Tài liệu Nothing But Net 2009 Internet Investment Guide 28 pptx

271

Global Equity Research

05 January 2009

Imran Khan

(1-212) 622-6693

[email protected]

Table 189: YHOO Annual Cash Flow Statement

$ in millions

FY-07 FY-08E FY-09E FY-10E

Net Income 660.0 909.6 460.6 444.7

D&A 659.2 813.5 880.0 900.0

Tax Benefit (21.2) 52.2 - -

Excess Tax Benefit from SBC - -

Equity (150.7) (592.5) (250.0) (265.0)

Minority Interests 18.0 3.0 - -

Stock Based Compensation 572.4 480.8 720.0 820.0

Other Non-Cash Items (149.8) 658.2 - -

Changes in Working Capital 366.5 658.2 (4.9) (14.7)

Accounts Receivable - 56 36.8 110.6

Prepaid Expenses - 216 14.2 42.8

Accounts Payable - 17 5.9 17.7

Accrued Charges - (28) 36.8 110.6

Deferred Revenue - (69) 13.3 39.8

Other Operating - - - -

Cash From Operations 1,960.9 2,353.1 1,805.7 1,885.0

FCF 1,352.1 1,699.1 1,055.7 1,095.0

INVESTING CASH FLOWS

Capital Expenditures (602.3) (732.9) (750.0) (790.0)

Net Investment 216.4 (380.4) - -

ST Investment Purch. (112.0) - - -

ST Investments Mat. 899.0 - - -

Acquisitions (973.6) (209.2) - -

Cash From Investing (572.5) (1,322.5) (750.0) (790.0)

FINANCING CASH FLOWS

Common Stock Issued 375.1 331.4 - -

Shares Repurchased (1,583.9) (79.2) - -

Structured stock repurchase (250.0) - - -

Excess Tax Benefit from SBC (6.5) 78.9 - -

Other financing activities, net (18.6) (8.5) - -

Long Term Debt - - - -

Cash From Financing (1,484.0) 322.5 - -

Foreign Exch Effects 39.7 (79.4) - -

Net Change In Cash (55.9) 1,273.7 1,055.7 1,095.0

Cash at Beginning 1,569.9 1,513.9 2,787.7 3,843.4

Cash at End 1,514.0 2,787.7 3,843.4 4,938.4

Source: Company reports and J.P. Morgan estimates.