Yahoo 1998 Annual Report Download - page 41

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notesto consolidated financial statements
THE COMPANY AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
The Company. Yahoo! Inc. (“Yahoo!” or the “Company”) is a global Internet media
company that offers a branded network of comprehensive information, communica-
tion, and shopping services to millions of users daily. The Company was incorpo-
rated in California on March 5, 1995 and commenced operations on that date. The
Company conducts its business within one industry segment.
On October 20, 1998 and 1997, the Company consummated its acquisitions of
Yoyodyne Entertainment, Inc. (“Yoyodyne”) and Four11 Corporation (“Four11”),
respectively, upon which Yoyodyne’s and Four11’s shareholders exchanged all of
their shares for shares of the Company’s Common Stock in business combinations
that were accounted for as pooling of interests. The consolidated financial state-
ments for the three years ended December 31, 1998 and the accompanying notes
reflect the Company’s financial position and the results of operations as if Yoyodyne
and Four11 were wholly-owned subsidiaries of the Company since inception.
Components of the consolidated results of operations of Yahoo! and of Four11 and
Yoyodyne prior to their acquisitions by Yahoo! are as follows (in thousands):
Year Ended December 31,
1998 1997 1996
Net revenues
Yahoo! $ 201,446 $ 65,460 $ 19,073
Four11 –1,951 624
Yoyodyne 1,824 3,039 1,793
$ 203,270 $ 70,450 $ 21,490
Net income (loss)
Yahoo! $ 30,216 $ (19,973) $ (2,334)
Four11 –(2,914) (1,951)
Yoyodyne (4,628) (2,633) (2,142)
$ 25,588 $ (25,520) $ (6,427)
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