Summary
Industry Overview
Company Considerations

Share price performance

Recent Corporate Actions
Operating Performance
Valuation

Trade Idea
Appendix

Executive Summary

Yahoo! is a technology company focused on making the worlds daily habits more
inspiring and entertaining

Yahoo! has suffered falling market share, stagnating revenue growth, and declining
user engagement for the past 3 years

Yahoo! has struggled in recent years due to under-indexing in the rapidly growing
mobile market, and facing worsening cost conditions

The core business has collapsed in value since 2012, with the companies share price
being supported by large stakes in Alibaba and Yahoo! Japan

If Yahoo! is to turn it self around, its M&A activity will likely form the basis for the
necessary revival in the core business

Tumblrs user base has grown 40% since acquisition with minutes of usage per user increasing.
Acquisitions such as BrightRoll and Flurry will allow Yahoo to capitalize on the mobile market.

INDUSTRY OVERVIEW

Online Advertising Industry

Overview
2014 2016, the online advertising industry is
forecasted to grow 29.9%
Yahoo! holds 2.52% of online ad revenues
worldwide
Industry is moving towards mobile
advertising, forecasted 193% growth
2014-2017.
Traditional desktop revenues have plateaued

Net Online Ad Revenue Share Worldwide

(Total $140.15bn)
Google
Facebook
Microso@
Yahoo
IAC
AOL
TwiIer
Others

U.S. Forecasts
80

40%

60

30%

40

20%

20

10%

0%

($000 m)

Global - desktop vs mobile

300
200
100
0

Desktop Adver5sing
U.S. Online Ad Revenue ($bn)
% Total Media Spending
% Total Ad Spending

Mobile Adver5sing

Mobile Advertising Market

Overview
The market is dominated by Google and
Facebook
Mobile minutes per user is growing faster than
ever before
Within mobile, search and display advertising
are forecasted to replace SMS/MMS adverts
Growth in rich media and video advertising is
driving display revenues in mobile

Mobile Advertising Leaders By 2014 Revenue

20
15
10

6.64

1.2

1.04

Yahoo

TwiIer

0
Google

Facebook

Revenue ($bn)

Yahoo Sites US Mobile Minutes per Unique Visitor

140

14.7

U.S. Mobile Advertising Mix Forecasts

100

120
50

100
80
Sep-14

Jun-14

Mar-14

Dec-13

Sep-13

Jun-13

Mar-13

Dec-12

Sep-12

Jun-12

0
Mar-12

60

2010 2011 2012E 2013E 2014E 2015E 2016E

Search

Display

SMS/MMS

Competitive Landscape
Google
Bing
Ask
Baidu

Google Sites
Microsoft Sites
IAC
AOL

Search
Engines

Online
Media
Companies

Advertising
Networks /
Platforms

Social
Media

Yahoo!

Google AdSense
AOLs Ad.com
Microsoft Media
Network

Facebook
Twitter
Google+

COMPANY
CONSIDERATIONS

Fundamental Risks of the

Online Advertising Industry
Revenues are heavily dependant on the spending patterns of
consumers
Seasonal nature of e-commerce
Macroeconomic conditions

There is a considerable need for high advertising budgets by B2B

Online advertisers contain some of the worlds most valuable and
recognisable brands
Revenue streams highly geared towards advertising spending
Approx. 80% of Yahoos revenues are driven by search and display revenues

Strategic Considerations

The future of Yahoo! is a rapid transition to mobile advertising and technologies

Yahoo! is expecting to have 50% of its employees working on mobile technologies
Gemini Native, Yahoo! Ad Manager Plus

Yahoo! operates in a highly competitive industry

In Asian, Middle Eastern and Latin American markets, local monopolies, such as local ISPs, are
preventing international revenue growth

Yahoo!s performance has been weak outside the Americas

EMEA revenues fell 25% and 18% in 2011-2012 and 2012-2013 respectively
Asia Pacific revenues fell 23% in 2012-2013

Yahoo! requires constant innovation to remain competitive

50% of new hires had design, engineering, or product background

Yahoo! online properties are amongst the most popular in the world
Second most viewed behind Google
Tumblrs user base has grown 40% since being acquired by Yahoo!
Flickr hosts over 10 billion photos

Financial Considerations

Yahoo! has grown almost entirely inorganically since Marissa Mayer became CEO
in 2012
In 2013 Yahoo! was the most acquisitive company globally
Yahoo! is planning to continue investing into acquisitions in the near-term

Yahoo! owns a 16.3% share in Alibaba, and a 35% share in Yahoo! Japan
Alibaba share buybacks generated Yahoo! $4.3bn in 2012

Yahoo!s core business has collapsed in value since 2012

SOTP valuation shows a fall in core business value from $7.3bn to -$5bn 2012-2014

Yahoo! is coming out of a period of aggressive cost-cutting, having shut down

eight offshore offices since 2012
2000 performance-related departures
Exited 65 tertiary product lines
Worked to consolidate teams and offices

However operating costs for Yahoo! are expected to increase

Yahoo!s Cost Time-Bombs

Microsoft
Search
Agreement

Microsoft is the exclusive algorithmic and paid search

advertising services provider on Yahoo! Properties
RPS Guarantee Microsoft guarantees a undisclosed RPS level,
expiry could cost $100mn
12% of Yahoo! search revenues go to Microsoft

Third Party
Content
Costs

Yahoo! provides content on its properties through licencing

with third parties
Examples include News items, stock quotes, weather reports,
video and maps
Content costs have risen y-o-y
Failure to negotiate and maintain relationships with third
parties could lead to large cost increases or loss of content

Other Cost Drivers

Yahoo! has significantly increased headcount and investment in high
quality human capital
Reduction in outsourcing
Investing heavily in new product development talent
Investing in tax professionals

Yahoo! has increased marketing spend and has invested in new

marketing initiatives
Yahoo on the road campaign
Fantasy football TV ads

Headline Financial Performance

EMEA revenue has fallen sharply due

to falling demand from the Microsoft
Search Agreement
Asia Pacific revenues have fallen due
to the close of the Korean business
Declining sales led to the falling EBIT
11-13

Gross Revenue by Geography

Net Revenue by Product ($bn)

Display

5
3
2
1
0
2013

2014

2015

EBIT Growth & Margins (3YRs)

800

20
16.1

566

500

Other

1000

Search

11.4

590
12.6

15
10
5

0
2011

1
0
2011
Americas

2012
EMEA

2013
Asia Pacic

2012

EBIT ($mn)

2013
Margin (%)

Financial Forecasts (14-18E)

EBIT & Margin (14-18)

The company is forecasted to grow its

sales by 27.4% y-o-y between
2014-2018
Expansions in costs will lead to falling
EBIT. Near-term costs out strip
revenues.
Net Income margin is set to fall from
13.1% to 9.1% due to increased costs of
operation

650
600

Sales ($bn)

4.741

4
2
0

4.978

5.227

Growth (%)
6.041
5.593
8
7

0
2014E

2015E

2016E

EBIT ($mn)

450

6
4

2017E

450

500

0
2016E

528

9.6 550 9.1 10

537

500

10

2
2015E

528

10.1

2017E

2018E

Margin (%)

Profit & Margin (14-18)

1.3
2014E

10.6

550

Sales & Growth (14-18)

8

15

621
13.1

2018E

400

472
13.1

15
10.6
10.1
10
411 9.6 422 9.1
404
403
5

350

0
2014E 2015E 2016E 2017E 2018E
Prot ($mn)

Margin (%)

Sales Growth Vs Competitors

Google

Over the past 3 years Yahoo! has

experienced negative sales growth
This contrasts heavily with its
competitors who have grown their
sales rapidly

40
30

29.3

19.2

20
10
Sales Growth (%)

0
2011

Yahoo!
0
-5

2011

0
2012

2013
-6.1

15
10
5

-15

-25

-21.2

Sales Growth (%)

2012

2012

Microsoft

-10

-20

32.4

11.5
5.4

5.6

2011

2012
Sales Growth (%)

2012

Share Price Performance vs

Competitors (Last 12 Months)
160

140

120

100

80

60

40
17-Jan

18-Feb

17-Mar
Yahoo

17-Apr

16-May

Microso@

17-Jun
Google

17-Jul

18-Aug

Facebook

17-Sep

17-Oct

TwiIer

AOL

17-Nov

17-Dec

Acquisition History

Since 2012, Yahoo! has acquired 36 businesses

Yahoo!s strategy has been to acquire firms that bring in talent and augment capabilities
This allows Yahoo to access new markets and user bases, bring new talent into the firm, and acquire the innovation
needed to develop its existing products

Announced Date

M&A Notable Transactions

Target
Descrip2on

Deal Value

November 11 2014

BrightRoll

Unied
programma5c
video adver5sing
pla_orm

$640mn

July 21 2014

Flurry

Mobile analy5cs

$200mn

January 21 2014

SPARQ (Now
Sequent)

Mobile Marke5ng

January 17 2014

Aviate

Mobile App

May 17 2013

Tumblr

Blogging

$1.1bn

Are Yahoo!s Acquisitions

Creating Value?
Acquired firms have grown considerably

Tumblr has grown 40% since acquisition, minutes per unique user on the rise
215.6 million blogs, 98.9 billion posts

Access to technologies which Yahoo have previously invested to a lesser

degree than competitors
Programmatic buying
Mobile

2013 consolidation, Xobni shut down etc.

Focus on the core business

Failure to impact revenues

Even if Tumblrs revenue had grown twice as fast as traffic it would have only added
single digit millions to Yahoo!s revenue

Potential M&A Target

Financial Performance

Summary

Global: Offices in India, Germany, UK, Ireland, Japan

and Israel

Sales Channels

5600

Geographic Mix

March 19 1992

No. Employees

1983

IPO Date

New York

Founded Date

2011A

Headquarters

Online

Product Overview

Digital distribution of content, products, and services,

advertisers which it offers to consumers, publishers and

advertisers

2012A

2013A

Revenue
($mn)

2202.10

2191.70

2319.90

Growth (%)

(10)

NM

Gross Profit
($mn)

617.70

604.50

613.70

EBITDA
($mn)

298.70

1378.80

364.30

Net Income
($mn)

13.10

1048.80

92.40

Potential gains from AOL

acquisition
AOL has invested heavily in emerging advertising trends

Yahoo by comparison has struggled to keep up

August: AOL said its advertising revenues had risen 20% in the recent quarter, in part
due to programmatic ads

Could allow for ~$20bn in tax savings from divestitures in Yahoo! Japan
and Alibaba
Combined company could cut costs by reducing overlap
Capture considerable synergies
AOL holds strong assets and brands
AdTech and programmatic buying
Huffington Post, TechCrunch, Engadget, 5Min Media, Ad.com, Adap.TV

Remove a competitor from the industry

Strong management team
Tim Armstrong

Is Yahoo! a Takeout Target? (i)

The Case For Apple, Facebook, Microsoft Or Google Buying Yahoo Now
- Forbes (Eric Jackson, 21/7/2014)

Alibaba and SoftBank are set to become global internet companies in the
long-term
Acquiring Yahoo! Would mean developing a close partnership with these firms
This could be attractive for a firm looking to push into China/Japan

Alibaba is looking to push into the U.S.

Enemy of my enemy allow an acquirer to expand into e-commerce and compete
with Amazon?

An acquirer could effectively get Yahoo!s core business for free

If the acquirer sold back stakes in Alibaba and Yahoo! Japan they could acquire the
core business for next to nothing

Is Yahoo! a Takeout Target? (ii)

Is dilutive M&A acting as a poison pill?
Brand has become splintered, 76 different mobile apps
Difficulties bringing together and consolidating all existing firms
Are unprofitable acquisitions turning potential buyers away?

Yahoo! is continuing to buyback shares

Mgmt. has alluded to devoting $3bn of the sale of Alibaba stake to share buyback sales
Is Yahoo seeking to defend itself from a possible take over?

Starboard Value
26th September, activist investor Starboard Value contacts Marissa
Mayer and the Yahoo! board claiming to have taken a significant stake
in Yahoo!

Starboard claims there are numerous opportunities to unlock value for

shareholders in Yahoo!
Starboard believe there is room for $200-500mn of cost reductions at core Yahoo!
Starboard are pushing for a merger with AOL

TRADE IDEA

Valuation Commentary
Based on forecasts, a five-year discounted cash flow model yields a per
share valuation of $64.02
Of this only $16 is attributable to the Yahoo! core business

Yahoo currently trades for $50.88 on the NASDAQ an implied 20%

market discount compared to fundamental DCF value
Using trading multiples we see Yahoo! has a 143% premium to the sector
average LTM P/E multiple
Yahoo! has a 346% premium on the sector average LTM EV/EBITDA
multiple

Discounted Cash Flow Analysis

Financial Year (Dec. Year end)
Total Turnover
growth (%)

EBIT
margin (%)

Depreciation & Amortisation

Tax @ 24.2%
Capital Expenditure
Capex/Sales (%)

Change in Working Capital

Working Capital / Sales (%)

Free Cash Flow

Discount Factor

Terminal Value

Present Value
Enterprise Value (b)
Net Debt as at (Dec 2013)
Market Capitalisation ($b)
No. Shares (b)
Share Price ($)
16.3% Share in Alibaba
35% Share in Yahoo Japan
Total Business Equity Value
Implied Share Price

31-Dec-13
4.680

31-Dec-14
4.741
1%

31-Dec-15
4.978
5%

31-Dec-16
5.227
5%

31-Dec-17
5.593
7%

31-Dec-18
6.041
8%

0.590
13%

0.621
13%

0.528
11%

0.528
10%

0.537
10%

0.550
9%

0.629

0.619

0.538

0.792

0.958

1.071

Terminal Period

-0.143
0.338
-7%

-0.150
0.341
-7%

-0.128
0.358
-7%

-0.128
0.376
-7%

-0.130
0.403
-7%

-0.133
0.435
-7%

0.000
0%

-0.013
0%

-0.062
1%

-0.018
0%

-0.026
0%

-0.032
1%

0.738

0.735

0.518

0.798

0.936

1.021

1.021

0.902

0.813

0.734

0.662

0.597

0.597

22.195

0.663
16
-0.967005
17
1.071
16.0
44.45499
6.986
69
64.019

0.421

0.586

0.619

0.609

13.245

Relative Valuation - Trading

EV/Sales
EV/EBITDA
Share Price/EPS

Microsoft
4.5x
12.0x

Google
5.6x
18.8x

Facebook
27.0x
55.8x

Twitter
34.3x
-43.5x

18.5x

25.7x

74.5x

-16.9x

AOL
1.4x
17.3x

Mean
14.6x
12.1x

Median
5.6x
17.3x

36.5x

27.7x

25.7x

LTM
EV/Sales
13.5x

LTM
EV/EBITDA
51.6x

LTM
P/E
145.1x

Sector Average
Sector Median

14.6x
5.6x

12.1x
17.3x

27.7x
25.7x

Implied Valuation - Share price ($)

Sector Average
Sector Median

64.7
25.5

14.7
20.6

35.6
33.1

Yahoo

APPENDIX

Income Statement

Hist.

Hist.

Hist

Proj.

Proj.

Proj.

Proj.

Proj.

31-Dec-18

31-Dec-11

31-Dec-12

31-Dec-13

31-Dec-14

31-Dec-15

31-Dec-16

31-Dec-17

Net Sales

4.984

4.987

4.680

4.741

4.978

5.227

5.593

6.041

COGS

1.590

1.621

1.349

1.365

1.533

1.610

1.723

1.860

SG&A

2.6

2.800

2.7

2.755

2.917

3.089

3.333

3.630

EBIT

0.800

0.566

0.590

0.621

0.528

0.528

0.537

0.550

0.6

0.6

0.6

Depreciation & Amortization

EBITDA
Other income

0.555

0.475

0.730

0.897

1.011

0.064

0.063

0.062

0.061

0.060

1.4

1.2

1.2

1.240

1.066

1.320

1.495

1.621

0.0272

4.648

0.043

0.000

0.000

0.000

0.000

0.000

Interest Income

0.0

0.0

0.0

0.025

0.027

0.026

0.027

0.030

Interest Expense

0.0

0.0

0.0

0.022

0.022

0.022

0.022

0.022

0.828

5.214

0.633

0.623

0.533

0.532

0.542

0.557

Profit before taxes

Taxes

0.242

1.940

0.153

0.151

0.129

0.129

0.131

0.135

Profit after tax

0.586

3.274

0.480

0.472

0.404

0.403

0.411

0.422

Earnings in equity interests

0.477

0.676

0.897

Net income

1.063

3.951

1.377

0.472

0.404

0.403

0.411

0.422

Shareholder information
Diluted weighted average shares outstanding

1.282

1.203

1.071

1.1

1.1

1.1

1.1

1.1

Diluted earnings per share

$0.83

$3.28

$1.29

$0.44

$0.38

$0.38

$0.38

$0.39

Dividends per share

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

$0.00

0.0

0.0

0.0

0.0

0.0

0.0

0.0

0.0

Dividends

Balance Sheet

Hist.

Hist.

Hist.

Proj.

Proj.

Proj.

Proj.

Proj.

31-Dec-11

31-Dec-12

31-Dec-13

31-Dec-14

31-Dec-15

31-Dec-16

31-Dec-17

31-Dec-18

2.668
1.516
1.008
0.460

2.078
1.330
1.0
0.638

5.0

2.823
1.330
0.991
0.646

5.790

2.580
1.330
1.040
0.725

5.676

2.620
1.330
1.092
0.762

5.805

2.818
1.330
1.169
0.815

6.132

3.114
1.330
1.262
0.880

6.587

1.839
0.816
1.686
3.8
0.2
0.3
2.8

1.590
0.000
1.5
4.7
0.4
0.2
3.4

1.590
0.000
1.275
4.680
0.354
0.180
3.426
17.294

1.590
0.000
1.958
4.680
0.292
0.189
3.426
17.810

1.590
0.000
2.404
4.680
0.230
0.199
3.426
18.332

1.590
0.000
2.710
4.680
0.169
0.213
3.426
18.919

1.590
0.000
2.934
4.680
0.109
0.230
3.426
19.554

0.0
0.185
0.808
0.297

0.0
0.138
0.908
0.294

0.000
0.137
0.910
0.299
1.347

0.000
0.144
0.956
0.314
1.414

0.000
0.152
1.004
0.329
1.485

0.000
0.162
1.074
0.352
1.588

0.000
0.175
1.160
0.381
1.716

0.000
0.800
0.408

1.111
0.965
0.259

1.111
0.977
0.259
3.693

1.111
1.026
0.259
3.809

1.111
1.077
0.259
3.931

1.111
1.152
0.259
4.111

1.111
1.244
0.259
4.330

10.136
5.792
(1.323)

9.008
4.267
(0.145)

13.1
16.8

9.008
4.738
(0.145)
13.601
17.294

9.008
5.138
(0.145)
14.001
17.810

9.008
5.538
(0.145)
14.401
18.332

9.008
5.945
(0.145)
14.808
18.919

9.008
6.361
(0.145)
15.225
19.554

OK

OK

OK

OK

OK

OK

Cash and cash equivalents

Marketable securities
Accounts receivable
Prepaid expenses
Total current assets

LT Marketable securities
Alibaba shares
Net PP&E
Goodwill
Other intangibles
Other assets
Investments in equity interests
Total assets

Short term debt

Accounts payable and accruals
Accrued expenses
Deferred Revenues
Total current liabilities

Total long-term debt

Other long-term liabilities
Long term deferred revenues
Total liabilities

0.0

0.0

0.0

0.0

5.7

17.10

1.3

2.5

Common stock
Retained earnings
Treasury stock
Total equity
Total Liab.& Equity

0.0
0.0

14.6
17.103253

Balance?

OK

OK

16.8

1.3

3.7

Cashflow Statement
Yahoo
Cash Flow Statement

Hist.

Hist.

Hist.

Proj.

Proj.

Proj.

Proj.

Proj.

31-Dec-11

31-Dec-12

31-Dec-13

31-Dec-14

31-Dec-15

31-Dec-16

31-Dec-17

31-Dec-18

Net Income
Depreciation
Amortisation
Change in OWC
Change in other assets
Change in other liabilities
Cash from Operating Activities

1.4
0.6
0.0
0.0
0.1
0.2
2.3

0.5
0.6
0.1
(0.0)
(0.0)
0.0
1.1

0.4
0.5
0.1
(0.1)
(0.0)
0.0
0.9

0.4
0.7
0.1
(0.0)
(0.0)
0.1
1.2

0.4
0.9
0.1
(0.0)
(0.0)
0.1
1.4

0.4
1.0
0.1
(0.0)
(0.0)
0.1
1.5

Capex
Acquisitions / Disposals
Cash from Investing Activities

0.3
-0.3

0.3
0.0
-0.3

0.4
0.8
-1.2

0.4
0.8
-1.2

0.4
0.8
-1.2

0.4
0.8
-1.2

Change in Common Stock

Change in Treasury Stock
Dividends
Long Term Debt Repayment

-1.1
1.2
0.0
1.1

0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0

0.0
0.0
0.0
0.0

Cash from Financing Activities

1.2

0.0

0.0

0.0

0.0

0.0

Net Cash Flow

3.1

0.7

(0.2)

0.0

0.2

0.3

Beginning Cash
Ending Cash

(1.0)
2.1

2.1
2.8

2.8
2.6

2.6
2.6

2.6
2.8

2.8
3.1

Revenue forecasts
Sales
Americas
EMEA
Asia Pacific

Y1
4.98
3.30
0.63
1.05

Y2
4.99
3.46
0.47
1.05

Y3
4.68
3.48
0.39
0.81

Y4
4.74
3.56
0.38
0.81

Y5
4.98
3.73
0.37
0.87

Y6
5.23
3.95
0.34
0.94

Y7
5.59
4.22
0.34
1.03

Y8
6.04
4.50
0.36
1.18

% Contribution
Americas
EMEA
Asia Pacific

66.3
12.6
21.1

69.4
9.5
21.1

74.39
8.23
17.39

75.00
8.00
17.00

75.00
7.50
17.50

75.50
6.50
18.00

75.50
6.00
18.50

74.50
6.00
19.50

4.8
(25.0)
0.1

0.6
(18.4)
(22.7)

2.1
(1.5)
(0.9)

5.0
(1.6)
8.1

5.7
(9.0)
8.0

7.0
(1.2)
10.0

6.6
8.0
13.8

% Growth
Americas
EMEA
Asia Pacific

Gross Revenue
GAAP Display Revenue
GAAP Search Revenue
Other Revenue

2013
4.68
1.95
1.74
0.99

2014
4.74
1.78
1.80
0.83

2015
4.98
1.87
1.92
0.84

2016
5.23
1.91
2.02
1.30

2017
5.59
1.99
2.21
1.39

2018
6.04
2.09
2.45
1.50

% Contribution
GAAP Display Revenue
GAAP Search Revenue
Other Revenue

41.7
37.2
21.1

37.6
37.9
17.5

37.6
38.6
16.8

36.6
38.6
24.8

35.6
39.6
24.8

34.6
40.6
24.8

(8.5)
3.1
(16.0)

5.0
7.0
1.0

2.2
5.0
54.6

4.1
9.8
7.0

5.0
10.7
8.0

% Growth
GAAP Display Revenue
GAAP Search Revenue
Other Revenue

Financial Assumptions

Sales growth %
COGS as % of sales
Annual depr. as % of previous PPE
SG&A as % of sales
Amortization of other intangibles amount
Non-recurring items amount
Effective tax rate
Diluted weighted average shares outstanding (m)
Dividend per share growth rate
Marketable securities
Accounts receivable as % of sales
Prepaid expenses as % of sales
LT Marketable securities
Alibaba shares
Capital expenditures % of sales
Acquisitions / Disposals ($bn)
Other assets % of sales
Investments in equity interests
Accounts payable and accruals % of COGS
Accrued expenses as % sales
Deferred Revenues as % of sales
Other long-term liabilities % of sales

Hist.
31-Dec-11

Hist.
31-Dec-12

Hist.
31-Dec-13

Proj.
31-Dec-14

Proj.
31-Dec-15

Proj.
31-Dec-16

Proj.
31-Dec-17

Proj.
31-Dec-18

31.9%

0.0%
32.5%

52.0%
0.0
0.0

56.1%
0.04
4.6

-6.1%
28.8%
37.3%
58.6%
0.04
0.0

1.3%
28.8%
37.3%
58.1%
0.06
0.0
24.2%

5.0%
30.8%
37.3%
58.6%
0.06
0.0
24.2%

5.0%
30.8%
37.3%
59.1%
0.06
0.0
24.2%

7.0%
30.8%
37.3%
59.6%
0.06
0.0
24.2%

8.0%
30.8%
37.3%
60.1%
0.06
0.0
24.2%

1.203

1.071

1.1
0.0%

1.1
0.0%

1.1
0.0%

1.1
0.0%

1.1
0.0%

0.0%
0.0%

20.2%
28.4%

20.9%
47.3%

1.330
20.9%
47.3%

1.330
20.9%
47.3%

1.330
20.9%
47.3%

1.330
20.9%
47.3%

1.330
20.9%
47.3%

1.590
0.0
7.2%
0.8
3.8%
3.426

1.590
0.0
7.2%
0.8
3.8%
3.426

1.590
0.0
7.2%
0.8
3.8%
3.426

1.590
0.0
7.2%
0.8
3.8%
3.426

11.9%

10.1%

7.2%

0.0%

5.8%
2.8

3.8%
3.4

1.590
0.0
7.2%

3.8%
3.426

3.7%
17.1%
6.0%
16.0%

2.9%
18.2%
6.3%
20.6%

2.9%
19.2%
6.3%
20.6%

2.9%
19.2%
6.3%
20.6%

2.9%
19.2%
6.3%
20.6%

2.9%
19.2%
6.3%
20.6%

2.9%
19.2%
6.3%
20.6%

0.0%

Common stock amount

Share repurchases $ amount (show as positive)

0.0

10.1
1.3

9.0
(1.2)

9.0
0.0

9.0
0.0

9.0
0.0

9.0
0.0

9.0
0.0

Loans due for repayment

Other long-term debt repayment

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.0
0.0

0.00%
0.00%
0.00%
0.00%

0.00%
0.00%
0.00%
0.00%

0.00%
0.00%
0.00%
0.00%

0.00%
0.00%
0.00%
0.00%

0.00%
0.00%
0.00%
0.00%

Short term debt

Loans due for repayment
Other long-term debt repayment
Cash

Sources:
Yahoo 2013 Annual Report, Investor Relations
eMarketer
Forbes
Google Finance

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