Google vs. Yahoo

(FY 2013) (FY 2012) (FY 2011) (FY 2013)

(Dec. 31, 2013) (Dec. 31, 2012) (Dec. 31, 2011) (Dec. 31, 2013)

Google advertising 55,519 46,039 37,905 4,680

Motorola hardware 4,306 4,136 - -

Total Revenues 59,825 50,175 37,905 4,680

Cost of Revenues 25,858 20,634 13,188 1,349

Gross profit 33,967 29,541 24,717 3,331

Selling, Administration, Marketing 12,049 9,988 7,313 1,700

Stock based compensation - - - -

Depriciation & Amortization - - - 45

Research & development 7,952 6,793 5,162 1,008

Restructuring & impairment charges - - - 67

Other exp. /-income - - - -

Special Items - - 500 -80

Total operating costs 45,859 37,415 26,163 4,090

Operating income/-loss 13,966 12,760 11,742 590

Interest expense - - - -

Interest income 530 626 584 -

Net interest expense/-income -530 -626 -584 -

Loss/ -Gain on Investment - - - -

Income from affiliates - - - -

Sale of Business - - - -

Financing Loss/ -Income - - - -

Other loss/ -income - - - -43

Total non-operating expense -530 -626 -584 -43

Total costs & expenses 45,329 36,789 25,579 4,047

Income before income taxes 14,496 13,386 12,326 633

Income taxes expenses/-benefit 2,282 2,598 2,589 153

Income after income taxes 12,214 10,788 9,737 480

Noncontrolling interests - - - -

Net income/-loss of other equity - - - 897

Income/-loss from cont. Ops. 12,214 10,788 9,737 1,377

Accounting change - - - -

Discontinued operations 706 -51 - -

Extraordinary items - - - -

Net Income 12,920 10,737 9,737 1,366

Prefered dividends - - - -

Other - - - -10

Income to shareholder 12,920 10,737 9,737 1,377

EBIT 13,966 12,760 11,742 633

EBITD 16,747 14,748 13,138 1,166

EBITDA 17,905 15,722 13,593 1,262

Per Share (GAAP Annual Report, in $) (FY 2013) (FY 2012) (FY 2011) (FY 2013)

(Dec. 31, 2013) (Dec. 31, 2012) (Dec. 31, 2011) (Dec. 31, 2013)

Basic EPS (excl. extra items) 18.35 16.49 15.09 1.26

Extraordinary items 1.06 -0.08 - -

Yahoo Inc.Google Inc.

INCOME STATEMENT (Annual Report GAAP In millions $)

Basic Net EPS 19.41 16.41 15.09 1.26

Basic shares outstanding (Mill. of Units) 666 654 646 1,071

EPS other shares - - - -

Diluted Net EPS 19.07 16.16 14.88 1.26

Diluted average shares (Mill. of Units) 678 665 654 1,071

Dividend per share - - - -

(FY 2012) (FY 2011)

(Dec. 31, 2012) (Dec. 31, 2011)

4,987 4,984

- -

4,987 4,984

1,621 1,503

3,366 3,482

1,642 1,618

- -

36 34

886 1,005

236 24

- -

- -

4,420 4,184

566 800

- -

- -

- -

- -

- -

- -

- -

-4,648 -27

-4,648 -27

-228 4,157

5,214 828

1,940 242

3,274 586

- -

676 477

3,951 1,063

- -

- -

- -

3,945 1,049

- -

-5 -14

3,951 1,063

5,214 828

5,763 1,358

5,869 1,476

(FY 2012) (FY 2011)

(Dec. 31, 2012) (Dec. 31, 2011)

3.28 0.82

- -

Yahoo Inc.

INCOME STATEMENT (Annual Report GAAP In millions $)

3.28 0.82

1,203 1,282

- -

3.28 0.82

1,203 1,282

- -

(FY 2013) (FY 2012) (FY 2011) (FY 2013)

(Dec. 31, 2013) (Dec. 31, 2012) (Dec. 31, 2011) (Dec. 31, 2013)

ASSETS

Cash & cash equivalent 18,898.00 14,778.00 9,983.00 2,077.59

Cash, Cash eqvivalents other - - - -

Short-term investments - - - 1,330.30

Marketable securities 39,819.00 33,310.00 34,643.00 -

Restricted cash - - - -

Cash & Shortterm Investments 58,717.00 48,088.00 44,626.00 3,407.89

Accounts receivable 8,982.00 8,585.00 6,172.00 979.56

Other receivables net - - - -

Net Receivables - - - -

Inventories 426 505 - -

Assets held for sale - - - -

Discontinued operations - - - -

Other current assets - - - -

Income Taxes 1,934.00 1,144.00 215 -

Prepaid expenses 2,827.00 2,132.00 1,745.00 638.4

Subtotal 14,169.00 12,366.00 8,132.00 1,617.96

Total Current Assets 72,886.00 60,454.00 52,758.00 5,025.86

Equipment/Property/Plant Net 16,524.00 11,854.00 9,603.00 1,488.52

Goodwill net 11,492.00 10,537.00 7,346.00 4,679.65

Intangibles 6,066.00 7,473.00 1,578.00 417.81

Long-term investments 1,976.00 1,469.00 790 3,426.35

Long-term recivables - - - -

Income Taxes - - - -

Other Assets - - - 177.28

Prepaid pension 1,976.00 2,011.00 499 1,589.50


Subtotal 38,034.00 33,344.00 19,816.00 11,779.10

Total Assets 110,920.00 93,798.00 72,574.00 16,804.96

LIABILITIES

Accounts payable 2,453.00 2,012.00 588 138.03

Accrued liabilities 3,755.00 3,258.00 1,370.00 907.78

Other accrued expenses 4,231.00 3,710.00 2,986.00 -

Shortterm debt 4,383.00 4,222.00 3,225.00 -

Other current liabilities - - - -

Income & other taxes 24 240 197 -

Deferred revenues 1,062.00 895 547 294.5

Cash dividends payable - - - -

Total Current Liabilities 15,908.00 14,337.00 8,913.00 1,340.31

Long-term debt 2,236.00 2,988.00 2,986.00 116.61

Long-term convertible - - - 1,110.59

Total Long-term Debt 2,236.00 2,988.00 2,986.00 1,227.19

GOOG Balance Sheets (Annual Report, GAAP in millions $)


Preferred stock - - - -

Employee benefit plans - - - -

Deferred revenues 139 100 44 258.9

Deferred income taxes 4,585.00 3,918.00 1,980.00 847.96


Other longterm liabilities 743 740 506 -

Subtotal 5,467.00 4,758.00 2,530.00 1,106.86

Total Liabilities 23,611.00 22,083.00 14,429.00 3,674.36

Noncontrolling interests & other - - - 55.69

SHAREHOLDER'S EQUITY

Total Stockholder's Equity 87,309.00 71,715.00 58,145.00 13,074.91

Liabilities & Stockholder's Equity 110,920.00 93,798.00 72,574.00 16,804.96

(FY 2012) (FY 2011)

(Dec. 31, 2012) (Dec. 31, 2011)

2,667.78 1,562.39

- -

1,516.18 493.19

- -

- -

4,183.95 2,055.58

1,008.45 1,037.47

- -

- -

- -

- -

- -

- -

- -

460.31 359.48

1,468.76 1,396.96

5,652.71 3,452.54

1,685.85 1,730.89

3,826.75 3,900.75

153.97 254.6

5,494.84 5,223.38

- -

- -

289.13 220.63

- -

- -

11,450.54 11,330.25

17,103.25 14,782.79

184.83 166.6

808.48 846.04

- -

- -

- -

- -

296.93 194.72

- -

1,290.23 1,207.36

124.59 134.91

- -

124.59 134.91

GOOG Balance Sheets (Annual Report, GAAP in millions $)

Yahoo Inc.

- -

- -

407.56 43.64

675.27 815.53

- -

- -

1,082.83 859.17

2,497.65 2,201.44

45.4 50.43

14,560.20 12,530.92

17,103.25 14,782.79

(Dec. 31, 2013) (Dec. 31, 2012) (Dec. 31, 2011) (Dec. 31, 2013)

12 Months 12 Months 12 Months 12 Months

Income 12,920.00 10,737.00 9,737.00 1,376.57

Depreciation & amortization 2,781.00 1,988.00 1,396.00 532.49

Amortization of other Assets 1,158.00 974 455 96.52

Other non-cash charges - - - -

Restructuring charge - - - 0.55

Accounting changes - - - -

Inventories -234 301 - -

Minority interests - - - -

Sale of Assets - - - -

Stock compensation expense 3,343.00 2,692.00 1,974.00 278.22

Income from affiliates - - - -896.68

Tax benefit on stock options -481 -188 - -

Income taxes -36 1,226.00 1,074.00 -84.3

Losses/ -gains on investments net - - - -

Accounts receivable -1,307.00 -787 -1,156.00 26.2

Accounts payable 605 -499 101 -7.76

Accrued liabilities 967 1,061.00 1,054.00 -98.85

Deferred revenue 233 163 162 -149.93

Prepaid expenses -696 -833 -262 27.4

Other Working Capital -700 -188 24 94.83

Other assets & liabilities - - - -

Other net 106 -28 6 -


Net Cashflow from Operating Activities 18,659.00 16,619.00 14,565.00 1,195.25

Capital Expenditures -7,358.00 -3,273.00 -3,438.00 -338.13

Sale of Capital Items - - - -

Short-term investments liq. 38,314.00 35,180.00 48,746.00 3,620.75

Short-term investments acq. -45,444.00 -33,410.00 -61,672.00 -3,223.19

Proceeds from other investments - - - 289.56

Purchases of other investments - -696 -428 -

Noncontrolling interest - - - -

Proceeds from Investments - - - -

Purchases of Investments - - - -

Purchases of non-current assets -569 - - -2.5

Acquisition net of cash acquired -1,448.00 -10,568.00 -1,900.00 -1,247.54

Investment in affiliate - - - 0.18

Sale of businesses 2,525.00 - - -

Proceeds from sale of assets - - - 879.95

Notes receivable - - - -

Other 301 -289 -349 -2.29


Net Cashflow from Investing Activities -13,679.00 -13,056.00 -19,041.00 -23.22

Short-term debt Net - - - -


Cash flow Statement (Annual Report, GAAP in millions $)

Other borrowing transactions net - - - -

Long-term debt - borrowings 10,768.00 16,109.00 10,905.00 1,412.34

Long-term debt - repayments -11,325.00 -14,781.00 -10,179.00 -205.71


Issuances/ -repurchases of Comm. Stock -781 - - -2,991.13

Exercise of stock options 481 -99 81 49.37

Issuances/ -repurchases of Pref. Stock - - - -

Discontinued Operations - - - -

Other financing activities net - - - -8.76

Dividends paid to minority interests - - - -

Dividends paid - - - -

Net Cashflow from Financing Activities -857 1,229.00 807 -1,743.88

Effect of exchange rate on cashflow -3 3 22 -18.33


Free Cash Flow 11,301.00 13,346.00 11,127.00 857.12

Total Cash Flow 4,120.00 4,795.00 -3,647.00 -590.19

Cash & cash equiv. at beg. of the Year 14,778.00 9,983.00 13,630.00 2,667.78

Cash & cash equivalents at end of period 18,898.00 14,778.00 9,983.00 2,077.59

Cash Interests paid - - - -

Cash Income taxes paid - - - -

(Dec. 31, 2012) (Dec. 31, 2011)

12 Months 12 Months

3,950.60 1,062.67

549.24 530.52

105.37 117.72

- -

109.9 0.99

- -

- -

- -

-4,603.32 -

220.94 204.17

-676.44 -477.13

- -

-769.32 70.39

- -

34.75 38.1

12.75 -0.32

255.8 -290.07

465.14 -73.91

78.53 98.06

-15.48 42.61

- -

- -

- -

-281.55 1,323.81

-505.51 -593.29

- -

1,123.35 2,825.15

-3,520.33 -1,708.53

- -

- -

- -

- -

- -

-3.8 -11.82

-5.72 -323.83

26.13 21.27

6,247.73 -

- -

- -

0.18 -6.58

- -

3,362.04 202.36

- -

Yahoo Inc.

Cash flow Statement (Annual Report, GAAP in millions $)

- -

- -

- -

- -

-1,949.47 -1,462.52

-25.1 25.92

- -

- -

-4.89 -19.36

- -

- -

-1,979.46 -1,455.96

4.36 -34.25

- -

-787.06 730.51

1,105.39 35.96

1,562.39 1,526.43

2,667.78 1,562.39

- -

- -

(Dec. 31, 2013) (Sep. 30, 2013) (June 30. 2013) (March 31, 2013)

IV. Quarter III. Quarter II. Quarter I. Quarter

Google advertising 15,707 13,754 13,107 12,951

Motorola hardware 1,151 1,139 998 -

Total Revenues 16,858 14,893 14,105 12,951

Cost of Revenues 7,438 6,413 6,063 5,136

Gross profit 9,420 8,480 8,042 7,815

Selling, Administration, Marketing 3,387 3,019 2,932 2,450

Stock based compensation - - - -

Depriciation & Amortization - - - -

Research & development 2,111 2,017 1,987 1,617

Restructuring & impairment charges - - - -

Other exp. /-income - - - -

Special Items - - - -

Total operating costs 12,936 11,449 10,982 9,203

Operating income/-loss 3,922 3,444 3,123 3,748

Interest expense - - - -

Interest income 125 24 247 134

Net interest expense/-income -125 -24 -247 -134

Loss/ -Gain on Investment - - - -


Sale of Business - - - -

Financing Loss/ -Income - - - -

Other loss/ -income - - - -

Total non-operating expense -125 -24 -247 -134

Total costs & expenses 12,811 11,425 10,735 9,069

Income before income taxes 4,047 3,468 3,370 3,882

Income taxes expenses/-benefit 666 513 816 354

Income after income taxes 3,381 2,955 2,554 3,528

Noncontrolling interests - - - -

Net income/-loss of other equity - - - -

Income/-loss from cont. Ops. 3,381 2,955 2,554 3,528

Accounting change - - - -

Discontinued operations -5 15 674 -182

Extraordinary items - - - -

Net Income 3,376 2,970 3,228 3,346

Prefered dividends - - - -

Other - - - -

Income to shareholder 3,376 2,970 3,228 3,346

EBIT 3,922 3,444 3,123 3,748

EBITD 4,679 4,137 3,870 4,332

EBITDA 4,679 4,137 3,870 4,332

Per Share (GAAP Quarterly Report, in $) (Dec. 31, 2013) (Sep. 30, 2013) (June 30. 2013) (March 31, 2013)


Basic EPS (excl. extra items) 5.05 4.43 3.84 5.34

Income Statement (Quarterly Report, GAAP in millions $)

Google Inc.

Extraordinary items -0.01 0.02 1.015 -0.28

Basic Net EPS 5.04 4.45 4.86 5.06

Basic shares outstanding (Mill. of Units) 670 667 665 661

EPS other shares - - - -

Diluted Net EPS 4.95 4.38 4.77 4.97

Diluted average shares (Mill. of Units) 682 678 677 673

Dividend per share - - - -



1,266 1,139 1,135 1,140

- - - -

1,266 1,139 1,135 1,140

340 330 336 344

926 809 800 796

461 434 415 390

- - - -

14 15 8 7

275 267 236 220

71 -1 4 -7

- - - -

-70 - - -

1,092 1,046 998 954

174 93 137 186

- - - -

- - - -

- - - -

- - - -

- - - -

- - - -

- - - -

3 -5 -24 -17

3 -5 -24 -17

1,094 1,041 975 937

172 98 161 203

41 32 50 30

130 66 110 173

- - - -

222 233 225 218

352 299 335 391

- - - -

- - - -

- - - -

348 297 331 390

- - - -

-3 -2 -4 -1

352 299 335 391

172 98 161 203

291 225 302 347

291 225 302 347



0.33 0.28 0.3 0.35

Income Statement (Quarterly Report, GAAP in millions $)

Yahoo Inc.

- - - -

0.33 0.28 0.3 0.35

1,039 1,042 1,095 1,108

- - - -

0.33 0.28 0.3 0.35

1,039 1,042 1,095 1,108

- - - -



ASSETS

Cash & cash equivalent 18,898.00 15,242.00 16,164.00 15,375.00

Cash, Cash eqvivalents other - - - -

Short-term investments - - - -

Marketable securities 39,819.00 41,281.00 38,268.00 34,723.00

Restricted cash - - - -

Cash & Shortterm Investments 58,717.00 56,523.00 54,432.00 50,098.00

Accounts receivable 8,982.00 8,021.00 8,091.00 8,312.00

Other receivables net - - - -

Net Receivables - - - -

Inventories 426 235 342 648

Assets held for sale - - - -


Other current assets - - - -

Income Taxes 1,934.00 1,725.00 1,220.00 1,375.00

Prepaid expenses 2,827.00 2,354.00 2,776.00 2,375.00

Subtotal 14,169.00 12,335.00 12,429.00 12,710.00

Total Current Assets 72,886.00 68,858.00 66,861.00 62,808.00

Equipment/Property/Plant Net 16,524.00 14,867.00 12,912.00 12,300.00

Goodwill net 11,492.00 11,426.00 11,396.00 10,595.00

Intangibles 6,066.00 6,290.00 6,558.00 7,324.00

Long-term investments 1,976.00 1,843.00 1,564.00 1,470.00

Long-term recivables - - - -

Income Taxes - - - -

Other Assets - - - -

Prepaid pension 1,976.00 1,784.00 1,891.00 2,195.00


Subtotal 38,034.00 36,210.00 34,321.00 33,884.00

Total Assets 110,920.00 105,068.00 101,182.00 96,692.00

LIABILITIES

Accounts payable 2,453.00 2,124.00 1,758.00 2,094.00

Accrued liabilities 3,755.00 3,071.00 3,300.00 3,007.00

Other accrued expenses 4,231.00 3,471.00 3,261.00 2,882.00

Shortterm debt 4,383.00 4,902.00 6,211.00 4,387.00

Other current liabilities - - - -

Income & other taxes 24 - - -

Deferred revenues 1,062.00 907 799 882

Total Current Liabilities 15,908.00 14,475.00 15,329.00 13,252.00

Long-term debt 2,236.00 2,238.00 1,989.00 2,989.00

Long-term convertible - - - -

Total Long-term Debt 2,236.00 2,238.00 1,989.00 2,989.00

Preferred stock - - - -

Google Inc.

YHOO Balance Sheets (Quarterly Report, GAAP in millions $)

Employee benefit plans - - - -

Deferred revenues 139 125 132 79

Deferred income taxes 4,585.00 4,531.00 4,176.00 4,162.00


Other longterm liabilities 743 710 704 737

Subtotal 5,467.00 5,366.00 5,012.00 4,978.00

Total Liabilities 23,611.00 22,079.00 22,330.00 21,219.00

Noncontrolling interests & other - - - -

SHAREHOLDER'S EQUITY

Total Stockholder's Equity 87,309.00 82,989.00 78,852.00 75,473.00

Liabilities & Stockholder's Equity 110,920.00 105,068.00 101,182.00 96,692.00



2,077.59 842.43 1,142.22 1,174.63

- - - -

1,330.30 987.87 1,486.59 1,838.53

- - - -

- - - -

3,407.89 1,830.30 2,628.81 3,013.16

979.56 844.12 941.81 943.66

- - - -

- - - -

- - - -

- - - -

- - - -

- - - -

- - - -

638.4 891.81 887.68 644.2

1,617.96 1,735.93 1,829.49 1,587.86

5,025.86 3,566.22 4,458.30 4,601.02

1,488.52 1,536.36 1,579.82 1,612.69

4,679.65 4,704.86 4,582.59 3,803.43

417.81 427.35 398.3 136.61

3,426.35 3,120.45 2,874.39 6,097.80

- - - -

- - - -

177.28 165.87 171.21 239.43

1,589.50 1,384.64 2,161.81 -

- - - -

11,779.10 11,339.53 11,768.12 11,889.96

16,804.96 14,905.75 16,226.42 16,490.98

138.03 123.04 120.03 110.16

907.78 776.47 763.12 720.46

- - - -

- - - -

- - - -

- - - -

294.5 293.62 294.97 308.46

1,340.31 1,193.12 1,178.11 1,139.09

116.61 121.17 125.64 121.48

1,110.59 - - -

1,227.19 121.17 125.64 121.48

- - - -

Yahoo Inc.

YHOO Balance Sheets (Quarterly Report, GAAP in millions $)

- - - -

258.9 295.97 333.23 370.41

847.96 749.17 730.71 674.08

- - - -

- - - -

1,106.86 1,045.14 1,063.94 1,044.49

3,674.36 2,359.43 2,367.69 2,305.05

55.69 52.21 49.87 46.01

13,074.91 12,494.11 13,808.86 14,139.92

16,804.96 14,905.75 16,226.42 16,490.98



Income 12,920.00 9,544.00 6,574.00 3,346.00

Depreciation & amortization 2,781.00 2,024.00 1,331.00 584

Amortization of other Assets 1,158.00 879 598 315

Other non-cash charges - - - -

Restructuring charge - - - -

Accounting changes - - - -

Inventories -234 -46 -158 -142

Minority interests - - - -

Sale of Assets - - - -

Stock compensation expense 3,343.00 2,441.00 1,555.00 708


Tax benefit on stock options -481 -302 -198 -94

Income taxes -36 46 109 -133

Losses/ -gains on investments net - - - -

Accounts receivable -1,307.00 -454 62 256

Accounts payable 605 285 -72 87

Accrued liabilities 967 -262 -355 -1,086.00

Deferred revenue 233 76 -16 -33

Prepaid expenses -696 -149 -348 -212

Other Working Capital -700 -705 -690 -

Other assets & liabilities - - - -

Other net 106 44 -54 37


Net Cashflow from Operating Activities 18,659.00 13,421.00 8,338.00 3,633.00

Capital Expenditures -7,358.00 -5,103.00 -2,814.00 -1,203.00

Sale of Capital Items - - - -

Short-term investments liq. 38,314.00 23,241.00 17,006.00 6,319.00

Short-term investments acq. -45,444.00 -31,746.00 -22,782.00 -7,834.00

Proceeds from other investments - - - -

Purchases of other investments - - - -


Proceeds from Investments - - - -

Purchases of Investments - - - -

Purchases of non-current assets -569 -471 -172 -36

Acquisition net of cash acquired -1,448.00 -1,328.00 -1,301.00 -251

Investment in affiliate - - - -

Sale of businesses 2,525.00 2,525.00 2,351.00 -

Proceeds from sale of assets - - - -

Notes receivable - - - -

Other 301 820 1,468.00 564


Net Cashflow from Investing Activities -13,679.00 -12,062.00 -6,244.00 -2,441.00

Short-term debt Net - - - -

Google Inc.

Cash flow Statement (Quarterly Report, GAAP in millions $)

Other borrowing transactions net - - - -

Long-term debt - borrowings 10,768.00 8,350.00 5,651.00 2,922.00

Long-term debt - repayments -11,325.00 -8,904.00 -6,203.00 -3,323.00


Issuances/ -repurchases of Comm. Stock -781 -637 -268 -210

Exercise of stock options 481 302 198 94

Issuances/ -repurchases of Pref. Stock - - - -

Discontinued Operations - - - -

Other financing activities net - - - -

Dividends paid to minority interests - - - -

Dividends paid - - - -

Net Cashflow from Financing Activities -857 -889 -622 -517

Effect of exchange rate on cashflow -3 -6 -86 -78


Free Cash Flow 11,301.00 8,318.00 5,524.00 2,430.00

Total Cash Flow 4,120.00 464 1,386.00 597

Cash & cash equiv. at beg. of the Year 14,778.00 14,778.00 14,778.00 14,778.00

Cash & cash equivalents at end of period 18,898.00 15,242.00 16,164.00 15,375.00

Cash Interests paid - - - -

Cash Income taxes paid - - - -



1,376.57 1,024.90 725.9 390.89

532.49 412.65 285.29 143.86

96.52 68.37 37.48 18.41

- - - -

0.55 0.55 0.55 0.55

- - - -

- - - -

- - - -

- - - -

278.22 193.47 112.74 44.61

-896.68 -675.03 -442.28 -217.59

- - - -

-84.3 -74.98 -28 -20.16

- - - -

26.2 161.46 58.51 57.85

-7.76 -54.34 -59.75 -71.14

-98.85 -183.71 -69.76 -123.47

-149.93 -114.09 -75.32 -25.23

27.4 -17.74 -99.57 19.71

94.83 106.03 103.72 0.38

- - - -

- - - -

- - - -

1,195.25 847.52 549.51 218.68

-338.13 -229.31 -151.66 -69.58

- - - -

3,620.75 3,200.11 1,921.00 607.45

-3,223.19 -2,247.30 -2,244.30 -1,481.29

289.56 - - -

- - - -

- - - -

- - - -

- - - -

-2.5 -2.29 -2.05 -1.13

-1,247.54 -1,187.23 -1,024.16 -10.15

0.18 - - -

- - - -

879.95 800 800 -

- - - -

-2.29 -11.05 -3.14 3.82

- - - -

-23.22 322.94 -704.31 -950.88

- - - -

Yahoo Inc.

Cash flow Statement (Quarterly Report, GAAP in millions $)

- - - -

1,412.34 - - -

-205.71 - - -

- - - -

-2,991.13 -2,909.70 -1,304.73 -713.97

49.37 -58.98 -32.62 -30.88

- - - -

- - - -

-8.76 -5.71 -2.78 -1.41

- - - -

- - - -

-1,743.88 -2,974.55 -1,340.14 -746.25

-18.33 -21.26 -30.62 -14.69

- - - -

857.12 618.21 397.85 149.1

-590.19 -1,825.35 -1,525.56 -1,493.15

2,667.78 2,667.78 2,667.78 2,667.78

2,077.59 842.43 1,142.22 1,174.63

- - - -

- - - -

1 Gross Profit Margin = Gross Profit / Net Sales

2 Operating Profit Margin = Operating Income / Net Sales

3 Net Profit Margin = Net Profit / Net Sales

4 EBIT Margin = Income Before Tax / Net Sales

5 Return on Equity (ROE) = Net Income / Average Stock Holders' Equity

6 Return on Assets (ROA) = Net Income / Average Total Assets

7 Earnings per Share = Net Income / Number of Shares Oustanding

8 Return on Invested Capital = (Net Income - Dividends) / Total Capital

1 Cash Ratio = (Cash + Equivalents + Marketable Securities) / Current Liabilities

2 Current Ratio = Current Assets / Current Liabilities

3 Quick Ratio = Quick Assets / Current Liabilities

4 Receivables Turnover Ratio = Net sales / (Accounts receivable less allowances)

5 Payables Turnover Ratio = Cost of sales / Accounts payable

6 Working Capital Turnover Ratio = Net Sales / Working Capital

7 Inventory Turnover Ratio = Cost of Goods Sold / Inventory

1 Interest Coverage Ratio = Operating Income / Interest Expense

2 Debt-Assets Ratio = Total Long Term Debt / Total Assets

4 Debt-Equity Ratio = Total Liabilities / Stockholders' Equity

1 Price Earnings Ratio = Current Market Price per Share / Earnings per Share

2 Dividend Pay-out Ratio = Dividends per Share / Earnings per Share

Market Tests

Tests of Liquidity

Tests of Profitability

Tests of Solvency

2013 2012 2011 2013 2012 2011

56.78% 58.88% 65.21%

23.34% 25.43% 30.98%

21.60% 21.40% 25.69%

24.23% 26.68% 32.52%

16.25% 16.54% 18.66%

12.62% 12.91% 14.93%

15.14% 15.29% 16.85%

4.58 4.22 5.92

4.28 3.95 5.70

6.74 6.36 6.98

10.54 10.26 22.43

1.05 1.09 0.86

60.70 40.86 376.80

Goole Inc. Yahoo Inc.

Month Internet Explorer Chrome Firefox Safari Opera Other

January, 2013 55.14% 17.48% 19.94% 5.24% 1.75% 0.45%

February, 2013 55.82% 16.27% 20.12% 5.42% 1.82% 0.54%

March, 2013 55.83% 16.45% 20.21% 5.31% 1.74% 0.46%

April, 2013 55.81% 16.35% 20.30% 5.38% 1.73% 0.42%

May, 2013 55.98% 15.74% 20.63% 5.46% 1.77% 0.41%

June, 2013 56.15% 17.17% 19.15% 5.55% 1.58% 0.41%

July, 2013 56.61% 17.76% 18.29% 5.42% 1.49% 0.43%

August, 2013 57.60% 16.00% 18.88% 5.59% 1.53% 0.41%

September, 2013 57.80% 15.96% 18.60% 5.77% 1.47% 0.40%

October, 2013 58.22% 15.42% 18.70% 5.84% 1.42% 0.41%

November, 2013 58.36% 15.44% 18.54% 5.90% 1.39% 0.38%

December, 2013 57.91% 16.22% 18.35% 5.82% 1.33% 0.35%

Desktop Top Internet Browser Share Trend

Search Engine Total Market Share

Google - Global 69.55%

Baidu 16.77%

Yahoo - Global 6.53%

Bing 6.18%

AOL - Global 0.26%

Ask - Global 0.14%

Excite - Global 0.01%

Search Engines Market Share

Google vs. Yahoo

Documents

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