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Nothing But Net 2009 Internet Investment Guide 28

Nothing But Net 2009 Internet Investment Guide 28. Leading J.P. Morgan Internet industry analyst Imran Khan provides a comprehensive look at key Internet industry characteristics, drivers, and trends in his seminal industry outlook, Nothing But Net. Geared toward Internet investing novices and experienced professionals, this book provides a detailed look at data points and trends that should be considered when investing in the Internet space. With almost 8 years of technology banking and investing experience, Khan provides a detailed analysis of multiple Internet sectors including online advertising, e-commerce, online travel, and social networking. This book is a must have for. | J.p Morgan Imran Khan 1-212 622-6693 imran.t.khan@jpmorgan.com Global Equity Research 05 January 2009 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 Excess Tax Benefit from SBC 21.2 52.2 -- -- 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 Other Operating -- 69 - 13.3 - 39.8 - 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 Long Term Debt 18.6 - 8.5 - - - -- 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. 271 J.p Morgan Imran Khan 1-212 622-6693 imran.t.khan@jpmorgan.com Global Equity Research 05 January 2009 272 Imran Khan 1-212 622-6693 imran.t.khan@jpmorgan.com Global Equity Research 05 January 2009 International Company .